02 Feb
Maximize Rewards with DUCA Credit Union Cashback
February 02, 2024
Looking to maximize your rewards? DUCA Financial Services Credit Union has introduced the new Do More Profit Sharing program, which offers cashback rewards to its members. With this program, DUCA members can earn profit-share rewards through various accounts and products such as savings accounts, GICs, term products, mortgages, loans, and TFSAs. The profit-share rewards are distributed in flex rewards and registered rewards, providing a maximum allowable combined allocation of 1000 profit-share rewards per calendar year.
Members can easily track and access their profit-share rewards through their online banking profile or by contacting the branch or Member Connect. Best of all, there is no minimum profit-share reward balance required for redemption, and profit-share rewards do not expire.
Take advantage of this exciting opportunity to earn cashback rewards with DUCA Financial Services Credit Union. With a range of accounts and products available, you can start maximizing your rewards today.
Key Takeaways:
- Earn cashback rewards with the Do More Profit Sharing program from DUCA Financial Services Credit Union.
- Profit-share rewards can be earned through various accounts and products offered by DUCA.
- Flex rewards and registered rewards provide a maximum combined allocation of 1000 profit-share rewards per calendar year.
- Track and access your profit-share rewards easily through your online banking profile or by contacting DUCA.
- No minimum profit-share reward balance is required for redemption, and profit-share rewards do not expire.
Program Eligibility and Terms
All DUCA members, both personal and business, in good standing with active accounts are eligible to earn profit-share rewards through the Do More Profit Sharing program. A profit-share rewards account will be automatically opened for members who qualify for at least one profit-share reward in a year. The program terms and conditions can be found on the DUCA website. If members have any questions or need assistance with their profit-share rewards, they can contact DUCA directly through phone or email.
Earning and Allocation of Profit-Share Rewards
As a member of DUCA Financial Services Credit Union, you have the opportunity to earn profit-share rewards by utilizing various accounts and products offered by DUCA. This includes savings accounts, Guaranteed Investment Certificates (GICs), term products, mortgages, loans, and Tax-Free Savings Accounts (TFSAs).
The profit-share rewards are divided into two categories: flex rewards and registered rewards. Flex rewards are allocated before registered rewards, allowing you to access immediate benefits. The maximum combined allocation of profit-share rewards per calendar year is 1000.
The number of profit-share rewards you earn is determined annually by DUCA’s Rewards Committee, based on the performance of the Credit Union. This ensures that your rewards are directly related to the success of the organization and its commitment to serving its members.
In the case of joint accounts, the earned profit-share rewards are split between the account holders. DUCA aims to provide fair and equitable distribution of rewards to all eligible members.
Profit-share rewards can be redeemed in different ways, allowing you to make the most of your earnings. You have the option to:
- Receive higher GIC rates:
- Redeeming your profit-share rewards for higher GIC rates enables you to grow your savings at an accelerated pace.
- By utilizing your profit-share rewards, you can reduce the interest you pay on loans and mortgages.
- If you prefer immediate liquidity, you can opt to receive cash for your profit-share rewards. The value of cash redemption is 50% of the profit-share reward value, providing you with flexible access to funds.
Example: Allocation of Profit-Share Rewards
| Account Type | Profit-Share Rewards Allocation |
|---|---|
| Savings Accounts | 10 profit-share rewards per $1,000 average balance |
| GICs | 5 profit-share rewards per $1,000 balance |
| Term Products | 15 profit-share rewards per $1,000 balance |
| Mortgages | 20 profit-share rewards per $1,000 principal balance |
| Loans | 10 profit-share rewards per $1,000 principal balance |
| TFSAs | 10 profit-share rewards per $1,000 contribution |
In the above example, you can see how profit-share rewards are allocated based on different account types. This allocation structure allows you to earn rewards proportionate to your savings and financial activities.
By maximizing your usage of DUCA’s accounts and products, you can earn a significant number of profit-share rewards, which can be redeemed for various benefits such as higher interest rates and reduced borrowing costs. Take advantage of the opportunity to grow your wealth while enjoying the exceptional services provided by DUCA Financial Services Credit Union.
Redemption of Profit-Share Rewards
As a member of DUCA Financial Services Credit Union, you have the opportunity to redeem your hard-earned profit-share rewards for various benefits. Whether you prefer higher GIC rates, lower lending rates, or cash, DUCA has you covered.
Rewards Options
When redeeming your profit-share rewards, you have the flexibility to choose what works best for you:
- Higher GIC Rates: By redeeming your profit-share rewards, you can enjoy increased GIC rates, helping you grow your savings even faster.
- Lower Lending Rates: DUCA allows you to use your profit-share rewards to decrease fixed loan or mortgage rates, making it easier for you to manage your finances.
- Cash: If you prefer immediate financial flexibility, you can redeem your profit-share rewards for cash. The value of cash redemption is 50% of the profit-share reward value.
Minimum Balance Requirements
In order to redeem your profit-share rewards, there are minimum balance requirements based on the type of redemption:
| Type of Redemption | Minimum Profit-Share Reward Balance |
|---|---|
| Increased non-registered GIC rate or decreased fixed loan or mortgage rate | 25 flex profit-share rewards |
| Increased registered product rate | 25 registered profit-share rewards |
Make sure to check your profit-share reward balance before initiating a redemption to ensure you meet these requirements.
Redemption Process
Redeeming your profit-share rewards is a straightforward process. You can notify DUCA about your redemption preferences through online banking or by contacting a branch or Member Connect.
After submitting your redemption request, DUCA will respond within three business days to process your request and provide you with the requested benefits.
It’s important to note that profit-share rewards can be combined for cash redemption, with a minimum total of 25 profit-share rewards.
Conclusion
The Do More Profit Sharing program offered by DUCA Financial Services Credit Union provides members with the opportunity to earn cashback rewards through various accounts and products. By earning profit-share rewards, members can maximize their rewards and choose to redeem them for higher GIC rates, lower lending rates, or cash, which can help them achieve their financial goals and boost their savings.
This program is designed to simplify the profit sharing process for DUCA members and offers immediate benefits. However, it’s crucial for members to familiarize themselves with the program eligibility, terms, and redemption process to make the most of their profit-share rewards.
With the Do More Profit Sharing program, DUCA Financial Services Credit Union empowers its members to take control of their financial planning and make strategic decisions to optimize their rewards. Whether members are looking to save for the future, pay off debts, or invest wisely, the program offers flexibility and options to suit their individual needs.
By participating in the Do More Profit Sharing program, DUCA members can unlock the full potential of their financial journey and enjoy the benefits of cashback rewards while planning for a more secure and prosperous future.
FAQ
Who is eligible to earn profit-share rewards through the Do More Profit Sharing program?
All DUCA members, both personal and business, in good standing with active accounts are eligible to earn profit-share rewards through the Do More Profit Sharing program.
How can I earn profit-share rewards?
Members can earn profit-share rewards through various accounts and products offered by DUCA, including savings accounts, GICs, term products, mortgages, loans, and TFSAs.
How are profit-share rewards allocated?
The profit-share rewards are divided into flex rewards and registered rewards. Flex rewards are allocated before registered rewards, and the maximum combined allocation per calendar year is 1000 profit-share rewards.
How can I redeem my profit-share rewards?
Profit-share rewards can be redeemed for higher GIC rates, lower lending rates, or cash. Members can notify DUCA about using their profit-share rewards through online banking or by contacting a branch or Member Connect.
What is the value of cash redemption for profit-share rewards?
The value of cash redemption is 50% of the profit-share reward value.
Are there any minimum balance requirements for redemption?
There is a minimum profit-share reward balance required for different types of redemption: 25 flex profit-share rewards for increased non-registered GIC rate or decreased fixed loan or mortgage rate, and 25 registered profit-share rewards for increased registered product rate.
Can profit-share rewards be combined for cash redemption?
Yes, profit-share rewards can be combined for cash redemption, with a minimum total of 25 profit-share rewards.
Are there any exclusions regarding the Do More Profit Sharing program?
Wealth portfolios are currently excluded from a member’s eligibility for profit-share rewards. If a member leaves DUCA, they can choose to have their profit-share rewards converted to cash prior to leaving, but if their membership is terminated according to DUCA’s Membership rules, the profit-share rewards will be forfeited.
Can I transfer my profit-share rewards to another DUCA member?
No, profit-share rewards cannot be transferred to another DUCA member or redeemed for joint products.
How can I opt-out of the Do More Profit Sharing program?
Members have the option to opt out of the Do More Profit Sharing program by contacting DUCA directly.
How can I contact DUCA for questions or assistance regarding profit-share rewards?
If members have any questions or need assistance with their profit-share rewards, they can contact DUCA directly through phone or email.
Source Links
- https://www.highinterestsavings.ca/forum/duca-credit-union/chequing-account-now-has-a-4-monthly-fee-or-1000-minimum-balance/
- https://www.duca.com/about-us/profit-sharing
- https://www.highinterestsavings.ca/promotions/
