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Old 01-28-2008, 05:43 AM   #1
evman150
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Default 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!
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Old 01-28-2008, 08:15 AM   #2
Cowperson
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I am pm'ing you with the answer.

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Old 01-28-2008, 09:20 AM   #3
MoneyGuy
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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.
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Old 01-28-2008, 09:31 AM   #4
urban1
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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.
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Old 01-28-2008, 09:50 AM   #5
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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.
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