What do the different types of GIC transaction codes shown on an account mean?
Several types of transaction codes are used to explain the nature of the GIC transaction. The transaction codes that may be used in an account are: GIC – general interest charge: This is the amount of GIC calculated from the day after the end of the previous GIC amount up to the ‘date to’ date for the current amount. GICA – amended general interest charge: This is an amendment to an original GIC amount. An amendment occurs when an amount that is due is either increased or decreased after the due date of that amount. This amount can be a credit or debit. GICA will occur in situations where the underlying liability the GIC has been imposed on is reduced or increased. An example is where a misallocated payment is subsequently posted to the correct account. A credit GICA posting would appear on the account in this case. GICR – general interest charge remission: This occurs where a remission of GIC has been granted. The GIC amount is reduced by a credit being shown on the account to reflect
