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DUCA 01Mar2018 to 31May2018 @3.15%
March 12, 2018
11:23 am
Londonguy
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HISAhopper, thanks for that -- FYI the guy I spoke to today said that I should only be linking externally to the Basic Savings 0001 account because there may be fees involved if you transfer funds directly into the Earn More Savings 6001 account.

For example, I used the DUCA transfer feature to pull $200K into DUCA from Simplii this morning using the Earn More Savings account as the target for funds receipt. Apparently that generated a $2 service charge at DUCA (although he waived it). I told him I had more money coming, and he said next time I should use the Basic Savings as the target and then phone them again to move into the promo slot.

Apparently the restriction has something to do with someone at DUCA having to manually verify that the money going into the Park Account is new money. I'm not sure I really buy that story (plus no one else on this thread has brought up this service charge stuff before) or maybe I just misunderstood what he was saying. Not sure I care anymore at this point, and it's no big deal to me to do it their way as long as it works and doesn't cost me anything.

In any case the whole exercise is a bit convoluted, but for me the deposit phase is nearly over. The money can now just sleep until at least May 31, then we'll see if they have a renewal deal.

March 12, 2018
11:56 am
savemoresaveoften
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Submitted new account opening Mar 2 and still havent heard back. A bit disappointed it took them more than 5 biz days. Also I expected to receive a email confirmed my account opening request but no communications at all since I submitted. Reached them via chat and was told it is in the queue. Also I thought chat is 8am-5pm M-F, but half the time chat is offline and only option is to leave message or call in....

March 12, 2018
1:43 pm
HISAhopper
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savemoresaveoften said
Submitted new account opening Mar 2 and still havent heard back. A bit disappointed it took them more than 5 biz days. Also I expected to receive a email confirmed my account opening request but no communications at all since I submitted. Reached them via chat and was told it is in the queue. Also I thought chat is 8am-5pm M-F, but half the time chat is offline and only option is to leave message or call in....  

That's weird. I opened the account online Mar 4, was told to wait for email, heard none so I called in on Mar 8 and was told account was ready on Mar 6. huh...whatever. I then initiated a pull at DUCA to move fund from Tangerine to DUCA while the rep was on the phone with me, forgot which DUCA account the fund went in, no mention of service fee. I will ask again next time I spoke to DUCA, something to keep an eye on.

March 12, 2018
1:58 pm
HISAhopper
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Londonguy said

For example, I used the DUCA transfer feature to pull $200K into DUCA from Simplii this morning using the Earn More Savings account as the target for funds receipt. Apparently that generated a $2 service charge at DUCA (although he waived it). I told him I had more money coming, and he said next time I should use the Basic Savings as the target and then phone them again to move into the promo slot.
 

You are right, just check DUCA site, there is $2 fee for transaction, withdraw or deposit with Earn more Savings Account

March 12, 2018
6:07 pm
davidgeorge
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What are bank number & branch number for DUCA?

March 13, 2018
5:59 am
Londonguy
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davidgeorge said:

What are bank number & branch number for DUCA?

Institution is 828
Transit is 21962
Basic Savings Account is XXXXXX0001, where XXXXXX is your 6-digit member number

You should probably also go back and read/re-read a bit starting with post #40 -- https://www.highinterestsavings.ca/forum/duca-credit-union/duca-01mar2018-to-31may2018-3-15/page-2/#p29709

March 13, 2018
8:18 am
davidgeorge
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Thank you!

Londonguy said
davidgeorge said:

What are bank number & branch number for DUCA?

Institution is 828
Transit is 21962
Basic Savings Account is XXXXXX0001, where XXXXXX is your 6-digit member number

You should probably also go back and read/re-read a bit starting with post #40 -- https://www.highinterestsavings.ca/forum/duca-credit-union/duca-01mar2018-to-31may2018-3-15/page-2/#p29709  

March 13, 2018
11:18 am
odinson
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HISAhopper said

Londonguy said

For example, I used the DUCA transfer feature to pull $200K into DUCA from Simplii this morning using the Earn More Savings account as the target for funds receipt. Apparently that generated a $2 service charge at DUCA (although he waived it). I told him I had more money coming, and he said next time I should use the Basic Savings as the target and then phone them again to move into the promo slot.
 

You are right, just check DUCA site, there is $2 fee for transaction, withdraw or deposit with Earn more Savings Account  

There should be no fee with the 3.15% promotional account, unless you use a branch to initiate the transaction:

From https://www.duca.com/mymoney/banking/savings-accounts/earn-more-incredible-savings

Features
- Our highest posted savings interest rate
- Daily interest paid monthly
- No minimum deposit
- No minimum balance
- No monthly fees
- No locked-in terms
- Free transactions when you manage it online (in-branch transaction are $2.00)

Perhaps that's the root of the apparent restriction on external transfers to this promotional "park" account versus the regular "Earn more" savings account: they ding you when you bring money in or send it out from their institution, but they're still able to advertise "NO FEE!" **when transferring among their own accounts**.

I too signed up for an account (on Sunday) but was surprised not to receive so much as even an automated welcome email.

March 13, 2018
1:11 pm
savemoresaveoften
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HISAhopper said

That's weird. I opened the account online Mar 4, was told to wait for email, heard none so I called in on Mar 8 and was told account was ready on Mar 6. huh...whatever. I then initiated a pull at DUCA to move fund from Tangerine to DUCA while the rep was on the phone with me, forgot which DUCA account the fund went in, no mention of service fee. I will ask again next time I spoke to DUCA, something to keep an eye on.  

I called yesterday (online applied Mar2). Initially the girl who picked up my call had issues connecting to the "new account opening" dept to enquire about the status. She called me about an hour later and viola account opened and good to go. Able to do online transfer etc immediately while she stays on the phone with me (to move money over to earn more accounts. )
Quite happy with their customer service at the end. Online service support is pretty spotty esp Chat not avail not when it should.

I advise that who still waiting for your account to open to call in and enquire about it. That helps to "prioritize" it for sure.

March 14, 2018
11:54 am
Londonguy
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odinson said:

I too signed up for an account (on Sunday) but was surprised not to receive so much as even an automated welcome email.

I was surprised at that too. The only evidence that your application has been accepted and is in the works is the final screen in the app process where it gives you a temporary access code that you'll be needing later for your initial sign-in once they actually get your account open.

Based on other people's experiences (including my own), if you filed on Sunday you might want to start calling Thursday morning to see if you can give it a nudge.

Kind of makes me wonder just how much dinero they're raking in with this promo if they still can't keep up with the demand. There must also be a lot of internal pressure to loan that money back out quick-like as mortgages. Cutting the margins pretty fine too, check out the attached rates --

duca-mortgage-rates-2018-03-14.png

March 14, 2018
6:50 pm
Loonie
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Spring is coming, and the housing market will be heating up very soon.

March 14, 2018
7:19 pm
HISAhopper
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I posted earlier that Duca rep told me that I could link any of the 3 accounts to an external account and would be able to push/pull.
It looks like I was misinformed as I initiated 2 micro deposits from Tang to the Earn more savings accounts 6001 but the 2 micro deposits ended up in the Savings account 0001.
I will try to pull from the 6001 account at Tang site to see what happens.

March 15, 2018
3:40 pm
odinson
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HISAhopper said
I posted earlier that Duca rep told me that I could link any of the 3 accounts to an external account and would be able to push/pull.
It looks like I was misinformed

sf-laugh About 2 hours ago, I was explicitly told the opposite (i.e., that only the "regular" savings could initiate a pull transfer; the rep then moved the pulled funds into my brand new "Park" account). It sounds as if there's some confusion among their reps, or their systems are wonky.sf-confused
Another example: I'd had to call-in today after my account was initialized, because my login wouldn't work: I logged in for the first time yesterday or the day before (after finally receiving the welcome email), chose my own password (i.e., changed from the one they assigned me in the original application), set-up the 3 security Q&A, etc.

Then today I noticed that my cheque to myself was finally "cashed". So I logged in to have a look, and I was locked out. Why? The username I'd entered was all caps ...EXACTLY AS THEY SENT IT TO ME...but rep on phone told me I had to enter it in lowercase. And also that Firefox wouldn't work (though it DID when I logged in two days back).

March 15, 2018
7:23 pm
HISAhopper
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HISAhopper said
I posted earlier that Duca rep told me that I could link any of the 3 accounts to an external account and would be able to push/pull.
It looks like I was misinformed as I initiated 2 micro deposits from Tang to the Earn more savings accounts 6001 but the 2 micro deposits ended up in the Savings account 0001.
I will try to pull from the 6001 account at Tang site to see what happens.  

I am not sure what is going on, I may have made mistake in linking the accounts. A member of a different forum reported that s/he used the account numbers 9001 I posted in the forum and successfully linked and pushed money from Tangerine account directly to the Earn more Park 9001 account. I need to do more testing and will report back.

March 22, 2018
6:24 am
HISAhopper
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HISAhopper said

I am not sure what is going on, I may have made mistake in linking the accounts. A member of a different forum reported that s/he used the account numbers 9001 I posted in the forum and successfully linked and pushed money from Tangerine account directly to the Earn more Park 9001 account. I need to do more testing and will report back.  

I can confirm now that I linked Tang account to DUCA Earn more saving account 6001 with the 2 micro deposits and also successfully initiated a pull on Tang site to move money out of DUCA 6001 account. As per phone conversation with a DUCA rep, the pull amount is unlimited.

March 22, 2018
1:39 pm
tcharger67
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How did you achieve unlimited pull? Duca has always stated 50k daily, 200k weekly

March 22, 2018
5:03 pm
HISAhopper
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tcharger67 said
How did you achieve unlimited pull? Duca has always stated 50k daily, 200k weekly  

50K daily limit is for push money out of DUCA.
Other banks have 1 or 2 mil for pull, I guess DUCA has a high limit as well, "unlimited amount" is probably a theoretical amount.

April 5, 2018
7:49 am
fionag11
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So what do you guys think will happen after May 31st with this promo account?

I'm a DUCA member since I bought some GICs from them. I've gotten frequent emails about this 3.15% savings account including one just yesterday. Seems like if they are still taking new applications for this account only to yank the rate down in less than 2 months they'd have a lot of annoyed customers. But their regular "Earn more" savings account is only 1.5% which is quite a large disparency.

In their promotions for this account they don't say anything about when the rate will go away, only the usual disclaimers about how it can change at any time. (May 31st is the deadline for opening it)

April 5, 2018
2:57 pm
Londonguy
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Impossible to know in advance, but common sense suggests that they will need to come up with a sufficiently competitive rate to carry on beyond May 31 for their newfound deposit base, or risk losing a good chunk of it to another FI's promo -- which in itself poses the question as to how aggressive the other FIs will be in a few months

As someone else already suggested, their next move also depends a bit on the local/regional RE market and whether they end up advantageously placing all the cash they've hauled in lately (and still seem to be soliciting) -- that's the tricky part about banking, matching up your maturities on both sides of the balance sheet, and you'd better not get it wrong -- anyone here remember Continental Bank?

That said, I see that DUCA is formally changing their bylaws to go national, so perhaps they aspire to become something much bigger than they currently represent, in which case I have no idea what might happen to them in the longer term -- could be good, could be a disaster

May 19, 2018
12:12 am
HISAhopper
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May 31st is approaching, I am looking to move the money out of Duca, and could be to Meridian (down from 3% to 2.75%). I see there is Omnia credit union with 3% but not sure how safe/convenient it is.
Any idea if i should close the Duca account as I don't use it for any banking need or keep it opened for future promotions?

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