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Email this11:24 am
June 22, 2016
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Hello, I had purchased a 180 day non-redeemable GIC @5.5% on July 16, 2024. I just noticed that the maturity date is Jan 16, 2025 which is 184 days. I pointed out to the Duca rep that they should correct the maturity date to Jan 12, 2025 (to correspond to the 180 da) or pay me interest up to Jan 16, 2025. The Duca rep said that since the dates were machine generated there was nothing that she could do about it and that I will be paid interest for exactly 180 days even though DUCA will have my money for 4 extra days. The 4 days interest represents approximately $450. I requested to speak to a supervisor but was told that there was a Christmas party and that no one was available and that I should follow their complaint process.
Did I just step into a bizarro universe? Your thoughts please.
12:34 pm
January 10, 2017
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Suggest you find (ask Duca to send to you) and read the Terms and Conditions for the GIC you purchased. You will then know what should happen.
12:50 pm
January 7, 2020
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bali said
Hello, I had purchased a 180 day non-redeemable GIC @5.5% on July 16, 2024. I just noticed that the maturity date is Jan 16, 2025 which is 184 days. I pointed out to the Duca rep that they should correct the maturity date to Jan 12, 2025 (to correspond to the 180 da) or pay me interest up to Jan 16, 2025. The Duca rep said that since the dates were machine generated there was nothing that she could do about it and that I will be paid interest for exactly 180 days even though DUCA will have my money for 4 extra days. The 4 days interest represents approximately $450. I requested to speak to a supervisor but was told that there was a Christmas party and that no one was available and that I should follow their complaint process.
Did I just step into a bizarro universe? Your thoughts please.
Looks like I am in the same boat. I purchased two of these, on July 24, and July29, respectively. The maturity dates show Jan 24, and Jan 29-- as you point out, 184 days. I can't even see on the duca site what the amount of the interest payout will be
1:25 pm
September 30, 2017
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Checked the DUCA thread topic here, I can see there was a 6-Month 5.5% GIC in July
2:09 pm
May 20, 2016
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There are 184 days for the 6 months starting in July because the months of July, August, October and December have 31 days.
3:53 pm
January 7, 2020
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hwyc said
Checked the DUCA thread topic here, I can see there was a 6-Month 5.5% GIC in July
When I inquired about buying this, it had been advertised as a 6 month gic.
As soon as I purchased it, it was referred to as a 180 day td
It shows on my account status as a 180 day td
I did not note the change in terminology, at the time
5:17 pm
February 16, 2013
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bali said
The 4 days interest represents approximately $450. Your thoughts please.
Are you sure about the $450? That means you have almost $750,000 in the GIC at DUCA. In that case, I agree the 4 days is material. Of course, January 12th is a Sunday...
I also have the 6 month GIC but was annoyed that I had to call in to make sure it does not automatically renew.
6:00 pm
January 7, 2020
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MG said
Are you sure about the $450? That means you have almost $750,000 in the GIC at DUCA. In that case, I agree the 4 days is material. Of course, January 12th is a Sunday...
I also have the 6 month GIC but was annoyed that I had to call in to make sure it does not automatically renew.
When I bought the gic/td, I left under the impression that it would mature into my promo savings account
However, when I wrote them to double check recently, I was told no can do
Can only put it into checking account, or the 0.30 savings account
6:06 pm
March 16, 2018
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The effective term rate works out to be 5.38% (5.50% x 180 / 184 ).
Or, look at it another way, they took a 2.2% cut of your earnings.
8:03 pm
November 5, 2022
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Got Duca'd?
4:02 pm
January 7, 2020
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There is hope yet that we may avoid being Duca'd!
I called in today, to ask them exactly how much interest I would receive upon maturation.
The answer I ended up with actually shows 185 days interest!
(Which makes no sense, I agree)
I also have less that 100% confidence in the answer I got-- since the first answer I got was about $200 low!
So, I have some fear that he was calculating on the fly, and not giving me a read-out of precisely what is set up to happen
4:21 pm
February 6, 2019
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I have a few of these Duca GICs maturing in January. Maturity date shows to be 6 months after the purchase date (it was advertised as a 6 months GIC, so I believe that this is fine)
It was advertised at 5.5% annually, which means that they must pay us exactly 2.75% after 6 months. Anything less would be a breach of their own terms. In my case, I will find out in a few weeks.
Thanks for the reminder that we must call to redeem the funds on the maturity date (by default it will renew for another 6 months term at their current rate, which I have no idea what it is - and I am not curious, especially if we get Duca'd again)
4:41 pm
January 10, 2017
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rk said
Thanks for the reminder that we must call to redeem the funds on the maturity date (by default it will renew for another 6 months term at their current rate, which I have no idea what it is - and I am not curious, especially if we get Duca'd again)
It may already be going to one of your regular accounts - depends on how it was initially setup. If unsure, one can call them anytime and ask that the GIC funds be deposited in a chequing/savings account upon maturity.
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