Final answer:
Throughout the lifetime of an existing term deposit or GIC, financial institutions must provide certain disclosures and information, including the terms and conditions, account statements, renewal options, and any changes in interest rates.
Step-by-step explanation:
Throughout the lifetime of an existing term deposit or guaranteed investment certificate (GIC), certain disclosures and information must be provided by the financial institution. The specific disclosures and information may vary depending on the country or jurisdiction, but generally include:
- Terms and Conditions: The financial institution must provide the terms and conditions of the deposit or GIC, including the interest rate, maturity date, and any penalties or fees.
- Account Statements: Regular account statements should be provided to the customer, showing the balance, interest earned, and any withdrawals or deposits.
- Renewal Options: If the term deposit or GIC is nearing maturity, the financial institution should inform the customer about the options available for renewing the investment.
- Interest Rates: Any changes in the interest rates applicable to the deposit or GIC should be communicated to the customer.
These are just some examples of the disclosures and information that may be required throughout the lifetime of an existing term deposit or GIC. It is important for customers to carefully review the terms and conditions provided by the financial institution and seek clarification if needed.