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Check Your Latest Oaken 'Savings Account' Statement(s) !
October 11, 2022
10:36 am
Dean
Valhalla Mountains, British Columbia
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.
My latest Oaken SA statement (month of Sept.) has gone Wacko

Instead of the small positive amount showing in my account, the latest Statement shows a Closing Balance of -$6.07 (yes, that's a Negative amount).

Other than small interest payments each month, my Oaken SA hasn't had any activity for over 4 months now. However, to keep the account active, I log into it once or twice a month.

I also checked five previous monthly statements. They all appear to be correct, except for this latest one.

I've sent Oaken an online message, asking them to look into this, and to correct the statement. I'll post what I find out, when they reply.

I hope no one else is having this problem. sf-confused

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 11, 2022
3:12 pm
savemoresaveoften
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Dean said
.
My latest Oaken SA statement (month of Sept.) has gone Wacko

Instead of the small positive amount showing in my account, the latest Statement shows a Closing Balance of -$6.07 (yes, that's a Negative amount).

Other than small interest payments each month, my Oaken SA hasn't had any activity for over 4 months now. However, to keep the account active, I log into it once or twice a month.

I also checked five previous monthly statements. They all appear to be correct, except for this latest one.

I've sent Oaken an online message, asking them to look into this, and to correct the statement. I'll post what I find out, when they reply.

I hope no one else is having this problem. sf-confused

    Dean

  

To keep an account active, most FI req you to do a transaction. Simply logging in does not meet the requirment.
Maybe they ding you $10 for inactive fee ?

October 11, 2022
3:35 pm
Dean
Valhalla Mountains, British Columbia
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Good try Savemoresaveoften, but . . .

    Even by that measure, my SA has only been inactive for ~ 4 months, so a charge like that wouldn't be warranted yet. And I just checked again ... no such charge has shown up in my online Oaken SA records.

Something really weird has gone on here. I'll wait till I hear back from Oaken
... hopefully by tomorrow.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 11, 2022
5:15 pm
Norman1
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According to the Oaken Fee Schedule, the $20 inactivity fee would be applied in April.

CHARGEABLE ITEM FEE
Monthly paper statement $2.00 per month
Retrieval of past statements greater than 14 months $5.00 per month
Dishonoured cheque deposit fee
(a cheque that was deposited into an Oaken Financial account but subsequently returned as dishonoured)
$20.00 per cheque
Dormant account
(an account that has had no activity for two years or greater, up to 9 years)
$20.00 per year
(charges applied in April after the second year of inactivity)
Bank confirmation
(a letter or form prepared upon request)
$25.00 per letter
October 12, 2022
8:01 am
Iminterested
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I agree with Dean. There is something wrong with the statement. I have an extra $7200 on my statement. I have not had any transactions for over 6 months. When I view my balance online it is showing the correct amount.

October 12, 2022
10:25 am
pwr1019
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Check your Oaken messages online I received this.......

Message
Dear Customer,

Please be advised that your August 2022 statement (generated on July 31st) was mislabeled, and it will be corrected in the next few days. We apologize for any inconvenience this may have caused you.

To access your latest savings account statements within Oaken Digital, please go to the Digital documents section.

If you have any questions, please reply to this message.

Yours sincerely,

Oaken Financial

October 12, 2022
11:20 am
Dean
Valhalla Mountains, British Columbia
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.
Thanks for that Pwr1019 ... at least they're acknowledging that something is wrong with some of their statements.

However, for myself, I have received no such message from Oaken. I'll check again, later today.

    Dean

P.S.
And according to Iminterested above (Post #5), I'm not the only one with a Wacko SA statement from Oaken ❗

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 12, 2022
3:53 pm
Dean
Valhalla Mountains, British Columbia
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.
Update . . .

I just received a reply from Oaken re my September SA Statement enquiry that I sent them yesterday (see post #1 above). Their reply reads . . .
.

    Date: 12 Oct, 2022
    Category: Statements and documents
    Subject: My Savings Account Statement Is Incorrect
    Message:

    Good afternoon Dean,

    Thank you for letting us know.

    This has been forwarded to our back-office to investigate regarding the statement. We can confirm the balance in the Savings Account as of today is $***.** .

    For further assistance with this inquiry please contact a customer service agent at 1-855-625-3622 Monday to Friday 8am to 8pm EST and Saturday 9am to 5pm EST. We will be happy to assist.

    Kind regards,

    -------------------------------

Given the fairly small amount in the account, I don't think their back-office will give this matter high priority, so I don't expect a quick resolution of the statement. But at least they did confirm the correct balance in the SA, so I'll let them figure the rest out, and wait to hear back.

All's well that 'Hopefully' ends well. sf-wink

    Dean

.
P.S.
Is anyone else having problems with their recent Oaken statements, in addition to Iminterested and I ❓

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 14, 2022
11:16 am
Dean
Valhalla Mountains, British Columbia
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Dean said

. . .

P.S.
Is anyone else having problems with their recent Oaken statements, in addition to Iminterested and I ❓  

Well, it appears that Iminterested & myself are the only one's here affected.

That of course, is a good thing ... but it's also Surprising ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

March 8, 2023
5:46 am
hwyc
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I have two Oaken statements for the same month !? ... and it is not the first time this happens.

Screenshot-2023-03-08-at-08-40-49-View-documents.png

Also noticed now they back dated transactions on the Savings statement. I applied for a GIC on Jan 23 with funds from Oaken Savings. The GIC application was not processed until Feb and the GIC (and withdrawn) is back dated to Jan 23, followed by an interest adjustment on the Savings.

March 8, 2023
9:14 am
Rail Baron
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hwyc said
I have two Oaken statements for the same month !? ... and it is not the first time this happens.

Screenshot-2023-03-08-at-08-40-49-View-documents.png

Also noticed now they back dated transactions on the Savings statement. I applied for a GIC on Jan 23 with funds from Oaken Savings. The GIC application was not processed until Feb and the GIC (and withdrawn) is back dated to Jan 23, followed by an interest adjustment on the Savings.  

I also had two Feb. statements for both HB and HT. The HT ones were identical/ One HB statement restated transactions in January, and one only included transactions in February. I wonder if this is fallout from their IT meltdown in early January?

March 8, 2023
9:42 am
Dean
Valhalla Mountains, British Columbia
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.
Me 2 ... Yet Again ❗❗

My Oaken (Home Bank) SA has Two statements listed as 'February', but the contents are completely different.

More of the Oaken 'Gong Show'. sf-confused

    Dean

.
P.S.
Has anyone contacted Oaken about this?
I'd try again myself, but my last attempt
back in Oct. was fruitless.

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

March 9, 2023
11:11 am
Dean
Valhalla Mountains, British Columbia
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Update :

It appears that Oaken is aware of these latest SA statement problems some of their customers are experiencing this month . . .

    I logged onto my Oaken account this morning and found that my two February statements (one now correct, and one bogus) had been Fixed, without my having to call in. All my statements are now correct again
    ... until next time sf-confused.

I would suggest that anyone who has accounts with Oaken, should keep a Sharp Look-Out for any future 'Anomalies' ... I know I sure will ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

March 27, 2023
12:00 am
MyUsername
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What I find rather unusual, to say the least, Oaken names their SA statement files in the download area using the month name when the file is generated which ends up being "one month ahead".

The account statement for February (period ending on Feb 28, correctly stated in the PDF file) is actually generated as "March 2023 Statement".

The duplicate statement issue that pops up once in a while (same file name, different content) is probably related to this as well.

Naming correctly a monthly account statement is such a basic / simple thing, not only to implement but also to catch the issue, yet this has been going on for at least 1 year.

Oaken-SA-statements.png

March 27, 2023
1:00 am
RetirEd
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It's pretty common for statements to bear the name of their preparation date, not the period covered.
RetirEd

RetirEd

March 27, 2023
11:24 am
Dean
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Hmmm ... I wasn't aware of that , RetirEd. Thanks for the heads-up.

Of all the FI's I deal with, Oaken is the Only one that uses the name of the preparation date for their statements (e.g. The statement they call "March" is actually for February's #s).

Seems kind of 'Stupid', if you ask me. sf-confused

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

March 28, 2023
6:34 pm
RetirEd
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Dean: having had a chance to look over many of my statements, I note that:

-Most of them show a "period covered" pair of dates or "period ending" date.

-Oaken provides me only with a year-end statement, dated December 31st, though I don't know where monthly interest would be shown as I hold only GICs with them.

-Vancouver City Savings Credit Union has an unusual practise of closing their months at the 27th or 28th of the month, dated then but sending statements covering the entire month. Credited interest appears at the start of the next statement. When I first joined in the '90s, the 27th was the official end-of-month date and interest included, but at some point since then they moved the interest payment date to month-end, if I remember correctly.

-Another credit union dates their statements on the final day of the month covered, though they go out much later.

I haven 't dug out my files on outfits I no longer do business with. (Anyone have a Tangerine statement handy, or from a Big Bank?)

On the other hand, my credit-card statements and other bills all have a "statement date" in the month following that covered by the statement.

So, Dean, it seems that there are at least some outfits that don't create the consternation you faced.
RetirEd

RetirEd

April 16, 2023
12:24 pm
billybob
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savemoresaveoften said

To keep an account active, most FI req you to do a transaction. Simply logging in does not meet the requirment.
Maybe they ding you $10 for inactive fee ?  

The inactivity fee cannot make your balance go below 0. So if you had $5 they would take out $5 not $10

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