In this article, we will compare this account with the Basic 10 Banking Package offered by Comtech Fire Credit Union. This account is suitable for low-volume users with limited banking needs.
Are you confused? Do not be; instead, enjoy your second childhood with www.ExpertByArea.Money. Here is a detailed comparative analysis of both these chequing accounts
1. DUCA Retirement Banking Bundle – By DUCA Financial Services Credit Union
Presently DUCA Credit Union is not offering you any opening cash bonus or introductory benefits.
|a.||You are a Canadian|
|b.||You are 60 years or higher.|
|c.||You have any of your valid government-issued ID, like Passport, Driving license, etc.|
- Interest Rate:
- This chequing account does not offer any interest on balances maintained.
- Minimum Balance:
- There is no requirement for any minimum balance
- Free 5 debit transactions every month
- Free 5 Interac e-Transfer
- Every additional transaction will cost you $1.25/transaction
- Free Me-to-Me money transfers
- Monthly Fees:
- There is no monthly fee
2. Basic 10 Banking Package – By Comtech Fire Credit Union
Comtech Fire CU is not offering you the benefit of any introductory offer or an opening cash bonus.
|a.||You are a Canadian resident.|
|b.||You have attained the age of majority as per your province.|
|c.||You have a valid government-issued ID, like a Driving License, passport, etc.|
- You do not get any interest in this chequing account
- There is no requirement for any minimum balance.
- You get ten free day-to-day transactions every month
- The day-to-day transactions include:
- Cheque clearing
- Debit card payments (point of sale)
- In-branch withdrawals
- Me-to-me Transfers
- Pre-authorized payments
- Bill payments (In-branch, Online, Mobile, and Call Centre)
- Transfers (In-branch, Online, Mobile, and Call Centre)
- CFCU, ACCULINK®, and THE EXCHANGE® Network ATM withdrawals and transfers
- There is a monthly fee of $5
- However, if you are 59 years or above, you get this account at $0
- If you are less than 59 years, you are required to maintain a minimum balance of $1,500 to waive the fee
We compare the features of the accounts through a table.
|Parameters||DUCA Retirement Banking Bundle – By DUCA Financial Services Credit Union||Basic 10 Banking Package – By Comtech Fire Credit Union|
|Monthly Fees||$0||$5 ($0 if you are 59+)|
|Minimum Balance||Not applicable||Not applicable|
|Free Debit Transactions||5||Combined limit of 10|
|Free Interac e-Transfers||5||Combined limit of 10|
|Me-to-Me Money Transfers||Unlimited and Free||Combined limit of 10|
Out of the six parameters mentioned above, DUCA Retirement Banking Bundle scores higher in four. There is a tie between the other two.
OPINION of ExpertByArea.Money
Being the fourth largest credit union in Canada, DUCA certainly lives up to its expectations. The DUCA Retirement Banking Bundle is a delight for most senior citizens as they get access to quality banking services at a $0 monthly fee.
There are five free debit transactions and Interac e-Transfer, while Me-to-Me money transfers are free. The seniors get 100 free cheques in a calendar year with free bank drafts, statements, EFTs (Electronic Fund Transfer), and bill payments.
The Comtech Fire Credit Union has a comparatively limited presence and imposes too many banking restrictions. The Basic 10 Banking Package only allows ten transactions/month, including debit transactions, Interac e-Transfer, Me-to-Me money transfers, etc. You also do not get any free bank drafts or cheques.
Evaluate your requirements. Choose the best account that better serves your needs.