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RIF GIC moved between FIs in record time
April 11, 2019
4:17 pm
rodeworthy
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I was amazed to learn this week that a maturing GIC in my spouse's RIF account was transferred to another Financial Institution ON THE DAY IT MATURED.

Previously, our experience has been that RIF transfers between FIs take a minimum of 21 days or more to arrive at their destination. Some much longer.

Specifically, a GIC at Oaken matured on April 9 and it showed up dated April 9 in an account at Achieva. Transfer forms were completed and delivered with plenty of lead time for Achieva to initiate the transfer.

Maybe we (customers and Financial Institutions) are learning how to do this. Congratulations to these two fine institutions for making this happen.

It can be done. Thank you!

April 11, 2019
6:09 pm
Loonie
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AND Oaken doesn't see the need to charge a transfer-out fee for all that "laborious" work that takes the other banks 3 weeks to complete. They understand that it's just part of doing business.

June 18, 2019
6:39 pm
rodeworthy
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Once again, a transfer identical to Post 1 has occurred on this date -- June 18/19. Last interest of Oaken Home Bank GIC maturing same date posted overnight. By mid-day the requested transfer was safely recorded in Achieva RIF account.

You can't do better than that. Another one coming up in July. Looking to make it three for three.

A big thank you to Oaken and Achieva.

June 19, 2019
2:35 am
Briguy
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That's amazing ! Last time I moved a maturing GIC in an RRSP from Peoples Trust, it took a couple of weeks. When I phoned Peoples they said they mail a cheque out to the receiving FI.

June 19, 2019
5:42 am
Loonie
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Oaken is terrific at getting transfers out in a timely fashion.
Now, if only they would be as forthcoming at offering registered savings accounts, I wouldn't need to be doing the transfers in the first place!

June 19, 2019
7:54 am
Rick
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Same thing happened to me last Dec. Matured @ Motive on the 27th and appeared in Hubert the same day. Really makes you wonder why sometimes it takes weeks when we know it's possible to accomplish in a day.

June 19, 2019
2:06 pm
Loonie
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My experience suggests that the FIs that charge the most for the transfer are also the ones that take the longest. No value for money there!

June 19, 2019
3:28 pm
Doug
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Such wonderful news how quick they are. Geez, that's faster than some non-registered EFT withdrawal requests. I wouldn't have a problem with a week, or even two, but the fact that the three of them (Achieva, Oaken, and Hubert) all do this fee-free is wonderful. Shows confidence in their services and their rates.

I can potentially see a self-directed locked-in RRSP with a discount brokerage potentially taking 2-3 weeks due to the additional complexities in terms of assets held, but these straight HISA and GIC RRSPs or TFSAs, it's dirt simple stuff really.

Cheers,
Doug

June 20, 2019
8:17 am
rodeworthy
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Loonie said
Oaken is terrific at getting transfers out in a timely fashion.
Now, if only they would be as forthcoming at offering registered savings accounts, I wouldn't need to be doing the transfers in the first place!  

Same here Loonie. My issue with Oaken is the harvesting from all RIF GICs just to accommodate the minimum payout. All with no documentation how the payout was assembled. I went through hoops on the phone to get this info. Maybe just me because I am a stickler for details. But that has to be accommodated.

All this could be avoided with a RIF Savings Account. I could easily make sure there is enough cash to cover the minimum payout without touching the GICs at all. I wouldn't even care if the Savings interest rate was not competitive.

So the RIF money is coming out. I am not unhappy with Oaken otherwise and continue to participate in non-registered GICs. My sweet spot is the 2-yr GIC and the 3.05% is pretty good right now.

June 20, 2019
9:03 pm
Loonie
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Yes, I also had to phone Oaken to figure out where they'd drawn my mandatory withdrawal from and in what amounts. They do follow their own rules by taking it first from the lower-paying GIC's interest and so on, but it's a bit complicated.
If we could organize this ourselves through a savings RIF, we could plan for it, keep the GIC intact, and know exactly where we are at at all times.
Will keep non-registered business only there as soon as the RIFs phase out.

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