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Email this9:24 am
April 9, 2019
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How long does it typically takes for GIC certificates to be issued?
I recall getting them very shortly after the purchase. Now I am told it can take up to a month.
Is this the case and why?
Thank you
9:30 am
April 6, 2013
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Many financial institutions don't issue certificates for GIC's now.
I've never received a certificate from Hubert Financial or EQ Bank. TD can mail a "confirmation of investment" out about a week later. I don't think TD will provide a certificate either for their GIC's.
9:39 am
January 12, 2019
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.
What Norman said ⬆
Personally, I haven't been issued a GIC Certificate in a long time now. It appears they're going the way of the Dodo Bird.
- Dean
" Live Long, Healthy ... And Prosper! "
10:00 am
October 21, 2013
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As far as I know, Oaken still issues them. Those are the only ones I've received in recent years.
10:05 am
December 29, 2021
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The only official certificates that I receive are from Oaken. Sometimes they are behind in processing. You will find them online first and then 1 or 2 weeks later they arrive in the mail. Oaken always gives you the start date of when you do the application.
For some of the older CU’s and PT I just print the GIC from the screen..but click detail first.
Oaken is the best as the certificate shows principal, interest, and maturity directions.
The new web formats at Hubert and Accelerate.....pick a page to print. I like the old style CU web interface as you can actually see if the GIC was set up to deposit to a savings account at maturity. The new web formats don’t consider a detailed paper copy for the customer although does show nicely on monthly statement.
Statement wise who is flawed:
Oaken only has a monthly statement for the savings account.
Accelerate only produces a statement for TFSAs quarterly.
10:58 am
April 6, 2013
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Dean said
Personally, I haven't been issued a GIC Certificate in a long time now. It appears they're going the way of the Dodo Bird.
There is little point to issuing a certificate as most GIC's are neither transferable nor assignable anyways.
12:30 pm
November 7, 2014
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Norman1 said
Dean said
Personally, I haven't been issued a GIC Certificate in a long time now. It appears they're going the way of the Dodo Bird.
There is little point to issuing a certificate as most GIC's are neither transferable nor assignable anyways.
But, it is a concrete validation of the investment, just in case an electronic form of verification is unavailable. That's never happened, has it?
Most FI's and brokers that I have dealt with have issued a paper certificate on request. I always request it.
12:33 pm
September 11, 2013
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If I recall right Motive sends out paper certificates.
12:37 pm
November 19, 2014
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gicjunkie said
But, it is a concrete validation of the investment, just in case an electronic form of verification is unavailable. That's never happened, has it?
Most FI's and brokers that I have dealt with have issued a paper certificate on request. I always request it.
Agreed 100% I always get something in writing outlining all the deposit and deal information. From the issuing institution. In the case of brokered deposits, from the issuing institution AND the deposit broker.
Trust, but verify. As the saying used to go.
1:58 pm
December 29, 2021
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When you think back before GICs we had Canada savings bonds for which we received a certificate that had to be turned in to cash it in.
Then GICs came into play and basically shut down the savings bonds popularity.
Some GICs did have a paper certificate receipt. Now that is dwindling.
Monthly statements now reflect your investment.
But for those that want the paper as well you can screen print the ordering process or print the final record as in the older CU web process.
2:51 pm
April 9, 2019
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Loonie said
As far as I know, Oaken still issues them. Those are the only ones I've received in recent years.
Oaken (Home Trust) used to issue Certificates and they used to appear in mailbox in about week's time after the GIC was established. Not anymore. More than 6 weeks passed since my recent GIC and I still do not have it. Quality of Oaken's services certainly went down.
3:32 pm
February 7, 2019
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Personally, paper confirmations or certificates just go straight to the shredder box to be processed into confetti when my neighbour's dog gets too annoying...
| CGO |
5:47 pm
October 27, 2013
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Certificates provide no value. PDF copies (or print to paper if one is paranoid) of your electronic statements showing the transactions and account balance are all that is required.
6:46 pm
April 9, 2019
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AltaRed said
Certificates provide no value. PDF copies (or print to paper if one is paranoid) of your electronic statements showing the transactions and account balance are all that is required.
I politely disagree. I purchase GIC: Guaranteed Investment Certificate. And I want to have it in my hands/books. When electronic financial institution web page of which you .pdf-copied your proof of ownership go bust - you have no proof your .pdf document reflects reality. We did not see them 'go bust' lately and got too complacent allowing them skirting paperwork and proper bookkeeping. It will not be like that forever and who will be on receiving side?
7:03 pm
April 9, 2019
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I do not want to sound like doomsday prophet. I want to provide an example.
4 years ago when dealing with a financial adviser i discovered discrepancy. Unsure what to think of it I brought him printouts of my account on his institution website. He rejected me flat-out. He said he will not even start discussing 'documents' I brought him because they have no legal value. So I ate it.
7:04 pm
August 17, 2010
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i bought 2 gics with Oaken on July 27th and the certificates were in my mailbox on August 5th, plus you can see your certificate online too
9:22 am
October 27, 2013
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AndreyG said
I politely disagree. I purchase GIC: Guaranteed Investment Certificate. And I want to have it in my hands/books. When electronic financial institution web page of which you .pdf-copied your proof of ownership go bust - you have no proof your .pdf document reflects reality. We did not see them 'go bust' lately and got too complacent allowing them skirting paperwork and proper bookkeeping. It will not be like that forever and who will be on receiving side?
The vast bulk of the stock and bond wealth in North America at least is held in trust in nominee name (or broker name) at brokerages. Virtually no one has bond or stock certificates any more and it costs money to hold /transfer/sell them. We don't have certificates for our bank (chequing, savings) accounts either. Savings passbooks are for the most part long gone.
There is nothing that makes the holding of GIC investments (and the need for GIC certificates) any different. However, if holding a piece of paper makes an individual feel better based on historical practice, that is obviously why some institutions still accommodate that desire.
2:04 pm
November 18, 2017
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I bought some GICs yesterday and am expecting the paper confirmations soon, Oaken's applications never showed up, four weeks after my first request and two after my second, so I sent the cash elsewhere.
RetirEd
RetirEd
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