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Renewal instructions not honoured
December 7, 2020
1:47 am
smayer97
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("Which of these addresses have you lived at?" "NONE! WAIT A MINUTE!")
RetirEd

This MAY have helped you BUT this is NOT a guaranteed sign that something is wrong. If fact, verification OFTEN includes invalid info... because only the legit owner would know that NONE are valid... and that is one of the choices given. So presenting invalid choices is actually intentional and part of the verification process.

December 7, 2020
7:23 pm
RetirEd
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I concur, but in my case it led to a real problem. Check your details, everyone.
RetirEd

RetirEd

December 9, 2020
3:00 pm
rk
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I called PT today. Their customer service is good, almost no wait for CSR to pick up.
However, they were not able to open a TFSA account for me on the phone. I was instructed to make an application here: http://www.peoplestrust.com - which I did. I was able to specify that the money will be transferred from my TFSA GIC, when it matures. This is also good. Except, the account will not be opened until the GIC matures (actually, possibly even a few days later, as January is a busy season).
I am not sure if I can initiate the transfer out without this account number. I do have the TFSA GIC account number, but technically the transfer will be done from the new account, not from the GIC. Looks like I will have to wait weeks after the GIC matures for this transfer to complete.

January 8, 2021
5:32 am
dougjp
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Thank heavens for this thread, as I had a GIC expiry today with instructions not to renew made ahead of time. You know the rest as I logged in this morning and found a renewal was done....what a bush league system. Now the waiting to see if it gets fixed.

" We may never pass this way again " - Seals & Crofts

January 8, 2021
6:06 am
Bill
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Not need to worry, dougjp, lots of time, their 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."

You could wait a couple of days to see if it's just a lag time before they honour your directions, so you'll know for next time.

With Peoples I don't give them instructions until a day or two before maturity (I figure they'll misplace my instructions if I do it too early, seems to be corroborated by some folks stories on here) and never had a problem, easy-peasy. They have been very pleasant to deal with, in my experience.

January 8, 2021
6:07 am
lhsaid
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dougjp said
Thank heavens for this thread, as I had a GIC expiry today with instructions not to renew made ahead of time. You know the rest as I logged in this morning and found a renewal was done....what a bush league system. Now the waiting to see if it gets fixed.  

It should be fixed by 9am PST, don't panicsf-smile

January 8, 2021
7:26 am
dougjp
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Bill said
Not need to worry, dougjp, lots of time, their 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."

You could wait a couple of days to see if it's just a lag time before they honour your directions, so you'll know for next time.

With Peoples I don't give them instructions until a day or two before maturity (I figure they'll misplace my instructions if I do it too early, seems to be corroborated by some folks stories on here) and never had a problem, easy-peasy. They have been very pleasant to deal with, in my experience.  

No problem, I read that and "knew the score", thanks to this thread (no thanks to PT), I gave instructions over the phone 4 days ahead. I just think there should be a way to make a simple text script change from "If we have not received your investment instruction.....to something like "We have received your investment instruction, after expiry you have 10 days to change that etc."

" We may never pass this way again " - Seals & Crofts

January 8, 2021
10:06 am
Alexandra
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I purchased my 2020 TFSA $6K contribution, one year term with Peoples Trust. It matured yesterday. I called them on Monday to renew it but with a five year term this time. I see it was renewed and available to print for my files yesterday morning. I also gave instructions on Monday the 4th for another renewal on the 14th. So will see if that goes through on time. In the past though, when I have given various instructions, it has taken them a day for things to show up correctly.

January 9, 2021
6:28 am
Bill
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Peoples TFSA GIC matured today, I had called yesterday to tell them to put matured amount in my TFSA savings for now, ok we'll do that, today it shows the matured amount being renewed for another year at current 1.45% TFSA GIC rate. I'll give it to next Wednesday or so to see if it all reverses itself to what my instructions were, I'm guessing it will.

January 9, 2021
11:02 am
savemoresaveoften
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Bill said
Peoples TFSA GIC matured today, I had called yesterday to tell them to put matured amount in my TFSA savings for now, ok we'll do that, today it shows the matured amount being renewed for another year at current 1.45% TFSA GIC rate. I'll give it to next Wednesday or so to see if it all reverses itself to what my instructions were, I'm guessing it will.  

Think its an automatic reenroll while any other instructions are dealt with manually. Thus it get reenroll and then reverse when a staff manually fixes it.

January 9, 2021
11:50 am
Bill
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Exactly what I'm thinking.

January 9, 2021
12:27 pm
Vatox
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That’s not very professional. If a customer gives instructions to not renew, then a staff members input should override the automatic renewal, instantly, not a few days after maturity. I’m actually sorry now that I opened an account with them. It’s not acceptable if I have to call them, all instructions should be option choices online.

January 9, 2021
1:25 pm
Bill
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FWIW, Vatox, they answer the phone pretty much right away every time, in my experience, so should be easy to call them on Monday to close your account. (And remember to check GIC renewal process whenever you open an account somewhere if phoning is not acceptable to you, I guess is your lesson.)

January 9, 2021
2:19 pm
savemoresaveoften
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Vatox said
That’s not very professional. If a customer gives instructions to not renew, then a staff members input should override the automatic renewal, instantly, not a few days after maturity. I’m actually sorry now that I opened an account with them. It’s not acceptable if I have to call them, all instructions should be option choices online.  

They are certainly NOT the only one that does that. Like Bill said, they are very good at picking up the phone (not like Tang or the other banks) and the 2 times I called, the person I spoke to is professional and know what he is doing (cant say the same for most. Mind you their online platform looks very primitive and that reflects the size of their operation and the available resource to put behind technology unfortunately.

January 9, 2021
3:30 pm
dougjp
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savemoresaveoften said

They are certainly NOT the only one that does that. Like Bill said, they are very good at picking up the phone (not like Tang or the other banks) and the 2 times I called, the person I spoke to is professional and know what he is doing (cant say the same for most. Mind you their online platform looks very primitive and that reflects the size of their operation and the available resource to put behind technology unfortunately.  

I agree, its mainly the online platform that is the annoyance. Mind you, I phoned numerous times on Monday and after about 5 minutes of waiting, it forced me to either leave a message or hang up! I did leave a message and it took until Wednesday to get a call back. In the meantime after about 5 attempts, I finally did get to a professional person on Monday. i view all this as unusual because it was the first business day of 2021 - TFSA and so on.

" We may never pass this way again " - Seals & Crofts

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