Adding a Home Trust account when I already have Home Bank account | Oaken Financial | Discussion forum

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Adding a Home Trust account when I already have Home Bank account
November 6, 2022
9:56 am
RicksBank
Alberta
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I did the online Add Account process to add a Home Trust Savings account along side my existing Home Bank account. The confirmation email said to "fill out and return the information below", but there were no questions or attachments. Do I actually have to do something more, or just wait a few business days for it to appear as active?

November 6, 2022
11:04 am
Bill
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It was a couple of years ago my wife and I added 4 more accounts to the 2 we already had at Oaken and I vaguely remember something similar happened. If I recall we didn't have to send anything in, the accounts just showed up the next day or so. But I'm not 100% sure so if you're the patient type, especially as it's a weekend, I'd give it until Tuesday before you call in. If you can't wait check tomorrow and call in if the accounts don't show up. Sorry I can't be more definitive.

November 6, 2022
11:29 am
RicksBank
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Thanks bill, that helps. It seems everything takes a couple business dats.

November 6, 2022
11:47 am
cgouimet
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RicksBank said
Thanks bill, that helps. It seems everything takes a couple business dats.  

RicksBank said
I did the online Add Account process to add a Home Trust Savings account along side my existing Home Bank account. The confirmation email said to "fill out and return the information below", but there were no questions or attachments. Do I actually have to do something more, or just wait a few business days for it to appear as active?  

A standard form email. If nothing shows as needed then nothing is needed. The same thing happens with GIC's.

CGO
November 7, 2022
3:03 pm
RicksBank
Alberta
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Thanks everyone, the account appeared and is active today. All is well!

November 16, 2022
10:28 am
semi-retired
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I just did the same last week & opened a HomeTrust account.The HomeTrust account showed up today on my Oaken page.Very easy.

January 16, 2023
1:06 pm
Alexandre
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This now takes more that 2 weeks.

I have Home Bank account with Oaken. On January 2nd I submitted online application to open Home Trust account, under existent customer process. Got confirmation email.

Today, two weeks later, still nothing. Emailed with my reference number and got prompt reply "We have a high volume of applications and are currently backlogged." No ETA given and from the rest of email it appears my application was not looked at by human yet.

Stuff happens. Just be aware and plan correspondingly.

January 16, 2023
1:23 pm
Bill
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Due to holidays, year-end stuff, people moving money due to new year new financial plan/resolutions, TFSA season, RRSP season, tax-slip season, etc, maybe it's best to do stuff like open accounts, transfer accounts, etc at a slower time of year. Maybe May (before summer holidays start!) or fall, just an idea.

January 18, 2023
7:00 am
AltaRed
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December-February are the 3 worst months to be messing with accounts. I actually avoid March as well for FIs to clear backlogs and for being short staffed (spring breaks).

January 29, 2023
5:48 am
Alexandre
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Alexandre said
This now takes more that 2 weeks.

I have Home Bank account with Oaken. On January 2nd I submitted online application to open Home Trust account, under existent customer process. Got confirmation email.

Today, two weeks later, still nothing.

Nothing still. It appears to me, my request to open another account with Oaken was lost during their recent turmoil.
My money set aside for that account is now parked elsewhere at good rates, so I am not going to follow with Oaken on my request.

I thought attracting funds is one of the core competencies of FI.

January 29, 2023
6:08 am
savemoresaveoften
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From what I was told, GIC are also 5 biz days back log if not more.

January 29, 2023
6:42 am
cgouimet
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Triggered two transfers to Oaken on Jan 10. Funds visible on Jan 10 but available Jan 17 (5 business day hold).

GIC's purchased online Jan 17. Email confirmation of purchase 10 minutes later. Funds transferred to GIC's Jan 19 and GIC's dated Jan 17 visible online Jan 19. Unnecessary paper confirmation a few days later.

All smooth for me ...

CGO
January 29, 2023
6:50 am
savemoresaveoften
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cgouimet said
Triggered two transfers to Oaken on Jan 10. Funds visible on Jan 10 but available Jan 17 (5 business day hold).

GIC's purchased online Jan 17. Email confirmation of purchase 10 minutes later. Funds transferred to GIC's Jan 19 and GIC's dated Jan 17 visible online Jan 19. Unnecessary paper confirmation a few days later.

All smooth for me ...  

have u tried to call them to remove the hold instead of waiting 5biz days before the GIC purchase ? My experience is most FIs will do it, EQ is the rare exception that refuses..

January 29, 2023
7:10 am
cgouimet
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savemoresaveoften said

have u tried to call them to remove the hold instead of waiting 5biz days before the GIC purchase ? My experience is most FIs will do it, EQ is the rare exception that refuses..  

They refused twice before so I didn't bother asking ...

CGO

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