Oaken gic maturity | Oaken Financial | Discussion forum

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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 !

Dean

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

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