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Oaken gic maturity
November 25, 2024
7:50 am
christinad
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My gic matured and principal went into tfs savings as instructed but interest went to non registered savings. Did i need to give instructions for interest to go in tfsa savings or is that what happens?

November 25, 2024
8:34 am
Dean
Valhalla Mountains, British Columbia
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.
At Oaken, you have to specify the GIC maturity instructions for the principal and interest earned, 'separately'. You can specify that they both go to the same place, or each go to different places.

A couple of weeks Before maturity, I always check the GIC maturity instructions to make sure the principal & interest are both going to go where I want them to go. Better be Safe than Sorry, eh ! sf-smile

    Dean

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

November 27, 2024
10:28 am
Alexandra
British Columbia
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Dean said
.
At Oaken, you have to specify the GIC maturity instructions for the principal and interest earned, 'separately'. You can specify that they both go to the same place, or each go to different places.

A couple of weeks Before maturity, I always check the GIC maturity instructions to make sure the principal & interest are both going to go where I want them to go. Better be Safe than Sorry, eh ! sf-smile

    Dean

  

You can also ask that the either/both funds go into your linked accounts. They are very good that way. The money is right in my CIBC checking on the morning that the GIC comes due and or the interest.

December 2, 2024
6:54 am
DavidSan
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November 4, 2023
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Hi guys, my TFSA GIC matured on Nov 27 and both the principal and interest were supposed to go into an external linked bank account (Simplii Financial)

I still have not seen it as of this morning. Is this normal?

UPDATE: Called them and said they did not see there was a case to update the maturity instructions shortly opening the GIC in Nov, 2023 to deposit both the principal and interest into my external bank account and the money is sitting with their "payment department" will have to wait another 1 - 2 business days for an update

December 2, 2024
9:48 am
Dean
Valhalla Mountains, British Columbia
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    Interesting ⬆ ❗

Please keep us posted.

    Dean

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

December 3, 2024
11:38 am
DavidSan
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UPDATE: they called me back to confirm my maturity instructions and the principal plus interest was deposited in my externally linked bank account the next day.

I double checked my maturity instructions in both online documents and the paper copy from when I first purchased the GIC and it indicated moving it to my external bank account and never told them to renew automatically. So it is good to double check with them by calling 1-2 weeks before GIC maturity

December 3, 2024
12:06 pm
Dean
Valhalla Mountains, British Columbia
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.
Good to know ... and Thanks for sharing !

I of course don't know for sure, but I'm guessing that transferring your matured GIC funds to an External account had to be done Manually, and for some reason that little job got put on 'The Backburner'.

And 'Yes', I agree ... confirming GIC maturity instructions ~ 2 weeks prior to maturity, should be done Religiously. sf-smile

    Dean

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

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