August 29, 2023
To transfer an existing TFSA from another FI to Oaken, you have to:
1. Do a new TFSA “application” online once you login in. You have to digitally have to sign the form (I did a signature with my mouse). And no copy for you is provided. You need to keep and record the reference number that is provided at the end.
2. You then have do a fillable PDF “transfer” form that includes your SIN number and other information that could be sensitive. You then print it, sign it, and make the signed copy back into a PDF copy and then email it. Of course you can mail it too. The reference code is needed to identify your Oaken TFSA plan.
The application is much the same as the transfer form other than the SIN number. But when you are logged into your account so they know it.
If while you are doing the the “application” you check if you are transferring from multiple FIs or multiple accounts from one FI, it lead you into a fillable “transfer” form. I don’t know if a signature was required or if it was submitted with the “application”. I did not need to click that option. So I ask why did I have to do the transfer form when I pretty much did one when I did the application? And the “application” says the transfer can take 4-6 weeks. And how do you indicate say.....if you have $50,0000 in a cash account and you want to do a five year ladder of $10,000 each? 5 transfer forms?
!!Only if Oaken had a TFSA savings account!! I could do it all myself once the transfer was done!
I have quite a few one time transfers to do from 2 FIs and am wondering if I should “just live” with this half a$$ed process or to find another FI that has competitive rates that has walk in offices in the lower mainland.....and an easier online process.
November 18, 2017
August 29, 2023
So over the past week I have made 3 calls about the process and no one is on the same page at Oaken. Some responses have been illogical, wild a$$ guesses that are easy to see through. Today I see they have improved the process, but it still needs more fixing.
If any one needs help on this, let me know. I have successfully and correctly done 2 TFSA transfers from one account to 1 GIC at Oaken.
1 to Home Trust and 2 to Home Bank. Don’t PM me though....as I won’t see it.