Mary Doria was recently cleaning her family’s Scarborough, Ont. home office when she discovered a Guaranteed Investment Certificate (GIC), in the amount of $25,000.
Doria had purchased the GIC from Scotiabank in 1993, 29 years ago.
“I thought this is truly amazing, if this money is really there then it would be truly great,” said Doria.
Doria said she had forgotten about purchasing the GIC because she lives with her parents, and never needed the money.
A GIC is considered one of the safest investments, as it’s similar to a savings account that allows you to earn interest annually until it’s cashed in.
Doria admits she is not sure if she ever cashed in the $25,000 investment, so she contacted Scotiabank to find out.
Scotiabank told her, however, that because almost three decades have passed, they cannot provide paperwork to show what happened to the money.
Doria said she feels the bank should have to provide some kind of proof as to exactly what happened to the funds, including whether it was cashed in or not.
“There is no way of telling. I’m sure they would have put cashed or redeemed on it (the GIC) or something like that if it had been cashed in,” said Doria.
Doria also said it states on her certificate that if the GIC is not cashed in, the principal and interest should be reinvested.
While Doria admits there is a chance that $25,000 GIC was cashed in, she is concerned the bank can’t give her a definitive answer or provide documents showing what happened to the money.
“They are saying the microfiche with all the records from 1993 [is] all gone. They have nothing to show saying it’s too old,” said Doria.
CTV News did a similar story in 2018 when Kim Ping Cheah found a 20-year-old GIC from Scotiabank for more than $12,000 USD. At the time, Cheah felt she had not cashed in her investment.
“They have no evidence that I redeemed it. Where has the money gone,” said Ping Cheah.
In 2018, CTV News published another story with Murad Dharani who said he had found $39,500 in GICs, some of them also with Scotiabank, which he also felt had not been cashed in.
“I was told it’s been so long you must have used the money, and I said ‘No, I would know,’” said Dharani.
A spokesperson for Scotiabank told CTV News Toronto could not provide comment regarding Doria’s situation.
“Scotiabank cannot comment on any individual customer matters for privacy reasons, but we can confirm that non-negotiable term GICs, such as the one in question, are paid directly to the customer at the time of maturity,” the spokesperson said.
At the time a GIC matured, Scotiabank says it could have also been automatically deposited into a customer’s account.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
