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CT Bank Fraud Alert
May 26, 2023
7:39 am
hwyc
GTA
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Not sure how recent these are.

https://www.ctfs.com/content/ctfs/en/support/fraud_alert.html

But if it's too good to be true, be on guard. sf-frown

May 30, 2023
7:00 pm
mechone
Ontario
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Just received an email from CT Bank

If you are contacted by phone, email or SMS text and offered a Canadian Tire Guaranteed Investment® Certificate (GIC) - STOP! It’s a scam.
Canadian Tire Bank does not employ representatives to promote or sell it’s GICs or other retail banking products in-person, over the phone, or by email.
If you, or someone you know, has been a victim of fraud, always report it.
Learn more about the current scam involving fraudulent GICs and how to protect yourself by visiting our website, ctfs.com.

May 31, 2023
5:29 am
dougjp
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I got the e-mail as well, and had to laugh. Why? After logging in, there are apparently no GIC's! The only additional offerings visible anywhere are under "products", and that's just some credit cards.

So no, I wouldn't think of buying a CTB GIC regardless!

"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green

May 31, 2023
6:38 am
The Rock
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It would take a very gullible person to believe that a 6.25% GIC offer is legit. The problem is that there's no shortage of such people.

May 31, 2023
8:01 am
HermanH
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The Rock said
It would take a very gullible person to believe that a 6.25% GIC offer is legit. The problem is that there's no shortage of such people.  

I do not believe gullibility is the problem. There are good promotional outliers.

For example, SBI offers a 1-yr USD GIC for 5.6% https://ca.statebank/gic

Most people (including me) might think that it was a scam, because no other institution could even come close to such a good rate. However, the rate is true.

The best broker rate is 5.51% so a 0.75% difference is not totally inconceivable, IMO; especially if there is a large amount.

May 31, 2023
12:59 pm
COIN
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I think we all agree 6.25% is an above market rate. Why would any rational institution offer a rate that is quite a bit above market?

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