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Duca credit union promotion
September 25, 2014
8:06 pm
Jon
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It seems like that the promotion on saving account is getting more intense, Duca credit Union in Ontario just roll out a promotional interest rate of 3.25% on all new deposit from Sep 24 to Dec 15, it seems like you can keep adding money to the account that are eligible to the extra interest before this promotion expire. However, please be advice that it seems to cost $2 to make any withdraw and deposit if you are making transaction on saving account directly, so people interested should also open their free checking account.

link

P.S: i shall have wait and not jump into the Tangerine offer right the way......

September 25, 2014
9:04 pm
Loonie
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Thanks, Jon.
The interest is paid out monthly, so, unlike the PC promo, you don't have to leave the money there until the deal ends in order to get a benefit from the promo.
Anyone who is moving their money from other institutions might want to wait til the end of the month to make sure they get this month's interest first - depending on how that account is structured.

This only applies to a savings account. The regular interest rate is 1.45%.

September 26, 2014
7:56 am
Jon
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Brian, How so?

Other than the $5 annual membership fee, I don't see anything unusual. I suspect they set this fee just because they want you to use more of their service, as more service you use, the more share you get and you can redeem it for cash later.

I also see they charge people a fee for in-branch transaction, I suspect they just want you to use online banking/telephone banking/ATM.

Note to Peter: maybe you should add their chequing account to the comparison list too.

September 26, 2014
9:00 am
kanaka
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Jon, after you deposit new money to this special promotional account, for what period of time do they guarantee the 3.25% rate? Also do the accept customers from any province?

September 26, 2014
9:03 am
Loonie
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You need to be sure to keep the account open for 90 days in order to avoid the $25.00 fee for closing it too soon. Other than that, like Brian, I don't see anything to worry about. Most institutions have similar lists.

September 26, 2014
9:05 am
Loonie
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kanaka, the rate goes to Dec 15.
I have the impression they do accept accounts from outside Ontario but you would need to check with them as to how this is done. I could be wrong.
It strikes me that the promo market is getting very competitive. You might, if you wait, get a similar or better deal that is easier for you to access.

September 26, 2014
9:23 am
kanaka
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Hi thanks. I thought the period of September to December was for accepting deposits and perhaps the rate would last for a longer period. I personally don't see the point of 3.25% for 2.5 months. Looks like it is to attract new customers that don't do their homework or more likely for existing customers to transfer money in from another source. I prefer to stay with the ones that consistently have the higher rates and stay away from the gimmick promos.

Did you invest your Air Miles vouchers yet?

September 26, 2014
10:16 am
kanaka
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And Accelerate and Hubert have 1.95%.....and no promos. These promos are like the old days.......set up an account with us and we will give you a pop-up toaster! And for you younger folks....decades ago....a pop up toaster was a big deal!sf-smile

September 26, 2014
12:59 pm
James
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Hello all,

A bit more information for you after talking to DUCA:

1. The interest is compounded (unlike the other promotions).
2. There is a $1 refundable investment fee for shares in the credit union (standard CU practice)
3. You can close your account after 90 days with no penalty, but before the 90 day period, there is a charge of $25
4. The membership dues of $5 are deducted at the beginning of January, so you won't pay them if you withdraw before then.
5. The withdrawal fees do not apply to transfers out initiated on your own (only to branch assisted withdrawals, ATMs, etc.).

Now, let's consider points 3 and 4: if you wanted to earn the bonus interest with no extra fees, you would need to deposit within the next few days to be sure to have all your funds out and your account closed just after 90 days and before January 1, 2015.

This institution is DICO insured so remember that is $100,000 maximum.

It's a lot of extra complication for a small bit of extra money but it may be worth it to some people. I personally haven't decided yet.

Also, I made note to the representative that the website heavily promotes that DUCA is what 'no-fee banking' truly is all about. I said I find that very deceptive when you look at their 'FEES LIST'.

September 26, 2014
1:20 pm
James
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An addendum to the above: I see the fees chart lists a $25 fee for transfer out to another institution. I was assured by the customer service representative that transfers out initiated by me would not be subject to fees. However I noticed that on the fees chart after I talked to her so I thought I'd mention it.

I was going to clarify with them but it seems to take a long time for them to answer these questions. I think I'm going to pass on this one.

https://duca.com/img/_cabinet/Service_Charges_Personal_01-2015.pdf

September 26, 2014
2:21 pm
Loonie
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I think the $25 transfer-out fee might make this offer unsuitable for people who don't live close to a DUCA branch. I assume that if you went in and just withdrew the money, it would be free, as long as you had waited 90 days.

No, kanaka, I havn't cashed the voucher yet. Will take a few months as I am hoping to have at least one more $100 voucher, and possibly 2, if I can get them within 180 days, before the first one expires. 55 Air Miles to go with one of them, and 136 with the other (his and hers accounts). I thought it best to go ahead and get the $500 voucher now, just in case they discontinue that offer, as I still have several months in which to cash it in.

September 26, 2014
9:45 pm
Jon
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I think you can just set up a me2me transfer and than close the account after 90 days to avoid all the fees, there is no need to use it "transfer" function.

September 26, 2014
9:54 pm
Loonie
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Jon said

I think you can just set up a me2me transfer and than close the account after 90 days to avoid all the fees, there is no need to use it "transfer" function.

I would think that me2me would constitute a "transfer" which would trigger the fee, but this would need to be clarified with them in advance.

September 27, 2014
10:59 am
Bill
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Jon said "The interest is paid out monthly, so, unlike the PC promo, you don't have to leave the money there until the deal ends in order to get a benefit from the promo." My reading of the PC offer is that interest, including bonus interest, is calculated daily and the bonus part will be deposited sometime after Dec 15. You don't need to leave your money there until the end of the promo, you just need the account to still be there when the bonus interest is deposited.

September 27, 2014
11:05 am
Jon
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Loonie said

Jon said

I think you can just set up a me2me transfer and than close the account after 90 days to avoid all the fees, there is no need to use it "transfer" function.

I would think that me2me would constitute a "transfer" which would trigger the fee, but this would need to be clarified with them in advance.

Ah, I didn't state my point clearly, "transfer to another institution" in the POV of FI means transfer your entire account to another FI. What I am saying is, in order to avoid this fee, people should simply get their money out and close the account.

September 30, 2014
10:26 am
James
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Jon is correct in his post above, according to a Duca rep. Also, Duca performs a soft credit check when you apply to open the savings account (this should not lower your credit score for those who are concerned).

September 30, 2014
1:18 pm
Loonie
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Note to moderator: This should be added to Promos.

September 30, 2014
6:57 pm
Jon
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I think if transaction is done between saving and chequing account, it should be free, the 2 dollars fee only apply on directly conducting transaction on saving account.

September 30, 2014
9:17 pm
Peter
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Loonie said

Note to moderator: This should be added to Promos.

Added! Thanks for the reminder.

October 17, 2014
6:57 pm
Loonie
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If you want to get this promotion, you must at some point deal with an agent. It can't be done simply by opening an online account, although you can open it and then get it transferred. This is what I was told recently by DUCA rep. I am not impressed with how difficult they are making it. It should be much more straightforward, and transparent. They spent a huge amount of money advertising this promo. Surely they could have used some of that money to make this a smooth operation. Had I not asked, I would not have known.

So, be careful.

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