Financial institutions are not allowed to eyeball the person and driver's license over a video link to verify ID. When not done face-to-face, special sofware, to check the ID's security features and match the person to the photo, is needed.

The header says it is used for "seniors (67 & over) and minors (12-17) who do not have sufficient photo and secondary identification". That's unclear if it is all seniors, or just those who do not have sufficient ID.

If you are 67+, perhaps that triggered this process, although that would seem a bit odd. Or, I don't know if they can do any sort of quick credit bureau check during the application to see if they are having trouble doing a preliminary match? Did you indicate anything like not being a Canadian citizen, or some other outlier choice?

In any case, that PDF document seems to show you could provide a utility bill (Column A) and a government photo ID (Column B) to satisfy the requirements - you don't need all the things you listed. I'd call Oaken to figure things out if you want to be with them.

Yes, name, address, and date of birth need to match exactly. Can't use an ID document for "B Smith" to confirm "Bob Smith" or "Barbara Smyth".

They wanted me to provide them with just:
1. Government-issued photo identification document (excluding Health Card);
2. Bank statement for either a deposit or chequing account, or credit card statement.

I wonder if times have changed and requirements got stricter. I do agree with you, if they asked me that much info as they did you, I would not have gone through the account opening process.

Also, even in 2022 they were very particular with documents they requested. I sent them credit card statement, it has my first name slightly mistyped, they noticed it and asked to provide different document which should match exactly my first and last name on photo ID document. Sent them one of bank statements instead.

cgouimet said

Those are "Oaken Branded" Home Bank & Trust GIC's.

You can also get Home Bank & Home Trust GIC's via brokers at different rates.  

OK thanks. Now I get it.

dommm said

I may be misunderstanding your post but I have an account with Oaken & have GIC's from both Home Bank & Home Trust held within my Oaken account & have never gone through a broker?  

Those are "Oaken Branded" Home Bank & Trust GIC's.

You can also get Home Bank & Home Trust GIC's via brokers at different rates.

Norman1 said

AltaRed said
…

Regardless, your point is taken as regards an apparent inconsistency between Home Bank and Fairstone Bank. Mr Stephen Smith must have his reasons such as Fairstone Bank being the mother ship with Oaken Financial, Home Trust, Home Bank et al being brands underneath that umbrella. Are Home Trust GICs available via Oaken, or are they too only available through the brokerage channel?

Only Oaken-branded GIC's are available through Oaken. Home Trust GIC's and Home Bank GIC's are available only through deposit brokers and investment dealers.

The extra deposits through their direct-to-consumer Oaken channel would be unnecessary and undesired. The situation is similar to when Fairstone Bank did a $300 million three-year deposit note issue in February.

$300 million of notes were offered. $1.1 billion of bids came in from investors. Offering increased to $400 million. $700 million of bids left untaken!  

I may be misunderstanding your post but I have an account with Oaken & have GIC's from both Home Bank & Home Trust held within my Oaken account & have never gone through a broker?

AltaRed said
…

Regardless, your point is taken as regards an apparent inconsistency between Home Bank and Fairstone Bank. Mr Stephen Smith must have his reasons such as Fairstone Bank being the mother ship with Oaken Financial, Home Trust, Home Bank et al being brands underneath that umbrella. Are Home Trust GICs available via Oaken, or are they too only available through the brokerage channel?

Only Oaken-branded GIC's are available through Oaken. Home Trust GIC's and Home Bank GIC's are available only through deposit brokers and investment dealers.

The extra deposits through their direct-to-consumer Oaken channel would be unnecessary and undesired. The situation is similar to when Fairstone Bank did a $300 million three-year deposit note issue in February.

$300 million of notes were offered. $1.1 billion of bids came in from investors. Offering increased to $400 million. $700 million of bids left untaken!

You may not have been a burden on CSRs personally but there are hundreds, if not thousands, of posts on this website that would beg to differ.

Regardless, your point is taken as regards an apparent inconsistency between Home Bank and Fairstone Bank. Mr Stephen Smith must have his reasons such as Fairstone Bank being the mother ship with Oaken Financial, Home Trust, Home Bank et al being brands underneath that umbrella. Are Home Trust GICs available via Oaken, or are they too only available through the brokerage channel?

At Scotia iTrade, I can buy Home Trust and Fairstone Bank GICs but not Home Bank. It may be an intended firewall between direct retail and brokerage.

I've been an Oaken customer for five years now, and have been on the phone with them twice during that time. I've placed >$500,000 in deposits with them, much of it re-invested amounts after GICs mature. Almost none of it took any of their CSR's time.

Oaken has the best online platform for buying GICs that I've come across, at least since Hubert's old system was decommissioned. Today, I bought a joint GIC for Mrs. Rail Baron and myself in less than two minutes online. That's impossible to do on Tangerine, for example, let alone Hubert these days.

With such online capability, I just don't see how broadening sale of GICs from institutions which are already working together, like Fairstone, Home Bank and Home Trust, opens Oaken up to hordes of difficult and demanding customers.

Now, I have had to be demanding with deposit brokers, when they input the wrong address and my GIC confirmation never arrived, or when the bank who issued me a GIC (Habib Canadian) never sent a T slip at tax time. And since I don't enjoy being a demanding customer, I've largely steered clear of deposit brokers after these two experiences, and try and buy my GICs directly from the FIs that offer them at attractive rates.

Rail Baron said
And I'm not sure that I understand the hassle factor of/for retail investors as an impediment to adding Fairstone GICs to the Oaken platform. Presumably, the merged entity of Fairstone/HT/HB already has made the investment in a retail channel, with all of its hassles, through Oaken. Why would selling Fairstone GICs on the Oaken platform add more hassle? They kept Home Bank "live" on the Oaken channel to give investors more CDIC coverage. Wouldn't Fairstone take Oaken another step in that direction by adding even more CDIC coverage for depositors like me who have more than $200,000 to place in GICs?  

Smith Financial obviously has its reasons for not making Fairstone GICs available to the retail direct channel.

I know I am likely hitting a 'hot button' here but the hundreds and thousands of posts on this site from folks burning up CSR time on 'issues' and institution hopping suggest to me it is an inordinate hassle and a significant operating cost to a business owner to have to deal with this shite. I wouldn't want any part of it as a business owner and would pay my 25bp to the brokerage channel to escape that noise, for hassle free sourcing of funds. YMMV

I'd 'Jump' on it

Dean

And I'm not sure that I understand the hassle factor of/for retail investors as an impediment to adding Fairstone GICs to the Oaken platform. Presumably, the merged entity of Fairstone/HT/HB already has made the investment in a retail channel, with all of its hassles, through Oaken. Why would selling Fairstone GICs on the Oaken platform add more hassle? They kept Home Bank "live" on the Oaken channel to give investors more CDIC coverage. Wouldn't Fairstone take Oaken another step in that direction by adding even more CDIC coverage for depositors like me who have more than $200,000 to place in GICs?