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GIC Wealth Management Broker Rates
December 21, 2022
11:18 am
savemoresaveoften
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JenE said
Email just received:
(I don’t have any other info.)

1 year 5.90%*
18 month 4.85%**
2 year 5.90%*
30 month 5.20%***
3 year 5.59%*
4 year 5.59%*
5 year 5.64%*  

Would love to know who needs 1&2 year money that desperately ?!

December 21, 2022
11:28 am
HermanH
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oltunde said
One more question, any chance the cheques you send brokers , even though in your own name, can be just deposited in their own account by fake endorsements, and they just send you a fake gic certificates, which are easy to make?  

I thought the same, but the cheques are made payable to your own name.

December 21, 2022
12:03 pm
savemoresaveoften
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oltunde said
One more question, any chance the cheques you send brokers , even though in your own name, can be just deposited in their own account by fake endorsements, and they just send you a fake gic certificates, which are easy to make?  

technically all possible, which is why one should only stick with established GIC brokers. And one can check with the issuer to confirm GIC is indeed purchased under ur name but thats after the fact, wont stop the fraud in the first place.
But the check is under ur own name, so they have to forge ID to match ur name and then withdraw it as cash after deposited it initially.

December 21, 2022
12:39 pm
JenE
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Rapport Credit Union is the FI.

December 21, 2022
12:44 pm
Norman1
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One can retrieve the cleared cheque afterwards and examine the back for any unexpected endorsements. The cheque shouldn't have any endorsements as no endorsement is needed when a cheque is deposited to an account under a name that matches the cheque's payee.

Payments Canada Rule A4, subsection 6(a) allows six years for a cheque to be bounced because of a forged endorsement. Some of Earl Jones' victims were able to recover money that way.

Jones had changed the address on life insurance policies. When the insured passed away, he submitted the required paperwork and the cheques, payable to the beneficiary, were mailed to his office. He fraudulently endorsed them and deposited them into his own RBC Royal Bank account.

Some of the beneficiaries didn't even know there was a life insurance policy! The deceased had trusted Jones to take care of everything.

December 21, 2022
1:11 pm
HermanH
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JenE said
Rapport Credit Union is the FI.  

Couldn't tell from the site, but is it only for Ont?

Interesting to see that their 18-mo GIC rate is 4.85%, but they offer a 5.25% deposit rate for the same 18-mo.

December 21, 2022
1:24 pm
JenE
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It may very well be as I recall Kevin Rotenberg asked if I was in Ontario.

December 21, 2022
4:16 pm
savemoresaveoften
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JenE said
Rapport Credit Union is the FI.  

What are people’s thought of these much smaller CU ? Even tho they are guaranteed for up to $250k, I just feel a little uneasy for a small operation offering an outsized rate to bring in term deposit.

December 21, 2022
6:00 pm
HermanH
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I would ensure that both the principal and any potential interest was fully covered under the $250K.

December 22, 2022
3:56 am
dickyran333
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1) I had another call with Kevin Rotenberg to get answers to my questions raised earlier here. As pointed out by some folks, he did mention that if something happens to GIC Wealth, I'll be taken care of by someone else (another company) or else I can directly get in touch with the CU. When the CU realizes that GIC Wealth is not around, or have some issues, they will definitely help me out. He also pointed out that most likely I won't be alone and there would be others too who would approach the CU. He also mentioned that I'll get T5 directly from the CU (and not from him or even not through him).

2) I called LDCU and explained them my concerns (not able to get access to online banking to confirm my GIC(s). After speaking with a couple of people, they told me that they would get back to me. I thought nothing would happen further. But to my surprise their Manager of Lending Service called me, patiently listened to my concerns, then called me back after 20 minutes to inform that they would register me for online banking so I can confirm my GICs with them. I just need to call them after my GIC is opened through the broker. (Wow!)

3) I reviewed LDCU's latest (2021) annual report. Although profitable, they are really small -- an asset base of only $244 million, of which about 80% are loans to members, mostly personal mortgages and personal loans, and a net income of $1.5 million. Given the results are almost 1-year old and I won't be surprised if they go in red this year especially if they did poorly on their $16M of marketable securities.

I had already made up my mind to invest in LDCU, primarily because of a decent rate, an excellent gesture of their willingness to provide me the online banking access, and a local BC presence. But after reviewing their financials and noticing how small they are, I feel that I'd be better off to limit my exposure to LDCU. And this is despite the fact that my investment will be 100% insured by CUDIC.

I'm now thinking of investing 50% of my planned investment of this round at LDCU (5.60% for 5 years) and the remaining 50% at another CU, most likely DUCA (5.50% for 5 years). Both are through GIC Wealth.

DUCA is also very new to me. But just a quick glance at their 2021 financials (a balance sheet of $5.5 billion and NI of over $25 million) tell me that they are far bigger (and hopefully better).

Would love to hear thoughts / suggestions of others.

PS: I don't know whether DUCA accepts out of Ontario investors. Or maybe it doesn't matter if I go through a GIC broker.

December 22, 2022
5:18 am
savemoresaveoften
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dickyran333 said

2) I called LDCU and explained them my concerns (not able to get access to online banking to confirm my GIC(s). After speaking with a couple of people, they told me that they would get back to me. I thought nothing would happen further. But to my surprise their Manager of Lending Service called me, patiently listened to my concerns, then called me back after 20 minutes to inform that they would register me for online banking so I can confirm my GICs with them. I just need to call them after my GIC is opened through the broker. (Wow!)

DUCA will do the same, assuming they do accept out of province investors

I feel that I'd be better off to limit my exposure to LDCU. And this is despite the fact that my investment will be 100% insured by CUDIC.
DUCA is also very new to me. But just a quick glance at their 2021 financials (a balance sheet of $5.5 billion and NI of over $25 million) tell me that they are far bigger (and hopefully better).

I have same thoughts here. Even tho it may be insured, I dont want the hassle to deal with it and have money tied up if something does happen. I dont need to squeeze extra bps to take unneccessary risk / hassle

Would love to hear thoughts / suggestions of others.

PS: I don't know whether DUCA accepts out of Ontario investors. Or maybe it doesn't matter if I go through a GIC broker.  

December 22, 2022
7:20 am
oltunde
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The good thing about LDCU, is small so any trouble the insurance has enough money to cover it all, while big ones….?

December 22, 2022
9:17 am
savemoresaveoften
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oltunde said
The good thing about LDCU, is small so any trouble the insurance has enough money to cover it all, while big ones….?  

that means u will get ur money back, but not sure how long it takes if that happens. People said in the past, its very fast.
Also I dont know how it calculates the "earned but not paid" interest on a GIC for example.

December 22, 2022
10:50 am
gicjunkie
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savemoresaveoften said

that means u will get ur money back, but not sure how long it takes if that happens. People said in the past, its very fast.
Also I dont know how it calculates the "earned but not paid" interest on a GIC for example.  

First of all, yes , money does get distributed quickly after a CU failure but, you should also know that, historically, many floundering CUs are happily "gobbled up" by other CUs. In these cases your GIC investment just continues under a new name or the new CU pays out the GIC principal and accrued interest to you. In any case, as long as you are insured, your risk of loss is very low.

December 22, 2022
11:18 am
phrank
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gicjunkie said

First of all, yes , money does get distributed quickly after a CU failure but, you should also know that, historically, many floundering CUs are happily "gobbled up" by other CUs. In these cases your GIC investment just continues under a new name or the new CU pays out the GIC principal and accrued interest to you. In any case, as long as you are insured, your risk of loss is very low.  

You'd think that's how it would work all the time, but I had this happen where an ON CC I had money with went under and was purchased by someone else, but they didn't take over our GICs, they were cashed out and mailed to us. We also got the money back quickly, about a week, but DICO screwed up and submitted out T5's twice and that was the biggest PITA of the experience.

December 22, 2022
12:19 pm
HermanH
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dickyran333 said
PS: I don't know whether DUCA accepts out of Ontario investors. Or maybe it doesn't matter if I go through a GIC broker.  

I live in Alberta and bought DUCA GIC via Rotenberg.

December 22, 2022
2:04 pm
gicjunkie
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phrank said

You'd think that's how it would work all the time, but I had this happen where an ON CC I had money with went under and was purchased by someone else, but they didn't take over our GICs, they were cashed out and mailed to us. We also got the money back quickly, about a week, but DICO screwed up and submitted out T5's twice and that was the biggest PITA of the experience.  

Isn't that what I just said? (except for the T5 error)

December 22, 2022
2:19 pm
HermanH
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JenE said
1 year 5.90%*
2 year 5.90%*

Well, that was fast. Already back down to 5.75 and 5.77 sf-frown

December 28, 2022
3:53 pm
phrank
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gicjunkie said

Isn't that what I just said? (except for the T5 error)  

No, because this was not done by the new CU. It was all handled by DICO.

January 27, 2023
11:05 am
HermanH
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Kevin Rotenberg just got the rate sheet for next week and rates are dropping significantly. 1-yr to 5% from 5.35% and worse. If you want something, you better get it to him today.

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