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Hubert GIC Maturity
November 9, 2022
3:05 pm
cgouimet
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Just in case some haven't caught up to a recent change at Hubert ...

By default, GIC's will renew at maturity to the same term at the new interest rate.

You can change that by calling them. But ...

You can now change that yourself online to redeem to HISA one GIC at a time: "View", then "Account Details" and finally at the bottom: Change Maturity Instructions".

To redeem early, still a phone call Mon-Sat ...

CGO
November 9, 2022
3:31 pm
Dean
Valhalla Mountains, British Columbia
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.
Yes, most of us Hubertarians sf-wink are now aware .

It's much better than having to make a phone call, but it still involves a completely separate step.

Perhaps in their next set of site improvements, they'll include the maturity instructions in the GIC setup procedure, as is done at several other FIs.

    Dean

sf-cool " Live Long And Prosper " sf-cool

November 9, 2022
5:33 pm
Denise
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I love Hubert. But what will happen when the merge is completed? They have a pretty good and unique set up to buy GICs. They made some more secure steps to withdraw from RRIF over the minimum. I think they should have told us the process “change” before hand. I always call back and ask for interest to be paid annually and to have GIC proceeds put into the associated savings account at maturity.

Will they become like the “new” version of Accelerate? I plan to remove a lot of funds from Accelerate as I am not in favour of the changes. Looks like the big corporate wheels moved Debbie and Desiree somewhere and replaced with Bree? along with a run of the mill employee. They have lost the country like friendly atmosphere.

November 9, 2022
8:38 pm
Loonie
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I think I must have missed something. What are the extra steps needed to withdraw extra from RIF?
I will be making a significant RIF withdrawal in December and would like to know if I am likely to encounter issues. I've done this in the past with no problems, including a voluntary lump sum payment to CRA from that RIF money, which Hubert processed - which I want to do again this year.

November 10, 2022
9:52 am
Denise
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Loonie said
I think I must have missed something. What are the extra steps needed to withdraw extra from RIF?
I will be making a significant RIF withdrawal in December and would like to know if I am likely to encounter issues. I've done this in the past with no problems, including a voluntary lump sum payment to CRA from that RIF money, which Hubert processed - which I want to do again this year.  

Maybe not. You can see the Hubert “self serve” system has the ability to do the RRIF withdrawal yourself. It’s a beautiful well designed system. I always have RRIF cash available to withdraw from. BUT the system will fail and give error codes if you try yourself. In earlier years I would then call in and have the RRIF money moved to my non registered savings account. You could see what the tax amount was. So now you have to call in and ask for an amount, then they email you a electronic withdrawal document with the full amount, taxes and net amount if I recall correctly, you sign it and the withdrawal gets processed. I am sure you will take into account to ask for enough to meet your “net” needs. They ask in a round about way which I found to be a bit insulting. I wonder if this new process and the ability to update maturity instructions is due to the merger or was their improvement just because. Personally I think they are fighting the merger.

November 10, 2022
10:07 am
Loonie
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Thanks for the details. It sounds complicated, from my perspective. I think I'll have to call them first.
It used to be that I could just call them and they would do it right away including the amount I wanted sent to CRA (above and beyond requirements).. I always do it close to the end of the year and don't want any delays due to processing time etc. If it's all done electronically, I risk losing control of amount sent to CRA and of timing of withdrawal, seems to me.

Hubert has always done some periodic updates.

I was never a supporter of the merger. It was a solution looking for a problem. It has yet to justify itself in my view. It will be a while before we know the full impact.

November 19, 2022
3:40 pm
Briguy
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It seems that when you call in advance and ask for a yearly GIC to be cashed in to a HISA on a certain date, they put a note in their system and then process it on that date. I phoned earlier in the week and asked for a GIC to be cashed in today, and then logged in today and saw it wasn't done, and phoned them as soon as they opened, and they said they were just about to process my request.

So I can't see them preferring you to call in ahead of time to cash in a GIC, since it doesn't save them any workload, since they need to access their systems twice on your behalf instead of once.

November 19, 2022
6:52 pm
Doug
British Columbia, Canada
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Denise said
Will they become like the “new” version of Accelerate? I plan to remove a lot of funds from Accelerate as I am not in favour of the changes. Looks like the big corporate wheels moved Debbie and Desiree somewhere and replaced with Bree? along with a run of the mill employee. They have lost the country like friendly atmosphere.  

Very likely actually. They do not intend to maintain the in-house Sunova/Hubert banking system which, unfortunately, will likely mean some layoffs in their internal, in-house software development team. 🙁

MemberDirect is not a bad online banking system and I'm not sure what core banking system Access uses; it's one of the better ones actually, but I do agree that Hubert had a lot of innovative features.

I've actually been moving most of my money back to Tangerine, although not for long; it's all actually going to move to Scotia iTRADE and to the Scotia ISAs.

Cheers,
Doug

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