1. much more helpful on phone
2. no more GIC certificates mailed to home address
3. email of upcoming maturities longer quotes the partial GIC#

I have around 90 GiC's with them and not knowing the number and type of GIC it is, makes the email useless. Today I received 3 emails saying the same thing and my records show that I only have one GIC maturing.

Boo on Oaken!!!

chamnic said
Just inquired at Oaken if my recently renewed GIC would be updated to new rates and got this reply.

Please be advised that effective this rate change, Oaken financial will no longer be looking back 7 days. Also, this will be the last time we send out email notifications advising clients about rate increases. GIC rates may change without advance notice. The current rates will be displayed on Oaken.com and available through Oaken Digital.  

Will they change the rate if you call? Or is that policy no longer in place?

So that was a lot of money spent for this as well.

Please be advised that effective this rate change, Oaken financial will no longer be looking back 7 days. Also, this will be the last time we send out email notifications advising clients about rate increases. GIC rates may change without advance notice. The current rates will be displayed on Oaken.com and available through Oaken Digital.

Just got this reply when I inquired if my GIC that I had renewed less than 7 days prior to rate changes would be updated.

Please be advised that effective this rate change, Oaken financial will no longer be looking back 7 days. Also, this will be the last time we send out email notifications advising clients about rate increases. GIC rates may change without advance notice. The current rates will be displayed on Oaken.com and available through Oaken Digital.

Interest rates change in response to market conditions and business needs. Providing rates that are effective as of the current date helps ensure consistent treatment for all customers and allows us to respond more quickly to market changes.

Dean said

OK then ... what's the deal @ Oaken ?

And where do we find it ?

Thx,
Dean  

So, according to your neighborhood AI bot, Oaken doesn't offer gic cancellation grace period. If they have one, it's certainly not visible on their website. This site appears to star in the AI bot response. The only way to be sure is to contact Oaken and ask.

Dean said

OK then ... what's the deal @ Oaken ?

And where do we find it ?

Thx,
Dean  

Don't know their official policy or where to find it (Bill has given some insight above). Up until now they've been pretty consistent with upping rate when there is a +change within 7 days of purchasing.

I didn't mean to imply that Oaken has ever offered a cancellation time period if that's what was inferred from my post.

Alexandra said they told her they're not adjusting rates for gics bought within 7 days "this time around" which suggests to me that they're generally retaining their policy of upping the rate if there's a rate increase within a week of you buying it (and apparently there's no demand for marching the rate within 7 days if their rates decline after purchase date!). We'll see.

Dean said

OK then ... what's the deal @ Oaken ?

And where do we find it ?

Thx,
Dean  

We've grown accustomed to Oaken (noone else) retroactively applying rate increases on their GIC's. This is the first time Oaken has chosen to follow industry practice of not doing that. Maybe they'll return to their former practice on the next rate increase ...

Wrayzor said

The 10 day mandate is for GIC renewals only. FIs are free to set their own cancellation time period for new purchases (or not offer one).  

OK then ... what's the deal @ Oaken ?

And where do we find it ?

Thx,

Dean

Bill said
Does anyone have a link to info indicating that also applies to new purchases? Many institutions have their own policy allowing a cancellation period but I've found nothing indicating a mandated cancellation period for new GIC purchases.  

The 10 day mandate is for GIC renewals only. FIs are free to set their own cancellation time period for new purchases (or not offer one).

HermanH said
I mentioned the 5-yr 4.25% because you said that you re-newed for 4%
Since it is within the 10-day period, maybe you can re-new for 4.25%  

I said that I rolled over a TFSA GIC with Tangerine on the 18th of August. It was a 5 yr. term at then 3.8%. When I read about the 10 day cancellation mandate from RetirEd, I looked at the new rate from Tangerine today for 4.0%, so I called and cancelled the 5yr TFSA GIC @3.8% and renewed at the new 4.0%.
Previously though I mentioned that I had purchased a new GIC with Oaken for 4.10 on the 13th of August, so I called them when they raised their 5 yr GIC to 4.25% to ask if they would give me that rate as I am a good client of theirs. They will get back to me on it. But, as discussed here, this one is a new GIC and within the 10 days, but the Tangerine TFSA GIC was a roll over. Hope I'm not confusing you....it's an age thing.

Alexandra said

Oaken's 5 yr now @4.25% but Tangerine's is now $4.0% it was 3.8%  

I mentioned the 5-yr 4.25% because you said that you re-newed for 4%
Since it is within the 10-day period, maybe you can re-new for 4.25%