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Email this9:36 am
December 12, 2021
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Was told by RBC investment , the RBC GIC maturity and interest payment date will be deposit on the next business day for both int Annuallly pymt and GIC maturity date.
ie
Maturity date or INT annuallly pymt July 10 you will get the $$$ on the 11
Maturity date or INT annuallly pymt July 20 "Saturday" you will get the $$$ on the 23
is RBC ripping us off ? ie $500k INT @5.50 from Jul 20 to Jul 23= $226.00
10:15 am
January 7, 2023
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If what you've been told were true then yes RBC is ripping us off. However, based on my experiences that is not how their system works unless it has changed recently.
I just had a GIC matured on May 1 and interest was paid on May 1 and both principle and interest are available on May 1. If maturity date falls on a non business date say July 20, interest on Jul 20 and 21 are paid on a separate line item, together with the 1 year interest and principle all available on July 22.
12:35 pm
April 6, 2013
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Contractually, interest is not paid for the day of maturity. That's the day the funds are no longer locked in the GIC:
Interest
Interest in a GIC will be calculated counting the first but not the last day of the term.
One would only get interest for the days before July 20 anyways if it matured Saturday, July 20.
1:07 pm
December 12, 2021
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Warwick111 said
If what you've been told were true then yes RBC is ripping us off. However, based on my experiences that is not how their system works unless it has changed recently.
I just had a GIC matured on May 1 and interest was paid on May 1 and both principle and interest are available on May 1. If maturity date falls on a non business date say July 20, interest on Jul 20 and 21 are paid on a separate line item, together with the 1 year interest and principle all available on July 22.
Yup all RBC GIC that were issued after June 2023 was told are on the new systems under IA "investment Account" the annual interest date or the maturity date will be paid on the next business day
1:17 pm
December 12, 2021
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Norman1 said
Contractually, interest is not paid for the day of maturity. That's the day the funds are no longer locked in the GIC:Interest
Interest in a GIC will be calculated counting the first but not the last day of the term.One would only get interest for the days before July 20 anyways if it matured Saturday, July 20.
yes i agree with above statement but what i am referring to "payment date" I have 3 yrs GIC:
issued on July 11 2023
Interest Payment Frequency - Annually
Next Interest Payment Date 2024-07-11
Interest Disbursement - acc 123456-12345
Next Interest Payment Date July 11 but interest were posted on July 12
So the payment date of both the maturity date or INT annuallly pymt will be on the next business day
1:40 pm
September 28, 2023
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By my math, if RBC backdates the maturity by 2 business days, on a per day basis, you will effectively lose 0.55% of your return (not off the interest rate, just that percentage of the interest amount). It seems like just pocket change, but would add up on a large balance.
This seems like RBC is kind of doing a similar sleazy moves kind of like the rounding scheme from the 1999 film Office Space. They hope nobody notices them holding things for a day or two... but why should we expect anything less from Canada's biggest bank 
3:36 pm
April 6, 2013
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agit said
yes i agree with above statement but what i am referring to "payment date" I have 3 yrs GIC:
issued on July 11 2023
Interest Payment Frequency - Annually
Next Interest Payment Date 2024-07-11
Interest Disbursement - acc 123456-12345Next Interest Payment Date July 11 but interest were posted on July 12
So the payment date of both the maturity date or INT annuallly pymt will be on the next business day.
Payment date is the settlement date or effective date. Payment date is not the posting date.
The RBC Investment Advantage account is a mutual fund account.
Investment broker and mutual fund accounts are not real-time posting like a regular bank account. Trades, dividends, interest, and money added/removed aren't posted to such accounts until the next day. The transactions have settlement dates that are as one expects.
An interest payment from a GIC or bond for July 11 will posted as effective July 11, regardless of when it is actually posted and will effectively offset any amounts owing from investment purchases that also settle on July 11.
4:37 pm
December 12, 2021
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Norman1 said
An interest payment from a GIC or bond for July 11 will posted as effective July 11, regardless of when it is actually posted and will effectively offset any amounts owing from investment purchases that also settle on July 11.
.
@Norman1 This is simple GIC i purchased from my local RBC branch not online, RBCDI or a broker
4:43 pm
December 12, 2021
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everhopeful said
By my math, if RBC backdates the maturity by 2 business days, on a per day basis, you will effectively lose 0.55% of your return (not off the interest rate, just that percentage of the interest amount). It seems like just pocket change, but would add up on a large balance.
500K maturity date on a Saturday ie. INT @5.50 from Saturday Jul 20 to Jul 23= $226.00
RBC will keep 500K for 3 days without paying interest
5:22 pm
April 6, 2013
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agit said
@Norman1 This is simple GIC i purchased from my local RBC branch not online, RBCDI or a broker
It is actually not. You purchased the GIC in your local RBC branch, but not through the Royal Bank.
An RBC branch can have representatives from different Royal Bank companies, like the Royal Bank itself, RBC Dominion Securities Inc. (RBCDSI), and Royal Mutual Funds Inc. (RMFI).
If you had purchased the GIC via the bank itself, there would be no planner and no IA investment account involved. You would just have a plain GIC account.
Instead, it looks like you have an investment account with RMFI that your GIC was purchased through.
I have a plain RBC GIC account. There's no one-day delay in posting. GIC's purchased during business hours show up in the account immediately. When I cash one of my RBC variable-rate cashable GIC's early during business hours, the proceeds are in my RBC bank account within 15 minutes, not next day.
6:31 am
December 12, 2021
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Norman1 said
It is actually not. You purchased the GIC in your local RBC branch, but not through the Royal Bank.
An RBC branch can have representatives from different Royal Bank companies, like the Royal Bank itself, RBC Dominion Securities Inc. (RBCDSI), and Royal Mutual Funds Inc. (RMFI).
If you had purchased the GIC via the bank itself, there would be no planner and no IA investment account involved. You would just have a plain GIC account.
day.
My GIC purchased from my local rbc bank itself no representatives
i just received a call from the branch manager confirming that is the new systems posting the next business day
anyone want to confirm they can call RBC GIC dep at 1800-463-3863
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