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GIC maturity instruction
January 9, 2018
10:15 am
Bill
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semi-retired, same for me, everything went as I set up re recent GICs coming due with Peoples, left a few dollars in savings account.

I have dealt with 2 CUs, Achieva and Hubert, and I think they close your accounts after 6 months if there's no business (or is it activity?) with them, not sure. Achieva called me right away when I left them with just a few dollars (they're paying me $1/month for not wanting paper statements so my return on my money with them was astronomical!) and told me that, so I bought a small GIC with them to keep them happy. So maybe CUs are different, I don't have much experience with them, but I think banks might let your accounts sit there unused longer, e.g. I've had a Canadian Tire bank account with a few bucks in it for years, it's still open.

January 21, 2018
11:05 am
Nehpets
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Having concerns about some of the original posts in this thread that reported PT was delinquent in processing transfers of matured GIC's, I made at least two calls to PT advising them to prepare for transferring a maturing TF GIC out to another FI.

To my surprise, yesterday, the 20th, the maturity date of my GIC, the funds indicated they had been moved into a current one year term at the current rate maturing on the 20th of next year.

There was a boilerplate proviso that if I did not alert them to different plans for the new GIC in 10 days, the new GIC would be locked.

I was previously told by their CSR they had all the necessary documentation on file to transfer out the funds!

Being Saturday, there was nothing to do until Monday, however, today, Sunday I wanted to have another look, and to my surprise again, the GIC funds were now residing in my PT TFSA ready to be transferred out.

I can only conclude that their default settings automatically renew the GIC, but perhaps by manual input the client's instructions are applied later.

Nevertheless, I thank those who posted their concerns early on in this discussion thread to alert me to monitor PT's transaction process.

One more PT TF GIC to mature later this year and it will be Adios PT!

I will likely take the advice of Save2Retire@55 and maintain the accounts with a minimal deposit in case their rates become worthwhile at some point, as PT is one of the few FI's to NOT charge an exit fee for TFSA's.

Stephen

January 21, 2018
3:42 pm
Save2Retire@55
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Good point about confirming on what happens to the account. I have one with ZAG and just sent them a message to make sure what happens to it.

Regarding PT, I just opened my account after 22 months of inactivity and it is still open even though its balance is $0.00. Hopefully, they keep it open or notify me if they decided to close it.

January 21, 2018
5:46 pm
Loonie
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I'm glad you were able to get your money out, Stephen.
In my experience, every place I've dealt with except Oaken has an auto-renewal default. I noticed the other day that WealthOne's default is a six-month GIC.
Oaken gives you an option at the time of purchase, and you can tick off whether you want auto-renewal or not.

October 11, 2018
12:09 pm
frugal lady
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Had a GIC with Peoples Trust maturing today. I had called them Sept 24 and left instructions not to auto-renew and to transfer funds into savings account.
Checked this AM to make sure everything went OK and it did.

September 27, 2019
5:49 pm
hwyc
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I am never a client with PT.

While proceeding thru the online GIC application process, it appeared a PT e-savings account is required at GIC maturity (other than auto-renewal) I think it would be a lot helpful if they can offer the option to send the maturity proceed back to the funding source - a chequing account at another FI in Canada.

Until then, I think I'll remain at the sideline, even though they have an attractive offering right now.sf-frown

Capture-PT-GICs.PNG

BTW, has anyone seen their GIC Terms & Condition on the website? Is it buried deep ? [Edited to add FAQ page found]

September 27, 2019
6:04 pm
Nehpets
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hwyc said
... I think it would be a lot helpful if they can offer the option to send the maturity proceed back to the funding source - a chequing account at another FI in Canada.
Until then, I think I'll remain at the sideline, ..... 

It would also be helpful if they delivered the cash to my door..sf-laugh..but lets face it, Peoples Trust is primarily an online operation, so paper checks going out are not part of that realm.

You could set up the savings account and use it solely for transfering funds in and out using EFT, precluding the need to mail a check for funding your GIC..no fuss, no muss.

Has worked for me and their customer service has never let me down.

What's your objection to setting up an e-savings account?

Stephen

September 27, 2019
7:36 pm
GICinvestor
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HWYC. Other than Oaken who else sends you a cheque or forwards the matured value of a GIC to your account at another FI?

If you are going to get good rates then you have to accept the differences of each FI. For example for a joint GIC at PT the spouse also has to call in to confirm, joint, and you also have to call in to ensure the funds are not reinvested at maturity.

So isn’t your time worth the effort to make a deal for a better rate?

September 27, 2019
8:38 pm
hwyc
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OK. I spent more time & finally found their T&C. Section 4.3 mentions the option I wanted.

Upon the maturity date or early redemption date (if permitted), and where we are instructed not to re-invest the principal sum or interest in another of our financial products, the principal sum and accrued interest will be paid to the Registered holder(s) by way of electronic fund transfer to the Registered holder(s)’s External Account. Funds will only be payable to the Registered holder(s) and no other party.

Just wish they incorporate the option into their application process as well.

PT (if you hear me) keep the offer just a little longer ... EQ's 3-month GIC is almost done.

September 27, 2019
9:59 pm
Loonie
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thanks for the work and sharing your results, hwyc.
I think I will send them something in writing and them to confirm receipt.

I had some inconvenience with them a few years ago, with my TFSA, as there was no evidence they'd received my beneficiary designation.

It seems to me that a default to the accompanying HISA makes more sense than to external FI. By the time the GIC matures, you may have changed to a different external FI, especially if five years.

P.S. Isn't there some kind of statutory "cooling off" period on reinvesting in a GIC? Or is that provincially regulated?

September 28, 2019
8:01 am
GICinvestor
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Loonie said
thanks for the work and sharing your results, hwyc.
I think I will send them something in writing and them to confirm receipt.

I had some inconvenience with them a few years ago, with my TFSA, as there was no evidence they'd received my beneficiary designation.

It seems to me that a default to the accompanying HISA makes more sense than to external FI. By the time the GIC matures, you may have changed to a different external FI, especially if five years.

P.S. Isn't there some kind of statutory "cooling off" period on reinvesting in a GIC? Or is that provincially regulated?  

They say on the monthly statement:

**MATURITY NOTICE** - If we have not received any investment instruction from you either prior to or on the maturity date, the principal and interest will
automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal you will have 10 business days to either cancel
the transaction or change the term of your account.

I always have my GIC's mature back into an associated savings or chequing account other than you know who, OAKEN.

And like you say. where are you going to be in 5 years and remember what obligations have you made for a bank account or credit card.

September 28, 2019
6:59 pm
Loonie
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thx
I think that 10 day period is statutory as i believe it's the same here in Ont.

September 29, 2019
1:06 pm
Dean
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One of the few things I liked about Tangerine ... during the on-line process of setting up a GIC with them, you can indicate what you want done with the money (principal & interest) when it matures.

In the past, I always elected to automatically close down the GIC at maturity, and have all the funds transferred into my Tangerine savings account.

I sure wish 'Hubert Financial' had that feature❗

September 29, 2019
1:52 pm
GICinvestor
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Dean said
One of the few things I liked about Tangerine ... during the on-line process of setting up a GIC with them, you can indicate what you want done with the money (principal & interest) when it matures.

In the past, I always elected to automatically close down the GIC at maturity, and have all the funds transferred into my Tangerine savings account.

I sure wish 'Hubert Financial' had that feature❗  

They do. Just not on the online form. When the GIC is in place either email them or chat to have the matured GIC go into your savings. Keep the email or chat as part of your records.

September 29, 2019
2:01 pm
Oscar
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Dean said
One of the few things I liked about Tangerine ... during the on-line process of setting up a GIC with them, you can indicate what you want done with the money (principal & interest) when it matures.

In the past, I always elected to automatically close down the GIC at maturity, and have all the funds transferred into my Tangerine savings account.

I sure wish 'Hubert Financial' had that feature❗  

Meridian also like Tangerine and your maturity instructions are on -screen when logged in and specify your choice (ie Savings01) so you don't have to have a good memory . Duca is the same also and provides option to change maturity instructions , at least on non registered.
I've only been on the auto renew merry go round with big banks. That's why they give out the paper calendars

September 30, 2019
4:21 pm
Dean
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GICinvestor said

They do. Just not on the online form. When the GIC is in place either email them or chat to have the matured GIC go into your savings. Keep the email or chat as part of your records.  

We shouldn't have to do that ⬆ ... it can and should be on Hubert's online form, like other FI's.

This is '2019' ... Hubert is behind the times on this❗

October 2, 2019
4:56 am
savemoresaveoften
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My inlaw has GIC with TD and was told customer can NOT leave maturity instruction as its automatically roll forward. The only way to avoid it is to CALL in before maturity (or within 10 days after roll forward) to have it matured into cash, etc.

They just hope people will forget and believe it or not, quite a few seniors do or dont bother to shop for a better rates.

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