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GIC maturity instruction
September 3, 2017
5:18 am
davidgeorge
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One of my GICs is maturing today. I called to instruct to redeem the principle and interest to my savings account on August 29. When I checked my account this morning, the GIC has been renewed for the same GIC term. Because of the long weekend, I can't called them in 2 days, so the earliest date I can call to move my money to my savings account is Sept. 5 which means I am going to lose 2 day interest. Any thoughts on this situation? Thanks.

September 3, 2017
5:54 am
Nehpets
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Did you keep a log of your conversation, noting the name of the person to whom you gave instructions?

If not, and if you recall the time/date, consider calling on Tuesday and asking to speak to a manager, to explain your situation.

Since most FI's record calls, you can tell the manager to check the recording, and once the problem is resolved, ask that you be compensated for lost interest.

Keeping detailed logs of conversations that include time, date and name of person spoken to with a brief summary of the call has helped me resolve misunderstandings for telephone transactions.

September 3, 2017
5:56 am
Bill
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I'd probably first just call on Tuesday, explain the situation and they may fix it up for you right away. If not, then you can "elevate" as Nehpets suggests.

September 3, 2017
8:39 am
Koogie
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Not that it helps in this instance but I always set a reminder for myself in my spreadsheet to confirm maturity instructions 6 weeks ahead of the date.

I've had institutions send me a final cheque (postdated) anywhere up to a month in advance of maturity. Sure they were following instructions but what if I had changed my mind ? They are removing my options. Always best to assume they will screw up and be pre-emptive.

Hope it works out for you.

September 3, 2017
9:38 am
Nehpets
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Koogie said
I always set a reminder for myself in my spreadsheet to confirm maturity instructions 6 weeks ahead of the date.
  

Koogie,

I maintain a spreadsheet (Excel) as well. How do you set your reminder?

I use my digital calendar to set my alert reminders for maturities etc, that set an alarm on my PC as well as my phone that's synchronized with the PC, but I would like to insert some notification alerts in the spreadsheet as well.

Admin: Perhaps this might be a separate topic in a dedicated thread on how to use various tools in spreadsheets.

Stephen

September 3, 2017
10:36 am
Koogie
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I use Google Sheets for my spreadsheet and Google has an extension for it. It sends out an email based on your parameters and inputs.

September 3, 2017
1:52 pm
Loonie
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A few years ago I missed a deadline for rollover on a GIC at TD. I phoned them and they obligingly reversed it for me even though it was a few days after and had been rolled over. It was a 90-day GIC.

September 3, 2017
2:09 pm
Nehpets
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Koogie said
I use Google Sheets for my spreadsheet and Google has an extension for it. It sends out an email based on your parameters and inputs.  

Now that sounds interesting. I'll check it out.

There are ways to write macros to produce alerts in Excel, but sending an email alert is useful because it doesn't require direct interaction with the sheet.

Thanks for the info!

Stephen

September 3, 2017
3:36 pm
Bill
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Around this time of year we'll start getting a few free wall calendars in the mail from some groups who want money, so I'll take one of those and mark any 2018 GIC maturation dates or other dates I need to remember something. Free, 2000-year tested technology, I've never missed a thing, can't beat it.

September 3, 2017
3:43 pm
Koogie
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Bill said
Around this time of year we'll start getting a few free wall calendars in the mail from some groups who want money, so I'll take one of those and mark any 2018 GIC maturation dates or other dates I need to remember something. Free, 2000-year tested technology, I've never missed a thing, can't beat it.  

Ah... but Julian or Gregorian calendar ?... sf-laugh

September 4, 2017
9:29 pm
Peter
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Nehpets said

Admin: Perhaps this might be a separate topic in a dedicated thread on how to use various tools in spreadsheets.

Stephen  

The only other time I can remember where the topic of "tools" came up was 5 years ago. We could spin this off into a separate discussion or sub-forum if there's more demand.

December 11, 2017
9:58 am
frugal lady
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Peoples Trust also dropped the ball on my gic maturity instructions of not to auto renew. I had contacted them well in advance of Dec 9 maturity not to renew. However, the same did renewsf-frown. Sent them email Dec 9 (Sat) and was contacted by phone first thing in am Dec 11 apologizing and fixing.

December 11, 2017
12:44 pm
toto
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That happened to me too, and I had called the day before to confirm instructions!

December 12, 2017
11:54 am
SavingIsGood
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Just want to understand why do you bother to use this bank?
Interest is not the highest; no practical internet banking (maybe it is now but it was not a year ago); one of very few Canadian banks with customer info leak; only 100K insured.
Kind of no sense to have account there...

December 12, 2017
3:56 pm
christinad
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I plan to move out my gics, but i'll probably keep a savings account there as they accept poa and are in my province which should make it easier to process. They do not have the worst rates, just not the best. Hubert's cashable gics seem better. Maybe i'll eventually take out everything. It takes time when you have gics maturing throughout the year.

December 12, 2017
6:08 pm
--- deleted ---
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I think a lot of people (including me) are holdovers from the glory days when PT had exceptional TFSA ISA and GIC rates. For most of the last few years, their GIC rates have been competitive.

It's only in the last year or so that the rates have slipped considerably, and I don't know what they're trying to do.

One nice thing about PT that I've experienced, though, is that their EFT speed is (or at least, it used to be) rapid. A few times, I've pushed funds from PT to a big bank and they were in the account the next day.

December 13, 2017
3:19 pm
frugal lady
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lostmyusername said
I think a lot of people (including me) are holdovers from the glory days when PT had exceptional TFSA ISA and GIC rates. For most of the last few years, their GIC rates have been competitive.

It's only in the last year or so that the rates have slipped considerably, and I don't know what they're trying to do.

One nice thing about PT that I've experienced, though, is that their EFT speed is (or at least, it used to be) rapid. A few times, I've pushed funds from PT to a big bank and they were in the account the next day.  

Agree about the glory days and slowly moving things out as mature. Recent push from PT was out of PT and into receiving end in one day. I will be really ticked if they drop the ball again on my GIC maturing instructions!!

December 16, 2017
5:34 am
--- deleted ---
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As soon as I can clear funds out of PT I'm closing my account.

January 9, 2018
7:36 am
Save2Retire@55
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I might be too late but do NOT close your account. As far as I know, there is no fees to have an account open and inactive.

I moved out all my funds when their interest went down from 3% to 2% (If I remember correctly). However, I kept couple cents in the account to keep it open in case they offer a good rate at any point. It will save me the hassle of re-opening which took over a month and moving funds.

January 9, 2018
8:48 am
semi-retired
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Had a GIC come due several days ago.Called the day before with instructions to place it in regular savings account.No problem.Took everything & shipped it to Tangerine for 2.5% account.Was there next day.Left 1.00 in each of my existing accounts.Maybe some day they will become competitive again.Will cost them each month to send statement to me.

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