DUCA 01Mar2018 to 31May2018 @3.15% | Page 4 | DUCA Credit Union | Discussion forum

Just to save people some time, I called the WFCU number on their website about the their ALTO Savings promo and got a few details

Firstly there is no online application process and you have to make an appointment to go to Windsor to complete their paperwork. Also, this promo has apparently been around for a while now and it is only being extended on a week-to-week basis, and I was advised that if I was inclined to actually go to Windsor and apply, I should call first to make sure the promo is still active

Windsor is a bit of a hike for me and then there's also the future hassle to consider of getting your money back later, so I think I'm going to pass

This kind of thinking may be derived from their mandate. I don't think it's exactly shortsighted bureaucratic thinking. As long as they're meeting their goals, they're happy and they may not need you or me to meet them.

Most of these credit unions describe themselves as being responsive to their local communities, and investing in them.
They'll take money from anyone they can legally get it from when they need it, including through brokers, but that doesn't mean they are wanting to encourage you to join.

I was surprised recently in a conversation with a Meridian employee who kept referring to the "union", as if it really meant something - which it obviously did to him. Each "union" has different priorities. I had wondered why more of them hadn't amalgamated, and his response was that they were different "unions', and he ssemed to think that was the way it should be.

Very different from banks.

FYI and FWIW I just called down to DUCA and was told their 3.15% promotion would not be extended or replaced with anything new, confirming that any savings held there are going back to the regular 1.50% rate. She tried to pitch me a GIC (thanks but no thanks) so I guess that's the extent of management's customer retention plan.

Guess I'll be packing up and moving my tent again to a different campground

LondonGuy, dont worry. When the flood of millions of deposits start leaving, they'll turn course. just give it a couple months.

I don't see a LOL at the end of your post there, but I assume you're joking -- while I was happy to take them up on their 3.15% offer a few months back, I have no intention of leaving a quarter million on deposit at 1.5% for the next few months waiting for DUCA to have an epiphany that their savings rate is no longer competitive

There's a Meridian branch about 5 km from where I live, so I'm going to pay them a visit on Monday afternoon to investigate their 4 months @ 2.75% deal. If that won't fly, I can fall back to one of the 2.50% options out there

tcharger67 said:

I scheduled transfers out of duca using ducas site, at 50k per day. Not one transaction has gone through yet.... All the funds are still in the account, and my hold limit adds up to the totals on hold. Anyone else experiencing problems with transfers out.

I haven't started my own exodus yet -- still trying to squeeze the last few days out of that 3.15% -- but I thought back in the spring that you said that when it came time to exit, you were going to pull the whole enchilada from the Tangerine side to avoid any push problems on the DUCA side?

I'm going to be faced with the same problem starting Friday morning and was planning on pulling everything out in one tranche from the EQ side (where all my HISA accounts are connected) and then distributing funds from there -- did you learn something in the meantime about doing a single big pull that makes that a bad plan?

EDIT -- Was just reminded by my sweetie that I can't pull over 100K into any single account at EQ anyway, so I guess I'll be doing your push thing, except mine will be back to Simplii where the $ came from in the first place

tcharger67 said:

Why Simplii? Not tangerine at 2.5%

I still have an active offer for 2.50% at Simplii, but mostly it's because Simplii is the only external account I have linked on the DUCA side to initiate a push out

Unfortunately I don't have a Tangerine savings account to alternatively pull it out instead, which is something I need to address for when this type of situation comes up again

No, I'm now 200k holds in duca, and 0 in my chequing at tangerine

An update from my end-- yesterday morning I transferred $50K from my Park sub-account 9001 into my Regular Savings account 0001 first, and then initiated the transfer out of that $50K back to my linked Simplii chequing account -- I just checked my Simplii account a few minutes ago and the $50K is already there

Glad your dinero finally made the trip, I can appreciate that stressful feeling

In my own case, the second $50K transfer I initiated yesterday morning was sitting in my Simplii chequing account this morning which I then immediately moved into savings. Maybe I'm just lucky but that's 24-hour service twice in a row now so I'm happy, and it encourages me to revisit DUCA again down the line if they run another promo one day

Rather than put another transfer into motion on a Friday and lose interest on it over the weekend (hey, 1.50% is better than nothing) I'm going to wait until Monday before continuing to drain the swamp. I'll be done by the end of next week, then maybe I'll do the Meridian thing if something else hasn't come along -- I need to do my DD on Meridian first to make sure I'm not painting my cash into a corner when it comes time to pull back out

Looks like DUCA has some online and telephone banking issues this morning. You can't tell me they didn't expect a certain exodus on June 1st.

I got a message on Wednesday asking what I was going to do with my funds. I called back and said they will be out as of the 1st. She thanked me and said have a nice day.