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Email this8:11 am
April 26, 2019
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This past week I have had a few GIC's mature. Every GIC I have is purchased as to pay out at maturity. If I can not direct the funds that way during the online process I will either email or chat with the FI to set up to have funds go to my HISA at maturity. I don't phone as the email or chat will become and black and white record.
So far with both Implicity and PT.....I had to follow up and have the funds moved to my HISA as they both rolled over my GIC's to a new term.
8:32 am
August 17, 2010
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I found with people's trust I could call the day before to make instructions clear, and they would still do the opposite and renew the term. So I had to call again. So now I just stay on top of all of them because I believe after 7 days you have no recourse.
8:41 am
April 26, 2019
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Hi. Just looking at the print out of my PT GIC's. It is 10 days. And I believe Implicity is 14 days. I would think legally they have to accept a request to collapse a GIC as most provide no options to manage this request. So far only Oaken does it right as with them it is part of the online order process. And even if you do request before hand the jargon on the GIC information online never changes (excluding Oaken).
In my case today, both GIC's renewed for 5 years and I wanted to redo one for 1 year and another for 4 years. So one stays and PT and the other moves to Oaken.
And I have also found that calls, emails, letters, and chats are all connected to your account, so when you do call, all the previous information is there for them to see.
The best at collapsing GIC's at maturity is Oaken and Accelerate.
9:26 am
October 29, 2017
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Tang and WealthONE both have online maturity options that you can alter anytime. Never had problems. I always have GIC paid out and then decide if money should be moved.
9:54 am
September 24, 2019
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At People's Trust and People's Bank, I think they automatically renew at the same term as the original GIC. I always phone them within a two week period of maturity to give them my new instructions.
I find when phoning them, there is a very little wait period, maybe a couple of minutes. They are very good too with any questions. Not like Tangerine where you can be on speaker phone waiting for them to answer for an hour and a half.
10:58 am
September 11, 2013
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Had 2 Peoples Trust 1-yr GICs mature in the last week, both deposited to HISA exactly as I'd set up/instructed originally, no problems.
10:59 am
April 26, 2019
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Alexandra said
At People's Trust and People's Bank, I think they automatically renew at the same term as the original GIC. I always phone them within a two week period of maturity to give them my new instructions.I find when phoning them, there is a very little wait period, maybe a couple of minutes. They are very good too with any questions. Not like Tangerine where you can be on speaker phone waiting for them to answer for an hour and a half.
I agree they are very good on the phone. And with them all working from home there could be some issues. Today when I called that my GIC's where not collapsed they said being Monday they were too busy to do it immediately and that their admin would have it done by days' end.
I prefer to do it all at once...buy the GIC....and arrange to pay interest annually....and to pay out at maturity. No forgetting about it 5 years later. Who knows where I am or if I am still here in 5 years!!!
So I did another GIC with PT today and called in a few hours later to make sure it would not auto renew. And it was done immediately and not forwarded to admin. which kind of is odd.
As per my very helpful call today it was explained that you will see on your GIC, online one of two messages.
Message 1
If we have not received any investment instruction from you either prior to or on the maturity date, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal you will have 10 business days to either cancel the transaction or change the term of your account.
Meaning that at this point it WILL auto renew. So is a good idea to review the GIC online a few minutes after (or day after) you make the request.
Message 2
At maturity, principal and interest are not available. (not available to rollover to a new GIC at maturity)
Meaning that the funds will NOT roll over to a new GIC at maturity. I just checked all my Joint and TFSA GICs and they read the "not available" statement. I will now have to make sure I print the updated copy for my records.
11:08 am
April 26, 2019
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Bill said
Had 2 Peoples Trust 1-yr GICs mature in the last week, both deposited to HISA exactly as I'd set up/instructed originally, no problems.
Yes, and I too rarely have to follow up with them...but sometimes the request falls through the cracks. A month or so ago they had a 5 yr TFSA mature 6 months in advance and I would have had no idea but I checked my account for something else and found it. They told me that the person that took my request to not auto renew inadvertently keyed in the incorrect date to cash out to my TFSA savings account.
11:13 am
April 26, 2019
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Also Implicity has done the same to me as well this month. And I had emailed them and received their reply at time of issue of the GIC AND I had a chat session in print from a couple of weeks before maturity and once again they did the auto roll over. Not that happy with Implicity.
1:40 pm
March 17, 2018
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I found with Peoples Trust lately that my calls go to voice mail and then they call me back. I actually prefer that to waiting on the phone.
Peoples Trust is pretty laid back at reversing an automatically renewed GIC that you forgot to instruct them to deposit to your HISA. They just need to get approval of a manager which never seems to get denied. However, you lose interest during that period after your old GIC expired.
2:06 pm
October 21, 2013
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I haven't had any GICs mature at PT/PB yet but did note that they have auto-renew, which I dislike.
Most FIs default to renew, which is to their advantage and may even be useful for some people, but i think we should all be given a clear option in the beginning, as Oaken does.
One of the things I like about dealing with a deposit broker is that they keep track of all this and contact me when a GIC is coming due to see what I want to do with it.
I'm willing to cut them a little slack during covid but FIs need to pull up their socks on this.
GICInvestor, when you got your renewal reversed, did they backdate it to date of maturity? In other words, will you get the daily interest for the intervening days?
2:34 pm
April 26, 2019
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Loonie said
I haven't had any GICs mature at PT/PB yet but did note that they have auto-renew, which I dislike.
Most FIs default to renew, which is to their advantage and may even be useful for some people, but i think we should all be given a clear option in the beginning, as Oaken does.
One of the things I like about dealing with a deposit broker is that they keep track of all this and contact me when a GIC is coming due to see what I want to do with it.I'm willing to cut them a little slack during covid but FIs need to pull up their socks on this.
GICInvestor, when you got your renewal reversed, did they backdate it to date of maturity? In other words, will you get the daily interest for the intervening days?
That won’t happen. They matured today and the funds will be in my HISA by end of day.
I also borrowed from myself and reinvested one GIC in PT and one in Oaken. The collapsing GICs will offset what I borrowed from myself.
Call PT and ask to have your GICs to collapse to your HISA at maturity. See my post above on how the wording will change when the request is completed.
They are very good at handling requests like that. A month or so I “just asked only” if I could have a TFSA GIC pay out interest annually to my TFSA savings. I was offered to have all my existing TFSA GICs updated. That was nice. But I only want to turn this on in 2021 for any new or renewing TFSA GICs.
Implicity has a drill Sargent handling those requests and due to that type of customer service, I will be leaving them. I was planning to do so any ways and up and until my last call I can say I had no issues with them and liked their service. But I feel I have too much in Manitoba and I under used Implicity and would be the right thing to do by leaving them.
2:40 pm
April 26, 2019
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As far as cutting a bit of slack.
Business is business.
This month.
I was treated badly by an ICBC agent. Simple questions could not be answered.
Implicity could not comply with 2 agreed upon requests that became a 3rd one with less than tactful conversation.
PT failed x 2 but ever so graciously fixed it.
Errors are mounting and we are all under pressure...........all one MY dime.
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