Connex CU Logo

Dear Members,

As we reach the midpoint of 2025, I want to take a moment to thank you for your continued trust and membership in Connex. As always, we appreciate the confidence you have placed in us providing financial services to you over the past 85 years.

As I share this edition of our quarterly newsletter, I would like to take this opportunity to address the unfortunate interruption in our physical branch services that our credit union experienced last month. First and foremost, I sincerely apologize for the inconvenience this may have caused those members who were not able to receive services in our branches during the outage. I certainly understand how frustrating and disruptive this may have been. I am thankful to those members for their patience and understanding with our credit union staff during this period, and equally thankful to our entire internal team who came together to resolve the issues and work with our members as we brought our branch services back online. For those that may not be aware, most of our members did not experience the outward effects of the service interruption, as they routinely conduct their banking transactions using their debit cards, internet banking, mobile banking, BillPay, shared branching, and/or the AllPoint® network of ATMs. 

As we continue to investigate this interruption, we may reach out to you as more information becomes available. Let me assure you that your accounts are safe, and we have resumed full banking activities. We value your trust, your membership, and your continued loyalty. As always, we are committed to being transparent and keeping you informed as we move forward. As always, our goal remains to help you achieve your financial possibilities.
 

Celebrating 85 Years of Putting Members First

This year marks a major milestone for Connex Credit Union—our 85th anniversary, and I could not be prouder of our legacy of service.

When Connex was founded in 1940 as the New Haven Telephone Employees Federal Credit Union, I am sure the ten original employees never imagined it would grow to serve over 70,000 members with more than $1 billion in assets. Yet through all that growth, one thing has remained constant: Our unwavering commitment to improving the financial well-being of our members, employees, and the communities we serve.

To celebrate this incredible journey, we are making July—our anniversary month—extra special with exciting giveaways, exclusive promotions, and special offers on deposits and loans. Be sure to stay connected for the latest updates by following us on Facebook and Instagram, subscribing to our eNewsletter by scrolling to the bottom of our homepage and clicking "Join", and by visiting our website at connexcu.org. 
 

Helping Members Save More with Market-Leading Rates

We remain committed to helping our members grow their savings by offering some of the most competitive deposit interest rates available - on accounts that are easy to open online or at any Connex branch.

Here is how you can earn more:

• Pathways™ Savings: Earn 3.50% Annual Percentage Yield) APY on balances up to $1,000.
• Plus Checking (qualifying members): Earn 1.50% APY on balances up to $25,000.
• Money Market Accounts: Earn 2.50% APY on balances of $250,000 or more.

To learn more or open an account, please visit connexcu.org for full terms and conditions. These rates are significantly higher than what most local financial institutions offer and reflect our ongoing commitment to improving the financial well-being of our members. 
 

Goal Builder is Live! A Smarter Way to Save

I am excited to share that Goal Builder went live on July 1st! This new service, which is free for our members and available through your Connex online and mobile banking accounts, helps you virtually set aside money for specific financial goals - all within one convenient and secure place.

In just a few simple steps, you can begin saving for what matters most - whether it is a vacation, education, a rainy-day fund, or something uniquely yours. Choose from ten preset categories or create your own goal. Goal Builder supports both one-time contributions and automatic recurring transfers, giving you complete control and flexibility.

You can track and manage all your goals right from your desktop or smartphone, making it easy to watch your savings grow — and your possibilities realized.

Goal Builder is just one of the many exciting tools we are now able to offer thanks to our new core processing system, designed to deliver a powerful and personalized banking experience. Stay tuned and get ready to build your future, one goal at a time.

Be Aware of Elder Fraud

According to the Internet Crime Complaint Center (also known as “IC3”), the FBI office responsible for receiving Elder Fraud complaints, over 147,000 victims aged 60+ reported losses of almost $4.9 billion in 2024. This represents a 43 percent increase over losses reported in 2023. The average loss for aged 60+ victims exceeded $83,000. 

While not a complete list, the most common fraud scams include:

• Grandparent scams are when criminals pose as a relative, usually a child or grandchild, claiming to be in immediate financial need. 
• Romance scams occur when criminals pose as an interested romantic partner on social media or dating websites. They create a fake online identity to gain an individual’s affection or confidence. They often claim to be serving in the military or employed in an industry outside the U.S. This makes it easier to avoid meeting in person and more believable when they request money to be sent overseas.
• Technical or customer support and government impersonation, where scammers impersonate these organizations to trick people into sending money or other sensitive information their way.
• Sweepstakes/lottery/inheritance scams are when criminals state the victim has won a lottery/sweepstakes or is receiving an inheritance from a distant or unknown relative but must pay fees and taxes to claim the money. 
• Investment fraud is where criminals offer unsuitable investments, fraudulent offerings, and unrecognized products, which can result in theft or misappropriation of funds. 
• Charity scams are when criminals claim to work for a charitable organization to gain a victim’s trust and obtain donations. 
• Family/Caregiver scam is when perpetrators are relatives or acquaintances of the elderly victims and take advantage of them or otherwise get their money. 
• Non-Delivery of Product is when the victim does not receive an item purchased online, or the item is not as described. These items are often advertised on social media. 

IC3 recommends the following steps to protect yourself:

• Resist the pressure to act quickly. Criminals create a sense of urgency to instill fear and the need for immediate action.
• Be cautious of unsolicited phone calls, mailings, and door-to-door service offers.
• Never provide any personal identifiable information.
• Never wire money to people or businesses you have only met online. Verify any email requests for money.
• Ensure all computer anti-virus and security software is up to date. If you receive a suspicious pop-up or locked screen on your device, immediately disconnect from the internet and turn off the device.
• Do not open any emails or click on attachments or links you do not recognize or were not expecting. 
• Research online and social media advertisements before purchasing to determine if a product or company is legitimate. 
• Stop communications with the perpetrator but expect the criminal will continue to attempt contact. 

REPORT IT – If you or someone you know may be a potential victim of fraud or elder fraud, file a complaint with the IC3 at ic3.gov or at 833-372-8311 (833-FRAUD-11), Monday through Friday, 10 AM – 6 PM ET. If available, please provide the following information to the IC3:

• Financial transaction information.
• Information used by criminals, such as bank accounts, addresses, emails, websites, and phone numbers.

Retain original records for law enforcement. Contact financial institutions to safeguard accounts, and all three credit bureaus to monitor your identity for suspicious activity. You can contact Connex at 203-603-5700, on our website at connexcu.org, or visit a branch. 
The credit bureaus are:

• Experian: 888-397-3742; Experian.com 
• Transunion: 888-909-8872; Transunion.com 
• Equifax: 888-378-4329; Equifax.com

The bottom line is, regardless of age, always be on high alert for imposters. 
 

ConnexCares to Award $30,000 in Scholarships

A few years ago, we established ConnexCares—our own 501(c)(3) philanthropic organization—as a commitment to give back more than $500,000 over five years through a variety of initiatives, many of which I highlight each quarter.

Last year, I was proud to share that the ConnexCares Board significantly expanded our scholarship program—from four scholarships to fifteen. This incredible growth includes the addition of eleven new $2,000 scholarships, bringing our total investment in student support to $30,000. It is a testament to our ongoing commitment to education and our desire to make a meaningful difference in the lives of individuals and the communities we serve.

The ConnexCares Board is currently reviewing more than 150 applications, and we look forward to announcing the scholarship recipients in the coming weeks. Good luck to all applicants!
 

Latest Member and Community Impact Report 

I’m proud to share the third edition of our Member and Community Impact Report (MCIR).

Unlike a traditional financial statement, the MCIR tells the story of how Connex makes a difference for our members, our employees, and the communities we proudly serve. It also highlights key initiatives we will continue to prioritize in the months ahead.

Some of this year’s highlights include:

• Over $12 million in total member giveback, including ATM refunds, dividends, and fee reimbursements.
• Helping 140 families achieve homeownership - 50% of whom were first-time buyers and 19% from low-to-moderate income households.
• $246,000+ in charitable contributions.
• Nearly 600 volunteer hours served by Connex employees.

We invite you to take a few moments to explore the report and see how, together, we are making a meaningful impact. As a member and part-owner of Connex, you play a vital role in helping us fulfill our mission because when you bank better, you can live better.
 

Net Promoter Survey Coming in the Fall

Our mission through Customer Advocacy is founded on improving the financial well-being of our members, employees, and the communities we serve. As part of that mission, we annually conduct a Net Promoter Survey that measures member satisfaction through the response to one fundamental question: “Would you recommend Connex Credit Union to a family member or friend?” Beyond that question, there are several other questions and opportunities to share what you like about being a member of Connex. These include the reasons you continue to choose us over other financial service providers, as well as the opportunities we have to improve our service to you. We always strive to serve you well and act as your trusted advisor, and that has served us well as a cooperative for 85 years now. We never forget you are member-owners of this financial cooperative, and we take your feedback seriously as we plan our future goals and investments. 

This year’s survey will begin later this year, and an external firm will conduct and objectively tabulate the results. To help us continue to grow and better serve your financial needs, please respond to our survey and consider recommending Connex Credit Union to your friends and family. Ten randomly selected responders will receive a $50 bonus for participating in the survey. 
 

Annual Meeting

On April 25, 2025, Connex successfully hosted our 85th Annual Meeting virtually. There, we announced that Malcom Ellis, Wesley J. Johnson, Jr., and Henry Fernandez were elected as Directors for 3-year terms to the Board of Directors of Connex.  At the following Board meeting, Robert Ransom (Chair), David Nowak, Jeff O’Connor, Johnnie Best, and Terrence McIntosh were all appointed to serve another year on the Supervisory Committee. At that same meeting, Dylan Safyer was also appointed as an Advisory Director. Please join me in thanking all our Directors and Supervisory Committee members for their volunteer service and their dedicated effort to making Connex a leading financial institution well into the future. We look forward to their continued contributions.

For 85 years, our members have been at the heart of everything we do. Your trust, loyalty, and partnership have shaped who we are and continue to inspire our path forward. Thank you for being part of the Connex story.