Templates
Which template must we use if a member asks for the full amount of their GIC including interest?
GIC Current Value Template
Are providing the disclosures to members optional?
No, they must be provided.
When must we first disclose to the member the term of early redemption?
At creation of the GIC
When should you complete your Product Notes?
During the discussion with the member
How long does a member have to cancel the purchase of a new GIC?
21Calendar days
When asked for GIC value, when is it ok to just enter just a CRM note?
When only the principal amount is asked
At creation we must provide the member the GIC details, the GIC certificate, and what other document?
The CDIC Brochure
If the product they choose is non-redeemable what must policy also make sure to discuss?
The hardship policy
Which types of GIC’s can go under the same Product Note?
GICs with the same terms
Does the member earn any of interest accrued in the first 21 days if they cancel?
No
If a member asks about early redemption for 3 GICs in one call, how many GIC templates need to be completed?
3, one for each GIC
Before creating a GIC, which policy must you review with the member?
Redemption policy
Is it necessary to provide the member with the projected net amount payable on EVERY early redemption inquiry or only when the member decides to proceed?
on EVERY inquiry
How many of the same type of GIC’s can go into one Product Note
6
If the member does not reach out within 21 days of a rollover can it still be canceled?
No, unless the qualify for hardship.
Your member wants to redeem a Better than Cash GIC at 7 months along- which template do you use?
none as it is past the 6-month requirement.
Why must we provide members with certain disclosures?
Part of the regulatory requirement by the Bank Act
On an early redemption, we must disclose any projected interest charges which includes what two options?
Interest not paid or interest clawed back
What is the process for a delayed GIC product note?
Start the PN while speaking with the member- save it, do not complete it until the GIC is processed.
How does Coast notify members that their GIC is going to rollover?
We mail out letters
What 3 additional pieces of information are included in an early redemption approval template that are not on the inquiry template?
GIC account #
Date of redemption
Who approved the redemption
What 5 categories of hardship are covered by our hardship policy?
Job loss, business closure, Bankruptcy, Divorce, Death (joint membership)
Describe the difference between penalty interest from Start Date, or from Last Capitalization and give an example of when each should be used?
From start date means from when GIC was originally created, Last Cap means since the last time the Interest was paid out. We can use from start date on a One year redeemable when a member withdraws due to hardship. From last Cap can be used on a 3 year rising rate when member gets permission to withdraw in the second year.
Which section of the GIC do we need to pay particular attention to. Why?
Product Appropriateness, to make sure we are matching members needs with correct product
If a member is unhappy that we can’t remove them from GIC auto-rollover letters what must we do?
Create a CRM complaint case and follow the complaint resolution process.