Here are some Frequently Asked Questions (FAQs) if you are choosing to be a dissenting member to the proposed merger of operations between United Employees Credit Union Limited and DUCA Financial Services Credit Union Limited.

1 – Q: I voted against the transaction, what happens next?

If you voted against the transaction, but it was approved, you have 2 options:

Option 1: do nothing and you will become a DUCA member, and your accounts will be moved under the DUCA name; or

Option 2: Within 10 days of United issuing notice to the Membership of the transaction having been formally approved, send a written Dissent Notice to United at or 964 Eastern Ave, Toronto, ON M4L 1A6. The Dissent Notice form is available for download on our website here or can be obtained in branch. All Dissenting Members will have their United membership shares redeemed by United when they submit their Dissenting Notice within the proper notice period.

It’s important to note that even after becoming a member of DUCA by option 1, Members have the right to terminate their Membership with DUCA at all times post the transaction. Similarly, the member’s Membership share will be redeemed by DUCA and DUCA will work with member to transfer all accounts to the financial institution of their choice.

2 – Q: Will I be provided enough time to move my accounts to another financial institutions?

Dissenting Members will be provided sufficient time to efficiently move all accounts to the Member’s desired financial institution.

To effect the move, term deposits can be redeemed early without penalty and mortgages/loans can be repaid early in full without penalty, prior to June 30th, 2024. For more information, please send email inquiries to Members can also visit us in branch or call 416-461-9257.

3 – Q: Since only Members can hold deposits at DUCA, what happens to my United term deposits after I submit the Dissent Notice but prior to moving to another financial institution?

DUCA will fund one DUCA membership share on behalf of the Dissenting Member to allow the deposits to remain with DUCA for the period prior to transfer (no additional action required by Dissenting Member). This is due to the Credit Unions and Caisses Populaires Act, 2020 requiring that only members can be offered deposits.

4 – Q: Are there any additional forms required to be filled out to move registered deposits to another financial institution?

Registered products will require the Dissenting Member to complete a T2033 form for transfer to receiving financial institution. We will work with Dissenting Members to complete all necessary forms.