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Cancelling a peoples trust gic
March 5, 2021
8:06 pm
christinad
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Did i read somewhere you can cancel a peoples trust gic? I just bought one today but i'm having second thoughts as i'll only make 4.00 in interest on top of if used savings account. Its not a big deal but something i'd consider if option is there.

March 6, 2021
3:21 am
Loonie
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I don't think Peoples has a special provision for this, but i think you should be able to cancel within 10 days as with other GICs generally, no? Phone them Monday.

March 6, 2021
8:46 am
pooreva
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christinad said
Did i read somewhere you can cancel a peoples trust gic? I just bought one today but i'm having second thoughts as i'll only make 4.00 in interest on top of if used savings account. Its not a big deal but something i'd consider if option is there.  

4%??? There is no such thing as 4% GIC interest these days...

March 6, 2021
8:48 am
Norman1
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Cancellation privilege varies. EQ Bank only allows one day in their GIC agreement:

Option to Cancel GIC Purchase

You may cancel your purchase of an EQ Bank GIC within one day after the Effective Date without penalty and you will be entitled to a refund of all principal invested. You will not receive a payment of interest. Please contact us if you wish to cancel your purchase of a GIC within the time period prescribed.

March 6, 2021
9:11 am
christinad
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Thanks, I meant i only make 4 dollars more when i put in gic vs. savings account. It seems to me rates are going up vs. down but whose to know.

March 6, 2021
10:13 am
Dean
Valhalla Mountains, British Columbia
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christinad said
Did i read somewhere you can cancel a peoples trust gic? I just bought one today but i'm having second thoughts as i'll only make $4.00 in interest on top of if used savings account. Its not a big deal but something i'd consider if option is there.  

      There ... I fixed it for you. sf-smile

First thing Monday morning, call Peoples and ask them to cancel that GIC ... it won't hurt to ask.

Let us know what they say.

Good Luck ❗

    Dean

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

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