Deposit Rate INCREASE to 6.25%! | Page 4 | DUCA Credit Union | Discussion forum

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Deposit Rate INCREASE to 6.25%!
December 17, 2023
6:02 pm
smayer97
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cgouimet said

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  

100% Agree... It is misrepresentation, aka false advertising. Clauses do NOT cover you 100% if there is a contradiction, which they have done both in words and in precedents, i.e. actions. And I made it known to the FSRAO. We shall see if they see the same way.

December 18, 2023
5:12 am
savemoresaveoften
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smayer97 said

100% Agree... It is misrepresentation, aka false advertising. Clauses do NOT cover you 100% if there is a contradiction, which they have done both in words and in precedents, i.e. actions. And I made it known to the FSRAO. We shall see if they see the same way.  

They also ran similar promo in the past year and during the 'promised' period, they increase the rate ! Of course no one complains 🙂

December 18, 2023
9:24 pm
Loonie
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In an earlier similar promo, perhaps 3 years ago?, they quietly lowered the rate part way through promo period. All these changes have clearly been in response to changing market. However, I don't think that's sufficient excuse in the current example.
They've been following this formula for a while.

December 19, 2023
3:05 am
smayer97
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Sorry that is where you are wrong... The behaviour of them changing the rate up or down is not the issue. It is what they communicated about rate changes. I have been around long enough, participated in many of these with many banks, and am used to reading the nuanced language in these.

In the latter care, the language in the previous promos are much clearer in noting that rates can change and are NOT for a fixed period. This last one was worded differently. That is KEY. Whether it was by accident or not, they are responsible for what they put in print.

December 19, 2023
5:46 pm
Loonie
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I don't think I'm wrong at all, actually. Your emphasis, however, is different than mine. The wording may vary a bit (sloppier in my view) but the principle of how they are going about this, with promised rates subject to change without notice, is the same.

I hope they get their knuckle rapped.

December 20, 2023
2:40 am
smayer97
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Loonie said
I don't think I'm wrong at all, actually. Your emphasis, however, is different than mine. The wording may vary a bit (sloppier in my view) but the principle of how they are going about this, with promised rates subject to change without notice, is the same.
 

Well, the fact that many understood the same thing, that there was a fixed period involved for the rate points to a problem. Though I recognize that it was likely poor execution on their part, nevertheless, they need to be held accountable for that.

So it does not matter what you or I think. That is why I have submitted by complaint for review.

Loonie said

I hope they get their knuckle rapped.  

Likewise. That is why I have submitted my complaint for review. Of course, the more that do, the more that shores up a case against them.

December 21, 2023
8:11 am
cgouimet
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In addition to those "broken promise" complaints, in-branch service is reduced - They're closing Dec 25/25 and Jan 1. Unbelievable!

sf-winksf-winksf-wink

CGO
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