Earn More with a 3.25% Promo. Starts Now! | DUCA Credit Union | Discussion forum

Me too -- I'm already lining up my ducks.

For people new to DUCA process peculiarities, don't forget to call in after your transfer has been made and ask that your funds be moved into the promo account, otherwise you won't get the promo rate.

Londonguy said
For people new to DUCA process peculiarities,  

Got the promo account set up (thanks for the heads up), as this is my first experience with DUCA. Are there any 'peculiarities" with regard to pulling funds out of DUCA when the promo expires? eg limits, timing etc?

Stephen

I called them after the June promotion ended and they can do >$50k for you in one transaction.

re this new promotion, new money just meant new deposit and they dont look at ur account history right (reason I asked is Meridian considered new money compared to the high balance from 6months ago...)

Heads up to anyone else this might also affect.

I just discovered another DUCA wrinkle I didn't know about before -- their mobile cheque deposit function has a transaction limit of $10,000 -- that makes it kind of useless as a way of getting funds into your DUCA account from another institution where you don't already have a PAD in place that would enable you to simply move them online.

This is a PITA for me because I'm going to have to move these particular funds from where they are now into an intermediary bank that is already linked to DUCA, and then move them again.

Looks like I need to make a late summer project out of spider webbing all my bank accounts together with standing PADs to avoid this in the future.

Great to hear from DUCA again after their last june promo ended!!
This time is even better with 3.25%. I'm moving $404,500 on a solo membership and $455,000 on a joint one. Those funds are currently with Tang at 2.5%. Of course, Tang could not match that offer and off I go to DUCA again.
Funds will be deposited at DUCA on 2018-09-10 and I calculated that with 0.75% interest rate difference that is a whopping $1,501.18 extra interest I will get.
I also have to go through PC to transfer the funds there because I don't have any chequing account with DUCA that I can use to set up link on Tang's side.
I've sent an email to duca.info@duca.com with scanned copied of the two cheques attached to advise them to deposit funds on 2018-09-10 date.on which funds will be available on my PC a/c which will be pushed from Tang's side.
I'm proceeding like this for quite a while now as the 3.25% rate already appears on my Earn More Park a/c.
As mentioned earlier it's too bad their mobile deposit limit is only 10k.
I'm ecstatic to get this extra $1,501.18 interest. That's good enough to pay two round trips for my next trip to Hong Kong from Vancouver!

Londonguy said

I just had to interject here in case I can save you some grief.

By PC I assume you mean PC Financial, as in what is now Simplii? If so, and if you haven't already discovered this, if you're routing your money by depositing it into PC/Simplii in order to write cheques to DUCA, once the funds land in PC/Simplii I think you can expect to have to wait an extra 5 business days (i.e. a full calendar week) before they will release them.

I'm not trying to freak you out, but if I understand what you've said correctly, then I think you need to call DUCA about what you've done to see if they can hold off on making the deposit at their end, otherwise you could find yourself in a heap of doo-doo if DUCA deposits your cheques on Monday and they don't clear.  

Well I will interject as well on what you said regarding Simplii because there won't be any hold on those funds at all (100% sure about this) since the funds are verified from Tang's side when I do the ET. I do that all the time and funds are fully available the next business day at Simplii after the day funds left Tang. However, I called DUCA today regarding the two scanned cheques I've sent them by email and unfortunately they've had a policy change since last June Promo this year in that they're not accepting deposits through "unsecured"emails anymore.
I will not mail the cheques as it takes too long to get to them that way and I would lose crucial interest money but I will deposit the cheques on Sept.10 using my DUCA debit card through the Exchange Network of the G&F Financial Group close to my home.
The other option was the Me to Me option but it's limited to 200k/day (100k per transaction) for funds coming in. Coming out it's 50k/day as mentioned on a previous post.
I have to call DUCA tomorrow again because I just realized I don't have a debit card for the joint spousal membership to deposit the $455,000. I will ask them if they can transfer funds from one membership (single) to the other (joint) with no holds on funds before transfer. If they say no, I may use the Me to Me option even though I'd lose out a bit on interest moving the funds in over three days instead of one.

duckgybe said:

Well I will interject as well on what you said regarding Simplii because there won't be any hold on those funds at all (100% sure about this) since the funds are verified from Tang's side when I do the ET. I do that all the time and funds are fully available the next business day at Simplii after the day funds left Tang.

That's great for you then if it's the case. You must have some kind of special dispensation at Simplii, because e.g. I just EFTd $100K there the other day from the CIBC mothership but Simplii only shows $1K as being available pending the expiry of their hold period, which in this case will be 9/12. Not the first time I have had to endure this either, but I know it isn't just for me because their hold policy appears in their FAQ. If you have found a way to dodge it, I salute you.

What you're saying is that funds pushed out by EFT are available right away at the receiving institution (subject to a push delay), whereas funds pulled in by EFT are not (because they're alternatively subject to a hold). Meaning that pushing is the better choice for the first leg if you plan on resending the same funds onward to somewhere else. Sounds logical, I'll keep that principal in mind the next time I need to stickhandle funds through more than two institutions.

Unfortunately that knowledge wouldn't have helped in my most recent case, because I was drawing on funds held in a Big 5 that does not allow you to set up external EFT links, so pushing out from that Big 5 wasn't one of my choices -- I had to pull it (and thereby expose myself to a hold) no matter where it went. Since my Simplii account is already linked to the final destination at DUCA, I pulled it into Simplii.

FWIW I actually spoke to a DUCA rep about how to get that money into DUCA faster (after DUCA rejected my mobile deposits - see post #8 above) but she couldn't think of a faster way either based upon where the money was coming from and my not being anywhere near Toronto to facilitate making a physical deposit. I'll end up eating the spread during the hold period on that particular chunk of money, but the superior interest rate when it finally arrives at DUCA will earn it back pretty quick. At least my other funds that came from other institutions have managed to get to DUCA without any hassle.

It ain't easy being a rate chaser LOL