Gic settlement | GIC discussions | Discussion forum

I would ask the dealer. I know my guy made some mistakes and fixed them and I asked for a modification at the same time and that latter request was nixed. He lead me to believe that his error cost him a monetary penalty. So my guess is no.

Kidd said
I believe there is a "cooling off" period, whereas you can modify or cancel a gic purchase. I think... it's a few days, not a few hours?  

When I was testing where I wanted to purchase GICS a couple years ago I tried buying different terms at different FI's. All CDIC insured. I am not dealing with any total sum even close to $100,000. I put ALL my spare cash into a 120 day term deposit at 3.25%. At the end for the 120 days I was pleased with the FI in ALL aspects. I worked out a strategy to spread the maturity dates so about 20% matured each year. I put $1,000 in 9 month and $1,000 in 18 month term. The rest I balanced in 1-5 year terms. I did it. I did not know I could cancel in a short time frame. With the GICS that matured I am down to 2 FI's. I know where I will reinvest the matured GICS. I take out the interest. It will be another 3 years and a bit before everything matures. I am happy with my method. I would say you can purchase GICS anywhere. They are competitive. The finer features depend on your priorities and objectives.