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GIC maturity instruction
January 12, 2021
1:03 pm
Bill
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Just checked to see if my Friday verbal instructions re putting TFSA GIC maturing on Saturday into my TFSA savings account (and previously shown to have been renewed into another GIC) have been implemented, and all good, dated back to Saturday. So clearly their system has to do its auto-renew thing before overriding instructions can correct.

Patience used to be a virtue, I still like it.

January 21, 2021
10:36 pm
fabafter50
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I have also had an issue with People's Trust auto renewing a TFSA GIC. I had a ONE year TFSA gic maturing today. I called them a month ago, opened a TFSA savings account and gave specific instructions that upon maturity, the TFSA gic maturing funds, be put into the TFSA savings account. Imagine my surprise when they took it upon themselves to not only renew for the same period, which was one year, but they renewed it for TWO years. They are very untrustworthy this way so Caveat emptor when dealing with them.

January 22, 2021
6:53 am
Nehpets
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fabafter50 said
I have also had an issue with People's Trust auto renewing a TFSA GIC.....  

Agreed that the default practice of Peoples Trust and Peoples Bank is irritating, particularly among clients like the members of this Forum who pay very close attention to financial transactions.

The reality is that they do correct the default programming of their system in the early morning hours (typically around 8:00 am PT) from what I have experienced.

The exception was a recent maturing of a GIC on the Peoples Bank side that took 24 hours this past weekend, to correct itself, with a GIC that matured on Saturday, and remained in the renewed state until Sunday morning.

Like others I have called in advance to "ensure" instructions had been received, recorded the conversation and still saw the programmed default renewal, that was promptly modified to transfer the matured funds into the e-savings account as had been instructed.

In this day and age I find it surprising that their system cannot be programmed to more precisely reflect maturity instructions, as all other FI's I have dealt with are capable of doing.

Maybe they count on the naïve investor who fails to diligently verify their financial affairs, and who does not call ahead to verify maturity instructions. No, no, say it ain't so...a financial institution deceiving a client...what could I be thimking...sf-wink

Stephen

January 22, 2021
11:17 am
Save2Retire@55
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I recently had 2 GIC maturing (Jan 7th). I initiated the transfer from Questrade and called Peoples Trust with instructions. They said there is a 10 days period when the account can be moved. If not moved during the 10 days, the GIC will be renewed.

Everything went smoothly and the accounts were moved over to Questrade without any issues.

January 22, 2021
4:39 pm
Loonie
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Save2Retire@55 said
I recently had 2 GIC maturing (Jan 7th). I initiated the transfer from Questrade and called Peoples Trust with instructions. They said there is a 10 days period when the account can be moved. If not moved during the 10 days, the GIC will be renewed.

Everything went smoothly and the accounts were moved over to Questrade without any issues.  

I'm glad it all went smoothly, but what gives them the right to auto-renew? They can put it in your savings account indefinitely pending the transfer. Transfers take time, and it varies.
Perhaps this person was misinformed and was thinking of the time period in which you can change instructions?

February 13, 2021
9:00 am
Bill
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Had a 1-year gic mature yesterday, when I signed on it showed reinvested for another year's gic. Called in, no wait, told them to instead put it in my savings account, guy did it right away. Signed back in and gic gone, funds sitting in my savings account. Beauty day!

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