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December 30, 2020
2:40 pm
Alexandra
Victoria, BC
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I bought a TFSA with Ally around 10 years ago. RBC bought them out so when my GIC matured, I just stayed with RBC at then the ridiculous rate of 2%. I don't know why. Anyway it is due again. I have been on hold with them for 45 minutes now. I want to cash the GIC in. Apparently, clients are able to give maturity instructions 14 days before maturity. Well it is now 11 days before maturity and I am unable to do this on-line. It keeps saying I have no GIC's to change maturity instructions. I'll probably hang up in a few more minutes if they don't answer. Maybe on the 2nd of January I'll just drive over to the bank to give my instructions in person. What a pain. The richest bank in Canada.

If it wasn't for their Mastercard, I would get out of there completely.

December 30, 2020
6:20 pm
topgun
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There are plenty of good FI for MC or VISA other than RBC. Investigate a few and decide what is right for you.

Have a Great Day

December 30, 2020
6:56 pm
Dean
Valhalla Mountains, British Columbia
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.
What Topgun said

Don't let RBC's *&^%$@# Mastercard hold you back ❗

    Dean

sf-cool " Live Long And Prosper " sf-cool

December 31, 2020
5:12 am
Loonie
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It is my understanding that you can give instructions even after the maturity date, for about 10 days, but I could be wrong, I suppose. I did this through phoning a branch once, at TD, and it was past the renewal date. Nowadays it can be very difficult to get through to a branch on the phone.

And now you know how come the bank is so rich and you not so much. They were happy to quietly renew that gic for another five years at a very low rate! (I'm sure you've already realized this, and I'm also sure you won't give them this opportunity again!)

December 31, 2020
6:06 am
savemoresaveoften
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Like Loonie said, most banks (if not all) they will reenroll for the same term automatically BUT you also have the right to cancel the reenrollment within X number of days after maturity. So you are covered as long as you act even AFTER maturity.
Even tho they have the full capacity to preset it to roll into cash given everything is automated at banks these days, TD for example will tell you it can NOT be done and must call in at maturity. Its their trick to hope you just let it roll and they pay u peanuts.

December 31, 2020
6:38 am
topgun
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When I took over Mom's finances it took a good while to see how Dad did things. By the time I found that a GIC matured it was too late. GIC renewed for another 5 years. Thank the Lord she lived more than 5 years after Dad's passing.
That is one of the features I noticed when I started buying GIC's a couple years ago. The question "What do you want to do with the money at maturity?". I knew "Put the money in my account". All the GIC's I purchased have this option during setup.

Have a Great Day

December 31, 2020
10:30 am
Alexandra
Victoria, BC
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After an hour on the phone yesterday waiting, I hung up. This morning two phones waiting for them to answer. I will probably go to the bank today to give maturity instructions in person, i.e. cash and never go back again.

Apparently, I can change my instructions on line ONLY if I agree to all electronic documents. Because I am a senior and have had an account with them for quite sometime, they cannot change sending me my account info by mail. So they keep making options more and more difficult. I refuse to give in out of principle.

As you say, they want to renew TFSA GIC for five years at a tiny little rate............or better yet, come in and talk with them and set up a mutual fund account. They can tell me how it is better to put ALL my funds with them. Saves on paperwork for me as well as getting all those darn T5's (which accountants like to charge an individual fee for each one). Did my own income tax for that reason for 2019 income. Sent CRA a huge envelope with all those documents. The only reason I used an accountant in previous years is because of investment rental income. Anyway, another topic for sure. Anybody ever look at the cheap homes in Moncton? Huge taxes though.

Thanks for all your advice!!!

December 31, 2020
11:31 am
Alexandra
Victoria, BC
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Finally, they answered after just over an hour!! I am going to have them deposit my matured TFSA GIC into my chequing account.

I asked her why would RBC mail me, e-mail me and tell me on online banking that I could change maturity instructions on line when you can't.

She said you actually can but it is not "user friendly". I said okay...lets go through it. I am online now ..... tell me how to go about it. So we went into about three different ways....and each time the note came up that I had no GICs or TFSA. She finally admitted that I wasn't able to do this.

I am so through with them. The young lady was very nice though and I realize it is not the employees fault. Those agents on the phone must be getting yelled at continually. By the time they answer, the person on the other end has been waiting a very long time.

December 31, 2020
1:19 pm
Loonie
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Congratulations!

January 3, 2021
4:13 am
RetirEd
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I also had $100K with Ally for their 4% (compounded to 4.08%!) 5-year term, and was transferred to RBC when they bought Ally. RBC observed the existing terms but made it hell to transfer the money out without fees - eventually I got their transit info and had another outfit pull it out by Pre-Authorized Debit.

Most big banks will not let you call branches any more, so I just motorcycle over to a branch and insist on seeing someone if a teller can't do the job.

NOTE: Not all FIs will let you change your mind after rollover within a specified period of time! Be careful! Even if my documentation (on paper, natch) says "deposit to specified account" I always phone (or visit if I have to) to confirm my wishes.

I miss Ally. No wait on the phone, no haggling for the rates, fair or more-than-fair terms and those frequently-compounded rates. Intelligent, helpful customer service. They even let me specify monthly payouts so I could invest $100K and only risk one month's interest over CDIC limits. And I split things into 10K/20K/30K/40K for flexibility in emergency withdrawals (with penalty, natch.)

Yes, it was too good to last. sf-cry
RetirEd

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