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GIC REJECTED

Discussion in 'International Students' started by SanjayMystic, Apr 2, 2019.

  1. Hi guys,

    I have some clarification, I initiated GIC and it got rejected due to name mismatch( although I informed bank they didn't change). I transferred 10300 CAD and the bank says they only got 10250 CAD.

    Does scotia bank charges even for rejection ?

    Or

    Do the banking staff fooling around or is it the intermediary bank charges? Anyone faced these issue !!

    Any good soul please enlighten me on this !!!
     
  2. Scotia bank only charge 200cad as their fees.
    while transferring money you should make clear to your bank that 10200 should been transferred to the receiving bank and all the other charges should be debited from your account.
     
  3. Yeah okay....does that mean domestic bank charges the amount ….because I think while sending they already deducted their charges....now after rejection again 50 CAD ….. do this happen to all......even for rejection domestic bank charges ??
     
  4. 50 CAD had been deducted by your local bank. If you give Scotiabank 10,200 CAD you will get a GIC of 10,000 only. If your GIC had been successful you would have got a GIC of 10,050 CAD since you have little extra.

    Unfortunately they will not refund the 200 CAD fees, and you I'll get only 10,050 or less if your local bank takes fees for returning it.
     
  5. I will suggest you to try CIBC gic it looks better then scotia, if small mismatch of name and even address scotia bank rejects gic and charge you $200.
     
  6. Scotia bank is doing through International Wire transfer while CIBC is doing through RTGS. International wire transfers are more strict than RTGS.
     
  7. I have received the instructions from cibc. Can you specify what to do in the A2 form especially in the page 4, the fema declaration.
     
  8. #8 kk2018, Apr 2, 2019 at 4:39 PM
    Last edited: Apr 3, 2019
    A2 has to be filled by bank but since it RTGC transfer some bank Will do some will not . I was told by CIBC they need reference number your name and signature on a2 and they should be good .
    I will keep you posted . My cousin just did the Rtgc today.
     

  9. My name on passport: Shubham Peri
    My name on bank account: Peri Shubham

    Name on GIC account would be Shubham Peri( as per passport)

    Will there be any issue while funds transfer to CIBC via international wire transfer ?
     
  10. Hi
    there will not be any problem as its not Wire transfer its RTGC .
     
  11. Will CIBC GIC rejects payment for these cases?

    -> Payment made from the bank account in my name, but bank account address is partially different from CIBC bank online form/account address(passport address).

    -> Payment made from the bank joint account in my name as primary, my parent name as secondary.

    -> Payment made from the home bank joint account in my name as primary and my parent name as secondary with bank joint account address matching partially with CIBC bank online form/account address(passport address).
     




  12. You applied for VISA?
     
  13. applied, got approved she is travelling next month.
     
  14. What should i write in the A2 form to submit after making payment?

    I have already transferred 15272 cad as my college fee...
     
  15. After how many days did you get your refund i got the rejection mail on 30/09/2019 still waiting for the funds how much time does it took in your case??
     

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