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GIC maturity date
March 26, 2019
7:28 am
davidgeorge
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If a GIC maturity date is today, should the fund be available today or tomorrow for withdrawal or renewal?

March 26, 2019
8:25 am
Denise Milani
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Depends on who you deal with. Most would be available today but I know for sure, Outlook Financial would be tomorrow.

I never allow a GIC to renew. As it allows me to use the funds if needed and secondly allows to park the funds for a better rate if they are on the increase or move the funds to a better rate at another FI.

March 26, 2019
2:31 pm
davidgeorge
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Denise Milani said
Depends on who you deal with. Most would be available today but I know for sure, Outlook Financial would be tomorrow.

Thanks. I think it should be today. For example, 1 year GIC started on March 26, 2018, then March 25, 2019 is the last day of the term. But, as you noted that some FIs want to keep the fund for an extra day.

March 26, 2019
5:54 pm
Denise Milani
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Who is the FI?

If a leap year was in the term, it could be a day later.

Do you have the maturity date in writing...certificate or system information?

March 30, 2019
12:32 pm
Norman1
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One needs to make sure there isn't a misunderstanding.

If I buy a one-year GIC on Monday, March 26, 2018, then the last day of the term deposit is March 25, 2019 and maturity is Tuesday, March 26, 2019. Funds should be available on March 26, 2019, the maturity date.

As a courtesy in distant times, smaller financial institutions would mail a post dated cheque a week before to depositors who weren't rolling the GIC over. That way, the depositor would receive the cheque in time for deposit to their regular bank account on maturity date.

I had a few 3-month term at EQ Bank. When the maturity date was on the weekend, like Sunday, the interest and principal are made available the preceding Friday.

March 30, 2019
7:25 pm
Loonie
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Oaken will often deposit the proceeds early - a couple of days!

Doesn't it say anywhere in your statements or other docs what the maturity date is? Whatever it says, that's when the funds should be available.

March 31, 2019
1:23 pm
Norman1
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Loonie said
Oaken will often deposit the proceeds early - a couple of days!

…

That sounds like what EQ Bank does when the maturity date ends up being a Saturday or a Sunday.

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