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DUCA shares millions in profits with members
New Year's Day bonus
Tags: Excerpts from the Windmill
TORONTO — Some banking customers in Ontario got a surprise deposit on New Year’s Day. DUCA Financial Services Credit Union distributed $5.9 million in Bonus Shares, giving as much as $1,000 to some of its customers who also are its members. The Bonus Share program rewards DUCA members for their patronage and has paid over $41 million since the first issue in 1999.
DUCA sees itself as a viable alternative to the banks. It pays to bank at DUCA, stresses CEO Jack Vanderkooy. "The Bonus Shares are one way DUCA shows its unique approach to banking. We invite people to come bank with us. It works," says Vanderkooy.
The interest paid or received by each member determines how many Bonus Shares they get. This year, DUCA paid out ten per cent of the interest paid and received by each member. The maximum per member for this year was set at $1,000. DUCA also paid a five per cent dividend on existing Bonus Shares. Some members have received more than $16,000 since the program was launched.
DUCA attributes its success to customer-focused service, competitive interest rates and the Bonus Share program. In 2007, its membership grew to more than 34,000. DUCA's assets increased by 11% in 2007 to $843 million, making the institution one of the larger ones of its kind in the province.
DUCA was founded in 1954. Since then it has grown into a full service financial institution, offering banking alternatives through a variety of channels. These include the Internet, ATMs, the telephone and a network of 12 branches in the greater Toronto area. More information on DUCA can be found at www.duca.com.