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Redeeming Non-redeemable GIC's? Scotiabank.

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  • Mar 24th, 2011 10:26 am
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Newbie
Mar 23, 2011
2 posts
Ontario

Redeeming Non-redeemable GIC's? Scotiabank.

Hello everyone,

Recently my mother passed away and most of her estate was in non refundable GIC's through scotiabank, I'm wondering if there is a way around this to cash them out early, I dont mind paying a penalty aslong as its reasonable.
The gic's arn't in me and my brothers possession yet so I havn't gone to speak to a scotiabank investment manager or something like that. The interest rate is fairly dismal on most of the GIC's except for the ones that were made before the crash
a few years ago.

I dont mind forfeiting the interest, but if i did so would it count towards interest already accrued, interest for the whole length of the GIC(3-5 years roughly) or interest left on the term?

If anyone has done this sort of thing i would love to hear someones experience, and im also wondering if do to the fact that this is an inheritance would that make it more likely that they would be understanding and let me cash them out, or will they most likely not give a crap cause all they care about is money? :)

Any information would be great, thanks
3 replies
Temp. Banned
User avatar
Jan 31, 2006
3664 posts
271 upvotes
Toronto
I am with RBC, I try to redeem a non-redeemable GIC and told them I will like to forfeit the interest and pay penalty but RBC still refused to let me redeem it. I think Scotiabank will likely have the same answer to you as RBC to me.

The only different is since you mention your mom passed away, they might agree to your point since your family might need it settle her expenses and debt. Best solution is talk with ScotiaBank.
Deal Fanatic
Jul 1, 2007
7666 posts
542 upvotes
Generally GICs should be redeemable upon death and you should get interest until the day of redemption.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
[OP]
Newbie
Mar 23, 2011
2 posts
Ontario
Thanks Thalon that helps alot, i understand its nothing in stone but it helps to know that it could be a possible way to redeem the GIC's.
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