Deposit Rate INCREASE to 6.25%! | Page 3 | DUCA Credit Union | Discussion forum

That agrees with what is at the bottom of the DUCA page for the 6.25% promotion. There's a special promo account that's associated with a non-registered Earn More Savings Account:

… The Promotion account is not accessible at an ATM and cannot be used for bill payments, telephone banking, remote cheque deposits, or any type of e-transfer. Eligible for a non-registered account only. When this offer ends, all funds in the Member's promotional account will automatically transfer into the regular non-promotional, non-registered Earn More Savings Account.

If you are not a current DUCA Member but would like to join DUCA and take advantage of this offer, simply click on "Sign Up" in the upper right corner.

For current DUCA Members: Only eligible deposits made in-branch or through Member Connect qualify for the Promotional Rate. Online transfers and transfers through the DUCA phone app are not possible as the Promotion account is only accessible to DUCA staff.
…

Lodown said

Are you saying you tried this, and where blocked from doing so, or a Duca CSR told you it could not be done, or ????

Stephen said that, not me.

If that's correct then it's simple enough (< 10 seconds) to transfer it to the non promo account and then transfer it out from there.

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.

...  

Lodown said

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?  

So it turns out this has changed. There was a time when you could not deposit directly into but still withdraw (push) money from a Duca promo account but I tested it out just now and you can no longer do this. Not sure when this occurred.

Loonie said
Stephen is absolutely correct.
It's a simple matter, however, to transfer online from promo to EMS or chequing, and then proceed from there with your external transfer.  

Exactly correct. And no big deal, as it is one very simple extra step that only takes a few seconds.

smayer97 said
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.**

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  

Another small addition (To emphasize and contrast):

**The TIP to double transaction limits above works on W/D from DUCA but does NOT work for deposits, as I have just learned from my own testing for both. It seems the deposit limit is based on both the account AND customer combined but does not apply to W/Ds.

Some people reported the drop to 5.75% last week.

There you go, you have to think about these drops, as they can drop the rate anytime they choose to.

phrank said
Now I see, the recent actions by DUCA was just to make us aware of scams

  

LOL ... Good one ...

They don't mention the fake promise scam ...

I think more people need to file a complaint with the FSRAO about the shenanigans that went on with this promo. I DID. Because the initial invite had a fixed term, and stated that "You WILL earn...6.25%"..."...until Jan 31, 2024". Different wording than and even handling of past promotions.

See my post about this and the thread that talks somewhat about this here:
https://www.highinterestsavings.ca/forum/duca-credit-union/duca-earn-more-promo-upgrade/page-6/#p92525

The FSRAO does not recover losses but if enough people do this, this will put a ding in their records, and may cause them to act honourably and make it up to their customers.

I disagree. That is why I already filed my complaint weeks ago. That said, having been down the legal route for many other things over the years, I would not be surprise if they continue to lean heavily on their escape clause; wording alone is not enough, context is EVERYTHING.

Meanwhile, I have since moved on. The rest is up to the FSRAO.

My point is that if enough people complain might make it clear that DUCA is at fault, and might cause DUCA to respond.

One of my mottos in life is, don't ask, don't get. And I have often gotten because I have asked.

Each one to decide.

savemoresaveoften said

smayer97 said
One of my mottos in life is, don't ask, don't get.

I will agree with that statement.

But DUCA is not at fault per say, they never use words like 'guarantee' and yes T&C covers their back side 100%.
I surely wish I am collecting 6.25% instead of 5.75% but what is done is done.
Its still the highest paid HISA in my stable right now, so my money stays there not because I like them. I have no loyalty to banks, telecom, grocery store chains, etc etc. Whoever gives me the best deal gets my business.  

They said 6.25% until Jan 31 2024! At the very least, they grossly misrepresented their offer. That's it. That's all.