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4.75% Promo Summer 2023
May 15, 2023
9:03 am
Nehpets
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From email received today:

We're so pleased we can continue to offer our Members high interest savings opportunities! For the next three months, we're offering 4.75% on new deposits from now through August 31 through our summer Earn More Savings Promotion.

The Fine Print
•Deposit funds must be new to DUCA.

DUCA website details

Stephen

May 15, 2023
9:27 am
Norman1
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As previously, deposits to the special promotional Earn More Savings Account are gated:

… The Promotion account is not accessible at an ATM and cannot be used for bill payments, telephone banking, remote cheque deposits, or any type of e-transfer. Eligible for a non-registered account only. When this offer ends, all funds in the Member's promotional account will automatically transfer into the regular non-promotional, non-registered Earn More Savings Account.

For current DUCA Members: Only eligible deposits made in-branch or through Member Connect qualify for the Promotional Rate. Online transfers and transfers through the DUCA phone app are not possible as the Promotion account is only accessible to DUCA staff.

May 15, 2023
2:47 pm
GR
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Before depositing funds in any of Duca's savings accounts, members should determine if they want to entrust their funds with a financial institution that has denied responsibility to reimburse members whose funds were fraudulently stolen, through highly unusual transactions, while Duca was the custodian of the funds in their promo savings account!

May 15, 2023
2:53 pm
savemoresaveoften
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This might be helpful to bridge the gap when the current Tang promo ends on Jul31

May 15, 2023
4:29 pm
mustang
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It's convenient for moi, with our current Tang 4.75 expiring May 31

May 26, 2023
10:02 am
COIN
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Does DUCA still pay 2% on interest it pays to clients?

May 26, 2023
1:25 pm
iotama
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GR said
Before depositing funds in any of Duca's savings accounts, members should determine if they want to entrust their funds with a financial institution that has denied responsibility to reimburse members whose funds were fraudulently stolen, through highly unusual transactions, while Duca was the custodian of the funds in their promo savings account!  

Yup, not touching Duca even if they were on top of the charts.

First the fraud itself, then the shadowy way they handled the aftermath, should deter more folks imho. I'm actually surprised there is so little blowback.

May 28, 2023
9:52 am
deflating_of_inflation
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iotama said

Yup, not touching Duca even if they were on top of the charts.

First the fraud itself, then the shadowy way they handled the aftermath, should deter more folks imho. I'm actually surprised there is so little blowback.  

I presume that was because any fraud event that occurred to a DUCA member was not as a result of DUCA's internal systems, but instead a result of a phishing scam, as member Doug first expected and of which we know now is true. Context matters. And big banks are common targets of scams (i.e., phishing, fraudulent text messages, etc.), DUCA is not alone in this.

https://www.rbc.com/cyber-security/alerts/index.html

One other affected customer that we know of was reimbursed by DUCA, as mentioned on this board. I bet if the OP clearly mentioned that this was a phishing scam and left no doubt as to that, he would have been compensated too.

May 28, 2023
1:41 pm
canadian.100
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deflating_of_inflation said

One other affected customer that we know of was reimbursed by DUCA, as mentioned on this board. I bet if the OP clearly mentioned that this was a phishing scam and left no doubt as to that, he would have been compensated too.  

To be fair, how would the OP have known that this was a phishing scam? The OP spoke to client reps several times on Nov 14 (the day of the multiple incidents) and afterwards and was not told this was a phishing scam. There is no need to crucify the OP who was posting only what they knew at the time or what DUCA client reps had said (or in most cases not said).

May 28, 2023
6:59 pm
savemoresaveoften
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canadian.100 said

To be fair, how would the OP have known that this was a phishing scam? The OP spoke to client reps several times on Nov 14 (the day of the multiple incidents) and afterwards and was not told this was a phishing scam. There is no need to crucify the OP who was posting only what they knew at the time or what DUCA client reps had said (or in most cases not said).  

Other than a security breach that is the FI's responsibility, the onus is on the customer to know whether any email / text / website they rec / use is phishing scam or real. I would say the OP would be liable for all losses prior to his contact with DUCA, and once DUCA has been alerted, DUCA should have protection in place to prevent any more potential losses.

July 28, 2023
2:49 pm
freakonomist
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It appears that DUCA has launched on July 20 2023 a new promotion at 5.25% running until January 31 2024.

I feel it would be great to add / update the "Promos" tab accordingly... sf-wink

August 2, 2023
8:15 am
COIN
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freakonomist said
It appears that DUCA has launched on July 20 2023 a new promotion at 5.25% running until January 31 2024.

I feel it would be great to add / update the "Promos" tab accordingly... sf-wink  

"If you had funds in the 2023 Summer Earn More Promo ...

The rate automatically increased to 5.25% and the offer has been extended through January 31, 2024!"

August 3, 2023
8:24 am
JPenterprise
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The not so convenience things are:
- have to call for transfer $ into the 2023 Summer Earn More Promo a/c
- Outgoing maximum transfer is $50,000 per day, same limit by calling DUCA

August 3, 2023
9:32 am
Nehpets
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JPenterprise said
The not so convenience things are:
- have to call for transfer $ into the 2023 Summer Earn More Promo a/c
- Outgoing maximum transfer is $50,000 per day, same limit by calling DUCA  

-Calling to transfer regulates the requirement that new money be eligible. This a negligible issue. From a marketing viewpoint, this offers additional personal interaction with clients as the price to pay for the promo interest rate.

-Outgoing maximum apples to EFT transfers. The alternative is to transfer outgoing funds to your checking account, and deposit the check into the receiving FI.

Overall. DUCA has been the most consistent among FI's to offer worthwhile deposit interest rates the past several years.

The only criticism could be the annoying Member Connect service that requires a wait time of over ten minutes before offering the opportunity for a callback, an issue DUCA management has ignored.

Stephen

August 3, 2023
11:26 pm
smayer97
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Nehpets said

...

-Outgoing maximum apples to EFT transfers. The alternative is to transfer outgoing funds to your checking account, and deposit the check into the receiving FI.

...
The only criticism could be the annoying ...

Stephen  

... new $4/month maintenance fee now applicable to chequing accounts, unless you maintain a minimum balance.

August 4, 2023
8:36 am
Nehpets
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smayer97 said
... new $4/month maintenance fee now applicable to chequing accounts, unless you maintain a minimum balance.  

I have not see that charge (yet). Is the charge made in the checking account or in the associated savings account? Is it being charged to everyone, or is it waived for seniors?

Stephen

August 4, 2023
9:40 am
smayer97
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