Hubert Financial GICs on Maturity | Hubert Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Hubert Financial GICs on Maturity
April 18, 2018
9:16 am
christinad
Member
Members
Forum Posts: 164
Member Since:
October 15, 2015
sp_UserOfflineSmall Offline

What happens to gics at Hubert on maturity (not the quarterly deposit ones)? Do you have a grace period like at Peoples Trust to redeem it? Can you be notified when it is coming due?

April 18, 2018
9:36 am
Kidd
Member
Members
Forum Posts: 449
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

Normally upon setting up a GIC, you have a number of options.

1) Compound both the principal and interest. So both the interest and principal stay together in the GIC
2) move interest into account. So only the principal is locked in the GIC
3) upon maturity, if you picked (1). Move interest and principal into an account.
4) upon maturity, if you picked (1). reinvest the principal and interest into another GIC, same term length.
5) upon maturity reinvest only the principal into another GIC, same term length.

April 18, 2018
11:37 am
christinad
Member
Members
Forum Posts: 164
Member Since:
October 15, 2015
sp_UserOfflineSmall Offline

Thanks. Thats nice it doesn't just rollover.

April 18, 2018
12:03 pm
Kidd
Member
Members
Forum Posts: 449
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

That all depends on how it was set up.

Outlook in manitoba automatially want to reinvest everything into a another GIC. I normally call them a week or so before hand with instructions.

Tangerine will ask all the questions when setting up the GIC.

Added edit... look on your statement. All the information is there.

April 18, 2018
1:36 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3282
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

christinad said
Thanks. Thats nice it doesn't just rollover.  

Even if they did, most FIs (they might even have to) will give you a 30-day grace period to redeem if it was auto-renewed to a term you didn't want. 🙂

To be safe, I tell them to set the "maturity instruction" to either: (a) a 30-day GIC or (b) 1-year redeemable GIC cashable with interest after 30 days. Alternatively, I ask them to set the "maturity instruction" to redeem to my chequing account. All, or most, FIs have the ability to set maturity instructions, but you usually have to ask when you set it up.

Cheers,
Doug

April 18, 2018
3:28 pm
John Wayne (Marion)
Member
Members
Forum Posts: 79
Member Since:
March 21, 2018
sp_UserOfflineSmall Offline

They email before it is due. Also when I do mine I do the chat or email them and ask at maturity to collapse to the associated savings account. I do that for all FI’s. That way all is same. I keep a copy of reply with a paper copy of GIC.

April 18, 2018
5:09 pm
mmlt
Member
Members
Forum Posts: 83
Member Since:
February 4, 2017
sp_UserOfflineSmall Offline

Yes, they emailed me. I think GICs would roll over at the same rate if you did not act on them. Another CU I deal with does not warn you and automatically renews GICs at same rate. They used to call but can't be bothered anymore.
One should be aware of what is due when. They won't roll over at the new higher rate and they will roll over at the lower rate if rates went down over the period of time.
I have email setup to warn me of these events.
Yandex mail has the very handy feature of sending email at future dates.

April 18, 2018
5:22 pm
2of3aintbad
Member
Members
Forum Posts: 279
Member Since:
February 24, 2015
sp_UserOfflineSmall Offline

mmlt said
Yes, they emailed me. I think GICs would roll over at the same rate if you did not act on them. Another CU I deal with does not warn you and automatically renews GICs at same rate. They used to call but can't be bothered anymore.
One should be aware of what is due when. They won't roll over at the new higher rate and they will roll over at the lower rate if rates went down over the period of time.
I have email setup to warn me of these events.
Yandex mail has the very handy feature of sending email at future dates.  

I think you mean "roll over for the same term", not "roll over at the same rate". Are you seriously suggesting that if you had a 5 year 2% GIC that matured, and the rate at the time of maturity was 3%, that the FI would automatically renew for 5 years at 2%?

April 18, 2018
5:23 pm
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

Here's what Outlook Financial says about GIC renewals

At maturity, principal and interest will be reinvested into a GIC of similar type and term length at the effective interest rate at that time. Changes to these instructions can be made within 14 calendar days from the maturity date.

April 19, 2018
6:10 pm
SavingIsGood
Member
Banned
Forum Posts: 215
Member Since:
February 18, 2016
sp_UserOfflineSmall Offline

- Hubert GIC (1year, paid quarterly) roll over after full year at the Current rates. If your initial year was 1% and after a year is 10% your new term will be 1year with 10%.
- There is no need for 'grace period' as you can withdraw funds at ANY time. You just lose interest from day 1 to day x (where x is quarter - 1 day) if you take your $.
- You get e-mail one month in advance your gic is to mature. You can call/chat and provide redemption instructions: if you do not, gic will start another year at the rate on that day. If you do, funds will be moved to your hisa.
This is all in regards redeemable 1year gic. I am not familiar with their 2-5 gic but if I am bank and you miss providing instructions after 5 years gic and new 5 years term start, well, tough luck. Talk to you in 5 years.

April 20, 2018
8:22 am
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

SavingIsGood said

... if I am bank and you miss providing instructions after 5 years gic and new 5 years term start, well, tough luck. Talk to you in 5 years.  

+1

Please write your comments in the forum.