Hubert term deposit interest rate error | 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 term deposit interest rate error
May 19, 2015
4:27 pm
GMH
Toronto
Member
Members
Forum Posts: 19
Member Since:
April 27, 2014
sp_UserOfflineSmall Offline

Just last week I had a 1 yr term deposit mature. When I checked the 4Q interest payment (2.5%), I found that I was only paid ~0.85%! I phoned Hubert and they corrected it, but it shows a lack of diligence. This error was blindingly obvious, but it makes me wonder what other smaller errors go undetected.

May 20, 2015
12:21 pm
2of3aintbad
Member
Members
Forum Posts: 317
Member Since:
February 24, 2015
sp_UserOfflineSmall Offline

Thanks for the warning. I have a number of these quarterly pay GICs from Hubert, and have confirmed that the interest payments look correct based on daily (not quarterly) interest. However, none of them have yet paid the final interest so I will be checking then.

May 22, 2015
11:04 am
rhvic
Victoria, BC
Member
Members
Forum Posts: 493
Member Since:
May 28, 2013
sp_UserOfflineSmall Offline

I had a one year GIC mature recently, and it looks like Hubert calculated it just fine. It was one where successive quarters earned 2.2, 2.3, 2.4 and 2.5%. I ended up with an average 2.37%.

May 22, 2015
8:44 pm
mw
Member
Members
Forum Posts: 38
Member Since:
May 22, 2015
sp_UserOfflineSmall Offline

About 1 year GIC, when mature do they move the money to savings account or roll over to new 1 year GIC ?

May 22, 2015
11:55 pm
frizun
Member
Members
Forum Posts: 81
Member Since:
December 3, 2014
sp_UserOfflineSmall Offline

mw said

About 1 year GIC, when mature do they move the money to savings account or roll over to new 1 year GIC ?

The GIC would be rolled over to a new GIC by default.
If you prefer the money to go into your savings acct,you would need to tell them before
the maturity date.
I did it through the online chat,i give them my secret word and acct. number and they made the the change.

Please write your comments in the forum.