mdfreed@ziebmef.uucp (Mark Freedman) (02/14/89)
How long does it usually take to redeem Canada Savings Bonds ? On Feb. 3, I asked Walwyn (large brokerage firm) to redeem the Canada Savings Bonds held in my account. I thought that this process would take two or three days. I called every few days to determine the status of this request, and was told that the bank was having trouble coping with the number of people redeeming CSB's. On Feb. 13, I was notified that the funds were available. I'm somewhat annoyed at the ten day delay, which represents a loss of about $30 in interest. Is it unreasonable to expect two or three day redemption of CSB's ? If not, do I complain to the Bank of Canada ? Consumer and Commercial Affairs ? My mother ??? [A[B It's not just the principle ... it's the INTEREST !! :-)
mnarayan@hcr.UUCP (Michael Narayan) (02/15/89)
In article <1989Feb14.075932.7851@ziebmef.uucp> mdfreed@ziebmef.UUCP writes: > > How long does it usually take to redeem Canada Savings Bonds ? > > On Feb. 3, I asked Walwyn (large brokerage firm) to redeem the >Canada Savings Bonds held in my account. I thought that this process >would take two or three days. > > I called every few days to determine the status of this request, >and was told that the bank was having trouble coping with the number >of people redeeming CSB's. > > On Feb. 13, I was notified that the funds were available. I'm >somewhat annoyed at the ten day delay, which represents a loss of >about $30 in interest. Is it unreasonable to expect two or three >day redemption of CSB's ? If not, do I complain to the Bank of Canada ? >Consumer and Commercial Affairs ? My mother ??? > Today's Report on Business in the Globe and Mail (PORTFOLIO: Waited five days for CSB redemption, p. B14) ran a small article on a similar problem. A reader wrote that his wife had trouble cashing in her CSB's through their broker. The process took five days. It turns out, since brokers are not redemption agents for CSB's, they are given a five day period to redeem them. This is because they have to take them to a redemption agent, get the money and then give you your cash. The moral of the story is, don't leave your CSB's with your broker. Keep them in your safety deposit box. (After all, the rental charges are tax deductable.) With regards of who to complain to, first speak to whoever your broker is at Walwyn. If this doesn't work, try working your way up the ladder. If this still doesn't work, try an irate mother :-). My feeling is that they probably don't want to lose your business so they may be responsive. Michael J. Narayan HCR Corp. {utcsri!utzoo}!hcr!mnarayan Nobody else could have opinions like these.
edwin@hcr.UUCP (Edwin Hoogerbeets) (02/16/89)
In article <1989Feb14.075932.7851@ziebmef.uucp> mdfreed@ziebmef.UUCP writes: > How long does it usually take to redeem Canada Savings Bonds ? I cashed mine personally at CIBC. It took my all of 5 minutes. (+ tranist time to the bank ;-) Maybe, you should keep the bonds yourself, and cut out this indirection thing. Edwin