Wow, Duca new 6% HISA rate | Page 6 | DUCA Credit Union | Discussion forum

mordko said

I never received any emails about them closing the promo and cutting out capability of adding to my DUCA savings account. Did that on the quiet, zero communication of any sort. You discover it if you try to transfer funds in. Not that I would want to.

The only email they sent was about recommending DUCA to others. It's a no-no.  

Same story here. No emails received at all. (They haven't even responded to the internal emails I sent to them).
So, they have shown us we cannot expect any warning of changes from them.
Have to rely on each other here to post anything spotted in the way of rate drops, or promo canceled

RetirEd said
A question for anyone who knows: What exactly is what some posters are calling "me-to-me" transfers? Is this direct-debit/direct-deposit? Wire? Interac? Or something new I don't know about? My searches don't make it clear.  

Its a system for linking accounts at different institutions but for the same individual. Once you link the accounts, you use “me-to-me” option to either pull or push. Direct debit/deposit, I think. Not wire, nor interac. Its a term some institutions (Duca among them) use for this but not others.

mordko said

Yes, I realize one shouldn’t be required to come in in person. And that bothers me. We followed their instructions to the letter. Electronically all was fine. And then we got a call a couple of days later, saying something didn’t quite work for my spouse. She has valid identity, high credit score, etc. “The system didn’t work for her”. Never mind, she can come. “No, both of you have to come now”. Does not even make sense. Why exactly did they pick on us? Never properly explained.

And I am sorry, but having been banking for a looong time I can’t recall last time I was asked to fax or come in person to link an account. Perhaps “legal situations” like this arise, just not for me.

Did you link a “me to me” account without being asked to fax or turn up? Is this the first time you are dealing with DUCA? I am wondering if they are particularly focused on upsetting new clients like myself so they can try to cross sell BS products.  

The banking world has changed dramatically since my grandma explained to me about earning interest and took me into the Victoria and Grey Trust and opened an account for me in the 1950s.. I've been earning interest ever since.

You have obviously encountered security issues. Security exists for everyone's protection. Sometimes it can be a big nuisance, but it is an evolving science with new threats emerging daily so we have to bear that in mind and not freak out. DUCA offered you a way to resolve the security/identity issue, and apparently it worked for you. I'm glad they are being careful.

We've belonged to DUCA for several years. We CHOSE to open our accounts in person originally. That's our preference. We have only had to visit once since then, as we wanted to do something that can't be done online. A nuisance, yes, but them's the rules. DUCA probably works best sfor people who live local to a branch.

Loonie said

The banking world has changed dramatically since my grandma explained to me about earning interest and took me into the Victoria and Grey Trust and opened an account for me in the 1950s.. I've been earning interest ever since.

You have obviously encountered security issues. Security exists for everyone's protection. Sometimes it can be a big nuisance, but it is an evolving science with new threats emerging daily so we have to bear that in mind and not freak out. DUCA offered you a way to resolve the security/identity issue, and apparently it worked for you. I'm glad they are being careful.

We've belonged to DUCA for several years. We CHOSE to open our accounts in person originally. That's our preference. We have only had to visit once since then, as we wanted to do something that can't be done online. A nuisance, yes, but them's the rules. DUCA probably works best sfor people who live local to a branch.  

I would have believed the security issue (although a little weird when opening a savings account), had they not tried to push gimmicky products like market linked GICs on our arrival. Also, the agent was late coming back from lunch, said it would take 5 min but weirdly took him close to an hour to fill in forms on the computer, try to sell his stuff and copy documents.

You not being a new customer and already having linked accounts explains this:

I didn't encounter any of the difficulties that you seem to have. Joint account was opened with a simple phone call, following their online instructions to do so after one-name account opened. No fax, no visits to branch for anything related to this offer.

About 6 months ago, I was unable to log into my DUCA account. When I called to find out why, I was told they had shut off access to my account because of inactivity even though I log in monthly. They had also withdrawn $30 as an inactivity fee. A couple of weeks prior to this happening, I had even Pushed a small amount from Tangerine to DUCA. When I asked why the account was considered inactive, she said that Me2Me transfers and logging in are not considered activity by DUCA. (I didn’t ask whether a PULL from DUCA is also considered inactivity.)

Looks like the book of the month at DUCA (and some others) was that recent popular book, The Subtle Art of Not Giving a F*ck.

mordko said

I would have believed the security issue (although a little weird when opening a savings account), had they not tried to push gimmicky products like market linked GICs on our arrival. Also, the agent was late coming back from lunch, said it would take 5 min but weirdly took him close to an hour to fill in forms on the computer, try to sell his stuff and copy documents.

You not being a new customer and already having linked accounts explains this:

I didn't encounter any of the difficulties that you seem to have. Joint account was opened with a simple phone call, following their online instructions to do so after one-name account opened. No fax, no visits to branch for anything related to this offer.

  

I can't imagine why any employee would tell you it would take five minutes to join DUCA and process your transactions etc. In my experience, an hour is fairly standard, sometimes longer. Someone at RBC kept me on the phone for ages while I opened a simple promo account (and they already 'knew' me) because she kept diverting to try to sell me a whole raft of things I had no interest in. It's easier to cut them off in person though. You just have to seize the reins and say clearly and bluntly that you are not interested in ANY other products at this time and that your time is limited so you need to get the application processed. I agree that it's annoying and regrettable, but t's pretty common.

I had a TD employee literally running after me trying to sell me a market linked fund, calling out that she could get me 4$: (when interest rates were about 2%). I called back that I didn't believe that she could put that in writing, and she gave up. You've done your research;
you know what they have to offer; don't let them waste your time. If necessary, stand up as if to leave. You have a lot more power in person than you do on the phone where they can hang up on you or send you into a series of useless connections while you dangle, wondering what on earth is going on... Having said that, DUCA has one of the best telephone crews and usually fairly short holds.

My spouse has been with BMO and me with TD possibly since birth. While we may have said smelting about 'till death do us part', the TD vs BMO waiver stands to this day.

We haven't paid fees for 25+ years. We haven't had to move auto deposits or deposits for 25+ years. It all works. We ain't moving home base income and expense flows until we stop moving.

Savings is a whole different story ...

It's likely because DUCA forces proliferation of accounts and each of them must show activity.

mordko said
I think it took him 20 minutes just to copy driving licences and credit cards. He wasn’t even in the cubicle.

Yes, I had a similar experience with the green bank a year ago when I brought a couple of Ukrainians to help set up their first account. At least it was a chequing account with a bunch of other services and they didn’t have any credit history.

Right now dealing with RBC. They “bought me” by taking over HSBC Canada. They are calling it VIP banking. I was thinking of trying them out for a year but the way its going, I might not last that long.

I just want something efficient and without surprises. Fast transfers are nice. Straightforward interface. Perhaps Simplii, they seem to fit the bill based on my experience with them.  

20 minutes is normal for the back room work, which includes more than photocopying. They are checking your credit report and whatever else they deem relevant.

On more than one occasion we have spent 1.5 to 2 hours in a bank or CU getting signed up. We tend to ask more questions than most people, so it takes extra time. Fortunately, we are retired; not suitable for most working people.

On one occasion, the manager insisted on entering all data manually, which took forever.
At another one we had to stand at the wicket for a long time, then were eventually told to come back in an hour or so when the sign-up had been completed! We explored the neighbourhood, had a coffee. All these encounters were courteous and nobody attempted to upsell. We regard these visits as opportunities to get to know something about the ethos and culture of the place, valuable info to us.

New immigrants get a different approach. The FI knows they don't have a credit history, so there is none to check, so it may go faster. I don't know about DUCA but many FIs have special account packages for new immigrants.

We all want something that works well. All FIs have strengths and weaknesses, and you pick the ones that work best for you at the time.