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NOT rolling over a People's Trust GIC
April 29, 2015
9:09 am
oldlady
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I've been building a GIC ladder at various institutions, including PT. Except for PT, everyone let me choose whether I wanted the money to go into my savings account on maturity, or whether I wanted the GIC to roll over for the same term. At People's Trust, however, the new GIC is initially set to renew for the same term, like it or not. They told me that to change that, I'd have to call them back after the GIC is open.

I just made that call and spoke to someone who said she'd make the change. It didn't take long. (But it annoys me that I had to call them at all.) However, when I asked about confirmation she told me that my online account will not show the change -- in fact it will continue to say that the GICs will be rolled over for the same term at maturity, just as it does now. If they send a paper confirmation of the change in instructions, she didn't mention it.

So I'm wondering whether they can be relied upon to make this change. What's your experience giving them instructions over the phone? Can they be counted on to follow through?

I was planning to get more GICs at People's Trust, but this makes me nervous. I like having printed confirmations of transactions. Preferably in triplicate!sf-wink

April 29, 2015
3:16 pm
Yatti420
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I'd call back and double check and complain if online still shows GICs versus cash..

3. What happens to my GIC at maturity?
If instructions for the maturing GIC are not received by 2:00 PM on the date of maturity 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.

http://www.peoplestrust.com/hi.....ount-faqs/

April 29, 2015
3:47 pm
kanaka
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Hi I have NOT had any GIC's with PT.

BUT

When I do an online GIC at Outlook Financial (or any other institution) I screen print every step and they also give you a receipt of input. And you CAN have the option to NOT ROLL OVER to a new GIC at maturity. But the online account of that GIC will say it will roll over to a new GIC at maturity. I have contacted them about this and it is their software (or online program) that doesn't sync with our input. Which to me is a huge problem if they want to offer online services with minimal customer contract. And provide the customer with some confidence of their product. Sure as heck....it does not make any sense to me!! So every time a GIC is about to mature I call them to confirm my wishes and they check and remind me it was already set up that way and I kindly remind them that, that is not what my GIC information shows online. But since their GICs can be withdrawn before maturity...it is not a big deal if they do roll over. Actually I have seen that they do roll over and it appears they have a manual process to dissolve it to your savings account.

I also called Implicity and they said they have the same issue.

Oaken does a fantastic job on their non registered GICs only as the certificate that they mail you shows what will happen at maturity.

I never have a GIC roll over as who knows if you will need some or all of the funds at maturity (5 years later)...and where are you at maturity date....hospital, holidays, business trip or not feeling well.

So it is always based on a phone call to ensure it does not roll over as most won't accept an email. And the phone call does not leave us with a receipt unless you are recording the call as they do. Should they all have a form to mail in? Is their a specific amount of time they want to know in advance? Will you receive a receipt of your request?

So far I have not had any problems as I would assume you would not with PT.

Perhaps you should NOT use PT for your laddering for their lack of consistency??????

April 29, 2015
4:14 pm
Loonie
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In my opinion, PT is weak on documentation. The same problem occurs when you designate a beneficiary for TFSAs - you don't automatically receive any documentation to this effect, which I find unnerving, and even more problematic because there's nothing you can do about it after you're dead.

In the latter situation, I emailed them and asked for written confirmation, which arrived as a short signed note by email attachment.

I suggest you try the same in this case. Personally, I would not refuse to do business with them on this basis. I would just do like kanaka and keep on their case. But that's a personal choice.

April 30, 2015
8:18 am
Brimleychen
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I have GICs rollover problem with PT also. Last year, I called them and disabled all GIC auto renewals, and requested a ticket number from email. Now I kept using that email chain to give them instructions for renewals.

So far it works fine for me, and I just needed to check on line and make sure my instructions are executed.

They can do a better job, but I think the front line staff are very helpful.

Another problem I found out is they published our SIN number together with TFSA contract number on the web under your account enquiry, and I am very unhappy with them. We don't need that, and now most of online banking only show the last few digits for credit cards only.

May 1, 2015
7:46 am
oldlady
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Thanks to everyone who has advised me on this issue! Special thanks to those who suggested contacting them by email. That's a very useful tip.

People's Trust currently seems to be paying the best interest rates for 1, 2, 3, and 4-year GICs, at least among the CDIC-insured institutions, so it's hard to turn my back on them even though they are weak in some respects. Thanks again, everyone.

May 2, 2015
4:50 am
JustMe
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That is a great idea to get ticket number when requesting NOT to roll over! I have some GIC maturing in a 2 months and even though I e-mailed them to confirm that they will not renew it, there is still no response.

I find their communication practice very, very week and in most cases unprofessional. When you eventually get them to respond by e-mail, there is no 'dear such-and-such', no 'Hello', etc.; just reply - we did as you asked...
Even when calling them, their staff response is like somebody forces them to work for $5/hour. There is no that friendly and warm voice tone showing they appreciate you as a customer. Even if it is fake...

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