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Email this12:53 am
October 21, 2013
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I had a 15 month GIC with Peoples Trust. The final interest payment was made on Dec 3. Then they renewed it for another 15 months.
I gave explicit instructions that I did not want it rolled over some time ago. Last month I phoned again to confirm that the proceeds would be deposited into my savings account and was assured that this directive was already on my record. This was obviously not done.
I can't think of one solitary valid excuse for this incompetence.
WATCH YOUR MATURITIES VERY CAREFULLY!!
4:54 am
September 6, 2020
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Loonie said
I had a 15 month GIC with Peoples Trust. The final interest payment was made on Dec 3. Then they renewed it for another 15 months.I gave explicit instructions that I did not want it rolled over some time ago. Last month I phoned again to confirm that the proceeds would be deposited into my savings account and was assured that this directive was already on my record. This was obviously not done.
I can't think of one solitary valid excuse for this incompetence.
WATCH YOUR MATURITIES VERY CAREFULLY!!
I noticed this feature as soon as I purchased GIC's a couple years ago. I liked it. When GIC matures the principle and interest drop in your savings account. Always worked. Nice.
Have a Great Day
5:41 am
May 22, 2015
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Check again today I'm pretty sure that you'll find the funds in your saving. Same story just happened to me ! my GIC was due Nov 30th, I called in advance to make sure they don't renew. On Nov 30th, ~9:30am EST, I checked and I found that they renewed it !!! I emailed them, they said that they make adjustment at 8:00am PST time. Even if they renew by default (which I hate) you still have 10 days to cancel it.
6:32 am
October 21, 2013
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lhsaid said
Check again today I'm pretty sure that you'll find the funds in your saving. Same story just happened to me ! my GIC was due Nov 30th, I called in advance to make sure they don't renew. On Nov 30th, ~9:30am EST, I checked and I found that they renewed it !!! I emailed them, they said that they make adjustment at 8:00am PST time. Even if they renew by default (which I hate) you still have 10 days to cancel it.
Thanks for the heads up!
7:25 am
March 30, 2017
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I did not check as frequently but mine showed up properly under the savings account as per my instructions. Their system very primitive and hard to even find the phone number to reach them.
On the plus side, no limit how much u can transfer out in 1 shot.
7:56 am
December 20, 2016
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Loonie said
I had a 15 month GIC with Peoples Trust. The final interest payment was made on Dec 3. Then they renewed it for another 15 months.
As has been alluded to by others, Loonie, your renewal instructions should materialize later in the morning of maturity, partly due to Pacific Time zone vs our Eastern zone, and partly due to the peculiar way their backend software processes maturities.
I have seen this behavior on their online account reporting several times, so to be on the safe side, I always call a few days prior to maturity, confirm my choice and record the CSR's name.
The root of the issue lies in the way their backend software behaves, but in the end it tends to work satisfactorily.
Stephen
8:34 am
May 22, 2015
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savemoresaveoften said
I did not check as frequently but mine showed up properly under the savings account as per my instructions. Their system very primitive and hard to even find the phone number to reach them.
On the plus side, no limit how much u can transfer out in 1 shot.
People's Group (which include both Trust and Bank): 855-683-2881
It just happed that I've kept People's Trust's number in my contacts: 800-663-0324
10:29 am
March 30, 2017
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and even if they renew cuz u have given no specific instruction, there is a still cool off period (5 biz days ??) that you can just call them and revert it back to cash.
12:53 pm
September 11, 2013
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People's site says "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."
3:34 pm
October 21, 2013
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The problem was resolved as lhsaid and Stephen suggested, and all is well - now.
I still think both their back end and front ends are functionally incompetent. The back end problem should simply be fixed; they choose not to. On the front end, if you go to the trouble to request that there be no rollover, and then call again to confirm, SOMEBODY there should inform you of this glitch to be anticipated. There are lots of communication opportunities and all have been missed by them.
Poor customer service. Not the first time either.
3:50 pm
September 7, 2018
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Loonie said
The problem was resolved as lhsaid and Stephen suggested, and all is well - now.I still think both their back end and front ends are functionally incompetent. The back end problem should simply be fixed; they choose not to. On the front end, if you go to the trouble to request that there be no rollover, and then call again to confirm, SOMEBODY there should inform you of this glitch to be anticipated. There are lots of communication opportunities and all have been missed by them.
Poor customer service. Not the first time either.
I agree - not an institution I would deal with again. Poor service, amateurish, and antiquated systems. Guess some people are so desperate for a slightly better interest rate and ignore negatives of poor customer service and antiquated systems.
6:44 pm
March 17, 2018
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I find their customer service quite good, and I like the fact they don't charge fees to transfer out registered plans. I've had times in the past where I've gotten managers permission to close out GICs that have autorenewed, days after, but I don't remember exactly how long. I don't like that they don't link up accounts easily like EQ Bank.
8:26 am
February 6, 2019
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I have a PT TFSA GIC maturing early January. It is the only account with them. I thought that I can open a TFSA savings account online (theoretically this is possible by using 'Account services' --> Open a New Account) and then call them to transfer my GIC funds into it on the maturity date. Later I can transfer it out to another FI. It is my understanding that a TFSA transfer must be initiated by the receiving FI.
However, when I hit the 'Continue' button on the 'Open a New Account' page, I get the following error: 'You have entered an invalid Transfer From Account.'
The only option that I can choose from is: 'No valid destination for this account'
Although, one valid destination would be the TFSA GIC.
Questions:
1. Can I initiate a TFSA transfer out from PT into the receiving FI?
2. Is there any way to open a PT TFSA account online (if not, can this be done by phone)?
3. Is there any other way to transfer out my TFSA from PT, without a TFSA withdrawal in early January?
4:42 pm
October 21, 2013
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Your initial assumption about transfers was correct. You can only initiate a transfer at the receiving end.
In other words, if you are transferring from Bank A to Bank B, you must apply to do this at Bank B. This is the only way.
You may need to phone PT about the TFSA saving account opening.
5:37 pm
November 18, 2017
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I concur that Peoples Trust is a diligent and competent financial institution - in fact, the best I've used since the old ING and Ally. Those two also had excellent phone service and almost never a wait. I can't think of any other FI I've dealt with (and that covers quite a few) that has never made a single mistake I could detect.
PT have never botched my GIC maturity instructions - maybe because I shun on-line banking in any shape or form! (Live or touch-tone telephone banking suits me fine.) As others have noted, PT give a no-questions-asked 10 days to change renewal instructions, with a reminder at the bottom of every statement. AND a shaded [**MATURITY NOTICE***] box right on the individual deposit's entry on your statement when maturity approaches.
I'm know no other TI as careful, considerate and forgiving in this respect. I keep my classes of deposit there full to the CDIC limits (save for not using RRSPs). Living in Vancouver, I have the additional benefit of being able to visit their downtown office (conveniently near free motorcycle parking) to get things done quickly and fully documented when I want to. (They'll even see me in pandemic times by appointment.)
It looks like the problem some folks are having is with the on-line software. All I can say is, don't use on-line banking; it a often results in "you-broke-it-you-bought-it" reaction to errors. And demand hard-copy records! PT cheerily sends me hard-copy confirmation of GICs when I ask.
I certainly have known people told by other outfits that if they missed the auto-renewal, they're SOL. And auto-renewal usually means you get THE WORST RATE they can imagine, not any promotional or loyalty offers. One woman I know, after being rolled over by RBC at 0.75% when others were offering triple that, followed my advice and told them she would compare rates when they offered her the same on her next maturity. Just saying that one sentence got an instant doubling of their offer, and better after negotiating.
I want to urge everyone to insist on hard-copy documentation; if we all agree to trust the FI on everything, they will continue to impose fees to try to force us to on-line, no-records banking and subsequent abuse.
I didn't kid around with Tangerine: when they imposed a $2 fee for statements and stopped answering the phone in less than an hour, I pulled out $135K. They offered to waive the fee for one year, but injustice delayed is not injustice averted.
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5:59 pm
February 6, 2019
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Loonie said
Your initial assumption about transfers was correct. You can only initiate a transfer at the receiving end.
In other words, if you are transferring from Bank A to Bank B, you must apply to do this at Bank B. This is the only way.You may need to phone PT about the TFSA saving account opening.
Thanks for confirming my assumption regarding TFSA transfers between FIs. Yes, I have to call PT and ask them to open a TFSA savings account for me, so I can transfer the funds into it when the GIC matures. I have to initiate the transfer from the receiving FI. Not too early to avoid NSF, but should probably start the transfer process a few days before the GIC matures, so I do not waste too much time.
9:54 pm
October 21, 2013
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If it's any help, Hubert once recommended that I send transfer request about 3 weeks before the exiting GIC would mature.
I also think it's wise to keep in close contact with both FIs during the transfer period so that you know exactly where your money is and so that the exiting one knows that a request is in the mail - or hidden under a pile of paper in their in-box! With so many people working from home, as they are at PT, it might take longer than usual to be noticed.
I would send the receiving FI a note, along with the form, stating when the GIC will mature, if it is not asked on their form.
10:20 pm
October 21, 2013
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Back in 2013 or so, PT found that its defenses, such as they were, were not good enough to avoid a massive hack. Was this vulnerability related to their existing antiquated system of redeeming GICs? I don't know. But it didn't matter if you were online or offline, your data was vulnerable. Unless you requested otherwise, that risk remained on your credit record for six years.
I deal with many FIs. PT is the only one that has had a situation where my data was compromised.
To add insult to injury, when I applied for a savings account in 2019, PT gave me the third degree because of the security warning on my credit record. I was pretty annoyed when I pointed out that it only existed because of THEM.
Like many others here, I had a savings TFSA at 3% with them for a number of years. I sent them a beneficiary designation, which is very important to me. I had no idea if they had recorded it or even received it as it doesn't appear on any document from them, online or otherwise. When I phoned to request written acknowledgement, they seemed surprised and reluctant, like I was being a nuisance. Eventually someone sent a badly composed letter of confirmation.
My most recent experience (#1 above) only reinforces my opinion that they are not technologically competent.
I am glad if others are having positive experiences.
That is all to the good. We want all our FIs to be reliable. But you will understand perhaps that I proceed with caution with Peoples.
11:17 pm
November 18, 2017
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Transferring registered investments out of Tangerine was a real quagmire. They took nearly four weeks, but Peoples Trust was kind enough to backdate the transfer to December 31st and protect me from tax consequences. Tangerine later confessed they had a policy (don't know about now - I quit them) of sending forms to Toronto, who would in their own sweet time MAIL a cheque from Toronto to PT. That was a lot of lost interest in the interim!
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12:09 am
November 18, 2017
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How many of us have dealt with a financial institution that has never been hacked? It happens a lot! Vancouver's TransLink bus system was just reansomwared, and it accepts credit/debit card payments!
I first went to Peoples Trust because, at the time, they didn't have on-line banking. They promptly added it, and it was slightly hacked. I say "slightly" because some customer data was copied, but the accounts databases and transaction systems were not affected.
One side effect was that, as a client, I was given that typical year of credit monitoring. That led to serious hassles when I tried to make changes to my credit card accounts - I had to clear the monitoring to allow them to act! The monitoring didn't stop someone from trying to obtain a credit card in my name in Quebec, or two successful clonings of one card (and I actually carried carbon paper in my wallet for years to get my signature on receipts once they went no-carbon, which helped a great deal with proving my case). All were eventually properly corrected, though I found out about the Quebec attempt only when a financial institution tried to verify me with information that was clearly wrong. ("Which of these addresses have you lived at?" "NONE! WAIT A MINUTE!")
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