GIC maturity instruction | Page 2 | Peoples Trust | Discussion forum

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

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.

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.

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

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?

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?

thx
I think that 10 day period is statutory as i believe it's the same here in Ont.

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.

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❗

hwyc said
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.  

... here's my 3rd & final entry following #26 & #29

The instruction during the online application was to auto-renew because I don't have a PT savings account. My 15-month GIC matured last Friday so I called in to cancel.

The agent obliged to EFT proceed back to sourcing account from the external bank. However, a PT savings account is required for the transit. I give my consent on the spot by answering the two disclosure question regarding PEP and 3rd party use. The CSR handled everything else. Signed on to check on progress this Monday morning, my proceed has departed PT & heading back to the external sourcing account. I am now left with a $0 savings account. The rep say there is no inactive fee. I could close it if I want to.

Overall my PT experience is not so bad afterall. Should their rates come back, I now have the tools to deploy funds there speedily, 100% DIY

As for the 15-month GIC, first 12-month interest was paid out on October 2020 for compounding purpose. Not sure if I will get a T5 for 2020, we'll see.

Yes that is what i'm doing - debating between 1 year and 15 months. Which would be best? I am inclined to renew one at 1 year and 1 at 15 months. Too bad the 15 month one doesn't offer a higher rate. My gic comes up this thursday so hopefully rates don't rise before then.