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I got my GIC with Wealth One bank matured this March 28th. I got two postdated checks (principal and interest), cashed both in different banks. Both checks cashed no problems seemingly.

Had a GIC come due today.Interest was in my checking account at 9:00 AM this morning.Principal check was at Scrivens Broker in Ottawa where I just came from rolling it over to a 2 year GIC at 5.42%.No proplems with Wealth One Bank.Principal & interest are below the CDIC level.

canadian.100 said

Did you stick with WealthOne for the new 2 year GIC? or did you go with a different FI? I assume you can just endorse the redemption cheque and your agent Scrivens can use that cheque to apply to purchase of the new 2 year GIC. 5.42% is a good rate these days.  

The 5.42% for 2 years was also with Wealth One.I added a bit more principal but divided the amount between a personal GIC & a Joint GIC for complete CDIC coverage including interest.My principal check was applied to the purchase.Haventree Bank was paying 5.45% for 2 year,but have a GIC already with them & it would be a pain to wait for the Wealth One check to clear,drive back downtown Ottawa to Scrivens to open another HavenTree GIC.Would lose a weeks int in doing that..03% int isn't a major loss.

GR said
semi-retired:

In general, a GIC broker should be able to take a maturity cheque payable to you from one financial institution and deposit it to another financial institution to purchase a new GIC for you, without you needing to deposit the cheque at your bank and issue another cheque to the financial institution you are investing with now.  

Good to know.I didn't even think of asking.Thanks for the update.I have another GIC coming up in 2 weeks & will use this info.