Hubert GIC Maturity | Hubert Financial | Discussion forum

I love Hubert. But what will happen when the merge is completed? They have a pretty good and unique set up to buy GICs. They made some more secure steps to withdraw from RRIF over the minimum. I think they should have told us the process “change” before hand. I always call back and ask for interest to be paid annually and to have GIC proceeds put into the associated savings account at maturity.

Will they become like the “new” version of Accelerate? I plan to remove a lot of funds from Accelerate as I am not in favour of the changes. Looks like the big corporate wheels moved Debbie and Desiree somewhere and replaced with Bree? along with a run of the mill employee. They have lost the country like friendly atmosphere.

Loonie said
I think I must have missed something. What are the extra steps needed to withdraw extra from RIF?
I will be making a significant RIF withdrawal in December and would like to know if I am likely to encounter issues. I've done this in the past with no problems, including a voluntary lump sum payment to CRA from that RIF money, which Hubert processed - which I want to do again this year.  

Maybe not. You can see the Hubert “self serve” system has the ability to do the RRIF withdrawal yourself. It’s a beautiful well designed system. I always have RRIF cash available to withdraw from. BUT the system will fail and give error codes if you try yourself. In earlier years I would then call in and have the RRIF money moved to my non registered savings account. You could see what the tax amount was. So now you have to call in and ask for an amount, then they email you a electronic withdrawal document with the full amount, taxes and net amount if I recall correctly, you sign it and the withdrawal gets processed. I am sure you will take into account to ask for enough to meet your “net” needs. They ask in a round about way which I found to be a bit insulting. I wonder if this new process and the ability to update maturity instructions is due to the merger or was their improvement just because. Personally I think they are fighting the merger.

It seems that when you call in advance and ask for a yearly GIC to be cashed in to a HISA on a certain date, they put a note in their system and then process it on that date. I phoned earlier in the week and asked for a GIC to be cashed in today, and then logged in today and saw it wasn't done, and phoned them as soon as they opened, and they said they were just about to process my request.

So I can't see them preferring you to call in ahead of time to cash in a GIC, since it doesn't save them any workload, since they need to access their systems twice on your behalf instead of once.