DUCA Financial Services Credit Union Limited, commonly shortened to DUCA Credit Union, is a Canadian

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provisi ...

. Financial products include chequing and

savings account A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transa ...

loan In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that ...

mortgage A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any ...

s, insurance and small business products. It is a member-owned institution and its deposits are insured through the

Financial Services Regulatory Authority of Ontario The Financial Services Regulatory Authority of Ontario (FSRA; french: Autorité ontarienne de réglementation des services financiers) is a self-funding Crown agency which acts as the financial regulator for the province of Ontario, Canada. Est ...

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. On November 1, 2000 the credit union changed its official name to its current DUCA Financial Services Credit Union Ltd. DUCA has merged with other credit unions including Torcity Savings Credit Union, Dutch Canadian Credit Union and Virtual One Credit Union Ltd. Today, DUCA has over 83,000 members and over $6 billion in assets. In 2009, DUCA joined the Exchange Network increasing the number of ATMs accessible to members. DUCA is also a member of

Interac Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant funds transf ...

. 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. 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

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Canada. Virtual One merged with 10 other credit unions, including: *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

{{Canadian banks Credit unions of Ontario 1954 establishments in Ontario Banks established in 1954 Companies based in Toronto