Personal Finance

GIC Maturity Date not as stated

  • Last Updated:
  • Dec 11th, 2022 9:50 am
Tags:
[OP]
Newbie
Dec 1, 2022
14 posts
9 upvotes

GIC Maturity Date not as stated

I’ve been using HSBC for almost 20 years, and have just switched to RBC a few months ago. I’ve got a semi-annual GIC called “Income Builder.” What’s weird is, I don’t get my money on the maturity date stated; instead, I get it on the next business day, or even worse, 2 business days. The money is no longer in the GIC account, but it hasn’t been deposited into my savings account either. Are all the big 5 banks like this?
6 replies
Deal Fanatic
Jan 19, 2017
7721 posts
4496 upvotes
akfdqwer wrote: I’ve been using HSBC for almost 20 years, and have just switched to RBC a few months ago. I’ve got a semi-annual GIC called “Income Builder.” What’s weird is, I don’t get my money on the maturity date stated; instead, I get it on the next business day, or even worse, 2 business days. The money is no longer in the GIC account, but it hasn’t been deposited into my savings account either. Are all the big 5 banks like this?
All CDN banks work on business days only. It makes sense they put money in your acct on the next business day. I am not sure about the 2nd bus. day though.
[OP]
Newbie
Dec 1, 2022
14 posts
9 upvotes
hwyc2007 wrote: Are you talking about this "Income Builder" GIC ➡ https://online.royalbank.com/cgi-bin/to ... /index.cgi ?
Yes. This type of GIC isn’t offered at HSBC, so I have no experience with it. The GICs at HSBC always pay on the day of maturity; if it matures on Dec 1, the money will be deposited into account according to instruction in the morning. If all big 5 banks deposit matured GICs the next business day, I kind of regret moving to RBC now ☹️
[OP]
Newbie
Dec 1, 2022
14 posts
9 upvotes
An update: A payment of the GIC was Friday, I didn’t get the money, and still no money on Saturday. Like, I have to wait till Monday? Is this normal? Looks like other Canadian banks don’t operate like this…
Deal Addict
May 16, 2017
2454 posts
3227 upvotes
akfdqwer wrote: An update: A payment of the GIC was Friday, I didn’t get the money, and still no money on Saturday. Like, I have to wait till Monday? Is this normal? Looks like other Canadian banks don’t operate like this…
Yes, some Canadian banks do operate this way, even for internal transfers (and will vary if the GIC was held in a registered account or not). For the banks that operate on this "business day" system, If the GIC matured on Friday, you will not see the funds if they are transferred to another account until Monday.

Top