DUCA 01Mar2018 to 31May2018 @3.15% | Page 4 | DUCA Credit Union | Discussion forum

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DUCA 01Mar2018 to 31May2018 @3.15%
May 19, 2018
6:37 am
Nehpets
Ontario
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HISAhopper said
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.  

Omnia Direct is the online division of WFCU Credit Union based in Windsor Ontario and covered by DICO up to $250,000 for non registered money, in the same way Meridian is DICO covered.

I too was curious about Omnia and heard feedback from one Forum member, so far, HERE.

OTOH, Meridian is offering a pretty good incentive for parking funds for a four month period that gives liquidity during the promo period in the event an opportunity comes along with rates increases.

I like the Meridian idea for now, with an eye on Oaken or even something like Omnia if nothing better comes along in the next few months.

BTW, WFCU itself is currently offering a promo of 3% for six months on a HISA which may be another alternative to parking funds temporarily, if their online capabilities are conducive for doing so.

May 23, 2018
9:12 am
Londonguy
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Just to save people some time, I called the WFCU number on their website about the their ALTO Savings promo and got a few details

Firstly there is no online application process and you have to make an appointment to go to Windsor to complete their paperwork. Also, this promo has apparently been around for a while now and it is only being extended on a week-to-week basis, and I was advised that if I was inclined to actually go to Windsor and apply, I should call first to make sure the promo is still active

Windsor is a bit of a hike for me and then there's also the future hassle to consider of getting your money back later, so I think I'm going to pass

May 23, 2018
12:20 pm
Nehpets
Ontario
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Thanks for making that inquiry, Londonguy! I was about to do the same, so your report has saved me some time.

It's funny how some of these FI's don't seem to have a vision beyond their own backyard, particularly in this case where they have set up their online subsidiary Omnia.

I received the same kind of response from First Ontario, even though I already hold their GIC's purchased through a broker. Despite that, they would have me visit in person to purchase a GIC directly from them.

Shortsighted bureaucratic thinking

May 23, 2018
1:44 pm
Loonie
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This kind of thinking may be derived from their mandate. I don't think it's exactly shortsighted bureaucratic thinking. As long as they're meeting their goals, they're happy and they may not need you or me to meet them.

Most of these credit unions describe themselves as being responsive to their local communities, and investing in them.
They'll take money from anyone they can legally get it from when they need it, including through brokers, but that doesn't mean they are wanting to encourage you to join.

I was surprised recently in a conversation with a Meridian employee who kept referring to the "union", as if it really meant something - which it obviously did to him. Each "union" has different priorities. I had wondered why more of them hadn't amalgamated, and his response was that they were different "unions', and he ssemed to think that was the way it should be.

Very different from banks.

May 23, 2018
2:13 pm
Nehpets
Ontario
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Loonie said
This kind of thinking may be derived from their mandate.   

Point taken, Loonie.

Just saying that in today's environment of the internet, where people shop for cars and houses as well as toothpaste and computers from whomever is currently offering the best deal no matter where they happen to be geographically, my naive expectation would be that a financial institution would be eager to do business, with anyone anywhere.

I guess I was spoiled with the likes of Hubert, Peoples, Meridian and others that are used by Forum members.

Agreed, that they do have the right to say "no" if that's their policy.

May 25, 2018
9:18 am
Londonguy
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FYI and FWIW I just called down to DUCA and was told their 3.15% promotion would not be extended or replaced with anything new, confirming that any savings held there are going back to the regular 1.50% rate. She tried to pitch me a GIC (thanks but no thanks) so I guess that's the extent of management's customer retention plan.

Guess I'll be packing up and moving my tent again to a different campground

May 26, 2018
12:15 pm
tcharger67
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LondonGuy, dont worry. When the flood of millions of deposits start leaving, they'll turn course. just give it a couple months.

May 27, 2018
8:15 am
Londonguy
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LondonGuy, dont worry. When the flood of millions of deposits start leaving, they'll turn course. just give it a couple months.

I don't see a LOL at the end of your post there, but I assume you're joking -- while I was happy to take them up on their 3.15% offer a few months back, I have no intention of leaving a quarter million on deposit at 1.5% for the next few months waiting for DUCA to have an epiphany that their savings rate is no longer competitive

There's a Meridian branch about 5 km from where I live, so I'm going to pay them a visit on Monday afternoon to investigate their 4 months @ 2.75% deal. If that won't fly, I can fall back to one of the 2.50% options out there

May 28, 2018
6:49 pm
tcharger67
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No London guy I was inferring by mid summer, they'll probably be running another rate hike, and people will start moving back.

That being said, I scheduled transfers out of duca using ducas site, at 50k per day. Not one transaction has gone through yet.... All the funds are still in the account, and my hold limit adds up to the totals on hold. Anyone else experiencing problems with transfers out.

May 29, 2018
6:32 am
Londonguy
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tcharger67 said:

I scheduled transfers out of duca using ducas site, at 50k per day. Not one transaction has gone through yet.... All the funds are still in the account, and my hold limit adds up to the totals on hold. Anyone else experiencing problems with transfers out.

I haven't started my own exodus yet -- still trying to squeeze the last few days out of that 3.15% -- but I thought back in the spring that you said that when it came time to exit, you were going to pull the whole enchilada from the Tangerine side to avoid any push problems on the DUCA side?

I'm going to be faced with the same problem starting Friday morning and was planning on pulling everything out in one tranche from the EQ side (where all my HISA accounts are connected) and then distributing funds from there -- did you learn something in the meantime about doing a single big pull that makes that a bad plan?

EDIT -- Was just reminded by my sweetie that I can't pull over 100K into any single account at EQ anyway, so I guess I'll be doing your push thing, except mine will be back to Simplii where the $ came from in the first place

May 29, 2018
9:21 pm
tcharger67
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Why Simplii? Not tangerine at 2.5%

May 30, 2018
5:09 am
Londonguy
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tcharger67 said:

Why Simplii? Not tangerine at 2.5%

I still have an active offer for 2.50% at Simplii, but mostly it's because Simplii is the only external account I have linked on the DUCA side to initiate a push out

Unfortunately I don't have a Tangerine savings account to alternatively pull it out instead, which is something I need to address for when this type of situation comes up again

May 30, 2018
5:16 am
Londonguy
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Have any of your push-outs executed yet? I just initiated my first daily limit push of $50K a few minutes ago

May 30, 2018
5:33 pm
tcharger67
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No, I'm now 200k holds in duca, and 0 in my chequing at tangerine

May 31, 2018
6:30 am
Londonguy
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Did you try to push directly out of your Park sub-account 9001, or did you first do an internal transfer to either the Earn More Savings 6001 or the Regular Savings 1001, and then push it out from there?

I ask because even though a transfer is supposed to be a free transaction if you do it yourself online, their system seems to give warnings about service charges if you book an exit out of 9001 directly, plus something else occurred to me -- with the promo ending after May 31, it's possible that any Park account funds might automatically get moved by DUCA's computers back into the Earn More account. If so, I hope that doesn't screw up any scheduled transfers, but you might want to keep an eye on that and/or mention it if you end up calling them to see what the heck is (not) going on

May 31, 2018
6:51 am
Londonguy
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An update from my end-- yesterday morning I transferred $50K from my Park sub-account 9001 into my Regular Savings account 0001 first, and then initiated the transfer out of that $50K back to my linked Simplii chequing account -- I just checked my Simplii account a few minutes ago and the $50K is already there

May 31, 2018
6:54 pm
tcharger67
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I finally had a deposit to tangerine 4x50k today. Felt like a lifetime. Still waiting on a couple more. Apparently duca must be holding on to deposits as long as possible.

June 1, 2018
5:08 am
Londonguy
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Glad your dinero finally made the trip, I can appreciate that stressful feeling

In my own case, the second $50K transfer I initiated yesterday morning was sitting in my Simplii chequing account this morning which I then immediately moved into savings. Maybe I'm just lucky but that's 24-hour service twice in a row now so I'm happy, and it encourages me to revisit DUCA again down the line if they run another promo one day

Rather than put another transfer into motion on a Friday and lose interest on it over the weekend (hey, 1.50% is better than nothing) I'm going to wait until Monday before continuing to drain the swamp. I'll be done by the end of next week, then maybe I'll do the Meridian thing if something else hasn't come along -- I need to do my DD on Meridian first to make sure I'm not painting my cash into a corner when it comes time to pull back out

June 1, 2018
7:37 am
savemoresaveoften
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Logged in this morning and they automatically moved the money from Park acct back to the earn more savings acct. Not sure what will happen if one has setup post dated transfer from Park acct to external and Park is now $0

June 1, 2018
8:21 am
MarkFog
Toronto
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Looks like DUCA has some online and telephone banking issues this morning. You can't tell me they didn't expect a certain exodus on June 1st.

I got a message on Wednesday asking what I was going to do with my funds. I called back and said they will be out as of the 1st. She thanked me and said have a nice day. sf-cool

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