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Thread: Anyone ever have any luck cashing out a locked in investment? GIC specifically?

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    Default Anyone ever have any luck cashing out a locked in investment? GIC specifically?

    So I have a bunch of money locked into a GIC, it sucks because im getting such a shitty return off of it so I want to move it into something else. The GIC is with ATB , its one of their flexible GIC plans but as far as I know its not redeemable which leads me to wonder why its called a flexible GIC. I have to go in on Monday to meet with the branch manager and see if he will release the funds. Anyone ever have any luck doing this?
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    I did it about 4 years ago..8 months before maturity date, was supposed to be 3200ish (I invested 3000). They sold it on the open market (whatever that means) and I actually lost $50 (got 2950)

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    They should let you out of it, most likely they will slap on some "Early Redemption Fees" and a lower interest rate. You will have to decide if it's still worth it afterwords.

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    You should be able to redeem it...and you won't get charged an early redemption fee, but you might lose part or all of the interest accrued on it.

    BTW, it's called a Flex because there's more than one option for when your interest gets paid out, for the term of the GIC and for the interest rate itself depending on how much is invested.

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    Most GICs are locked in for the duration of the term. however, you should be able to redeem it on the anniversary day. You'll just lose the interest earned during that period.
    "Science without religion is lame, religion without science is blind." - Albert Einstein

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    "Possibility of an interest rate increase for the second year."
    is why its called "flexible"

    when you originally invest in the GIC, you sign a contract with the bank saying that you will leave your money in according to how long the investment is - the bank then promises you the rate of which you agree to.

    my guess would be that you would not be able to take it out unless you pass away or something

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    The Flex GIC is a non-redeemable product so I don't think you'll have much luck redeeming it early unless you have a really good reason too - being unhappy with the rate probably won't be good enough.

    When did you buy the GIC? On the first year anniversary date they will increase the rate for the second year if the current rate is higher than when it was when you originally bought it
    Last edited by 91_Integz; 08-13-2007 at 03:11 PM.

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    Originally posted by 91_Integz
    The Flex GIC is a non-redeemable product so I don't think you'll have much luck redeeming it early unless you have a really good reason too - being unhappy with the rate probably won't be good enough.

    When did you buy the GIC? On the first year anniversary date they will increase the rate for the second year if the current rate is higher than when it was when you originally bought it
    correct given that it is higher than the 1 year non-redeemable interest rate on the year anniversary.

    NOT the current flexible GIC interest rate.

    good luck

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    Originally posted by Rav4Guy
    Most GICs are locked in for the duration of the term. however, you should be able to redeem it on the anniversary day. You'll just lose the interest earned during that period.
    That's the Springboard GIC, not the Flex - and even on the Springboard, you don't lose the accrued interest over that period, you just don't get the interest on the remaining years which is always higher than that of the previous years.

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    Just talked to the branch manager at atb.. wont release the funds to me.. looks like they are loosing a customer once that GIC matures in 6 months.
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    i'm not suprised, if they did it would defeat the purpose of cashable and non cashable gic's

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    Not surprised they wouldn't let it go for you. Honestly the hidden gem at ATB is the Alberta Select GIC.

    It is also a non-redeemable 3 or 5 year product, in which the return is based on a formula they use which mirrors the performance of some of the major Alberta-based companies such as Encana, Petro-Canada, Suncor etc etc - plus there is a minimum guaranteed rate. It's just a one time interest payout at maturity.

    I've seen these things payout 50% over 3 years - that's insane for a GIC.

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    Originally posted by Redlyne_mr2
    Just talked to the branch manager at atb.. wont release the funds to me.. looks like they are loosing a customer once that GIC matures in 6 months.

    i am sorry man but that is probably one of the most selfish retarded comments i have ever read on beyond.

    you knew that it would be non-redeemable, you signed saying that it would be non-redeemable, so why hold the organization hostage when it was your gross ignorance that led you to your problem?

    everyone else can follow the rules and wait for their GIC's to mature, what makes you so special?

    oh by the way, all other financial institutions will allow you to redeem your high rate of interest GIC with your every beck and call.

    you want redeemable? go put it into mutual funds or something.

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    Yes they let me go at TD when I had 2 years left on my 3.4% GIC... I told them I either wanted to move it into a moneymarket (No charges once you take it out...) and they said no that's not possible..

    So I was very upset and I told them I want to take my money out!! and they were like no u can't cause you will be charged a few fee's blah blah blah!

    I had enough of this stupid banker telling me what I can't do so I told her. Fine, you don't want my business let me take out my GIC right now, and charge me with whatever fee you want.

    So she insisted keeping it in there, and I was like "Give me my money right now!, it's my money, and you have no right over it"

    and she said okay but you will be charged a fee

    At that point I was like "OMG I KNOW STUPID LADY that I'ma get charged a fee just give me my damn money!"

    So she gave me my money and I was charged.. like $200 bucks for taking out my money.

    So hope that has helped you. GrrRRrrr banks makes me so frustrated.

    Steve

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    Originally posted by Dayclone
    Yes they let me go at TD when I had 2 years left on my 3.4% GIC... I told them I either wanted to move it into a moneymarket (No charges once you take it out...) and they said no that's not possible..

    So I was very upset and I told them I want to take my money out!! and they were like no u can't cause you will be charged a few fee's blah blah blah!

    I had enough of this stupid banker telling me what I can't do so I told her. Fine, you don't want my business let me take out my GIC right now, and charge me with whatever fee you want.

    So she insisted keeping it in there, and I was like "Give me my money right now!, it's my money, and you have no right over it"

    and she said okay but you will be charged a fee

    At that point I was like "OMG I KNOW STUPID LADY that I'ma get charged a fee just give me my damn money!"

    So she gave me my money and I was charged.. like $200 bucks for taking out my money.

    So hope that has helped you. GrrRRrrr banks makes me so frustrated.

    Steve
    you gave them the money for a specific period of time under contract, stupid clients like you are what frustrates bankers

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    Well it's not my fault I needed the money to urgently pay my car... -_-

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    Originally posted by Dayclone
    Well it's not my fault I needed the money to urgently pay my car... -_-
    Just to play devil's advocate, it's more your fault than the bank's fault.

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    Originally posted by Dayclone
    Well it's not my fault I needed the money to urgently pay my car... -_-
    than don't put all of your life savings into something you can't access

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    Seriously... some people on here are crazy.

    When you sign your funds over for a GIC... it's signed over and locked for a period of time. If you don't want your funds locked-up for that period, then just simply don't put it into a GIC and put it into the money market or something!

    I understand if it's a huge life or death situation, but you can't expect the bank to hold up their end of the bargain if you're not willing to hold up yours.

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    Originally posted by canadian_hustla



    i am sorry man but that is probably one of the most selfish retarded comments i have ever read on beyond.

    you knew that it would be non-redeemable, you signed saying that it would be non-redeemable, so why hold the organization hostage when it was your gross ignorance that led you to your problem?

    everyone else can follow the rules and wait for their GIC's to mature, what makes you so special?

    oh by the way, all other financial institutions will allow you to redeem your high rate of interest GIC with your every beck and call.

    you want redeemable? go put it into mutual funds or something.
    Have you ever dealt with ATB, theyre run by people who dont know what theyre doing. When I bought the GIC I was told the flexible term meant it was redeemable and that at any point I could get out of it and end up just losing my interest. Over a year later and I try to do that and Im told I cant... now it was stupid of me to not read the contract in full but I trusted the individual selling me the product at the time and took his word for it. Sorry that Im not like you and take it in the ass from banks...selfishness towards a bank?? Gimme a break.. those fuckers will jack you any chance they get. The goddamn bank manager told me that I could take a loan out against my GIC if I wanted to so I could invest more money that way... take a loan out agaisnt my own money? Fuck him and anyone who supports him.
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