May 24, 2016
I’ve finally received an answer to the following, which was posted on March 7, #7, under CIBC GIC Changes
Me: “The changes made by CIBC may be the beginning of all the banks changing their terms and conditions. I purchased a 5 year TFSA GIC from Motusbank in late January. When I printed off the certificate I read on the back that:
“motusbank can add to or change the terms and conditions of this Agreement from time to time, but motusbank will give at least 30 days’ notice of any such additional or amended terms and conditions and impacts on interest payable (my italics). We may change these Account Terms at any time, and any changes communicated to you at least 30 days before they take effect. Notice of changes to the Account Terms may be distributed through our statements, letters and/or posted on the motusbank website. If you access or have funds on deposit in any Account at motusbank after the effective date of the change, you automatically accept the change.”
If I’m interpreting the above correctly then a “5 year Guarantee” means nothing. Hopefully I’m mistaken.
I’ve repeatedly asked for their legal department to contact me, to no avail. I was informed, however, that I could write to the Ombudsman.”
Finally, an answer from Motusbank: First I would like to sincerely apologize for the lack of communication and the amount of time it has taken to respond to your request. This should not have happened and we are truly sorry for the frustration this has caused. In regards to the initial inquiry about the terms and conditions within your GIC. I can absolutely guarantee you that the term, rate and how the interest is paid will not change throughout the term of your investment. If motusbank made any changes to terms and conditions that might impact our Member we’d communicate with 30 days notice. However any changes made would be on a go forward basis and do not impact existing product. I am working on having an official letter made that will confirm this for you and hoping to have this ready within the next couple of day. Again I am sincerely sorry for your experience thus far. Once I have the letter I will personally be in contact.
Me: I’m looking forward to receiving this letter!