2024 03 14 End Promo Accounts | DUCA Credit Union | Discussion forum

Nehpets said
from email received today:

On March 14, 2024, the Earn More Park Account and the 2023-2024 Earn More Promo will end and the rate for both promotional accounts will automatically change to 0.25%. On April 1, 2024, any remaining funds in either promotional account will automatically transition to an Earn More Savings Account that is currently at 0.25% (Rate is subject to change).

But at the same time, we’re excited to announce another opportunity for you to amplify your savings potential with the launch of a brand-new Earn More promotion on March 15!

Stephen  

Lay your bets on the new rate... my guess is 4.75%

Very unfair that Duca gave us no advance notice of the rate change! At the same time, why didn't they advise us what the new promo will be instead of waiting till tomorrow? Terrible customer/member relations! Today paying .25% instead of 5.25%.

The new "Earn More" promo might not be a savings account, but another product. Otherwise, they could have just lowered the rate on the existing promo savings account, as they have in the past.

GR said
According to a CSR at the branch, the new promo will be a savings account, but on NEW MONEY ONLY. The existing balance will not be eligible for the new promo! Move your money now!  

Isn’t it already too late to move ur money now ?

My guess is that Duca will use yesterday's balance (March 13). I suspect that's why they neglected to give any advance notice and didn't reveal their secret new promo yet.

50K limit, weekend looming. DUCA strikes again 🙂
Fool me once ...

GreatWhiteNorth said
50K limit, weekend looming. DUCA strikes again 🙂
Fool me once ...  

Pulled from another FI linked to the regular savings account.

Thanks for the heads-up from this thread. Would have totally missed this.

Londonguy said
Somebody needs to explain to me why DUCA would do this. I totally get that promotions have to end at some point, but by handling it this way they are effectively forcing members who already have money on deposit at DUCA to move it to another FI or accept 1/4%, which is ludicrous.

Do they think they'll attract a higher amount of new money to come in than they'll lose on a net basis? And even in that were true, why tell the existing customers to take a hike? Why not try to have both?

Or do they believe they're going to successfully bully the existing promo account depositors into buying GICs instead? Not gonna happen for me -- if I was in a position to tie my DUCA money up for a longer term, I'd have already done that.

Lastly, why isn't my money that's already happily at DUCA apparently not worthy of continuing to pay 5.25% on, but somehow soliciting a stranger's money on spec to replace my deposit is apparently worth offering to pay 6.00% on? Where's the business sense in that?

I suppose they have their reasons but they've sure got me stumped  

All FIs, telecom, all corporates in essence favor new customers over old, thats the new business model of the 21 century. That is ok with me, if they dont value my loyalty, I wont be loyal either.

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

Actually for today only, when you are online and open the new 6% account, you CAN (first deposit only) transfer full amount from the 2023-2024 promo acct (the now old account) over to the new 2024 6% promo account. They dont advertise it out loud or maybe a loop hole but it works. So essentially ur "existing" money are now earning 6%.
Keep in mind this method ONLY WORKS on the first deposit when u open the 6% account. You wont be able to do it in subsequent transfer ! Make sure u understand the steps BEFORE U PROCEED !

AR said

Permission for me to do this was pending and I have not heard from Duca to do this as yet. I continued to transfer out of Duca.  

I'm with you, I'm outta there.

I'm a long term member (8 years I think, maybe longer) with enough currently on deposit at DUCA that I could buy another house with it. Things were just fine on both sides of that arrangement, and then for some incomprehensible reason they intentionally (or perhaps inadvertently) construct a new promotion that forces me to take my money out of the bank in my own self-defense. Did anyone at DUCA think through the consequences? Who knows.

Voila, in less than 48 hours they needlessly destroyed a good client relationship while simultaneously impairing their own deposit base, which will now have to be backfilled with new accounts (and at a higher paying interest rate) just to break even. Pure genius

Londonguy, I intend to put the money back into Duca. It's paying the most for now. It will take only a few days. Coast uses flinks for transfers on the app (seen in video in t&c). I do not like flinks. Figuring out Coast Capital is too complicated.
I have other offers as well.

savemoresaveoften, Yes, I believe you and the great people at rfd. Duca may be okay with it but I think it was Manulife(?) who returned deposits for trying a get around procedure.