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2018 12 03 Post Promo GIC Rates
December 4, 2018
7:54 am
Londonguy
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Loonie said

NOTE: Withdrawal limits at DUCA are 50K per day, 250K per week, 500K per month. I should have started last week!sf-cry  

Unless something has changed recently that I'm unaware of, those limitations only apply to outgoing pushes initiated within DUCA. You should be able to access your entire DUCA balance by pulling it into another FI in one shot (if you already have the link set up in that other FI). I have done this before using Tang and so has tcharger67

December 4, 2018
8:40 am
GR
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For balances in the Earn More Park Account, it seems that many or all clients were paid only 2 days interest instead of 3 days interest (Dec 1 to 3 inclusive) due to a "technical glitch". They are investigating and clients who were underpaid interest will have another posting to adjust for 1 day.

December 4, 2018
8:52 am
Londonguy
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GR said
For balances in the Earn More Park Account, it seems that many or all clients were paid only 2 days interest instead of 3 days interest (Dec 1 to 3 inclusive) due to a "technical glitch". They are investigating and clients who were underpaid interest will have another posting to adjust for 1 day.  

Thanks for that tidbit -- mine was short but I didn't know what had happened

December 4, 2018
11:28 am
AlainJF
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Yes, thanks for the posting ! Same problem for me (i.e. paid only 2 days interest instead of 3 days interest)

Update: The problem has been corrected in my account. Good.

December 5, 2018
7:11 am
savemoresaveoften
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They start calling around to offer new promotion to keep the money with them.
Offer seems to depend on the amount in question, good luck everyone.

December 5, 2018
7:54 am
AlainJF
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savemoresaveoften said
They start calling around to offer new promotion to keep the money with them.
Offer seems to depend on the amount in question, good luck everyone.  

"New Promotion" ? Are you really talking about something really new ? They called me many times in the past month, but it was always to offer same known 3.25%/ 3years /Cashable yearly.

If anyone could share anything about any "New Promotion", that would be appreciated.

December 5, 2018
10:12 am
Loonie
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I don't think they have anything up their sleeves. I phoned on Monday with a different question. CSR realizes I was planning on withdrawing. He asked about other available rates and said someone from "financial" would call or email me the next morning to make an offer if they can make one. It's now Wed afternoon and I've heard nothing from anyone and have checked my spam folder.

December 6, 2018
9:11 am
savemoresaveoften
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There is also a 3.35% 3 years redeemable every 3 months out there. Unadvertised special. You have to ask them when they call.

December 6, 2018
2:54 pm
AlainJF
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savemoresaveoften said
There is also a 3.35% 3 years redeemable every 3 months out there. Unadvertised special. You have to ask them when they call.  

I called and I was told that DUCA does not have any "unadvertised special" like this for anyone.

Perhaps the rep I spoke to was just not aware of it ? Anyone else had this offered to them ?

December 6, 2018
10:37 pm
Loonie
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I have still heard nothing at all, let alone an offer, following my conversation with DUCA on Monday (#27 above). Consequently, I have withdrawn almost all my money.

Their call centre staff seem very nice and try to be helpful, but no dice in the end. They are better than Tangerine CSRs anyway. For one thing, their phone lines are clear.

December 7, 2018
5:45 am
frizun
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They did send an email saying someone would contact me with an offer...but that never happened....so my money is on the move.
Not really in the market for a GIC at this point anyways.
Hoping they have another promo on their savings acct. in the spring...but we shall see if that happens.

December 7, 2018
5:34 pm
savemoresaveoften
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The 3.35% is to counter EQ 3.33% for 3 month GIC. Maybe it’s selective.

December 8, 2018
2:07 pm
anitavirginia
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completed transaction for 3 yr 3.25 % cashable GIC on 3 month anniversary dates during term, confirmed with letter.

December 8, 2018
2:20 pm
Oscar
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I just got the same term and rate with 6 month cashable . No letter yet but have never had a problem with them either by phone or in person.

December 9, 2018
5:59 am
Loonie
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So, we have reports of a 3 year term , cashable at 1 year, 6 months or 3 month intervals. If these are all valid, it sounds like they are becoming progressively more desperate to keep the money for however long they can get it.
Still no phone call here. nor have I called them again since last Monday, it now being Sunday.
I would take the one that is cashable every 3 months if it were offered and if no penalty for cashing. Still, I don't think any of us would sign up for a GIC that had no clear documentation when there is an early exit clause.

I've left the amount that I would consider for the GIC in the account, for now, but will probably move it out later this week if no contact. I would actually put some more back in if they made this offer. But why has nobody received anything in writing which clarifies the conditions for withdrawal? It's unprofessional to make an offer you can't support in writing, and it's equally unprofessional to be disorganized and spotty about follow-up contact.

Yes, Stephen, EQ is unpleasant, but I can hold my nose for 3 months if need be. I had taken out almost all my money from there over the last while. I would not consider a long term GIC with them under any circumstances.

December 9, 2018
6:11 am
savemoresaveoften
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I feel like the redeemable GICs are not "programmed" into their system and is based on some kind of notes "attached" to the account. In other words, its a "customized" product in their eyes. I imagined given them being a CU and size, their IT resource is limited (unlike big banks where everything is heavily automated). Having said that, their customer service has been top notched and extremely responsive. As long as one stay within the $250k deposit guarantee, one should not be concerned.

On my GIC confirmation, the lady who covered my account scribbled 4 "redemption date" on mine. Since she needs to fix something on it anyway, I will wait for the final version to see if there is still only 4 call dates and then asked about the rest. My understanding is its fully callable every 3 months for the next 3 years, not just the first year. Either way if it isnt, not a deal breaker as I can always redeem the whole thing at 1 year anniversary anyway. Dont see cad interest rates going much higher anytime soon so their 3 years is still very competitive.

December 9, 2018
6:35 am
Loonie
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"Customizing" the rate , if that's what it is, sounds an awful lot like the roulette rate wheel at Tangerine.

December 9, 2018
9:18 am
AlainJF
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Interesting information. Thanks.

Personally, I started moving everything out last week and I will continue doing it this week.

I like DUCA, but not to the point of bypassing getting official documents about EXACTLY what to expect from a GIC.

What goes out, could come back. DUCA knows why I was there, and why I am leaving. Their call to get me back.

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