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Email this7:28 am
May 20, 2016
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If a GIC maturity date is today, should the fund be available today or tomorrow for withdrawal or renewal?
8:25 am
February 9, 2019
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Depends on who you deal with. Most would be available today but I know for sure, Outlook Financial would be tomorrow.
I never allow a GIC to renew. As it allows me to use the funds if needed and secondly allows to park the funds for a better rate if they are on the increase or move the funds to a better rate at another FI.
2:31 pm
May 20, 2016
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Denise Milani said
Depends on who you deal with. Most would be available today but I know for sure, Outlook Financial would be tomorrow.
Thanks. I think it should be today. For example, 1 year GIC started on March 26, 2018, then March 25, 2019 is the last day of the term. But, as you noted that some FIs want to keep the fund for an extra day.
5:54 pm
February 9, 2019
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Who is the FI?
If a leap year was in the term, it could be a day later.
Do you have the maturity date in writing...certificate or system information?
12:32 pm
April 6, 2013
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One needs to make sure there isn't a misunderstanding.
If I buy a one-year GIC on Monday, March 26, 2018, then the last day of the term deposit is March 25, 2019 and maturity is Tuesday, March 26, 2019. Funds should be available on March 26, 2019, the maturity date.
As a courtesy in distant times, smaller financial institutions would mail a post dated cheque a week before to depositors who weren't rolling the GIC over. That way, the depositor would receive the cheque in time for deposit to their regular bank account on maturity date.
I had a few 3-month term at EQ Bank. When the maturity date was on the weekend, like Sunday, the interest and principal are made available the preceding Friday.
7:25 pm
October 21, 2013
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Oaken will often deposit the proceeds early - a couple of days!
Doesn't it say anywhere in your statements or other docs what the maturity date is? Whatever it says, that's when the funds should be available.
1:23 pm
April 6, 2013
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Loonie said
Oaken will often deposit the proceeds early - a couple of days!…
That sounds like what EQ Bank does when the maturity date ends up being a Saturday or a Sunday.
7:12 pm
September 30, 2017
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Got a bunch of GICs matured this month, various issuer.
- With a batch thru a deposit broker, I was given the option to pick up postdated cheques, like 10 days ahead.
- One with Oaken, the principle & interest were deposited to an Oaken Savings quite early on the maturity date specified. Checked 8 am in the morning, the account balance already shows.
- One issued by TD matured today on TDDI. The interest was pay out in the morning. However, I couldn't see the transaction on the principle until after 9:30pm ET. That's ~10 hrs after the interest transaction!!! Immediately I transfer the amount from TDDI to TD bank chequing. Got the TDDI confirmation but nothing show up TD bank side. Guess they made me missed the last train for the day. It is Friday night again
1:38 pm
November 25, 2019
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FWIW, I opened a 10-year GIC at DUCA on June 30, 2023 (opening date) with annual interest payment. This year June 30 was Sunday and July 1 is a public holiday. DUCA credited the maiden annual interest in my bank account on July 2 with two credits: one is the annual interest amount and the other amount is equal to one day's interest.
The annual interest payment covers the period from June 30, 2023 to June 29, 2024. The one day interest paid as a separate credit covers June 30, 2024. Since the two credits appear in my bank account on July 2, 2024, I'm wondering if DUCA thinks they have paid me until (including) July 1, 2024.
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