Official DUCA Credit Union Thread
- Who is eligible? Any resident of Ontario. Non-Ontarians who are already members can retain membership with DUCA.
- What's involved? One hard credit check (afaik no one gets turned down)
- What's the first step? Register via DUgood first for the $50 credit and the $50 to charity, plus $20 to the one who referred you. DUgood link here. This can also be done "after the fact". Update: looks like DUCA's referral program ended in 2019.
- What's the cost? Minimum $1 into membership share. This will automatically link the account you use to write the $1+ cheque as an external account.
- Any other fees? $20 inactivity fee after no activity for 2 years.
- Any benefits over Simplii or Tangerine? faster external account linking, different promo's, and potentially better ABM locations for some. Their US dollar exchange rate is also better than other banks. DUCA is ~1.62% forex on USD, Ting is ~1.79% forex on USD, and RBC is 2.77% forex on USD. TD is ~2.94% forex (non-cash) or 3.24% forex (cash) on USD. Tangerine has a 3 external account cap, whereas DUCA has no cap.
- Any other benefits? user friendly layout, pay bills via savings account, do external account transfers to and from multiple accounts, thanks @Manatus. Also worthy mention is that Simplii doesn't offer USD accounts.
- Where can I go to a branch? Only in GTA. Most of us don't need branches
- How come I can't move money to certain accounts online? Customers must call in to move money to Park, USD and EUR accounts
- Can I link DUCA accounts to Simplii, Tangerine, EQ, etc.? Yes you can! Here's how to link it to Simplii account (note it'll appear as "Other Financial Institution"). Note that DUCA will only provide you (in branch or via snail-mail) a PAD for chequing or savings account. Users have reported successfully linking any accounts at DUCA (at least savings Park account) via Tangerine's micro-deposits. EQ also links via micro-deposits.
- Any transfer limits? $100k transaction limit, unlimited transactions. Thank you @andrew4321
- How to load Stack MC from DUCA? since DUCA charges a PPU fee for e-transfer and doesn't offer VISA debit, you can bill pay to load Stack MC at no fee. Search payee "Stack Fintech Inc".
Once signed up, you get:
- Basic savings account, from here no fee to pay bills
- Earn more savings account, higher interest rate
- Park savings account, for promo interest rates
Optional accounts: free chequing (unlimited debit, unlimited use of ABM's on The Exchange, e-transfers and cheques cost fee), chequing account bundles, US and Euro savings accounts. Worthy mention while USD forex fee is 1.62%, their forex fee on Euro's is 3.3%. Probably not the best place to buy or sell Euro's, but at least they offer the option of stashing them in an account. TFSA is also available, but rates are closer to Meridian, CTFS, a little higher than Simplii/Tang, but lower than SCU, Hubert, Achieva, Motive, etc. For TFSA's, your money will grow faster in Steinbach, Manitoba.
How to link external accounts for transfers:
- download and fill out "me to me account" PDF
- grab void cheque or PAD from external account
- send both via fax or snail-mail
- DUCA will add external accounts for transfers to and from chequing and savings (basic and earn more) accounts with external accounts. They're quick to add them
What are my account numbers?
You'll get a six digit member number. That will be followed by four (or two) digits for complete the account number.
- Transit number: 21962
- Institution number: 828
- Chequing account: xxxxxx1001
- Basic savings account: xxxxxx0001
- Earn more savings account: xxxxxx6001
- Park savings account: xxxxxx9001
- USD savings account: xxxxxx10
- EUR savings account: xxxxxx12
Note: from experience, USD and EUR accounts are not linkable for external transfers due to credit union network.
Edit: added info for bill pay to Stack MC