Redeeming Non Redeemable GIC - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

evman150 · 01-28-2008, 04:43 AM

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!

Cowperson · 01-28-2008, 07:15 AM

I am pm'ing you with the answer.

Cowperson

MoneyGuy · 01-28-2008, 08:20 AM

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.

urban1 · 01-28-2008, 08:31 AM

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.

Prototype · 01-28-2008, 08:50 AM

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.

Weynerowski · 11-20-2014, 06:43 AM

Could you please also PM me the answer. I just lost my job, and I study at Concordia. I can't afford to pay my bills without those GICs, and as a chef it's super hard to find work in the winter, even part-time. I just need them to get through the next few months, or I might have to give up my home and sell all my furniture, and go sleep at a YMCA for a couple months... I am really desperate and really need to know what to do at the bank to redeem my Non-Redeemable GICs early...

Slava · 11-20-2014, 07:29 AM

PM Sent.

squiggs96 · 11-20-2014, 08:21 AM

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?

Slava · 11-20-2014, 08:45 AM

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?

Wormius · 11-20-2014, 09:00 AM

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.

Slava · 11-20-2014, 09:03 AM

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.

Sliver · 11-20-2014, 09:05 AM

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.

Slava · 11-20-2014, 09:08 AM

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?

brocoli · 11-20-2014, 09:15 AM

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.

Sliver · 11-20-2014, 09:16 AM

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.

Titan · 11-20-2014, 09:17 AM

We want the benefit of your experience and education.

We want it FREE!

AND WE WANT IT NOW!!!!!

Titan · 11-20-2014, 09:17 AM

It was kind of funny but not worth a double post.

Barbecue · 11-20-2014, 09:20 AM

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.

squiggs96 · 11-20-2014, 09:35 AM

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.

Slava · 11-20-2014, 09:54 AM

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.