DUCA Financial Services Credit Union Ltd.
TypeCredit Union
IndustryFinancial Services
Founded1954 (1954)
Headquarters
Toronto
,
Canada
Number of locations
17 branches
Key people
Doug Conick (CEO)
Number of employees
300+
Websiteduca.com
DUCA Credit Union in Richmond Hill

DUCA Financial Services Credit Union Limited, commonly shortened to DUCA Credit Union, is a Canadian credit union.[1] Financial products include chequing and savings accounts, loans, mortgages, insurance and small business products.[2] It is a member-owned institution and its deposits are insured through the Financial Services Regulatory Authority of Ontario.

History

DUCA was established on May 5, 1954, by Dutch immigrants to Canada under the name Dutch Canadian Toronto Credit Union Ltd.

The company introduced a profit sharing program in 1997. In 2010, DUCA shared $7 million with members.[3]

On November 1, 2000 the credit union changed its official name to its current DUCA Financial Services Credit Union Ltd.[4] DUCA has merged with other credit unions including Torcity Savings Credit Union, Dutch Canadian Credit Union and Virtual One Credit Union Ltd.[5]

Today, DUCA has over 83,000 members and over $6 billion in assets.[6]

In 2009, DUCA joined the Exchange Network increasing the number of ATMs accessible to members.[7] DUCA is also a member of Interac.[8]

DUCA is currently on a rapid growth phase—its net branch deposits grew by 99% in 2018 compared to the prior year. This was in large measure due to the 3% annual interest rate being offered to new members who open an Earn More Savings Account (EMSA), which is among the highest rates offered in Canada.[9] The Earn More Savings Promotional Account with 3% interest is closed to new participants effective May 16, 2019.

Predecessors

Virtual One Credit Union was originally known as Camera Heights Credit Union and was established to serve the employees of Kodak Canada. Virtual One merged with 10 other credit unions, including:[10]

  • Photel (Toronto) Credit Union Limited (April 2006)
  • Molson Brewery Employees Credit Union Limited (May 2006)
  • Tobacco Workers' (Guelph) Credit Union Limited (May 2006)
  • Oregon Employees Credit Union Limited (September 2008)

References

  1. ↑ http://www.cnbpa.ca/DUCA_Event_June09.html Archived 2012-05-02 at the Wayback Machine DUCA
  2. ↑ "Homepage". www.duca.com.
  3. ↑ "DUCA Financial Services Credit Union Ltd. | DUCA shares $7 million in profit with members". Archived from the original on 2013-09-02. Retrieved 2012-05-22.
  4. ↑ "Going Dutch at DUCA earns active members generous Bonus Shares » The Windmill news articles » goDutch". www.godutch.com.
  5. ↑ O'Hara, Clare (27 September 2010). "DUCA set to expand with Virtual One merger". Investment Executive. Archived from the original on 5 April 2019.
  6. ↑ "DUCA - Annual Report". annualreport.duca.com.
  7. ↑ "THE EXCHANGE Network - Home". www.theexchangenetwork.ca.
  8. ↑ "Interac Member Lists". Archived from the original on 2012-07-10. Retrieved 2012-05-07.
  9. ↑ "DUCA Credit Union | Profile & FAQ: Should you do business with DUCA?". Mr. Thrifty Canada - Save More. Make More. Live Bigly. September 5, 2021.
  10. ↑ "Credit Union Mergers". Deposit Insurance Corporation of Ontario. Archived from the original on 12 March 2020. Retrieved 22 November 2020.
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