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07-29-2013, 11:54 AM
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#1 | | I Will not Admit my Addiction to RS
Join Date: Apr 2006 Location: RS
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| GIC's with TD Bank
So I inherited money back in 2011 and I went to go put it in my account back then and the banker convinced me to invest it in GIC's, I asked them if I could just cash them out. They pretty much told me that I can't cash them out until 2016 over the phone. That's how long it's locked in for. Is there any way this locked money can be cashed out? close my account with the bank maybe?...
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07-29-2013, 01:35 PM
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#2 | | I keep RS good
Join Date: May 2001 Location: Cosmos
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i'm pretty sure you can take it out anytime, but you will lose all the interest you've made on it.
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07-29-2013, 03:04 PM
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#3 | | I *Fwap* *Fwap* *Fwap* to RS
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Unless you are in desperate need of cash, I wouldn't suggest pulling them out. I think there is a penalty for pulling it out early, but I might be mixing up with another type of investment here.
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07-29-2013, 03:12 PM
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#4 | | I contribute to threads in the offtopic forum
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Yes there's a penalty. My Aunt just had to go through this a few months ago.
Most ridiculous thing was her GIC's are locked in but yields even lower than the fund I'm holding which can be cashed within 3 business days.  | |
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07-29-2013, 04:48 PM
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#5 | | RS.net, where our google ads make absolutely no sense!
Join Date: Sep 2009 Location: North Van
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Locked in GIC can only be cashed out with no penalty if its due to extreme financial hardship (ie. bankruptcy) as per TD policy.
All other reasons are subject to a penalty where your GIC gets sold on the open market. Since your GIC matures in 2016 it would definitely not be worth it for you to cash it in.
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07-29-2013, 04:49 PM
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#6 | | MiX iT Up!
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how much are we talking about $1000? $10,000? $50,000?
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07-29-2013, 04:50 PM
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#7 | | I Will not Admit my Addiction to RS
Join Date: Apr 2006 Location: RS
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I'm cashing them out before bankruptcy happens. Does that count?
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07-29-2013, 04:53 PM
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#8 | | I Will not Admit my Addiction to RS
Join Date: Apr 2006 Location: RS
Posts: 584
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$14,000 even, GIC plus?
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07-29-2013, 05:10 PM
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#9 | | RS.net, where our google ads make absolutely no sense!
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If you are cashing it in because of bankruptcy the bank will ask for proof that you have actually declared bankruptcy. Once you provide that then it's really branch discretion but more often than not, bankruptcy = no penalty.
Since you are in a market growth GIC (return % is not determined until 2016) you will get 0% return and a lower buy back price. I don't know how much but i would assume 85/100 to 95/100 as a guess.
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07-30-2013, 01:34 AM
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#10 | | look at these diamonds, they shining
Join Date: Apr 2008 Location: Vancouver
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Lol just tuck the money away like you never inherited it.
Helped some kid get a GIC and a week after its gone
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07-30-2013, 05:08 PM
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#11 | | RS.net, where our google ads make absolutely no sense!
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get them to apply a secured line of credit with that investment secured. You'll have to pay interest but most likely you won't pay more than the penalty. Interest rate is P+1=4%
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08-01-2013, 04:43 PM
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#12 | | I Will not Admit my Addiction to RS
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| Quote:
Originally Posted by rawr  get them to apply a secured line of credit with that investment secured. You'll have to pay interest but most likely you won't pay more than the penalty. Interest rate is P+1=4%
Posted via RS Mobile | agreed! good recommendation, but if you are close to bankrupcy and your credit has been heavily affected by missed payments, you still may not be able to get 100% liquid secured LOC. Also depends on your debt servicing abilities.
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Last edited by Hustler604; 08-01-2013 at 04:44 PM.
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