Wow, Duca new 6% HISA rate | Page 2 | DUCA Credit Union | Discussion forum

Greedy Guy said
The 6% PROMO is for new money. The rules are you need to move your DUCA money outside and transfer new money from outside to the 6% DUCA account. If you are a long time customer and you ask nicely, DUCA might bend the rules today & transfer your existing DUCA money directly into the new 6% account   

Correct... DUCA does NOT use a waterline approach (unlike some other banks, e.g. Tangerine), so simply move money out, then back in.

Of course, the $50K limit can be a constraint if you try to use Me2Me.
2 Alternatives:
- use a joint account to push money out from each login
- do pull from non-promo Duca account via an external bank.

smayer97 said

savemoresaveoften said
Transfer is straight forward, linked transfer is either 25k or 50k (cant remember exactly) but can always call in and they will process the amount you want. And every time I had to call, little wait time too.
... 

I am very surprised to read this. I have repeatedly been informed that $50k is the max for Me2Me as a matter of policy and system enforced limitation, i.e., linked accounts on their platform, and no rep will/can override this, even as late as a few months ago.  

hmmm, now that you mentioned it, maybe that was Meridian that did it for me multiple times and not DUCA. Meridian has a tiny $10k limit vs DUCA which is $50k every 25hrs, up to $100k a week.
My apologies if I gave out wrong info on my previous post. Thanks to you and another poster for correcting me

savemoresaveoften said

The ability to move existing money over to the new account is only available by the first deposit when the account is opened, and that option was available yesterday, at least when doing it online DIY.  

How can you be sure you will get the 6% rate on the existing funds you transferred in, when Duca attached the following limitation to this new account?

*Money already on deposit at DUCA in the form of a term deposit, savings/chequing account, or other investment is not an eligible deposit.

cgouimet, I have been looking for t&c and cannot find. Can you share the link? Thanks

cgouimet said

And, it seems that's it's only up to $1.00 of the initial internal transfer amount that will earn the 6%.

"4. Self-Serve Online Account Opening: To open a 2024 Spring Earn More Promo account through the self-serve online account opening feature, Members must transfer a minimum of $0.01- $1.00 from an existing DUCA account for activation. Once the account is activated with this initial transfer, any subsequent transfers from existing DUCA accounts will not qualify for the promotion. The self-serve online account opening feature is not available through the mobile app and is not available for Business Members."

I held for 45 minutes yesterday before giving up and 28 minutes today to confirm that the Mar 15 to Jun 30 duration is meaningless and misleading in that the rate can change anytime.  

A min. of $0.01-1 which to me means min. $1, no max cap re the initial Deposit. And it specifically mentioned any subsequent transfer will not qualify. In fact they set up the system so any subsequent transfer initiate from any existing account will NOT show the new account as a choice of destination, which is consistent with what the Q&A described. In the past you have to call in to fund the account, and the operator is the gate keeper for definition of new funds. This time the system is the gate keeper, so as long as u are able to have money hitting that account (in this case initial deposit), it will earn 6%.
Am I sure, of course not. If one is worried about it, don’t do it. Don’t think it can be done now anyway. And Jun30 is best scenario for me, not set in stone and it can be terminated earlier. Unlike some haters, that does not bother me. To be it’s a HISA, not a GIC.

SaverJunior said

Meaning "Members must make a non-zero transfer ....".  

It's not that clear to me. Non 0. Yes. But what does a minimum in a range mean? I think DUCA need a lawyer to write their offers and terms not a used car salesman.

Lodown, (post 17), I did receive an email from DUCA notifying me, on the date of the change, of the rate drop, and I pulled out the funds on the same date. Thus, it will be "new money" that will go back to DUCA after the hold at the other FI is over.

mustang said
I never receive such emails from Duca
If not for the helpful posters here, I would be totally unaware of such changes as this one
I've gone over profile, etc, I can't see why I would be excluded
Any suggestions?  

DUCA Financial Services Credit Union Ltd.
This is the email that sends u rate into, promo changes etc.

Do you rec the monthly 'e-statement is ready' email ? This monthly email is sent by notifications@duca.com

If you rec the monthly estatement notification but not any of the other email, I suspect you or DUCA have mistakenly turn off promo notification. Try toggle it off and then back on under your profile (if its an option there). Check ur trash / junk box but assume you have done that already. Some email inbox may be more sensitive to whats considered junk and block it out by error or choice. But u never rec anything from duca.info@duca.com, thats why your focus should be for your trouble shooting. Good luck !

julio said
Lodown, (post 17), I did receive an email from DUCA notifying me, on the date of the change, of the rate drop, and I pulled out the funds on the same date. Thus, it will be "new money" that will go back to DUCA after the hold at the other FI is over.  

Ok so they sent an email this time to some members but not all members. But to do it on the very day of the change and force existing customers to move funds out then back in means they have ZERO respect for existing customers. We should all vote with our feet. Right now,one can get 6.25% up to 200k, and 5.75% for 200k-1M, for 4 months guaranteed, from CIBC, so why stick with Duca given the games they play?