Deposit Rate INCREASE to 6.25%! | Page 2 | DUCA Credit Union | Discussion forum

Anyone remember having to get to the bank in-person before end of day Friday, and with no ATM's yet, that meant zero money for the weekend?

Lodown said
"get to the bank"? What is that?  

That means standing in line Friday for a hour to cash your paycheck, otherwise you literally had no access to money for the weekend for beers. Now that is hard times.
Edit: but if you knew the manager at the local grocery store, you could endorse your cheque there on Sat to use for groceries, with some cashback.

Comparing DUCA and Tangerine:

DUCA
$250K coverage per account category
$100K max pull in per transaction
$50K/day max push out per transaction (no limit out via cheque or pull from other bank***). Cannot have CSR override.
Call needed to move $ into promo account (wait time varies from fast to about 15 mins).
DIY to move $ out of promo account***
Promo offer to all.
Promo on "new" $ BUT old $ can be pulled out then when moved back in, treated as new.
Day = 25 hours BETWEEN transactions.
***cannot push or pull directly from promo account. Must open and use free separate non-promo account.

Tangerine:
$100K coverage per account category
no $ to pull in per transaction
$25K/day max push out per transaction (no limit out via cheque or pull from other bank). CAN have CSR override. Call wait times OFTEN VERY LONG (45mins-1hour).
DIY to move $ into or out of promo account.
Promo offered on lottery system only.
Promo on "new" money ONLY! (based on balance on day prior to promo start date)
Day = calendar day, ending at midnight.

(total insurance deposits to be considered for both, e.g DIRF (Deposit Insurance Reserve Fund) for Credit Unions in Ontario)
TIP: Workaround to daily W/D limits...consider joint accounts and separate logins. Limits are per LOGIN, not per account, so can effectively double your transaction.

How long does it take for Duca to transfer funds from Tangerine in a Duca initiated transfer? same day / overnight or longer?

And seems they take a day of interest by virtue of creating separate accounts and requiring user to move account to HISA.

butterflycharm said
How long does it take for Duca to transfer funds from Tangerine in a Duca initiated transfer? same day / overnight or longer?
........ 

When you pull funds into DUCA from another FI, the deposit entry into the destination account is immediate. You would then call DUCA Member Connect and have the CSR transfer the funds into your promo account and interest begins to accrue immediately.

The funds may take a couple of days to arrive in DUCA but the interest begins immediately.

seems they take a day of interest by virtue of creating separate accounts and requiring user to move account to HISA

There is no loss of time nor interest earning on DUCA's side as you allude to.

Has your experience been different?

Stephen

MG said

butterflycharm said
How long does it take for Duca to transfer funds from Tangerine in a Duca initiated transfer? same day / overnight or longer?

 

I recently pulled from Tangerine into Duca (initiated at Duca) and the transfer occurred overnight. I also tried a push from Tangerine to Duca (initiated at Tangerine) and that took 2 business days. Learned my lesson.  

Yeah, that is their trick. Always initiate from receiving FI to gain interest on the same day and usually you are allowed a higher amount for transfer in.

smayer97 said

A few more additions:

DUCA:
Transfers:
Pull/Push - Same day to next day. Depends on time of day.
(Someone once documented the trigger times but I do not recall them).
Pull - start earning interest immediately

Phone hours:
M-F: 9:30am-7pm
Sat: 9:30am-1:30pm

Tangerine:
Pull/Push - approximately 2 business days. Sometimes can only select next day, so can add another day.
Pull - start earning interest only when funds are finally transferred.

Phone Hours:
Su-Sa: 24/7  

To add:
The money goes back only to the same Earn More Savings account automatically after the promo end they said. And then user may have to send it to a chq account to transfer out?!

butterflycharm said

To add:
The money goes back only to the same Earn More Savings account automatically after the promo end they said. And then user may have to send it to a chq account to transfer out?!  

After the promo, the money stays in the acct, just at a reduced rate. You do not need another account to transfer out. You can transfer out directly to an external bank.

You only need an extra DUCA account when you are transferring money in, at least if you are doing it electronically, after which DUCA staff transfer the money into the Promo acct. Probably no extra DUCA acct needed if you are doing a direct deposit at a branch, but I have never tried it that way.

smayer97 said

After the promo, the money stays in the acct, just at a reduced rate. You do not need another account to transfer out. You can transfer out directly to an external bank.
  

Are you saying, with Tangerine for example, one can pull as much as Tangerine allows (1M?) directly from the Duca 2023-2024 promo savings account?

cgouimet said

To the best of my knowledge there is only one thing you can do from that promo account and that is push somewhere else. You can't pull from it and you can't push to it.  

I.E... Nice rate if you don't mind the PIA...