GIC Maturity Date

[SkyRider]

Guys, settle a dispute for me.

Question: Can a GIC mature on a Saturday, Sunday or statutory holiday?

 

[adoracion]

Guys, settle a dispute for me.

Question: Can a GIC mature on a Saturday, Sunday or statutory holiday?

Yes. You can change the instruction ( re-invest or cash out) prior to maturity date. It can be done over the phone.

 

[SkyRider]

You can change the instruction ( re-invest or cash out) prior to maturity date.

The problem is that the GIC is locked in and cannot be redeemed prior to the maturity date which falls on a Sunday. I asked the institution to extend the GIC to Monday but they said "no can do".

 

[Malibook]

A GIC has a fixed date.
Of course they are not going to add another day or 2 at the end.

I either let the institution do an automatic renewal for another year or instruct them to transfer the money into a cash account which can be accessed at any time.
If the maturity date falls on a weekend or holiday, so what?

 

[explorerzip]

Have a look at this web-site for non-biased information about investing: www.getsmarteraboutmoney.ca/en/managing-your-money/investing/guaranteed-investment-certificates/

Out of curiosity, what difference does it make that the maturity date falls on a Sunday?

 

[thumper18474]

Have a look at this web-site for non-biased information about investing: www.getsmarteraboutmoney.ca/en/managing-your-money/investing/guaranteed-investment-certificates/

Out of curiosity, what difference does it make that the maturity date falls on a Sunday?

Because if no instruction is given..its automatically renew at the same duration...with an adjusted interest rate...
I just did 2 ..1 matured today...the other next week....had to do it over the phone so it didnt get locked in for another 5 yrs....

 

[corrie fan]

Some companies check what day of the week the maturity falls on when the GIC is purchased. If it is Saturday or Sunday they make the maturity date the next Monday and pay an extra day or two interest. I think most companies allow a customer a few days to change the term of a GIC that has been automatically renewed.

 

[SkyRider]

Some companies check what day of the week the maturity falls on when the GIC is purchased. If it is Saturday or Sunday they make the maturity date the next Monday and pay an extra day or two interest.

I believe that this is the most logical and equitable approach. Maybe the companies that don't are trying to get 1 or 2 days of free money?

Have you noticed when you make a deposit at an ATM on the weekend it is automatically dated the next business day?

 

[rbadun]

You should not be worried about losing a days interest.

What you should worry about is GICs autorenew! This means you will not get the best rate if you don't ask for it. Shop around for the best rates folks.