New promo: 3 percent on new money until Jan 31, 2020 | Page 2 | DUCA Credit Union | Discussion forum

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New promo: 3 percent on new money until Jan 31, 2020
March 24, 2019
4:12 pm
Oscar
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You can apply online I believe but probably best to call them tomorrow and ask them , especially regarding the new money going towards the promo account.

March 24, 2019
4:42 pm
JenE
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I just joined last Wednesday - the easiest account opening I’ve ever had. You just need to go online, complete the application, write a $1 cheque to yourself, photo both sides and enclose it with the application. They then contact you to deposit your money. They must be very busy as they haven’t called me back yet! If it’s a joint account then a $2 cheque is required, with both parties names on the cheque and both signatures.

March 25, 2019
4:45 am
frizun
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You may need phone them at some point.
When I created my acct.,I waited to be contacted which didn't seem to happen.
A promo come up I wanted to use so I phoned in to get my online banking info.

March 25, 2019
8:23 am
BillieBob
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November 6, 2018
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I submitted my application online to open an account on Thursday afternoon. I have not received confirmation or correspondence of any kind yet.

March 26, 2019
9:12 am
JenE
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I’ve just been told my account will be opened by end of today.

April 18, 2019
9:56 am
Nehpets
Ontario
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In this current environment of decreasing rates, for anyone who is able to deal with DUCA, the 3% savings promo is still going on, along with their 3.1% 3 year (cashable at 18 months) GIC.

Combining these strategies might be a way to weather the current storm of declining rates for the coming year.

Stephen

April 19, 2019
7:01 am
HISAhopper
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I received invitation to Duca annual general meeting (same for Meridian). I have not been in any of them.
Just want to ask if anyone has been in their meeting, any news or benefit for being there? is it worth the time spent. Thanks

April 19, 2019
7:06 am
Top It Up
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I've been to a few corporate annual meetings where drinks and Poo Poos were served after the meeting - doubt smallish FIs are doing the same.

April 19, 2019
7:18 am
gicjunkie
Ontario
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HISAhopper said
I received invitation to Duca annual general meeting (same for Meridian). I have not been in any of them.
Just want to ask if anyone has been in their meeting, any news or benefit for being there? is it worth the time spent. Thanks  

We have also been to a few meetings. They discuss the current financial statement, progress made throughout the year and possible future moves towards mergers , etc. It's an opportunity to meet some of the people you may only speak to on the phone and also ask any questions you may have about the CU. We have been to the Comtech annual meeting numerous times and they have given us a full meal, including appetizers, a mixed drink or beer and wine at the table. They have it at a banquet hall in Toronto and it is very nice. They even have door prizes. This is probably one of the extremes. At some company meetings you would be lucky to get tea and coffee. Again, it's an opportunity to meet the executive and front line contacts in person.

April 25, 2019
7:07 am
James
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Just FYI - as of this morning, DUCA has capped eligible funds at $100,000. Also, it appears that interest from DUCA will not earn this rate (ie. no compounding).

April 25, 2019
7:52 am
frizun
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The footnote on the website is:
"*As of April 25th, 2019 new deposits to the Earn More Savings Promotional Account are limited to a total balance of $100,000 per Member not including interest paid by DUCA. Additional funds may be invested in DUCA’s regular Earn More Savings Account at a current rate of 1.60%."

I believe that would mean that any interest paid is not part of the capped amount...so any interest paid could put you over 100k..but the interest would still compound.

Anyway,that's how i interpret the statement.

April 27, 2019
2:35 am
Loonie
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I would agree with frizun's interpretation. It is much like EQ's system.

I wonder what they will do with accounts that already had over 100K deposited in them. I hope they notify them or they could be in for an unpleasant surprise.

June 30, 2019
10:30 am
Pennywise
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March 30, 2018
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I have this promo from duca
I called today to put in a mature GIC
BUT the lady said they have been overwhelmed with this promo
And limited the amount to 100000 dollars.
Still it's a good deal

July 6, 2019
7:00 pm
gic portfolio
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July 6, 2019
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I was told the same thing, Pennywise. When the promotion first went public, I placed about $80,000 in the account. I decided to draw down on about half that amount to place in a GIC at another reputable credit union, while the balance remains invested at this time with DUCA.

I am a member of 5 credit unions presently, still, I remain the most impressed with DUCA in terms of their customer service in my 5 years of experience as a member. And DUCA's rates have also been very competitive over this time, particularly in 2018 when I was able to take advantage of their 3.75% GIC offer for five years.

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