Habib Canadian Bank | GIC discussions | Discussion forum

Last Wednesday, I was planning some GIC purchases. I saw that FiscalAgents had a 2-yr GIC from Habib Canadian Bank for 5.95%. I already hold some GICs with Habib.

I called FiscA and they confirmed that the rate was real, but they kindly declined my business, because I could not verify my identity, in person, at their office. The gentleman did say that I should be able to get the rate from my normal discount broker.

I called my broker and asked for the rate, since he already deals with Habib. On Friday, my broker said that he made a call and sent an e-mail message asking on my behalf. No answer.

Monday, rate is still 5.95%. No answer from Habib.

Tuesday, 0800H, rate is still listed at 5.95% from Habib. No answer. 1200H, rate drops to 5.5%. Still no answer.

Today, my broker gets back to me to tell me that the rate is unavailable. I told him that I already saw it drop, after calling him at 0800 Tuesday. The story Habib gave him was that HCB does not always give the same rate to all brokers and may parcel out special opportunities to different brokers. We were both unimpressed and thought it was bad form. I think it was totally unprofessional. I could have taken NO for an answer, but they did not even have the courtesy or decency to do that much. Instead, they left me and my money hanging and unable to move to other opportunities (that have since dropped another 0.1%, while waiting for a Habib response.)

HCB is fully within its rights to behave in this manner. It is not illegal, but I still feel as though I've been cheated and abused by HCB; just because they can get away with it.