GIC Wealth | GIC discussions | Discussion forum

The 3 and 4 year rate were min $25k only last 2 months.

GR said

For those in the GTA, Monarch Wealth does not normally have the same high minimums as GIC Wealth and rates are usually comparable or better at Monarch Wealth!

https://www.monarchwealth.ca/clients#gic  

How are they compare to GIC wealth ? In terms of customer service and years of being in the business, etc.

Monarch has been around for a long time. I dealt with them back in the '80s or '90s. I think it was the '80s. Yes, it used to be the Investment Shop, and maybe something else before that - can't remember now.
I've had good service from both but found GICWealth friendlier to deal with. There's not much difference though.

I'm not making excuses for them, but it's possible GICWealth's business has jumped considerably recently and that they are having trouble keeping up. For the last few months, they've been offering some of the best available rates, which is unusual, and they've gotten a big boost in publicity from this forum.

The deposit brokers have a professional association which has a website with directory. You might check there for someone in York Region. I can't remember the name of it. Many people who function as deposit brokers also run insurance agencies and other kinds of financial/investment businesses. My hunch though is that the larger companies that specialize in this will have better offers as they will have more bargaining power with issuers and, hopefully, more efficiencies.

That said, GICWealth is located near Dufferin and 401 (I can't remember where precisely), which isn't really that far from York Region, depending on where you are exactly. York Region is a fairly large area anyway; some parts of it would be closer to other municipalities in Durham, Simcoe etc.

GICWealth uses couriers, as does Monarch, so it's not necessary to live close to them, except perhaps for an initial meeting but that may also be avoidable.

canadian.100 said

So their couriers pick up cheque(s) and application form(s) from the client? Does the client pay for the courier?  

My experience is not recent, but I didn't pay for the couriers, and, yes, they came to pick up the cheque and transfer docs for registered. I don't think I ever visited a Monarch office. I did visit GICWealth to initiate as that is my preference, so don't know what happens if you don't. Contact them to verify.

gicjunkie said
I have never been charged for the courier service by GIC Wealth and I have used this service many times.  

Depends on where the courier picks up I think. The courier cost has gone up a lot (I was told). Think if pick up location is downtown, its way cheaper than say Richmond hill, Markham or Aurora.

COIN said

Do they deliver to clients as well or only pickup? What if I give the pickup courier something to bring something back to Wealth?  

Limited experience with them, but first time as a customer, they send courier to pick up the cheque. Second time, they ask politely if I can mail it and they will reimburse cuz their usual courier now wants $$$ to pick up from my location (I am 20km north east of their office.) So I mailed it but obv ended up losing a few days of interest cuz the check is NOT in their hands same day (if its courier). Next time I will see how to mitigate that, or get the broker covers for the lost interest, cuz that will still be cheaper than the amount their courier charges. For the record, I am not investing millions so the daily interest is not $$, maybe I should have asked for that too. If they make 50bps on each sale, then it will more than cover the courier cost with min $25k investment. I am totally fine if there is a way to save them some money on the courier (me going to the post office to use a cheaper alternative to mail it in) but certainly not cost me financially at the same time due to lead time.

So far delivery (GIC confirmation etc) is snail mail only. I will be interested to see how they deliver the interest on the GIC too as I opt out of reinvest option. First time dealing with GIC brokers so obv just testing the process with 5-figure transactions. If it is snail mail for the interest, it will be at least a 2 wk late I presume (CU snail mail check to them, they then process and snail mail it to me).
May be others can explain how getting the interest or the principal at maturity works if one opts not to renew/reinvest. I wish it can be electronically done like when I deal with a CU direct, but dont foresee their technology will be that advance to do it, esp when cheques are still the only one to fund a purchase it seems...

During the 2.88% promotion, I asked if I could personally hand-deliver the cheque to their Sheppard office. I was told there's no one there because COVID and I was not offered nor did I ask them about sending a courier to pick-up the cheque.

COIN said
During the 2.88% promotion, I asked if I could personally hand-deliver the cheque to their Sheppard office. I was told there's no one there because COVID and I was not offered nor did I ask them about sending a courier to pick-up the cheque.  

Like GR said, if you are talking about Wealth One bank, no chance any bank / CU will ever send a courier at their expense to pick up anything.
Maybe if you are doing a mortgage and they making $$$$$$ off you.