Are you looking to earn interest with an excellent savings account at a credit union? Learn more about local credit unions, starting with this DUCA credit union review.
In this DUCA credit union review, we will explore the history of this institution, what types of services it offers, how to open an account with DUCA, and more to give you everything you need to know before banking with this credit union.
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What Is DUCA Financial Services Credit Union?
The founders of this financial cooperative began this union in 1954 under the name "Dutch Canadian Toronto Credit Union Ltd." As of 2022, DUCA has 16 branches with locations across Toronto and Southern Ontario. and serves over 75,000 members.
DUCA has a community-focused approach to banking and focuses on providing simple and accessible financial services. The credit union also invests in community outreach projects to educate Canadians on fair financial practices to help them avoid predatory lending. As the first B-corp-certified credit union in Canada, DUCA has upheld values of public transparency, legal accountability, and social and environmental performance.
The DUCA credit union is currently maintaining a steady growth of members by offering some of the best savings rates in Canada and several promotional offers.
Who Regulates and Insures DUCA?
DUCA has an official registration as a credit union with the Ontario Credit Unions and Caisses Populaires Act.
Because DUCA is a credit union, the company carries a different type of insurance than a bank. Instead of receiving coverage from CDIC (Canada Deposit Insurance Corporation), this financial cooperative has insurance from the FSRA (Financial Services Regulatory Authority of Ontario).
Members of DUCA enjoy insurance on deposits up to $250,000. FSRA covers the individual depositor, not per deposit. If you need to deposit more than the maximum amount, you may want to speak with a DUCA financial specialist for more information.
Is It Convenient to Bank with DUCA?
DUCA offers a wide variety of personal financial services, business-oriented banking services, and member benefits. Different financial situations require various levels of support to encourage and maintain wealth. Depending on your finances, you might find a credit union to be supportive of your goals.
You can access your DUCA bank account to withdraw cash through any Interac®, HE EXCHANGE, Accel, or CIRRUS® ATM.
Personal Finance Services
The personal services available at DUCA include:
- Everyday banking account bundles
- No minimum balance
- No fee bundles
- Youth and student bundle
- Retirement bundle
- Premium bundle
- USD and Euro account options
- Savings and investments: Earn More savings accounts and Market Linked Guaranteed Investment Certificates
- Wealth management for all stages
- Mortgages and loans: Insured mortgages and conventional mortgage
- Credit cards
- Insurance: Financial, mortgage, home and auto, travel, and personalized insurance plans
You may find these services highly valuable depending on your personal finance needs. You'll need to speak with a financial specialist at DUCA to learn more about mortgage terms and other details to make an informed decision. While DUCA has competitive mortgage rates, it's always advisable to compare multiple lenders before making the decision to work with one in particular.
Some members can earn additional benefits through the annual bonus share distribution program. DUCA began offering this program in 1999, basing the shares on the amount of interest eligible members earned or paid annually.
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Business Finance Services
Let's take a look at how DUCA can help businesses with targeted financial offerings. DUCA's business services include:
- Business start-up accounts: No monthly fee, and free certified cheques
- Large-volume business accounts: $25 monthly fee, and free annual business health check
- Non-profit business accounts: No monthly fee, and unlimited Interac® e-transfers
- Business savings and investments
- Financing: Loans, lines of credit, and flex GICs
- Commercial credit cards
- Business advice: Tax strategies and business protection
- Business services: Payroll solutions
Many commercial businesses will benefit from DUCA's cost-effective financial solutions and professional assistance.
What Do I Need to Open an Account with DUCA?
If you want to open a new account with DUCA, you can visit a branch in person or apply online. To open an account with DUCA, you will need to share pertinent personal information, including:
- Social insurance number
- Contact details
- Residential information
- Marital status
- Employment status
- Copy of a cheque from a Canadian bank made out to yourself
After creating the account, you can use DUCA's website for most of your financial needs.
Do I Need to Have a Canadian Chequing Account?
You do not need to have an existing chequing account to bank with DUCA. However, if you want to open an account at DUCA without an existing Canadian chequing account, you will have to visit one of the branch locations in person.
What Are DUCA's Account Rates?
We are including the typical DUCA interest rates for various account types in this Duca credit union review. Explore some of the options for qualifying members below, but note that conditions apply to the rates. Rates may change at any time without notice.
- Regular savings account (semiannual payment): 0.05%
- High-interest savings accounts (monthly or annual payment): 0.90% - 1.00%
- Cashable term deposits: 3% - 4.50%
- Low-rate mortgage (insured high ratio): 4.89% - 7.90%
- Co-op and co-ownership mortgage: 5.99% - 7.99%
- RRSP loans: 5.95% - 6.95%
- New hybrid car loan: 4.30% - 7.44%
- New car loan: 4.80% - 7.94%
These rates are as of November 2, 2022
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