Dean said

OK then ... what's the deal @ Oaken ?

And where do we find it ?

Thx,
Dean  

Don't know their official policy or where to find it (Bill has given some insight above). Up until now they've been pretty consistent with upping rate when there is a +change within 7 days of purchasing.

I didn't mean to imply that Oaken has ever offered a cancellation time period if that's what was inferred from my post.

Alexandra said they told her they're not adjusting rates for gics bought within 7 days "this time around" which suggests to me that they're generally retaining their policy of upping the rate if there's a rate increase within a week of you buying it (and apparently there's no demand for marching the rate within 7 days if their rates decline after purchase date!). We'll see.

Dean said

OK then ... what's the deal @ Oaken ?

And where do we find it ?

Thx,
Dean  

We've grown accustomed to Oaken (noone else) retroactively applying rate increases on their GIC's. This is the first time Oaken has chosen to follow industry practice of not doing that. Maybe they'll return to their former practice on the next rate increase ...

Wrayzor said

The 10 day mandate is for GIC renewals only. FIs are free to set their own cancellation time period for new purchases (or not offer one).  

OK then ... what's the deal @ Oaken ?

And where do we find it ?

Thx,

Dean

Bill said
Does anyone have a link to info indicating that also applies to new purchases? Many institutions have their own policy allowing a cancellation period but I've found nothing indicating a mandated cancellation period for new GIC purchases.  

The 10 day mandate is for GIC renewals only. FIs are free to set their own cancellation time period for new purchases (or not offer one).

HermanH said
I mentioned the 5-yr 4.25% because you said that you re-newed for 4%
Since it is within the 10-day period, maybe you can re-new for 4.25%  

I said that I rolled over a TFSA GIC with Tangerine on the 18th of August. It was a 5 yr. term at then 3.8%. When I read about the 10 day cancellation mandate from RetirEd, I looked at the new rate from Tangerine today for 4.0%, so I called and cancelled the 5yr TFSA GIC @3.8% and renewed at the new 4.0%.
Previously though I mentioned that I had purchased a new GIC with Oaken for 4.10 on the 13th of August, so I called them when they raised their 5 yr GIC to 4.25% to ask if they would give me that rate as I am a good client of theirs. They will get back to me on it. But, as discussed here, this one is a new GIC and within the 10 days, but the Tangerine TFSA GIC was a roll over. Hope I'm not confusing you....it's an age thing.

Alexandra said

Oaken's 5 yr now @4.25% but Tangerine's is now $4.0% it was 3.8%  

I mentioned the 5-yr 4.25% because you said that you re-newed for 4%
Since it is within the 10-day period, maybe you can re-new for 4.25%

Does anyone have a link to info indicating that also applies to new purchases? Many institutions have their own policy allowing a cancellation period but I've found nothing indicating a mandated cancellation period for new GIC purchases.

HermanH said
Isn't their 5-yr rate currently 4.25%?  

Oaken's 5 yr now @4.25% but Tangerine's is now $4.0% it was 3.8%

RetirEd said
There's the legally mandated 10-day cancellation should allow anyone who purchased on the 17th to update to the new rates even if they don't auto-update. Those who bought on the 13th should act now, too. Definitely call in!  

Thanks again RetirEd!

Really glad you mentioned that about cancellation mandate. I rolled over a TFSA GIC with Tangerine on 18 Aug @3.8%. So called them to cancel which they did and re-invested into the 5yr @4.0%. Entire procedure only took about 2 minutes. So thanks for that again as I completely forgot and then looked at the new Tangerine rate.

RetirEd said
There's the legally mandated 10-day cancellation should allow anyone who purchased on the 17th to update to the new rates even if they don't auto-update. Those who bought on the 13th should act now, too. Definitely call in!  

I called in yesterday. They said that they weren't backdating the GIC's this time around. I mentioned I had considerable funds with them and don't believe I have ever asked this of them in the past. She said she would put in my request to change the GIC to the new rate and they would get back to me. I'll let you all know if they give in.

Good point, RetirEd❗

Dean