DUCA Bank Review (May 2024) – Pros, Cons, Features, & Pricing

If this financial institution has caught your eye, you need to read this DUCA Bank review. DUCA Credit Union, or DUCA Bank, is a Toronto-based financial company established in 1954.

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Last Updated: May 21, 2024

DUCA Credit Union

  • No-fee accounts
  • Ivestments & savings rates to grow your money
  • Competitive mortgage rates

Bank fee-free with DUCA plus grow your savings - Claim this offer

This institution offers the usual Canadian banking services, but is that all that is special about it?

DUCA Bank is a next-gen financial institution looking to disrupt traditional banking by providing favourable services to Canadians.

The bank offers several benefits, such as no-fee bank accounts, numerous account types based on user needs, and attractive interest rates. But it also has several downsides, like its debit card not supporting online transactions and zero provision for online account opening.

We’ve written the most reliable of all DUCA credit union reviews, as we cover everything that a new customer should know.

You’ll find the pros and cons of banking with this financial institution and the various services DUCA Bank offers. There’s also a section covering alternatives you can use if you don’t wish to use this institution.

What makes DUCA Bank a good option?

Before we start our DUCA Bank review, we will show you why going with this bank is a great idea. Many DUCA Credit Union customer reviews might have already confirmed this. Still, this bank offers numerous features that many Canadians desire. Some of these features are:

No fee accounts

Unlike traditional commercial banks, DUCA Bank offers accounts where you don’t need to pay monthly fees.

Great rates

Although terms and conditions apply, this bank offers an incredible 4.75% interest on a high-interest savings account. They also offer 4.50% interest on long-term investments and 5.19% on 5-year, high-ratio mortgages.

Numerous accounts

With DUCA Bank, you can say goodbye to traditional account selections that are a poor fit for the modern Canadian. This bank offers numerous bank accounts that suit students, investors, business people, and others.

duca credit union - comparewise

Pros and cons of DUCA Bank

If you are going to use the services of this financial service provider, you need to know what you are getting into. This section of the DUCA Bank review clarifies that.

The Pros of DUCA Bank

Free ATM deposits and withdrawals

Regardless of the account that you open at this bank, you get access to free deposits and withdrawals.

No monthly fees

Apart from the Blue Chip business account and the Evermore bundle, no other account demands a monthly fee. This means that you can run an account at no extra cost.

Free Interac transfers

It could be 3 times or unlimited, but each DUCA bank account allows you to transfer Interac funds for free.

The Cons of DUCA Bank

Account registration requires branch visit

While you can create an account with this bank online, you’ll need to visit a physical branch at some point. So DUCA Financial Bank doesn’t offer a completely online banking service.

Few bank branches are available

There are only a few branches of this bank in Canada. So, if there’s none in your city, you’ll need to travel out to complete your registration at another city’s local branch.

Debit card doesn’t support online transactions

The DUCA bank debit card is only valid at ATMs and cannot be used to make online purchases. To do that, you’ll need their credit card.

duca mortgage rate - comparewise

DUCA Bank products and services

These are the services that this financial institution provides to its customers.

Daylight bundle

This is the classic no-fee account, and it comes with free deposits and withdrawals, free bill payments, and EFTs. It also offers free Me-to-Money transfers and free Interac ATM transactions.

Aim for more bundle

This is the banking bundle for students and young adults below 60. There are no monthly fees, and users can access free deposits, withdrawals, EFTs, and bill payments. Me-to-Money transfers and Interac ATM transfers remain free, while only 3 Interac e-transfers are allowed in a month.

Feel free bundle

This DUCA Credit Union’s senior citizen bundle is suitable for individuals over 60. It comes with no monthly fees, free bank drafts and cheques, and the same free services as the Aim For More Bundle. However, the free Interac e-transfers increase to 5 per month.

Evermore bundle

This is the businessman’s bundle, with a $9 monthly fee. It offers free certified cheques and the usual free services of the Feel Free Bundle.

Start me up business account

This account suits small Canadian start-ups and offers many free services, like free certified cheques and annual business checks. It also attracts a $0.75 charge for in-branch withdrawals and transfers.

Blue chip business account

This is the account for medium and large businesses, and it comes with a $25 monthly fee. However, you get many free services, like free cleared cheques, free e-statements, and many unlimited services, like online bill payments.

DUgood charity account

This account is for non-profit organizations and offers no monthly fees, free e-statements, and unlimited in-branch transactions. However, non-profits must pay $0.50 for Interac direct payments and $1.50 for Interac debit withdrawals.

Mortgage

Our DUCA Credit Union mortgage review shows this bank offers a great mortgage package. The DUCA mortgage rate is 5.84% for a 3-year fixed high-ratio mortgage. They also offer 5.19% for a 5-year fixed high-ratio mortgage.

These low mortgage rates show this bank is a good option for first-time home buyers.

duca gic rate - comparewise

DUCA Bank product and service quality

The DUCA online banking process factors a lot of procedures into protecting the customer. For this purpose, customers can set two-factor authentication to protect their devices.

Here, the customer would have to answer pre-selected security questions, or they wouldn’t be able to access their account.

Secure Socket Layer (SSL) technology is used to encrypt information that is shared between the bank and the customer’s device. Interested clients can also set up a Personal Access Code (PAC) to protect online banking. This bank also regularly updates its security procedures to keep up with online scams.

How to get started with DUCA Bank

The next section of our DUCA bank review covers how you can start using the services of this bank. Everything begins with the DUCA login process, as you will see in the guide below:

  1. Visit the DUCA Bank website.
  2. Click on “Join Us.”
  3. Choose one of the account bundles on the screen.
  4. Click on the box beside “Internet Banking” if you want it to be part of your account features.
  5. Choose the reason for which you want to open an account.
  6. You’ll be shown the features of your account here. Click on “Continue Application” if you are okay with them, or click “Remove” or “Modify” if you want to make changes.
  7. Prepare your personal information, identity verification documents, cheque, and bank information. After preparing these documents, you’ll follow the prompts and set up your DUCA login.
  8. While filling out the form at this last stage, take note of your application ID. You’ll need this unique number if you wish to use the call centre to contact a customer care representative. This procedure is reliable based on our DUCA credit union call centre review.
DUCA Bank Review - comparewise duca online banking - comparewise

Alternatives to DUCA Bank

The DUCA financial service isn’t the only one of its kind. Other corporations offer similar services, and this section of our DUCA Bank review will tell you about them. So, if you feel this bank isn’t a good option, try them out.

DUCA Bank vs Mogo

Mogo is a FINTRAC-regulated company that started making a name for itself in 2003 as a provider of numerous financial products. It provides free credit monitoring services, cryptocurrency trading, credit card, mortgage, and other loan services.

DUCA Bank vs Loans Canada

Loans Canada is a company that has been serving Canadians since 2012, providing easy access to financial services. They offer everything from credit monitoring services to debt relief, personal loans, car loans, mortgages, credit card loans, and business loans.

DUCA Bank review conclusion

It’s essential to read an official online service review before investing in it. Our DUCA credit union review covers all the crucial things you need to know about this Canadian institution.

You should read our DUCA Bank review if you want to open a bank account that’s perfectly tailored to your needs.

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FAQs about our DUCA Bank review

What Is the DUCA GIC Rate?

The DUCA GIC rate is 4.50% for 80 months. However, you can still cash out after 12 months and earn interest at 3.50%.

How Do I Get My DUCA Credit Card?

You can get a DUCA credit card from any branch of this bank. However, you’ll need to provide 2 years of financial history to qualify for one.

Where Can I Download the DUCA Mobile App?

The DUCA mobile app is available on Google Play and the Apple store for Android and iOS users.

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DUCA Credit Union

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March 5, 2023
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