Personal Finance

Duca Credit Union ...good? bad? indifferent?

  • Last Updated:
  • Jan 30th, 2015 7:57 am
Tags:
None
[OP]
Deal Addict
User avatar
Aug 6, 2009
3194 posts
645 upvotes
Aurora, ON

Duca Credit Union ...good? bad? indifferent?

I just signed up online for one of their accounts figuring I'd use the a/c to buy my RRSP's this year. I don't know anything about credit unions but was asked to mail in a scan of a cheque for $1 that was my 'membership' and was told in a chat there was a $5 fee per year.
I came here to read up on DUCA but since the search isn't very good I can't really zero in on any 'reviews' ..anyone care to point me to a link of what I can expect ...i.e. difference between my CIBC and ING a/cs that I'm used to? I chose them merely because their 2yr RRSP is 2 something % - almost 1% above ING - so it was time to look elsewhere...
7 replies
Member
Mar 14, 2009
376 posts
453 upvotes
Toronto
A few people here seem to like them, check the threads where they're mentioned.

For my part, I haven't had any bad experiences but their command of the details can be lacking. Reps don't always have answers. Couldn't give me a fee schedule, though now one is on the website. Not always clear still what is billable and what isn't. And of course it's advertised as no fee. Got 3 hard inquiries listed on Equifax when I opened the account (to their credit they managed to get 2 removed after 6 months or so).

So you could call me indifferent.

Is this a GIC rate? What's the fee to move it out in 2 years when the promo is over? Is it higher than Oaken's rate? Etc.
Deal Fanatic
Mar 24, 2008
5995 posts
2254 upvotes
Toronto
I have used them for a few months as my B&M bank to supplement Tangerine account. The experience has been good so far, it depends what exactly you are looking for. Do you have any specific concerns? I don't use GICs for my investments (RRSP etc., so can't help you there).
[OP]
Deal Addict
User avatar
Aug 6, 2009
3194 posts
645 upvotes
Aurora, ON
I suppose what I'm looking for is something like ING used to be. I don't want to have to hunt and fight for the best rates - I'm hoping DUCA will ofter a fair rate - I feel lately, when dealing with ING I'm really dealing with Scotiabank. I have read some of the reviews I found here and it looks promising. Thanks for the comments...
Deal Addict
Sep 5, 2009
3074 posts
1203 upvotes
They work for your business, only place that actually negotiated GIC rates.
Deal Fanatic
Aug 5, 2006
5184 posts
2322 upvotes
Global Village
I have had no experience dealing with Duca but have recently opened accounts with Meridian (also credit union). Their membership fee was $25 but they offered competitive rates and good service so far.
Deal Fanatic
Mar 24, 2008
5995 posts
2254 upvotes
Toronto
scoper wrote: I have had no experience dealing with Duca but have recently opened accounts with Meridian (also credit union). Their membership fee was $25 but they offered competitive rates and good service so far.
Meridian has monthly fees for their accounts, don't they? Fee for DUCA is only $5 per year charged in January. Meridian is definitely much bigger though...
Newbie
Mar 13, 2020
1 posts
If you haven't already, the Meridian Master Card i good if you're a senior. Free out-of-country travel insurance up to age 75. I think there MAY BE an annual fee of $99, but that MAY BE waived if you have $5,000 in your accounts. My neighbors from Smith Falls have it and are pleased. I'm looking at getting an account and the M/C for travel during my retirement years. DUCA looks attractive for their 3% interest rate. I have EQ Bank which was paying a decent interest rate of 2.45%. But now that the prime interest rates have been lowered, they've dropped their interest rate to 2%. I only use these banks to keep my "liquid cash".

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)