Deposit Broker | GIC discussions | Discussion forum

jvh said:

Does anyone have experience using a deposit broker? How does it work? Do I setup a single account with them, in which I could hold many different companies' GICs? How does this affect the CDIC limits? How do they get paid? Are there pitfalls in dealing with them (pressure to buy other services/products, for example)?

My investment adviser that sells me RRSP products also sells me GIC's with Coast Capital CU in BC. His rate is a bit higher than the posted rate. He does everything for you .... all the paper work. But your investment is with Coast Capital and they send an annual statement and my adviser sends me a receipt from Coast Capital of the transaction. I give him a check and he takes care of it all. Limits for insurance are based on the institution (a bank or a CU) where the money is deposited. When it matures I give him my banking information and he arranges for the deposit. It's like magic!!! lol