01-28-2008, 04:43 AM
|
#1
|
#1 Goaltender
Join Date: Nov 2002
Location: Richmond, BC
|
Redeeming Non Redeemable GIC
Okay, so about 8 months ago I made a bonehead financial decision and sunk a lot of money into a non-redeemable GIC at ScotiaBank. At the time it seemed like the right thing to do, but things went downhill soon after and now I am suddenly scrambling for tuition money.
My question is are non-redeemable GICs ever redeemable? Or a portion of the money? I would only need maybe 1/6th of the original investment back to let me coast for a while and make some money.
What can I do here?
Tuition is due on the 31st, help!
__________________
"For thousands of years humans were oppressed - as some of us still are - by the notion that the universe is a marionette whose strings are pulled by a god or gods, unseen and inscrutable." - Carl Sagan
Freedom consonant with responsibility.
|
|
|
01-28-2008, 07:15 AM
|
#2
|
CP Pontiff
Join Date: Oct 2001
Location: A pasture out by Millarville
|
I am pm'ing you with the answer.
Cowperson
__________________
Dear Lord, help me to be the kind of person my dog thinks I am. - Anonymous
|
|
|
01-28-2008, 08:20 AM
|
#3
|
Franchise Player
|
Hey, no fair. Please share.
I transfer GICs for clients. My experience is that technically you can't cash in a non-cashable GIC but sometimes a bank can be talked into allowing it, if you whine hard enough. You'd probably have to give up the interest, however.
If Cowperson has anything different, I'd also appreciate knowing. Maybe PM me as well.
|
|
|
01-28-2008, 08:31 AM
|
#4
|
Scoring Winger
|
I dont think there is one "answer".
As MoneyGuy said, a bank may allow it based on the relationship with the client and the specific situation.
|
|
|
01-28-2008, 08:50 AM
|
#5
|
Join Date: May 2004
Location: @robdashjamieson
|
Regardless who you talk to, the situation is going to have to get Managerial approval. But as MoneyGuy said, you're probably going to have to forfit the interest. If you're not in a bind for the rest, they may be able to re-invest the rest at the original deposit date. That would make the bank somewhat happier with the situation.
__________________
|
|
|
11-20-2014, 07:29 AM
|
#7
|
Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
|
PM Sent.
|
|
|
11-20-2014, 08:21 AM
|
#8
|
Franchise Player
Join Date: Nov 2009
Location: Section 203
|
Why would the answers need to be PMd? I can't see in this situation something that would be so private that you wouldn't want the rest of CP to know about.
Why would you announce to everyone that you are PMing only one person? If you didn't want the rest of CP to know the answer, why publicly tell people you are doing something privately?
__________________
My thanks equals mod team endorsement of your post.
Quote:
Originally Posted by Bingo
Jesus this site these days
|
Quote:
Originally Posted by Barnet Flame
He just seemed like a very nice person. I loved Squiggy.
|
Quote:
Originally Posted by dissentowner
I should probably stop posting at this point
|
|
|
|
The Following 2 Users Say Thank You to squiggs96 For This Useful Post:
|
|
11-20-2014, 08:45 AM
|
#9
|
Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
|
Quote:
Originally Posted by squiggs96
Why would the answers need to be PMd? I can't see in this situation something that would be so private that you wouldn't want the rest of CP to know about.
Why would you announce to everyone that you are PMing only one person? If you didn't want the rest of CP to know the answer, why publicly tell people you are doing something privately?
|
I don't know, the guy wanted a PM, and I thought that I would offer up some help. It doesn't seem like that big of a deal?
|
|
|
11-20-2014, 09:00 AM
|
#10
|
Franchise Player
Join Date: Feb 2011
Location: Somewhere down the crazy river.
|
Does redeeming them require some illegal maneuvers? If not, maybe a non-specific answer in this thread would give a person with just a casual interest an answer to the question.
|
|
|
11-20-2014, 09:03 AM
|
#11
|
Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
|
Quote:
Originally Posted by Wormius
Does redeeming them require some illegal maneuvers? If not, maybe a non-specific answer in this thread would give a person with just a casual interest an answer to the question.
|
No, its just that each bank is going to be somewhat different. From what I've seen you can expect to have a penalty for the early redemption, and then lose the interest. The institution doesn't always cooperative with this either. You're breaking a contract here, so basically you have to negotiate with them to make that happen and its not without its drawbacks. There's no hard and fast rule that I've seen to make this happen though and maybe someone who works on the "other side" can speak to that kind of thing.
|
|
|
11-20-2014, 09:05 AM
|
#12
|
evil of fart
|
Yeah WTF lol. Why is the answer to this seemingly simple question shrouded in secrecy?
Edit: Oops, Slava replied while I was typing. Carry on.
|
|
|
11-20-2014, 09:08 AM
|
#13
|
Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
|
LOL, wow apparently a lot of people have non-redeemable GICs and are dying to know how to break them! Who knew that people would be this interested?
|
|
|
11-20-2014, 09:15 AM
|
#14
|
Scoring Winger
Join Date: Jan 2012
Location: The Windy City
|
As a banker I can tell you that almost all with redeem it if you are persistant enough. As everyone has said we will charge you a fee (for us it can be around $200) and you will get no interest. As long as it is not a regular occurance it is usually not a big deal. Financial hardship does happen and just explain yourself thoroughly. It will have to go through manager approval which should not be an issue as long as you are honest about it and not a PITA.
|
|
|
11-20-2014, 09:16 AM
|
#15
|
evil of fart
|
Quote:
Originally Posted by Slava
LOL, wow apparently a lot of people have non-redeemable GICs and are dying to know how to break them! Who knew that people would be this interested?
|
lol we only started caring when it became a secret.
|
|
|
11-20-2014, 09:17 AM
|
#16
|
First Line Centre
|
We want the benefit of your experience and education.
We want it FREE!
AND WE WANT IT NOW!!!!!
|
|
|
11-20-2014, 09:17 AM
|
#17
|
First Line Centre
|
It was kind of funny but not worth a double post.
|
|
|
11-20-2014, 09:20 AM
|
#18
|
Scoring Winger
|
here's the non PM, open answers because im sure the Financial advisors out there will tell you to retain them so they'd retain their margins and talk you into getting a loan/dipping into line of credit instead
yes, you can redeem them and likely you will lose the interest you would've earned from that GIC. It's as simple as walking into a bank and having the Branch Manager override it. You shouldnt have to live in a cardboard box just to so you can keep earning that 2% - 3% GIC interest per year
is it in an RRSP? no problem, claim its "financial hardship". They dont need proof of it. But it would affect you with your taxes as it's considered income.
|
|
|
11-20-2014, 09:35 AM
|
#19
|
Franchise Player
Join Date: Nov 2009
Location: Section 203
|
Quote:
Originally Posted by Slava
LOL, wow apparently a lot of people have non-redeemable GICs and are dying to know how to break them! Who knew that people would be this interested?
|
You're right. Why have a discussion board to discuss things, when we can all send each other PMs. The board should be only used to post that you've sent a PM. I just found it weird that there was a general question asked, and only one person could see the response.
Like most topics on this site, wouldn't it be best to post the reply for all to see? It's not like he's asking for your phone number or address.
For the record, I don't have any GICs, but I like reading.
__________________
My thanks equals mod team endorsement of your post.
Quote:
Originally Posted by Bingo
Jesus this site these days
|
Quote:
Originally Posted by Barnet Flame
He just seemed like a very nice person. I loved Squiggy.
|
Quote:
Originally Posted by dissentowner
I should probably stop posting at this point
|
|
|
|
11-20-2014, 09:54 AM
|
#20
|
Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
|
Quote:
Originally Posted by Barbecue
here's the non PM, open answers because im sure the Financial advisors out there will tell you to retain them so they'd retain their margins and talk you into getting a loan/dipping into line of credit instead
yes, you can redeem them and likely you will lose the interest you would've earned from that GIC. It's as simple as walking into a bank and having the Branch Manager override it. You shouldnt have to live in a cardboard box just to so you can keep earning that 2% - 3% GIC interest per year
is it in an RRSP? no problem, claim its "financial hardship". They dont need proof of it. But it would affect you with your taxes as it's considered income.
|
I really don't get you and your bent against financial advisors. Frankly, I tell my clients to take money out and even (gasp) to retire at times. Does that decrease the amount of money they have with me? Of course it does...but its the right thing to do and in the best interest of the client. In all honesty this whole idea that you're running of "advisors won't tell you" is just plain ridiculous and offensive.
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -6. The time now is 06:18 PM.
|
|