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Duca & their Profit Sharing Program
May 14, 2024
6:16 pm
MattS
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Hi all
Anybody dealing with Duca knows the profit sharing doesn't amount to a whole lot but hey it all helps right? In the email I received recently they state 1.7 mil re distributed as profit sharing and 5.6 mil in community giving. That's over 3 times the amount of profit sharing. Anybody have experience in how one would go about asking Duca for a member vote on profit distribution? I would think at the very least half should be returned to members and half as donations etc. I have my own charities I support & I would rather decide for myself where the money goes.
Interested in others thoughts on this matter.
Matt S

May 14, 2024
6:46 pm
MattS
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The email said “accumulative” giving.. in combing thru their annual report it looks as though this could in fact be multiple yrs worth not a comparison to the one yr of profit sharing..

May 15, 2024
7:45 am
RetirEd
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Vancouver City Savings Credit Union donates 1/3 of their profit-sharing (if it hasn't changed recently) to "ethical causes," some of which I emphatically do not support. After the 2008 meltdown, in which VanCity was seriously harmed by asset-backed paper investments, new BC Credit union rules reduced the visible impact of "activist board members," but in the process made those effects less transparent.

RetirEd

May 15, 2024
11:59 am
COIN
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RetirEd said
new BC Credit union rules reduced the visible impact of "activist board members," but in the process made those effects less transparent.  

Some groups have their own agenda. Credit unions and other financial institutions should stick to their core financial business.

May 15, 2024
3:54 pm
Loonie
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I haven't looked into this recently, but as far as I know DUCA's "profit-sharing" has been reduced to a potential interest rate improvement on future GICs. From what I could see, it would take a few years before it would even be worth considering. I don't know how they can put a dollar figure on it at all since it depends on people taking it up.. They do still owe some real dollars to members based on their previous profit sharing system, which should show somewhere as a liability for them. They owe me the grand sum of $89! We have to wait several years to get it though, should we live that long. HOnestly, I think their profit-sharing system is next to useless as it takes years to materialize and, well, I'm 77 already..

As far as I know, all banks and CUs do some philanthropy. It is in fact, in my view, a form of advertising and PR, and they will not abandon it, no matter what. They will, from time to time, change beneficiaries.

I too would not support many of their projects or charities personally, and we do give a lot to charities in my household (i.e. far above the national average), but that's the way of the world. What they donate on my behalf is a very small portion of what I earn from them, their priorities are benign, and I don't think it's worth bothering about.

One thing that some CUs do support is scholarships for members to continue their education. That is one that I would encourage.

May 15, 2024
5:02 pm
HermanH
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Loonie said
One thing that some CUs do support is scholarships for members to continue their education. That is one that I would encourage.  

Yup. We need many more art history majors and gender-study philosophers. Who else will serve us french fries with our orders? sf-wink

May 17, 2024
8:48 am
InterestThis
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The DUCA CEO and his cronies on the Board are literally making millions upon millions going into their own pockets. They give themselves massive bonuses far more than what they offer all the members in total.
Even these alleged charities would have to be looked into, is money going into their buddies charity who attended their daughters wedding with lavish gifts? Would not give DUCA a wooden nickel.

DUCA Exec bonuses salaries are detailed in this thread.
https://www.highinterestsavings.ca/forum/duca-credit-union/wow-duca-new-6-hisa-rate/

May 17, 2024
11:37 am
savemoresaveoften
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$1MM for running Duca, $10-15MM running a big 5 bank, I am not sure if running a big 5 is 15x harder. One may think both are overpaid...
But a risk management non management level staff can get paid up to $100k a year with bonus. Compare that to Duca CEO at $1mm, that number does not seem excessive.

Please write your comments in the forum.