DUCA 2.5% HISA Promo 2020 04 02 | DUCA Credit Union | Discussion forum

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DUCA 2.5% HISA Promo 2020 04 02
April 2, 2020
6:46 am
Nehpets
Ontario
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From the DUCA website:

Get more with the Earn More Savings in 2020 Promotion 2.50%

(Offer expires March 31, 2021)
Current DUCA Members, please note that this offer is for deposits new to DUCA and is not available through online or mobile app (Smartphone) transfers from a current DUCA account. Please visit your DUCA branch or call Member Connect at 1.866.900.3822 to take advantage of this offer.

Maximum deposit limit of $2 million per Member

Stephen

April 2, 2020
6:58 am
GR
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April 24, 2020
6:29 pm
randy
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Have tried to open an account with DUCA twice now and they don't seem to be able to for whatever bizarre reason, truly a colossal waste of time! sf-yell

April 24, 2020
9:46 pm
Oscar
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Randy what was the problem, people on this site are usually very helpful.

May 1, 2020
1:36 pm
JenE
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Earn More Savings in 2020 Promotion (Closed) *

*Promotion is now closed to new deposits. For existing deposits, rate valid until March 31, 2021.

This promo certainly didn’t last long! I accidentally came across this just now.

May 1, 2020
3:06 pm
GR
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The promo for additional deposits to the 2.5% savings account will end tonight at 8 pm Toronto time. No deposits will be accepted for this promo rate after today.

New promo starting tomorrow, only for funds currently in 3% Winter promo savings account - 3 yr GIC @ 2.30% p.a. cashable anytime after 1 year @ 2.30%. This promo is supposed to be for the month of May. OR will it be withdrawn after 1 or 2 days??!!
Their promos are starting and ending so quickly!

May 1, 2020
4:14 pm
JenE
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Thanks GR. I’ve been able to make my deposit to the 2.5% account. It’s unfortunate that Duca didn’t disclose the closing time, but thankfully I read your post!

May 1, 2020
5:08 pm
smayer97
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Yes, their deals keep coming then going just as fast. They had opened up the transfer from the 3.0% Winter Promo to the 2.5% Earn More promo on Tuesday, only to find out they closed it today, after they said it should be available until May 15? Wow.

Fortunately I was able to take advantage of this yesterday, thanks to a poster here (on another thread) (Thanks a bunch!) but it is getting frustrating to have to follow almost on a daily basis to changes at DUCA.

May 1, 2020
5:44 pm
Nehpets
Ontario
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Thanks JenE and GR for the heads up on the closing of the promos. Allowed me to make the necessary transfers just in the nik o' time!

Gosh, I love this Forum for the valuable input from helpful Forum members!

Stephen

May 1, 2020
5:53 pm
smayer97
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Nehpets said
Thanks JenE and GR for the heads up on the closing of the promos. Allowed me to make the necessary transfers just in the nik o' time!

Gosh, I love this Forum for the valuable input from helpful Forum members!

Stephen  

YES! Thanks all participants!

(and of course to the people that set up these forums for all of us to benefit!)

May 1, 2020
7:25 pm
digitalatlas
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Whoa whoa whoa.....I literally opened up an account today for the 2.5% promo, and they approved the application this afternoon about 3pm. In the email, they said that if I want the promotional rate, I would need to deposit into the regular savings account then contact them (a pain) to have the money transferred to the promotional account at 2.5%.

But you're right, the website does now say that it's closed to new deposits. This is super frustrating. I actually hate opening new accounts and I like to keep my accounts trim and tidy, but I figured that this was worthwhile. I even thought perhaps I might want to add even more funds to the account over the next few months.

That's probably a little optimistic, but still, really annoyed that I opened the account today and will now have no use for it. I hate having useless empty accounts lying around, but now I'll need to wait 90 days to close it to avoid the account closing fee.

What a waste of time. I understand limited time offers, but the opaqueness of DUCA has soured me completely, and I won't be wasting my time chasing after these guys in the future.

May 2, 2020
7:18 am
JenE
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Digitalatlas, if I was in your position I would be asking for an exception to be made based on your afternoon e-mail. You might have to speak to a supervisor but it could be worth it. Good luck.

BTW, I asked Duca 3-4 days ago, to contact me re the closing down of promos without notification to clients, but haven’t heard back yet.

May 2, 2020
7:51 am
Nehpets
Ontario
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digitalatlas said
What a waste of time. I understand limited time offers, but the opaqueness of DUCA has soured me completely, and I won't be wasting my time chasing after these guys in the future.  

Sorry to hear about your disappointing experience, but I doubt if the front line CSR's had advance notice of the last minute withdrawal of the promos.

I've been dealing with DUCA for for several years because their offerings and especially customer service have generally been better than most other Canadian FI's.

DUCA has offered worthwhile promos at various times during the year, and most notably has never reduced the interest rate on these promos when the environment changed. They have, however, cut off eligibility to the promo, when the significant changes in the environment required them to do so.

The requirement of having a DUCA staff person transfer funds into the promo account is not a major inconvenience, and provides DUCA staff the chance to offer new investment or product opportunities to targeted clients.

It is my belief that promos offered by FI's are a marketing strategy to identify clients with funds they can target for additional investment products.

In the past, when a DUCA savings account promo ended, there was usually a favorable GIC offering or substitute promo.

These are unusual times and we should not be surprised at unusual strategies being employed by FI's who need to protect their own interests and by extension, our own interests if we are their clients.

Stephen

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