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Email this7:25 pm
April 27, 2017
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Loonie said
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 managr 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 neighbouhood, 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.
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Given that I applied over the internet, they had no business checking my credit report again. Nor did they actually check it because it was a savings account, I am not seeing it on my credit report and I heard him chatting up his co-worker. And yes, I had a meeting coming up and was about to walk out when they finally finished. Not to mention him being late for the appointment time as he took too long lunching. Not exactly 5 minutes he promised. And trying to sell dodgy products. Just shoddy.
Anyway, those who think this is acceptable service… Fine. We are a little too tolerant; perhaps thats why the service is shoddy so often.
7:28 pm
October 21, 2013
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mordko said
It's likely because DUCA forces proliferation of accounts and each of them must show activity.
DUCA does does spawn too many accounts, and it is a nuisance. I close some regularly but have never been dinged for not using one. Perhaps "account" is a generic term fo all your accounts.
In genera, in dealing with "inactivity' issues, I have found htat keeping a small GIC will count as activity, but maybe not everywhere. It can be easier to just keep the GIC and let it keep rolling over than to keep logging in and moving small amounts back and forth.
1:06 am
November 18, 2017
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smayer97: Thanks... I had already looked at DUCA's site before posing the me-to-me question, and having read all the replies and comments here, I still don't know what me-to-me is! Is it some sort of DirectDeposit/DirectDebit add-on through a third party?
Banking in Branch: I like the way it allows the use of Alternate Banking Plan B*. When I'm at a teller and they start to run around looking for people and info, I ask to be allowed to drag a nearby chair over and sit while they fuss. Never been denied.
* Alternate Banking Plan B: step back from the teller's wicket, spread hands theatrically and loudly proclaim "Maybe a thousand bucks isn't a lot to you, but it IS to me and I bet also to a lot of these people, and NO, I won't step quietly into your office!
RetirEd
1:29 am
September 29, 2017
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RetirEd said
smayer97: Thanks... I had already looked at DUCA's site before posing the me-to-me question, and having read all the replies and comments here, I still don't know what me-to-me is! Is it some sort of DirectDeposit/DirectDebit add-on through a third party?
savemosaveoften said
My understanding is Me2Me is used by most if not all credit unions to do linked transfer. Big 6 don’t use it, have their own channel or something like that ?
Me2Me is actually a company by itself (owned by Central1 I think), and provide the service, it’s not a make up name by DUCA. One time I tried to track down where my money went, and it’s a pain since once a CU sends it over to Me2Me, I was told they don’t have the extra info since Me2Me handles the rest and asked me to check with Me2Me. And you can imagine Me2Me will say ‘sorry can’t disclose, only the origination FI can request for transaction tracking’.
According to savemosaveoften, Me2Me is a third party. I had never considered it might be. I always understood it to simply be a name they gave for links to external accounts. There is FLINKS, which is definitely a third party that is used by some banks to establish the connection. I do not know if this is corroborated, either way. Maybe someone can validate this with DUCA.
RetirEd said
Banking in Branch: I like the way it allows the use of Alternate Banking Plan B*. When I'm at a teller and they start to run around looking for people and info, I ask to be allowed to drag a nearby chair over and sit while they fuss. Never been denied.* Alternate Banking Plan B: step back from the teller's wicket, spread hands theatrically and loudly proclaim "Maybe a thousand bucks isn't a lot to you, but it IS to me and I bet also to a lot of these people, and NO, I won't step quietly into your office!
LOL! A creative and surefire way to get attention. The squeaky wheel and all... This put a smile on my face!
12:10 pm
October 17, 2018
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RetirEd said
smayer97: Thanks... I had already looked at DUCA's site before posing the me-to-me question, and having read all the replies and comments here, I still don't know what me-to-me is! Is it some sort of DirectDeposit/DirectDebit add-on through a third party?
RetirEd - (Bank B) provides you a form that has fields for transit number, account number etc. of a bank or credit union you have an account at (Bank A) . You complete the form and provide it to Bank B . Bank B uses this info to add a link in their online banking interface under transfers. Bank A will now be visible to you as a transfer option when you log in to online banking at Bank B and you can now transfer money from Bank A to Bank B ( a pull ) or from Bank B to Bank A ( a push ).
Basically it is a form you fill out to provide your other bank account info to your bank so they can add that bank to your online banking to allow you to transfer money between your accounts at different institutions instead of writing a cheque to yourself and depositing it at your other bank.
3:33 pm
March 30, 2017
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https://www.central1.com/forge/digital-first-retail-banking-2/
U will find it under ‘pay and transfer’
It’s a service offered by Central1, not exactly Me2Me being standalone, but a third party to the CUs.
4:58 pm
September 15, 2017
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With reference to post #26, Duca has lowered the limit for me-to-me transfers out of Duca to $20,000 every 25 hours! Another reason for negative feelings about Duca.
https://www.duca.com/assets/pdf/Media_CXP/Everyday%20Banking/Transaction%20Limits.pdf
5:20 pm
April 27, 2017
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GR said
With reference to post #26, Duca has lowered the limit for me-to-me transfers out of Duca to $20,000 every 25 hours! Another reason for negative feelings about Duca.https://www.duca.com/assets/pdf/Media_CXP/Everyday%20Banking/Transaction%20Limits.pdf
Ouch. Will they permit larger transfers if you call them? The link does not work.
7:35 pm
January 7, 2020
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To the best of my knowledge, they have never allowed a larger transfer out by calling them. A limit of 20K really cramps one's style. Methinks I will be relying on my ability to write a check, when the time comes.
7:40 pm
September 15, 2017
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No, I understand that Duca employees at the call centre or at the branch are unable to initiate transfers in or out. (Maybe there are limited exceptions?)
Yes, the link in posting 127 works.
8:32 pm
October 21, 2013
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My personal notes say the limit was 50K. This is obviously quite out of date but shows the trend. They also have strict limits on deposits, I believe, but I can't trust my notes.
CSRs can't do anything. No override.
A cheque or wire transfer is the best way out, but of course there will be a Hold on the cheque on the receiving end.
I think DUCA works best for those who live close to a branch. You can deposit a cheque of any amount at a branch - or at least you used to be able to.
We are likely to see more restrictions elsewhere in my opinion.
Cybersecurity issues are huge, and ever-growing. FIs are justifiably scared. They want to limit their liability. They also want you to keep your money with them and not flit around.
We all want our transactions to be easier, but we also want them to be more secure; and there's the rub.
9:14 pm
April 27, 2017
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My suspicion is that it’s nothing to do with security. Their actions suggest that given the size of institution, they were surprised by the amount of cash and how fast it was deposited after the deal was announced. And now they are concerned that it might fly out fast too.
4:08 am
August 20, 2019
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Interest payment from last promo blocked. Not listed in "transfer from" banner.
4:31 am
July 6, 2017
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Noticed that too AR, but checked March 14th email where they tell us this:
On April 1, 2024, any remaining funds in either promotional account will automatically transition to an Earn More Savings Account that is currently at 0.25% (Rate is subject to change)
I'll definitely be checking in during the day to see when/if that happens, because I'm out.
4:48 am
July 6, 2017
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And I had to chuckle when I learned that Duca's daily transfer limit had been reduced from 50K to 20K. They were probably surprised at how much of the "New" money they were angling for with their latest promotion turned out to be old/new money from folks transferring out then back in. A throttling down of that avenue was obviously in order, at least that's what the timing suggests.
5:29 am
March 30, 2017
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As I said before, DUCA is trying to modernize itself and be inline with its competitors, be it promotions, transfer limits, etc. Tang used to be unlimited, then $50, now $25. Duca is just catching up, a few years behind its competitors 🙂
Meridian is $10k but if one calls in, they can do any amount basically. Not sure how DUCA may be if someone calls in.
6:41 am
August 20, 2019
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Duca: The last marketing email for me is August 2023 (notice of promo to Jan. 31). Since then nothing, even with calling in repeatedly to request such notices.
Current promo rate no where for public access. Ditto for t&c. Thanks to cgouimet for copy and link.
Meridian: "Call ins" to Meridian not helpful. Much difficulty exiting. I will have a report some other time.
7:35 am
January 7, 2020
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AR said
Interest payment from last promo blocked. Not listed in "transfer from" banner.
Looks like they posted the March interest for the last (expired) promo to my Earn More Savings account -- earning 0.25%.
That does come up on my Transfer From-- but can't transfer into the new current 6% account, of course
8:22 am
November 18, 2017
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But Oscar, if that's just a way to establish a link, are the following transfers processed as DirectDebit/DirectDeposit?
RetirEd
8:41 am
January 10, 2017
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SaverJunior said
Per DUCA's personal fee fine print:
• An Account becomes Inactive after 18 months without a transaction. There are no fees associated with an Inactive Account until the Account becomes Dormant.
• An Inactive Account becomes Dormant when it has been more than 24 months since you last transacted in your Account.
Pushing a small amount from Tangerine to DUCA was making a deposit transaction to a DUCA account. That was surely an account activity.If this happened to me, I would certainly ask for reimbursement of that $30 fee. Deposit is deposit regardless of the form or channel.
I found this in their undated Personal Member Agreement Terms and Conditions document. If they charged you $30 it should only be if there was no transaction as defined below. And the fee should only show up after 2 years at the earliest. If this was not adhered to ask for your money back ...times 2 for your inconvenience.
“Transaction”means any debit or credit transaction processed to or from the Account by any means, including without limitation Point-of-
Sale Transactions and transactions originated through an ATM, online, mobile or telephone banking or any other method of Account
access that may be made available to the Member from time to time.
2.13 INACTIVE ACCOUNTS – Your Account will be designated as inactive if you have not initiated activity for at least two consecutive
calendar years. DUCA may notify you after the first two-year, five-year and nine-year period of inactivity. If you do not initiate a transaction or communicate with DUCA, an inactive fee will be charged to your Account each year the Account remains inactive. If
there are insufficient funds in your Account to cover the service charges, you authorize DUCA to close your Account without notice to
you. If your Account remains inactive and the balance is still unclaimed after the nine-year inactive notice is sent, DUCA will close your
Account. Interest, if applicable to your Account, will be paid until the Account is closed. After 10 years of inactivity, your Account
balance becomes unclaimed under federal law and will be transferred to the Ontario Ministry of Finance. To claim Account balances
transferred to the Ontario Ministry of Finance, you must file a claim with the Ministry of Finance.
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