Rail Baron said
It seems that Oaken is revamping a lot of their procedures and systems. When I purchased a 2 year GIC following the rate increase announcement today, I received an instant confirmation of investment certificate on their web site. Getting the certificate used to take several days after one's purchase date.  

Been like this for quite a while. Open GIC and then give it a nickname all in one login...

I am guessing the CSR meant Oaken won't send those in advance anymore like they used to. We get it the same day the rate changes. Seems to be in line with the last sentence in the correspondence I got ("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").

cgouimet said

And, contrary to a recent Oaken statement that there would no longer be email notifications of rate changes, this came via an email notification ...  

I came for the same reason, I also received this notification. Glad to see the CSR gave them bad info and that they still send out notifications. That will have an impact on my level of business with them.

cgouimet said
And again on Sep 14 ...

2 year GIC: 3.90 -> 4.05%
3 year GIC: 4.00 -> 4.10%
4 year GIC: 4.05 -> 4.15%  

And, contrary to a recent Oaken statement that there would no longer be email notifications of rate changes, this came via an email notification ...

2 year GIC: 3.90 -> 4.05%
3 year GIC: 4.00 -> 4.10%
4 year GIC: 4.05 -> 4.15%

If you are changing account notification settings on Oaken Web site, you can choose SMS and email. Open Oaken app on smartphone and third type of notification becomes available there: Push notification.
I would suggest installing Oaken app on smartphone and enabling Push notification for both types of logins.

My spouse signed up for an Oaken HISA account last week.

She immediately enabled two-step verification so that a verification code would be sent by SMS whenever a login attempt is made. Afterward, she tested the feature using different laptops and internet connections.
However, she was not consistently prompted to enter a verification code when signing in.
On one occasion, she was asked for a code, but instead of entering it, she returned to the login page and signed in again using her credentials. She was then able to access the account without completing the two-step verification process.

She has already raised this concern with Customer Service, as this pattern could present a security risk.
As an additional security measure, she has enabled email notifications for account logins. (So that she gets an email each time a login is made)

Are there any other steps you would recommend to further improve the security of the account?
Thank you.

And hands down...Oaken has the best website.....compared to BMO, VanCity, Hubert and People's Group.

Thanks.

Gilker said
I've also noticed:

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!!!  

I find their website is the "organizer" in your case, and is way better than other banks I've seen. Just login to your account once a month (or more frequently) and it will clearly show upcoming expiries in different brown coloured text, and adds a "manage maturity instructions" click on arrow instead of the usual arrow for more information beside each GIC. I currently have 3 expiring in less than 30 days, and if I recall, my first e-mail notices of upcoming expiries arrived almost 30 days beforehand.

Gilker said

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

don't think they will based on the notice I got. I also notice I had forgotten a portion of their message, it read like this:

"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."

Might still be worth it giving them a call but I doubt it will change anything. I didn't want to bother calling, let us know if you do and the result.

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!!!