Yesterday a fellow co-worker went through an exact situation that I've been through twice in the past and I feel very compelled to write about it today.
A client of hers needed to redeem his GIC from a major banking institution and went into the branch yesterday to do so. He needed these extra funds for his down payment and he knew that pulling the money out early meant he didn't receive any interest that he would have earned on this money.
However, when this fellow went into the branch to redeem his money the bank told him that there was no way he could UNLESS they did the mortgage. WHAT?????? This is complete black mail and is brutally unfair.
"Don't worry," they told him, "we'll give you free banking as well". What a joke as the rate he is getting was slightly higher than the one she was obtaining and they knew that. So the $5/m he saves in "free banking" will actually end up costing him more in the end as he's in with a slightly higher rate and doesn't have the expertise of an experienced mortgage broker monitoring his mortgage through it's life.
He felt very stuck and like he had no other option. Which I don't blame him for.
I'm not too sure if there's a moral to this story or not, however, it makes me very frustrated and upset that we continue to be taken by the big banks and others. This type of business is WRONG.
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