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Deposit Rate INCREASE to 6.25%!
October 20, 2023
3:24 pm
Nehpets
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cgouimet said

To the best of my knowledge there is only one thing you can do from that promo account and that is push somewhere else. ..... 

That somewhere else must be a non promo DUCA account, such as an Earn More Svgs acct or a checking account. That's the only way to push funds out of DUCA, in compliance with DUCA's maximum limits, or a check could be written for more than EFT max and deposited to another FI.

An EFT push, directly from a promo account to another FI is not permitted.

Stephen

October 20, 2023
5:59 pm
Norman1
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That agrees with what is at the bottom of the DUCA page for the 6.25% promotion. There's a special promo account that's associated with a non-registered Earn More Savings Account:

… 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.

If you are not a current DUCA Member but would like to join DUCA and take advantage of this offer, simply click on "Sign Up" in the upper right corner.

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.

October 20, 2023
7:47 pm
Lodown
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Nehpets said

cgouimet said

An EFT push, directly from a promo account to another FI is not permitted.

Stephen  

Are you saying you tried this, and where blocked from doing so, or a Duca CSR told you it could not be done, or ????

October 20, 2023
11:44 pm
cgouimet
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Lodown said

Are you saying you tried this, and where blocked from doing so, or a Duca CSR told you it could not be done, or ????

  

Stephen said that, not me.

If that's correct then it's simple enough (< 10 seconds) to transfer it to the non promo account and then transfer it out from there.

CGO
October 20, 2023
11:48 pm
Loonie
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Stephen is absolutely correct.
It's a simple matter, however, to transfer online from promo to EMS or chequing, and then proceed from there with your external transfer.

October 21, 2023
1:28 am
smayer97
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smayer97 said

After the promo, the money stays in the acct, just at a reduced rate. You do not need another account to transfer out. You can transfer out directly to an external bank.

...  

Lodown said

Are you saying, with Tangerine for example, one can pull as much as Tangerine allows (1M?) directly from the Duca 2023-2024 promo savings account?  

So it turns out this has changed. There was a time when you could not deposit directly into but still withdraw (push) money from a Duca promo account but I tested it out just now and you can no longer do this. Not sure when this occurred.

Loonie said
Stephen is absolutely correct.
It's a simple matter, however, to transfer online from promo to EMS or chequing, and then proceed from there with your external transfer.  

Exactly correct. And no big deal, as it is one very simple extra step that only takes a few seconds.

October 21, 2023
1:33 am
smayer97
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Norman1 said
That agrees with what is at the bottom of the DUCA page for the 6.25% promotion. There's a special promo account that's associated with a non-registered Earn More Savings Account:

… 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.

  

The last sentence is news to me [emphasis added], and another more recent change.

I still have an older Earn More Promo account that was earning only 3.25%. That promo acct had a higher rate but after the promo period, the funds just sat there for months (neglect on my part to not move it earlier into one of the newer promo accounts since that promo, due to family circumstances 🙁 ). So this must be a new approach for new promos going forward.
(I have now moved the money to take part in the latest 6.25% promo 😀 )

October 21, 2023
1:53 am
smayer97
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smayer97 said
Comparing DUCA and Tangerine:

DUCA
$250K coverage per account category
$100K max pull in per transaction**
$50K/day max push out per transaction (no limit out via cheque or pull from other bank***). Cannot have CSR override.
Call needed to move $ into promo account (wait time varies from fast to about 15 mins).
DIY to move $ out of promo account***
Promo offer to all.
Promo on "new" $ BUT old $ can be pulled out then when moved back in, treated as new.
Day = 25 hours BETWEEN transactions.
***cannot push or pull directly from promo account. Must open and use free separate non-promo account.

Tangerine:
$100K coverage per account category
no $ to pull in per transaction
$25K/day max push out per transaction (no limit out via cheque or pull from other bank). CAN have CSR override. Call wait times OFTEN VERY LONG (45mins-1hour).
DIY to move $ into or out of promo account.
Promo offered on lottery system only.
Promo on "new" money ONLY! (based on balance on day prior to promo start date)
Day = calendar day, ending at midnight.

(total insurance deposits to be considered for both, e.g DIRF (Deposit Insurance Reserve Fund) for Credit Unions in Ontario)
TIP: Workaround to daily W/D limits...consider joint accounts and separate logins. Limits are per LOGIN, not per account, so can effectively double your transaction.**

A few more additions:

DUCA:
Transfers:
Pull/Push - Same day to next day. Depends on time of day.
(Someone once documented the trigger times but I do not recall them).
Pull - start earning interest immediately

Phone hours:
M-F: 9:30am-7pm
Sat: 9:30am-1:30pm

Tangerine:
Pull/Push - approximately 2 business days. Sometimes can only select next day, so can add another day.
Pull - start earning interest only when funds are finally transferred.

Phone Hours:
Su-Sa: 24/7  

Another small addition (To emphasize and contrast):

**The TIP to double transaction limits above works on W/D from DUCA but does NOT work for deposits, as I have just learned from my own testing for both. It seems the deposit limit is based on both the account AND customer combined but does not apply to W/Ds.

November 13, 2023
6:26 am
LeBronBMT
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Anyone notice they dropped the rate to 5.75%? Check your account details it doesn't show 6.25% anymore.

November 13, 2023
6:53 am
Norman1
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Some people reported the drop to 5.75% last week.

November 13, 2023
2:24 pm
GreatWhiteNorth
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Yes, they caught many people by surprise and I suspect the majority have not noticed yet.
Surprising they decided to pull a fast one & generate a flood of 'bad-will'.
Legal? ... yes.
Gone out of their way to really piss off their clientele? ... definitely yes.
Trust level has vapourized!

November 13, 2023
4:23 pm
InterestThis
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There you go, you have to think about these drops, as they can drop the rate anytime they choose to.

November 14, 2023
7:09 am
phrank
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Now I see, the recent actions by DUCA was just to make us aware of scams sf-laugh

ScreenHunter_889-Nov.-14-10.07.jpg

November 14, 2023
7:45 am
cgouimet
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phrank said
Now I see, the recent actions by DUCA was just to make us aware of scams sf-laugh

ScreenHunter_889-Nov.-14-10.07.jpg  

LOL ... Good one ...

They don't mention the fake promise scam ...

CGO
November 14, 2023
1:30 pm
TINAisOver
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cgouimet said

LOL ... Good one ...

They don't mention the fake promise scam ...  

I Think they call it the Shell Game. Now u see it now u don't! sf-laugh

Trader first, Saver second

December 16, 2023
4:58 am
smayer97
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I think more people need to file a complaint with the FSRAO about the shenanigans that went on with this promo. I DID. Because the initial invite had a fixed term, and stated that "You WILL earn...6.25%"..."...until Jan 31, 2024". Different wording than and even handling of past promotions.

See my post about this and the thread that talks somewhat about this here:
https://www.highinterestsavings.ca/forum/duca-credit-union/duca-earn-more-promo-upgrade/page-6/#p92525

The FSRAO does not recover losses but if enough people do this, this will put a ding in their records, and may cause them to act honourably and make it up to their customers.

December 16, 2023
5:56 am
savemoresaveoften
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smayer97 said
I think more people need to file a complaint with the FSRAO about the shenanigans that went on with this promo. I DID. Because the initial invite had a fixed term, and stated that "You WILL earn...6.25%"..."...until Jan 31, 2024". Different wording than and even handling of past promotions.

See my post about this and the thread that talks somewhat about this here:
https://www.highinterestsavings.ca/forum/duca-credit-union/duca-earn-more-promo-upgrade/page-6/#p92525

The FSRAO does not recover losses but if enough people do this, this will put a ding in their records, and may cause them to act honourably and make it up to their customers.  

just wait till they drop it from 5.75 further down to 5.5, so you can file 2 complaints in 1 shot and saves some time. 🙂
I aint a lawyer but 100% sure just because they say the word 'WILL' make them legally binding to keep it at 6.25%.
T&C clearly gives them a legal way to exit and they did.
I dont disagree dropping it within a few weeks do make them look bad. But it is what it is, bickering wont get you anywhere. Move forward !
Just move on...

December 16, 2023
8:34 am
smayer97
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I disagree. That is why I already filed my complaint weeks ago. That said, having been down the legal route for many other things over the years, I would not be surprise if they continue to lean heavily on their escape clause; wording alone is not enough, context is EVERYTHING.

Meanwhile, I have since moved on. The rest is up to the FSRAO.

My point is that if enough people complain might make it clear that DUCA is at fault, and might cause DUCA to respond.

One of my mottos in life is, don't ask, don't get. And I have often gotten because I have asked.

Each one to decide.

December 17, 2023
1:34 pm
savemoresaveoften
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smayer97 said
One of my mottos in life is, don't ask, don't get.

I will agree with that statement.

But DUCA is not at fault per say, they never use words like 'guarantee' and yes T&C covers their back side 100%.
I surely wish I am collecting 6.25% instead of 5.75% but what is done is done.
Its still the highest paid HISA in my stable right now, so my money stays there not because I like them. I have no loyalty to banks, telecom, grocery store chains, etc etc. Whoever gives me the best deal gets my business.

December 17, 2023
2:41 pm
cgouimet
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savemoresaveoften said

smayer97 said
One of my mottos in life is, don't ask, don't get.

I will agree with that statement.

But DUCA is not at fault per say, they never use words like 'guarantee' and yes T&C covers their back side 100%.
I surely wish I am collecting 6.25% instead of 5.75% but what is done is done.
Its still the highest paid HISA in my stable right now, so my money stays there not because I like them. I have no loyalty to banks, telecom, grocery store chains, etc etc. Whoever gives me the best deal gets my business.  

They said 6.25% until Jan 31 2024! At the very least, they grossly misrepresented their offer. That's it. That's all. sf-yellsf-yellsf-yell

CGO
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