Renewal instructions not honoured | Page 2 | Peoples Trust | Discussion forum

("Which of these addresses have you lived at?" "NONE! WAIT A MINUTE!")
RetirEd

This MAY have helped you BUT this is NOT a guaranteed sign that something is wrong. If fact, verification OFTEN includes invalid info... because only the legit owner would know that NONE are valid... and that is one of the choices given. So presenting invalid choices is actually intentional and part of the verification process.

I called PT today. Their customer service is good, almost no wait for CSR to pick up.
However, they were not able to open a TFSA account for me on the phone. I was instructed to make an application here: http://www.peoplestrust.com - which I did. I was able to specify that the money will be transferred from my TFSA GIC, when it matures. This is also good. Except, the account will not be opened until the GIC matures (actually, possibly even a few days later, as January is a busy season).
I am not sure if I can initiate the transfer out without this account number. I do have the TFSA GIC account number, but technically the transfer will be done from the new account, not from the GIC. Looks like I will have to wait weeks after the GIC matures for this transfer to complete.

Not need to worry, dougjp, lots of time, their site says "If we have not received any investment instruction from you either prior to or on the maturity date, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal you will have 10 business days to either cancel the transaction or change the term of your account."

You could wait a couple of days to see if it's just a lag time before they honour your directions, so you'll know for next time.

With Peoples I don't give them instructions until a day or two before maturity (I figure they'll misplace my instructions if I do it too early, seems to be corroborated by some folks stories on here) and never had a problem, easy-peasy. They have been very pleasant to deal with, in my experience.

Bill said
Not need to worry, dougjp, lots of time, their site says "If we have not received any investment instruction from you either prior to or on the maturity date, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal you will have 10 business days to either cancel the transaction or change the term of your account."

You could wait a couple of days to see if it's just a lag time before they honour your directions, so you'll know for next time.

With Peoples I don't give them instructions until a day or two before maturity (I figure they'll misplace my instructions if I do it too early, seems to be corroborated by some folks stories on here) and never had a problem, easy-peasy. They have been very pleasant to deal with, in my experience.  

No problem, I read that and "knew the score", thanks to this thread (no thanks to PT), I gave instructions over the phone 4 days ahead. I just think there should be a way to make a simple text script change from "If we have not received your investment instruction.....to something like "We have received your investment instruction, after expiry you have 10 days to change that etc."

Peoples TFSA GIC matured today, I had called yesterday to tell them to put matured amount in my TFSA savings for now, ok we'll do that, today it shows the matured amount being renewed for another year at current 1.45% TFSA GIC rate. I'll give it to next Wednesday or so to see if it all reverses itself to what my instructions were, I'm guessing it will.

Exactly what I'm thinking.

FWIW, Vatox, they answer the phone pretty much right away every time, in my experience, so should be easy to call them on Monday to close your account. (And remember to check GIC renewal process whenever you open an account somewhere if phoning is not acceptable to you, I guess is your lesson.)

savemoresaveoften said

They are certainly NOT the only one that does that. Like Bill said, they are very good at picking up the phone (not like Tang or the other banks) and the 2 times I called, the person I spoke to is professional and know what he is doing (cant say the same for most. Mind you their online platform looks very primitive and that reflects the size of their operation and the available resource to put behind technology unfortunately.  

I agree, its mainly the online platform that is the annoyance. Mind you, I phoned numerous times on Monday and after about 5 minutes of waiting, it forced me to either leave a message or hang up! I did leave a message and it took until Wednesday to get a call back. In the meantime after about 5 attempts, I finally did get to a professional person on Monday. i view all this as unusual because it was the first business day of 2021 - TFSA and so on.