Personal Finance

Official DUCA Credit Union Thread

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  • Oct 24th, 2020 11:30 pm
[OP]
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andrew4321 wrote: I had a interesting conversation with a CSR today regarding the end of the 3.15% promotion.

I was told that at the end of the promotion money is being moved by Duca, without any client action, into the "earn more savings account" without any commitment on timelines though. So, if your intention is to withdraw the money trough an ETF initiated by a third party on the account x9001 (this would be the "park" account), the transaction is going to fail after Jun 1st. On the other hand, if the ETF initiated by a third party is on the account x6001 (the "savings" account) it will fail before Jun 1st with no commitment to be successful on Jun 1st either.
This is correct. I pulled money out of Park and into chq account, then did me to me transfer to Steinbach CU to park in TFSA. I still have some money in DUCA park, which will bump to Earn More on June 1st. I'll move that over to Tang, EQ or whoever offers the best promo. Gotta keep that float in HISA's.

Looking forward to a welcome bonus from Meridian, wish I had jumped on the $100 bonus on $1k deposit into savings account, and their cashback infinite card is not too shabby.

I have all my external accounts linked in DUCA, so I can push rather than pull.
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Is there a limit to how much you can push or pull from the DUCA accounts per day?
[OP]
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astroboy100 wrote: Is there a limit to how much you can push or pull from the DUCA accounts per day?
Afaik yes, but it's *obnoxiously high* by my daily banking standards. Pushing and pulling usually have $30-100k daily limits. With Simplii and Tangerine, you can even call in to push or pull larger amounts, not sure about DUCA. I pushed a larger than usual lump sum from DUCA to Steinbach CU to put in their TFSA and it landed in SCU same day (credit union to credit union transfer is fast). Was under $30k and I never asked DUCA via phone what their limits are, so if you find out, I'll update OP.
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astroboy100 wrote: Is there a limit to how much you can push or pull from the DUCA accounts per day?
There is a $100k per transaction limit, unlimited transactions.
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andrew4321 wrote: There is a $100k per transaction limit, unlimited transactions.
Added to OP, thank you!
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titaniumtux wrote: Added to OP, thank you!
I just made some transfers, it's a 50k daily limit (pushing from DUCA).
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If you're pulling, say from tangerine, is there a limit?
[OP]
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natefive wrote: I just made some transfers, it's a 50k daily limit (pushing from DUCA).
Any exceptions if you call in?
astroboy100 wrote: If you're pulling, say from tangerine, is there a limit?
Via phone they can override and exceed limits, but when pulling there will be a hold on any amount exceeding whatever limit is granted based on credit score usually.
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astroboy100 wrote: If you're pulling, say from tangerine, is there a limit?
I just called Duca to ask this, as I actually have a transaction in progress :) The limit for EFT pulls is $1mil.
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Great! Thanks a lot! I guess I'll have to do it in two $1mil chunks then! LOL JK
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+1

I will definitely set up a account....great to know these options exist in Ontario when I head back. When I left the GTA they weren't much choices, the big banks had a tight hold on the market. Credit Unions, especially one with free accounts were hard to find.

Here in GVA CU's with free accounts are everywhere with Coast Capital being one of the most common. Most neighborhoods will have 3 or 4 different CU's clustered about in a given area.
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cal653 wrote: +1

I will definitely set up a account....great to know these options exist in Ontario when I head back. When I left the GTA they weren't much choices, the big banks had a tight hold on the market. Credit Unions, especially one with free accounts were hard to find.

Here in GVA CU's with free accounts are everywhere with Coast Capital being one of the most common. Most neighborhoods will have 3 or 4 different CU's clustered about in a given area.
Yeah! Ontario is starting to change a bit, more and more credit unions are going free, like ComtechFire, First Ontario and DUCA (although DUCA always had a free account, the current accounts have been around since 2014). Plus some credit unions like Parama and Ukrainian Creidt union have had free accounts forever. Sadly the GTA has only been able to join in on the free account fun for now, in southwestern Ontario (outside of Windsor’s WFCU) the only free credit union is YNCU and they only give you 10 transactions :(.
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Good news everyone, DUCA has changed their interest policy, eliminating the interest minimums for payout!

From my last statement:
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I like credit unions and Honda Civics.
Member with DUCA Credit Union.
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jacnel wrote: Good news everyone, DUCA has changed their interest policy, eliminating the interest minimums for payout!

From my last statement:
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Beyond amazing! Glad to be a member.
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