Asynchronous interest credit from GIC | Oaken Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Search Search
Go to Bottom
No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Asynchronous interest credit from GIC
August 31, 2024
9:53 am
Rail Baron
Member
Members
Forum Posts: 311
Member Since:
November 3, 2022
sp_UserOfflineSmall Offline
Go to Top
1sp_Permalink sp_Print

I have a one year GIC that matures on Sep. 3. Last night, the interest from that term deposit was credited to my Oaken Savings account, but the principal remains showing as maturing on Sep. 3.

all my past GICs have had interest and principal credited to my savings account at the same time, on the maturity date.

Has anyone else experienced this asynchronous payment of interest and principal at the end of a GIC (which was with Home Trust btw)?

August 31, 2024
10:06 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 2045
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline
Go to Top
2sp_Permalink sp_Print

.
I've been with Oaken for quite some time, and I've Never seen that ⬆ happen B4 !

I'd give them a call and ask; "What's Up ?".

Please share what you find out.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

August 31, 2024
10:31 am
Norman1
Member
Members
Forum Posts: 7015
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline
Go to Top
3sp_Permalink sp_Print

Some GIC issuers will do that. When the GIC interest is due Monday, the issuer can post the interest Friday night, after close of business, or during the weekend, effective Monday.

August 31, 2024
12:06 pm
hwyc
GTA
Member
Members
Forum Posts: 1231
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline
Go to Top
4sp_EditHistory sp_Permalink sp_Print

Rail Baron said
Has anyone else experienced this asynchronous payment of interest and principal at the end of a GIC (which was with Home Trust btw)?  

Yes, I have ... elsewhere. The principal return and final interest paid out are two different transactions. It can take different paths as well.

August 31, 2024
1:18 pm
Alexandre
Member
Members
Forum Posts: 1213
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline
Go to Top
5sp_EditHistory sp_Permalink sp_Print

Also note that September 2, 2024 is Labour Day holiday. First business day before Sep. 3 is Friday. Which is in sync with what Norman 1 saying.

August 31, 2024
2:39 pm
Loonie
Member
Members
Forum Posts: 9369
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline
Go to Top
6sp_Permalink sp_Print

In the past I have found that Oaken often sends out the interest early.
Principal is different. There may be a default assumption built in to the computer system that says GICs would be rolled over at maturity. You may have changed the default in your particular case, but their other mechanisms remain in place.

September 3, 2024
1:04 pm
Rail Baron
Member
Members
Forum Posts: 311
Member Since:
November 3, 2022
sp_UserOfflineSmall Offline
Go to Top
7sp_Permalink sp_Print

Today, I received the principal from my matured GIC. Plus a few dollars more in additional interest. I’ve never been paid out like this by Oaken. I attribute it to the maturity occurring on a statutory holiday.

September 3, 2024
4:31 pm
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 2045
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline
Go to Top
8sp_Permalink sp_Print

.
Say What ⬆ ❓❗

But Sept. 3rd is Not a statutory Holiday.

What are we missing ?

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

No permission to create posts
sp_Feed All RSS
Go to top

Please write your comments in the forum.