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EQ GIC
March 5, 2018
11:06 am
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Bill, Loonie: you're probably both right. In fact, I know you are -- i.e. there is a less than zero chance that it's an oversight that EQ isn't blasting this new through every channel available. I work in marketing, and companies are so desperate for "newsworthy events" that they often engineer their own. It's kind of like self-pitching a home run. Or, if you prefer, masturbation.

But that't the thing: we've come to a point where we expect so little from companies (not just FIs), that we aren't offended when we don't get this kind of information. I mean, if you claimed to have a relationship with someone, wouldn't NOT financially damaging them be in the playbook somewhere?

So EQ, if you're reading this: don't express shock (or disgust) when folks pull their money out to get a better rate. If you want home court advantage and some loyalty, then you're going to have to lean forward.

March 5, 2018
1:56 pm
Bill
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lostmyusername, as I said, when you sign in to EQ their GIC offer is staring you in the face. I call that notifying your customers. And maybe they don't want more money, maybe they just want some existing HISA money to go into locked-in product. I doubt existing customers are going to pull money out of HISAs because they didn't get an email about the new availability of GICs.

March 8, 2018
9:22 am
frugal lady
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The EQ Bank website rates for 1 year shows 2.45% and for 2 year shows 2.7%. The GIC comparison charts shows 2.7 and 2.8.

March 8, 2018
9:35 am
gicjunkie
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frugal lady said
The EQ Bank website rates for 1 year shows 2.45% and for 2 year shows 2.7%. The GIC comparison charts shows 2.7 and 2.8.  

You are correct. There appears to be an error on the comparison chart. The correct rates are listed in post #1. I'm sure it's not easy to keep track of all this, but everyone is trying hard.

March 8, 2018
9:35 am
Peter
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frugal lady said
The EQ Bank website rates for 1 year shows 2.45% and for 2 year shows 2.7%. The GIC comparison charts shows 2.7 and 2.8.  

Thanks for pointing that out! I've updated the GIC chart now to account for how the order of their rates changed.

March 8, 2018
4:06 pm
Bill
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Just noticed EQ's GICs have a 10 business day cancellation feature, in case you change your mind I guess. That's nice.

March 9, 2018
6:57 pm
Save2Retire@55
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This is really nice. I don't really need to think anymore. Moving money to EQ.

March 9, 2018
7:13 pm
Loonie
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I don't know about you, but I would be thinking about the probate costs incurred by funds at EQ if I die before my spouse while the money is there.

March 10, 2018
4:01 am
Bill
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Your ability to find a dark lining to every white cloud, even a tiny, fluffy one, certainly is consistent, Loonie, and therefore to be expected.
I'll continue in my sunny ways here: thanks to avoiding gics during the now-departed Boomer-era (boy, I'd be a bitter person if I'd done that!), probate fees will be a non-issue to me, immaterial to my spouse's well-being if I go first. Plus I'm fine with some death taxes to go to my fellow citizens in the great country where I prospered and lived in freedom. And I still think it's nice of EQ (yes, we know, they don't have joint accounts) to give people time to change their minds.

March 10, 2018
9:14 am
NorthernRaven
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Bill said
I still think it's nice of EQ (yes, we know, they don't have joint accounts) to give people time to change their minds.  

I suspect there's a consumer protection or financial industry regulation underlying this. For instance, RBC has in their legal terms "You have the right to cancel a renewed GIC within 10 business days from the issuance (renewal) date and if you do, your principal will be returned, but no interest will apply from the issuance to the cancellation date."

EQ is probably just bringing this up front and centre as a selling point.

March 10, 2018
1:10 pm
Bill
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NortherRaven, I saw that too and I'm not sure. When I read it it seems to apply just to "a renewed GIC".

Scotiabank and CIBC both do the same thing but they make it clearer that you have 10 days to cancel only in the case where it is automatically renewed, i.e. many GICs are set up to be automatically renewed, so they give us 10 days to realize it's been auto renewed and still be able to back out.

Tangerine allows 30 days but it's not clear, it seems that it might apply to the original purchased GIC (?) and not just in the case of auto-renewal: "You will have 30 days from the purchase or re-investment date to cancel the new GIC."

I'm sure fi's have various policies and probably if you really push it ("I made a mistake and now need that money badly!") most will give you your money back as a goodwill gesture.

Ontario's Consumer Protection Act says "you always have a cooling-off period when you sign a contract in your home." (See link below.) I'm wondering if that applies to GICs you purchase from home. The cooling-off period appears to be 10 days. Not sure about other provinces.

https://www.ontario.ca/page/your-rights-when-signing-or-cancelling-contract#section-1

March 10, 2018
6:00 pm
Joe
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Bill said
Your ability to find a dark lining to every white cloud, even a tiny, fluffy one, certainly is consistent, Loonie, and therefore to be expected.
  

well said

March 10, 2018
6:44 pm
Loonie
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Bill said
Your ability to find a dark lining to every white cloud, even a tiny, fluffy one, certainly is consistent, Loonie, and therefore to be expected.
I'll continue in my sunny ways here: thanks to avoiding gics during the now-departed Boomer-era (boy, I'd be a bitter person if I'd done that!), probate fees will be a non-issue to me, immaterial to my spouse's well-being if I go first. Plus I'm fine with some death taxes to go to my fellow citizens in the great country where I prospered and lived in freedom. And I still think it's nice of EQ (yes, we know, they don't have joint accounts) to give people time to change their minds.  

Good to know you're in favour of "sunny ways" and so willing to have your wife pay those probate fees. I hope she feels equally favourably. On 100K, that will be about $1500 of money that was already taxed upon receipt in the first place. I wish you well in surviving the GIC, but it sure would be a help to public services if you didn't.

I'm not that generous. I only want to pay fair fees and to get tax receipts for voluntary gifts to govt and charities.
Happily, I can avoid EQ GICs. Others can do as they wish.

April 29, 2018
7:28 pm
DavidAlta13
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Loonie said

Good to know you're in favour of "sunny ways" and so willing to have your wife pay those probate fees. I hope she feels equally favourably. On 100K, that will be about $1500 of money that was already taxed upon receipt in the first place. I wish you well in surviving the GIC, but it sure would be a help to public services if you didn't.

I'm not that generous. I only want to pay fair fees and to get tax receipts for voluntary gifts to govt and charities.
Happily, I can avoid EQ GICs. Others can do as they wish.  

Probate fees vary by province, so note that the 1.5% discussed is Ontario's rate.
If you live elsewhere, google your provinces rates.
Alberta's rates are flat: up to $25K, $135; next $100K, $140, next $125K, $125, next $1, another $125 (total $525), and anything over $251K, $0 more.

April 29, 2018
7:42 pm
DavidAlta13
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NorthernRaven said
Equitable Bank has always had GICs in the broker channel. Looks like the EQ retail flavour is those rates plus roughly a quarter point (the commission in the brokerage channel).  

Today's brokerage commissions are less than 0.25%, depending on the term:
1 year: 0.15%, 2 year: 0.01%, 3 year: 0.08%, 4 year: 0.13% & 5 year: 0.16%.
I own EQ GIC's in my TFSA & SDRSP accounts at TD Waterhouse.

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