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Bank Will not allow early redemption of GIC's to help make life more comfortable for the terminally ill
Stuartm
20 Posts
Being terminally ill with Cancer means nothing to my Bank, and they will not redeem your GIC early.

I checked with my different banks about early redemption of GIC's for care and living expenses of this awful, terminal disease. My first reach out was in June and the  Bank response was this:
"Thank you for being a valued customer at ___Bank.
Sorry to read about your recent health concerns. For early GIC redemptions, customers would need to send us any details regarding their hardship in a cover letter or e-mail format. All GIC redemption requests are reviewed and determined by our management team. "

Looked promising right?

They have finally (after many emails on my part, they tend to ignore a lot) 4 MONTHS LATER made their decision: "Our Management has reviewed your request for premature termination of your GIC, but unfortunately has declined your request." They knew in advance they were going to deny my request!

So just a heads up for ANYONE, ____ Bank DOES NOT HAVE COMPASSION FOR DYING PEOPLE. Do not give them your money, because if you die sooner than expected, you will never see the money you put in their care. It is not as if I was asking for a loan or charity, THIS IS MY MONEY TO BEGIN WITH. I was prepared to pay an early redemption fee.

How sad and pathetic is a company that won't allow you to redeem early for medications and living expenses when you are terminal. If they are in financial difficulty and just don't have it, just be honest with people and let them know. Supposedly they are very well funded, so why won't they let me have my money back to live on? Of all the banks I checked with they are the only ones who don't care if you are dying or not, and will not early redeem! Please stay away from this bank!!

Do you have a similar situation with your bank, please post it so we know who to stay away from!

Stuart 
8 Replies
Elsie13
1531 Posts
Stuartm‍ What an awful situation, both with your health and the bank.   Thanks for informing us about this. On the general subject of money matters, my brain usually goes "No, no, this is too complicated." So yes, people say 'diversify.'  So do you have some suggestions for investing our money? 
Stuartm
20 Posts
I would never presume to tell anyone how to look after their money.

I am and always have been a very conservative saver. I stayed away from the markets, including (and especially) mutual funds. I was a rate "whore" always chasing the best rate I could get on GIC's.

With my current state of affairs I am only using high interest saving accounts because that way I have instant access to my money, and the executor of my will can have an easier job as well. It doesn't pay that well, but at this point I don't care!

I am so glad you are feeling better!
pomlady
25 Posts
So sorry you are going through this.  That is disgusting that the bank has treated you so unfairly!  I hope a lot of people see this and run away from such an uncaring institution!
Jackwb
390 Posts
You may not be able to redeem them early, however with the super low loan interest rates you should be able to use them as collateral for a personal loan. Depending on when you took out the GIC's you may break even or be a little further ahead. Some banks offer interest only loans and you pay them off when the notes come due.

It's not that the banks don't care, they use the money in the longer term GIC's to fund loans and mortgages to other customers, if they redeem them early they'll need to find new funds to cover the shortfall.  
CCC888
76 Posts
Hi Stuartm‍ ,
I worked in a 'big' bank (though IT) for many years. My understanding there is non-redeemable GIC and redeemable GIC. For both of them you can withdraw your money (the principal) any time. The difference is with non-redeemable, your "accumulated" interest will be forfeited. Maybe, you can check with other banks. I think all bank products sold in Canada are governed under the same government authority - Central Bank.
Stuartm
20 Posts
It's amazing how well social media works.

Since posting all over the place, the bank decided to "give" me back my money, including most of the interest!

Yay!
josk
11 Posts
hey ... happy for you! .. do take care! 
Elsie13
1531 Posts
Great news, Stuartm‍ .  Wonderful idea to use social media!
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