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DUCA Earn More Promo Upgrade!
November 18, 2023
9:03 pm
smayer97
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Christoph said
Seems pretty unfair that they changed terms on existing funds. Just logged into DUCA's website, left a message to complain about the change in rate on existing cash in the promo account and requested they grandfather in the 6.25% rate until January 31, 2024 as per the terms when the funds were deposited.
...
Furthermore, I requested the message be forwarded to the credit union complaints officer requesting a final position letter on my case, asking the complaints officer to provide a letter stating the credit union's final position on my case and informing them that if not resolved in my favour, I would be filing a
complaint with the Financial Services Regulatory Authority of Ontario, who handle such complaints.

If enough clients do this they may honour the terms existing funds were deposited under. Link to FSRAO explains complaints procedure.

https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance/how-resolve-complaint-against-credit-union-or-caisse-populaire  

After speaking with DUCA, I have filed a complaint with them and plan to do the same with the FSRAO. I invite others to do likewise.

November 18, 2023
11:39 pm
Loonie
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You might also try writing to some of these people (or all of them). I am particularly intrigued by those with titles such as "Chief Member Experience Officer" and "Chief People and Culture Officer", etc. I wonder what these people (and their staff) do all day - apparenlty not checking up on members' experieces.

https://www.duca.com/about-us/leadership-team-governance#:~:text=For%20questions%2C%20email%20boardelections%40duca.com.
.

November 19, 2023
4:26 am
rk
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I complained and I did get a response. Their rsponse is legally sound, but in the same time it implies that they do not care about customer experience. Therefore, if we do not like what they have done, we are free to stop doing business with them.

November 19, 2023
5:36 am
cgouimet
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rk said
I complained and I did get a response. Their rsponse is legally sound, but in the same time it implies that they do not care about customer experience. Therefore, if we do not like what they have done, we are free to stop doing business with them.  

I got the same kind of response and I was left with the same impression.

CGO
November 19, 2023
6:27 am
davidgeorge
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davidgeorge said

Logged into my account, 5.75% rate. Transferred out all fund: limit is $50,000 per day, but with the joint account, the limit is $100,000  

Just take your money out if you don't like how you are being treated. It is a waste of time to complain, IMO.

November 19, 2023
7:54 am
savemoresaveoften
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Money were never locked in nor the rate, all are free to take their biz where they see fit. Feel a little sad it’s 5.75 and no longer 6.25, but upset and waste time complaining, not me.

November 19, 2023
3:11 pm
Loonie
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What they've done is indeed legal, and 5.75 is still an excellent rate.
The problem is the way they went about it, telling us they had made significant improvements and offering 6.25 one day, but cutting it a couple of days later. There is no way they didn't know that rate cut was coming.
And then they didn't bother telling us they'd reduced the rate; we had to find out for ourselves.
This is very disrespectful of members, and DUCA management doesn't even seem to recognize this if their only response is to point to legalities and suggest you leave.
I expect this sort of crap from banks but CUs need to pull up their socks and treat members with respect if their BS about "you are an owner" is to mean anything.. I believe it's important to hold them to account.

November 19, 2023
8:10 pm
Lodown
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Well, well....here is our chance to set this ship upright. Join the BoD and make a ruckus about their distastful deceptive practices and tell them their mission statement versus reality is a big joke.

Duca-BoD-Application.JPG

November 20, 2023
2:47 am
smayer97
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rk said
I complained and I did get a response. Their rsponse is legally sound, but in the same time it implies that they do not care about customer experience. Therefore, if we do not like what they have done, we are free to stop doing business with them.  

As has been pointed out, the issue is that unlike other promos, in this one they used the phrase, "WILL earn until Jan 31". This is different than "may" or "can", etc.

Of course, the simplest complaint is to withdraw funds.

November 21, 2023
2:49 am
RetirEd
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Yeah, but it's fun to eat the free food and ask pointed questions at Credit Union annual general meetings!

RetirEd

November 21, 2023
5:32 am
savemoresaveoften
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Loonie said
What they've done is indeed legal, and 5.75 is still an excellent rate.
The problem is the way they went about it, telling us they had made significant improvements and offering 6.25 one day, but cutting it a couple of days later. There is no way they didn't know that rate cut was coming.
And then they didn't bother telling us they'd reduced the rate; we had to find out for ourselves.
This is very disrespectful of members, and DUCA management doesn't even seem to recognize this if their only response is to point to legalities and suggest you leave.
I expect this sort of crap from banks but CUs need to pull up their socks and treat members with respect if their BS about "you are an owner" is to mean anything.. I believe it's important to hold them to account.  

Interesting the idea of being a member brought up. Maybe it’s just me but i never thought of myself as a member at the various CUs I have savings acct with. To me they are no different than a Tang or any FI. They get my money when the rate offered is good, period. I am their lender and collect interest, nothing more.

November 21, 2023
7:23 am
canadian.100
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savemoresaveoften said

Interesting the idea of being a member brought up. Maybe it’s just me but i never thought of myself as a member at the various CUs I have savings acct with. To me they are no different than a Tang or any FI. They get my money when the rate offered is good, period. I am their lender and collect interest, nothing more.  

I think the same way. “Member” is a meaningless term to me - I am a member of PC Optimum too. I will patronize those who offer me best price and/or service. I personally have found credit unions no better than banks. A missed opportunity for credit unions - no wonder they are amalgamating these days and the banks are still thriving.

November 21, 2023
8:15 am
mikee
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I continue to wonder how DUCA can offer a rate on a savings account that, to my knowledge is in excess of the competition? To pay 5.75 or 6.25%, borrowers must pay well in excess of this rate to make the numbers work. Perhaps, the reason for the decrease is due to a softening in their loan business or some other reason. As annoying as it is when rates change when the expectation is that the rate would extend thru the end of January 2024, I suspect this was a difficult decision for DUCA to make. If they made a miscalculation or if their assumptions turned out to be wrong, I would prefer they correct it rather than it possibly causing grief for their customers down the road. I hope they learn a lesson from this. I am still happy to receive 5.75% and if decreasing their rate by 0.5% reduces risk, perhaps this is the right move. This flip flop has damaged their brand.

November 21, 2023
7:26 pm
Lodown
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mikee said
This flip flop has damaged their brand.  

YES, INDEED!

Smaller FIs have been struggling ever since the news about bank failures in the US made the news back in March 2023. As a result smaller FIs like DUCA are being hit with customers pulling their money out and putting it into larger institutions - TD, RBC, BMO...
To counter this, smaller banks and CU's, like DUCA, Meridian, Motive, Oaken, etc. are offering higher rates to KEEP and attract customers. Given this motivation, instead of helping themselves, DUCA's flip-flop has done the opposite. They are making customers run away. I for one will never deal with them again and I'm sure there will be many more. If they do not clean up their act, I would not be surprised if DUCA gets swallowed up in the near future.

November 21, 2023
8:00 pm
Norman1
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mikee said
I continue to wonder how DUCA can offer a rate on a savings account that, to my knowledge is in excess of the competition? To pay 5.75 or 6.25%, borrowers must pay well in excess of this rate to make the numbers work. …

It would be preferable if DUCA had borrowers to pay for the promotional rate. But, they aren't necessary.

The extra interest paid could instead be taken out of their budget for marketing and advertising.

November 22, 2023
2:09 pm
Loonie
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If true, it would seem that too much advertising was a bad thing! - and too expensive, i.e. not properly budgeted for.

This is not the first time DUCA has pulled this trick - advertising a promo rate for a given period of time then quietly reducing it part-way through. I can't imagine any member appreciates this tactic. They ought to have learned from previous experience but they intentionally decided not to.

November 25, 2023
11:43 pm
smayer97
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rk said
I complained and I did get a response. Their rsponse is legally sound, but in the same time it implies that they do not care about customer experience. Therefore, if we do not like what they have done, we are free to stop doing business with them.  

This is where I disagree that their response is legally sound. The wording on the last update to 6.25% on Oct 3 and Oct 25 clearly states the rate WILL earn the given rate THROUGH TO Jan 31 (in contrast to any other previous ads, where the language is clear about it only being a potential rate).

Whether intentional or by accident, this is false and misleading advertising. Predictably, management ignored their language and are relying on the "Rates are subject to change" clause. But the context is that not only their wording in the last ad, but also their past behaviour (that of ending a promo, not allowing any new funds into ended promo, causing the new lower rate to be used on NEW promo accounts yet still honouring the higher rates on existing money), sets an expectation via precedent.

As such, I have filed a complaint with the FSRAO. I encourage others to do likewise.

November 25, 2023
11:46 pm
smayer97
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Loonie said
If true, it would seem that too much advertising was a bad thing! - and too expensive, i.e. not properly budgeted for.

This is not the first time DUCA has pulled this trick - advertising a promo rate for a given period of time then quietly reducing it part-way through. I can't imagine any member appreciates this tactic. They ought to have learned from previous experience but they intentionally decided not to.  

Just to be clear, ending a promo early is not the issue, as they have that prerogative, as long as it is clearly communicated. The opposite is true in this last case. THAT is what ought to be considered... and their failure to recognize the difference and act appropriately is what tarnishes their reputation.

November 26, 2023
4:10 pm
Oscar
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When the previous promo ended they reduced the rate to 3% and left the account active instead of closing and transferring funds to a savings account. At some point when I was asleep they reduced the rate to 1%. I noticed this recently and was not impressed. Checked my "earn more savings" account rate and noticed it is now only 0.25% . Who are they competing with ?

December 14, 2023
12:44 pm
smayer97
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Contrary to any belief that this new setup might have created, be VERY aware that you STILL cannot push money into any promo account, nor withdraw money, initiated from an external FI. You must use the DUCA platform to perform these transfers in/out of a promo account. This also means you are still subject to their limits of $100K in, and $50K out per 25hrs. (1 day + 1 hr) (vs externally initiated push/pulls, which is only subject to the external FIs limits; no restrictions on DUCA's side).

I tried linking an external account, and DUCA made the error of somehow letting it go through, giving the impression that the link was valid, only to discover after 3 cancelled/reversed transactions that it was not. And then it took Duca a total of 6 days before reversing the link created.

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