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Asynchronous interest credit from GIC
August 31, 2024
9:53 am
Rail Baron
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I have a one year GIC that matures on Sep. 3. Last night, the interest from that term deposit was credited to my Oaken Savings account, but the principal remains showing as maturing on Sep. 3.

all my past GICs have had interest and principal credited to my savings account at the same time, on the maturity date.

Has anyone else experienced this asynchronous payment of interest and principal at the end of a GIC (which was with Home Trust btw)?

August 31, 2024
10:06 am
Dean
Valhalla Mountains, British Columbia
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.
I've been with Oaken for quite some time, and I've Never seen that ⬆ happen B4 !

I'd give them a call and ask; "What's Up ?".

Please share what you find out.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

August 31, 2024
10:31 am
Norman1
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Some GIC issuers will do that. When the GIC interest is due Monday, the issuer can post the interest Friday night, after close of business, or during the weekend, effective Monday.

August 31, 2024
12:06 pm
hwyc
GTA
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Rail Baron said
Has anyone else experienced this asynchronous payment of interest and principal at the end of a GIC (which was with Home Trust btw)?  

Yes, I have ... elsewhere. The principal return and final interest paid out are two different transactions. It can take different paths as well.

August 31, 2024
1:18 pm
Alexandre
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Also note that September 2, 2024 is Labour Day holiday. First business day before Sep. 3 is Friday. Which is in sync with what Norman 1 saying.

August 31, 2024
2:39 pm
Loonie
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In the past I have found that Oaken often sends out the interest early.
Principal is different. There may be a default assumption built in to the computer system that says GICs would be rolled over at maturity. You may have changed the default in your particular case, but their other mechanisms remain in place.

September 3, 2024
1:04 pm
Rail Baron
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Today, I received the principal from my matured GIC. Plus a few dollars more in additional interest. I’ve never been paid out like this by Oaken. I attribute it to the maturity occurring on a statutory holiday.

September 3, 2024
4:31 pm
Dean
Valhalla Mountains, British Columbia
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Say What ⬆ ❓❗

But Sept. 3rd is Not a statutory Holiday.

What are we missing ?

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

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