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The settlement process is straightforward. You wire funds directly from your bank account into your Raymond James account. If possible we ask you to send us the bank wire confirmation so we can give advance notice of purchase of investment. Once the funds are in the Raymond James account, we would proceed with purchasing the investment. If you are purchasing a GIC, the settlement is done same day. If you are purchasing a High Interest Savings product, settlement is transaction date plus one day (T+1). If you are purchasing Bonds, these would settle according to their type (Treasuries, Commercial Paper, Corporates/Strips, etc.).
Once the funds are invested, interest will accrue and will be reflected in your account daily. Upon maturity or redemption, the settlement process will depend on the product type. For example, GIC’s will settle on the same day as maturity, and we would wire you the proceeds directly to your bank account on the same day. On the day of maturity, we can also rollover the GIC into another term, rollover into a High Interest Savings product, or wire the funds directly to your bank account.