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Email this8:56 pm
October 21, 2013
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Having just been foiled once again by Hubert's failure to provide any kind of ongoing record of GiC rates, particularly the escalator 1 year rate, I want to emphasize the importance of Doug's suggestion in this regard, above #11, first suggestion.
The confusion in finding clarification on this actually cost me a bit of money this time.
And they can drop the Christmas holiday greetings and the silly headlines like 'tickled pink", which take up valuable space where they could be saying something useful. These statements are not the place for extraneous comments. Even the BigBanks don't usually do that!
6:17 am
December 20, 2016
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Loonie said
The confusion in finding clarification on this actually cost me a bit of money this time.
For the benefit of those of us who have GIC's there, would you explain the source of the confusion on the Hubert interface, to increase our awareness of where their deficiency in clarity can lead to confusion.
What do we have to look out for and how can we stay ahead of their deficiency on our own?
7:06 am
October 21, 2013
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You need to keep track on your own of the 4 escalating rates and their dates. There were a couple of changes fairly close together, and I got mixed up. If the rate changes after you buy them, it's too easy to lose track , as the info vanishes.
I'm not saying you can't figure it out etc., but they don't make it easy or straightforward, which they ought to do. There ought to be a place on the documents to which you can log in, where this is all laid out for you. If there is, I can't find it.
I was aware of the problem before, and have had these GICs for years without an issue, but this time I got mixed up. I ought to have re-started the GIC at the end of the first quarter. This is actually what I was going to do, but then later discovered my records were wrong.
For most people, most of the time, this will not be an issue, but it should never be an issue.
7:24 am
December 20, 2016
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Loonie said
You need to keep track on your own of the 4 escalating rates and their dates.
Yes, you're right, especially for folks like many here who juggle GIC's, record keeping and automated future notifications are crucial.
I use two systems for my record keeping, an Excel spreadsheet that outlines each GIC in detail including a countdown formula (DATEVALUE) to let me know the number of days to maturity.
Additionally I use my electronic calendar where I the maturity date of each GIC I book is indicated on the date of maturity, with an alarm that alerts me seven days prior to the maturity date.
For the Hubert quarterly GIC's the notification occurs on each quarterly date, along with the seven day alarm, and each entry includes pertinent details such as the schedule of interest rates for that GIC.
The calendar/ contact & task manager/ email client I use is Chaos Intellect that allows me to synchronize my information across all my devices and systems, so the information is always readily available.
My memory is not worth a darn, so this kind of detailed record keeping has worked for me.
It's not easy being obsessive....
Stephen
2:29 pm
October 21, 2013
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Yes, I can appreciate your system,which is perhaps a little more elaborate than mine.
This one just slipped by me. I think that when I first bought it I must have not entered it right away, then I made a memory mistake when I did enter it. I did check it again later but did not have adequate info from Hubert against which to check it, and it slipped away from me. Not a big deal, but unnecessarily annoying.
8:57 am
December 20, 2016
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Hubert Advisory Council survey received today by email, linked to a Survey Monkey survey for input about services and suggestions
5:43 pm
March 21, 2018
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I just thought of a logical and easy way to make things easier for Hubert and their customers. Hubert, Oaken, etc. must keep in mind that we savers have multiple FI's.
So my suggestion is. When you do the online GIC entry there should be an explanation of how to enter the GIC in one session from funds from either Hubert or from an external account (with an explanation that the GIC will show no funds until the transfer happens and that the GIC will be on hold same as new funds). Then upon entry of a new GIC a summary should show up before you hit the final complete button showing: Name(s), Joint, Amount, Term years, Pay annually, Pay to savings account at maturity etc. And if one or more of the critical entries are not correct have an edit option to fix. A summary is a good thing to see.
3:38 pm
October 21, 2013
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New suggestion for Hubert questionnaires:
They should offer a one-year GIC for RIFs, even if it's not the same as the one they offer for other kinds of accounts.
Because of this omission, we have decided that our RIFs will be deposited elsewhere, although we would have preferred Hubert for other reasons.
The problem is somewhat similar to the problems encountered at places like Oaken which do not offer RSP/RIF savings accounts, namely a lack of necessary flexibility.
For my RIFs, I like to keep some in one-year GICs so that, towards the end of the year, when the term is up, I can, when desired, withdraw some extra for tax purposes. Theoretically, this could be accomplished with a GIC ladder, but mine do not all mature at the same time of year, and I prefer to keep a one-year going for this purpose. I could use an RIF savings account, which Hubert does offer, but it doesn't pay as well and the amounts lost annually do add up.
At this stage,we are looking to keep all our RIF GICs at one FI, so are looking for a FI that has consistently good rates, unlimited insurance coverage, and good service. Hubert fits the bill, but without the one-year GIC, it is not good enough. If they improve this aspect, we will very possibly move our RIFs back to Hubert.
It doesn't have to be the tiered cashable one-year rate that they currently offer to other accounts. I can appreciate that that would be a pain to administer with RIFs. Just a simple one-year rate would suffice.
5:03 pm
December 2, 2018
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frugal lady said
I also do not care for their format of online statements. I find them very confusing when it comes to displaying "joint" bank accounts and "joint" GICs. I would prefer to see "joint" assets displayed under each joint members online statement.
Yes, me too. I print them double sided and just don’t mak sense as we have joint and registered accounts......is messy.
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
5:09 pm
December 2, 2018
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Loonie said
New suggestion for Hubert questionnaires:
They should offer a one-year GIC for RIFs, even if it's not the same as the one they offer for other kinds of accounts.Because of this omission, we have decided that our RIFs will be deposited elsewhere, although we would have preferred Hubert for other reasons.
The problem is somewhat similar to the problems encountered at places like Oaken which do not offer RSP/RIF savings accounts, namely a lack of necessary flexibility.
For my RIFs, I like to keep some in one-year GICs so that, towards the end of the year, when the term is up, I can, when desired, withdraw some extra for tax purposes. Theoretically, this could be accomplished with a GIC ladder, but mine do not all mature at the same time of year, and I prefer to keep a one-year going for this purpose. I could use an RIF savings account, which Hubert does offer, but it doesn't pay as well and the amounts lost annually do add up.
At this stage,we are looking to keep all our RIF GICs at one FI, so are looking for a FI that has consistently good rates, unlimited insurance coverage, and good service. Hubert fits the bill, but without the one-year GIC, it is not good enough. If they improve this aspect, we will very possibly move our RIFs back to Hubert.
It doesn't have to be the tiered cashable one-year rate that they currently offer to other accounts. I can appreciate that that would be a pain to administer with RIFs. Just a simple one-year rate would suffice.
Yup me too. I am not the age of mandatory RRIF payments but will manage some on my own at Hubert. Plan to move from RRSP to RRIF a bit more than $12,000 for TFSA and then just leave the rest in RRIF savings. Then if the amount of a matured GIC left in RRSP is over $1000 will put in another term.
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
Please write your comments in the forum.