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Duplicate transactions
January 11, 2023
4:11 am
dsc
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Further update...still no refund of unauthorized withdrawal.
My original transfer to Oaken has cleared as of Jan 9th. CSR stated nothing is done until this happens which was not said in my previous discussions. However, still nothing on how long it will take to be resolved.
Here is the next frustration, Oaken CSR are now saying I need to produce copies of the transactions from my external bank and submit to Oaken. I contacted TNG earlier this week and they have to send these by mail, so I doubt I will have them this week to submit.

January 11, 2023
7:52 am
RetirEd
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Loonie: Indeed, we all must make sure to verify every detail on documentation. There are often slips, with any financial institution.

Fixing them is quicker when one is in the office.
RetirEd

RetirEd

January 11, 2023
5:01 pm
Loonie
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RetirEd said
Loonie: Indeed, we all must make sure to verify every detail on documentation. There are often slips, with any financial institution.

Fixing them is quicker when one is in the office.
RetirEd  

Right. I know it's an old-fashioned idea, but, where feasible, I always go to a physical branch. All things being similar if not equal, I choose FIs that are local to me. Living in TO, I do have the luxury lots of choices. Hubert is the only one I deal with that is out of province and only for joint accounts or registered funds with survivorship.

If you have to sort out problems on the phone, you have less control of the situation.

January 12, 2023
5:46 am
im43232
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@dsc, chances are even you provided TNG transactions, Oaken will play the blame game by finding frivolous imperfections in the transaction and continue demand further information from you. You really need to toughen up! Oaken, as the EFT initiator, already has all the information.

January 12, 2023
5:48 am
bhuc
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It is extremely frustrating and time consuming to rectify online transactions (txns) that don't complete or are botched by back end processes. And it has happened to me and in all likelyhood will happen again.
I always take screen prints before I complete an txns and after showing the confirmation code. I do this for money transfers between online banks as well as sending email money transfers.
Once the money received, I will then delete the screen prints.
Granted, 99.9 % of txns complete successfully but in the off chance, its better to be prepared if it doesn't . Cheers

January 12, 2023
6:56 am
TommyT
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dsc said
I made my first large transfer of funds (50K) from my Tangerine account to my Oaken account on January 1st. Today, January 5th the withdrawal from my Tangerine account shows it was duplicated.
Called Oaken right away and they said it has happened with other clients, too. They are supposed to look into it but gave no case number or time for resolution. Will update on how this gets resolved.  

Same thing happened to me when I pulled $6,500 out and put it into a TD account to put into a Wealth One Bank 5 year TFSA GIC. The mistake was corrected the following morning but the available cash in TD when it transferred did show the entire extra $13,000. This year I only got a small Christmas card from Oaken. No chocolates this year.

January 12, 2023
7:03 am
TommyT
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dsc said
Further update...still no refund of unauthorized withdrawal.
My original transfer to Oaken has cleared as of Jan 9th. CSR stated nothing is done until this happens which was not said in my previous discussions. However, still nothing on how long it will take to be resolved.
Here is the next frustration, Oaken CSR are now saying I need to produce copies of the transactions from my external bank and submit to Oaken. I contacted TNG earlier this week and they have to send these by mail, so I doubt I will have them this week to submit.  

ING direct was so much better. I would have closed all my accounts with Tangerine but I could never get anyone on the phone in order to cancel all my accounts at Tangerine.

January 12, 2023
7:19 am
TommyT
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I moved $6,500 from Oaken to TD and in the records at Oaken it showed $6,500 had been sent. Two entries of $6,500 showed up at TD and I sent $6,500 to Wealth One bank for a TFSA GIC. The following morning the duplicate $6,500 entry at TD was reversed. Well that's what Oaken gets for cutting their 5 year GIC rate to 4.50 percent from 5.00 percent and sending people Christmas cards instead of chocolates. They had it coming to them.

January 12, 2023
9:31 am
TommyT
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dsc said
I made my first large transfer of funds (50K) from my Tangerine account to my Oaken account on January 1st. Today, January 5th the withdrawal from my Tangerine account shows it was duplicated.
Called Oaken right away and they said it has happened with other clients, too. They are supposed to look into it but gave no case number or time for resolution. Will update on how this gets resolved.  

The available funds in Oaken as of now still shows a shortfall and its also affecting other credit unions and trust companies as the hold times on funds has exceeded 5 business days outside of Oaken. They must have really loused up this time. I also got no chocolates this year just a puny sized card instead. It magically coincided with when everyone takes out a TFSA due to Oaken cutting their 5 year GIC so all funds are now exiting Oaken to buys TFSA's.

January 12, 2023
9:40 am
TommyT
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dsc said
Further update...still no refund of unauthorized withdrawal.
My original transfer to Oaken has cleared as of Jan 9th. CSR stated nothing is done until this happens which was not said in my previous discussions. However, still nothing on how long it will take to be resolved.
Here is the next frustration, Oaken CSR are now saying I need to produce copies of the transactions from my external bank and submit to Oaken. I contacted TNG earlier this week and they have to send these by mail, so I doubt I will have them this week to submit.  

When the available funds in the saving accounts are identical to the funds in the savings account The amount of the left and right side are equal to each other. I'm guessing the problem will be fixed. Many people withdrew money out of Oaken instead of putting money in. I've got holds going on 6 business days and only because I did one withdraw from Oaken. This is money unrelated to Oaken. I hope GIC rates at 5 years at Outlook Financial don't drop while the hold is on funds thanks to Oaken's mistake.

January 12, 2023
9:48 am
dsc
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I can finally report as of this morning this has been resolved with Oaken.

January 13, 2023
4:17 pm
Rail Baron
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No luck on resolving my missing money yet, but I did get a sympathetic CSR who took a bit more time to talk to me about what went wrong.

Oaken did a "software upgrade" on the first banking day of the new year that must have been designed by the team that previously worked for Rogers telecom. Same results ensued, and between January 4 and January 8 the payments transfer system at Oaken was not functional.

They prioritized fixing the transfer system first, and then sorting out the messes that occurred with people's money between January 4 and January 8 later. The claim is that the final system wide problems will be cleaned up by Monday, January 16, and that any money that has gone astray after that time will be addressed through an individual investigation process.

I'm hoping my money will show up at either Oaken or Hubert on Monday, and if not, I'll be launching one of those individual investigations. I wonder how many people are going to be waiting weeks, and perhaps months, longer to get reacquainted with their money?

January 13, 2023
10:57 pm
Loonie
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I was not affected so I have no personal stake in this, but they owe you guys serious compensation.
Making your money disappear for days, weeks, maybe longer,
is totally unacceptable, very stressful, creates additional financial burdens, and is entirely their fault.
They are being nice to you on the phone because the bank is scared stiff that you may sue them - and win.

January 14, 2023
10:54 am
Rail Baron
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Loonie said
I was not affected so I have no personal stake in this, but they owe you guys serious compensation.
Making your money disappear for days, weeks, maybe longer,
is totally unacceptable, very stressful, creates additional financial burdens, and is entirely their fault.
They are being nice to you on the phone because the bank is scared stiff that you may sue them - and win.  

I agree that it is not a great experience to have one's savings disappear for weeks, or longer, when they are supposedly in the custody of a federally regulated financial institution. I've lived in Canada for 39 years now, and never had a penny disappear like this in any bank or credit union.

But as for compensation, or recourse through the courts, I've seen enough corporate legal disputes to know that suing a bank is not as easy as it might appear on tv. It would definitely cost more in up front legal fees than the $50,000 that's gone missing in my case, so there would need to be a class action by all the depositors whose funds disappeared in the Oaken transfer snafu. And maybe it will come to that, if they cannot account for the money that got scrambled when their electronic funds transfer software blew up on January 4.

But I am hoping that Oaken will be able to recover the funds next week, and then they will sit in a stable account until my GICs mature. I don't think we are dealing with an FTX level of malfeasance here, but time will tell!

January 15, 2023
12:17 am
Loonie
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Yes, I know legal stuff is expensive and takes forever; and we don't know how big the "class" is. But people shouldn't just sit there politely waiting for their money back either.
There needs to be consequences for Oaken so that this sort of thing doesn't become acceptable.

January 15, 2023
4:14 am
savemoresaveoften
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Loonie said
Yes, I know legal stuff is expensive and takes forever; and we don't iknow how big the "class" is. But people shouldn't just sit there politely waiting for their money back either.
There needs to be consequences for Oaken so that this sort of thing doesn't become acceptable.  

TD used to give customers $5 if they wait in line for a teller for too long

January 15, 2023
10:39 am
Rail Baron
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Loonie said
Yes, I know legal stuff is expensive and takes forever; and we don't know how big the "class" is. But people shouldn't just sit there politely waiting for their money back either.
There needs to be consequences for Oaken so that this sort of thing doesn't become acceptable.  

I agree that having one's funds disappear from a chartered bank account in Canada is not acceptable, and that there should be consequences. Last year, I received a $33 credit from Rogers for their four day service disruption, which seems roughly comparable to the time that Oaken's funds transfer software was dysfunctional. But I am not expecting such a gesture from Oaken, although it would certainly be appreciated.

I see no advantage to being impolite in resolving the situation. I've downloaded Oaken's complaint resolution process and guidelines. It seems that Home Trust provides the resolution support for both Home Bank and Oaken. There are clear procedures laid out, with a 56 calendar day period to try and resolve the problem within Home Trust/Home Bank/Oaken before a complaint can be filed with the Ombudsman for Banking Services and Investments. I will certainly be filing such a complaint if my funds remain lost by that deadline.

One way of looking at this mess is that I purchased a one year GIC in which my money would be unavailable for use by me until the end of 2023. Thus, as long as the funds are relocated and restored before December of 2023, I will be back in the same financial position that I was when I opened this GIC.

January 15, 2023
11:25 am
Bill
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I agree, Rail Baron, nice to see another person using the polite way. My dealings with Oaken over the years have been just fine, they are very fair in terms of warning about rate changes and resetting rates for GICs purchased just before a rate increase, I'm betting if you work with them co-operatively you'll be made whole as you describe in your last paragraph.

January 15, 2023
9:20 pm
Loonie
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There needs to be some reason to believe this won't happen again. So far, I don't see a reason.
Please let us know how you make out. I won't be sending them more money any time soon!

January 17, 2023
12:55 pm
Rail Baron
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A day late*, but not a dollar short, Oaken seems to have found my $50,000 and opened another 1 year GIC, backdated to the Dec. date that I'd originally purchased this certificate.

They still show the original GIC that was opened the same day in December with a zero balance. This suggests that once they found my funds, they were unable to put them back in the account that had briefly held them during the transfer software failure.

It may have been easier for them to create a brand new GIC, and perhaps eventually the empty one will drop out of my accounts? Or maybe they will eventually move the funds from the new GIC to the original GIC?

*I had been told last week that all the problems from the Jan 4 - 8 funds transfer software meltdown were scheduled to be cleared up by Jan. 16. But there was no sign of my money until Jan. 17 in Oaken Digital.

I don't plan to put any more funds into Oaken this year, and am slowly moving my money in my savings accounts away now. I'll never do more than one transaction at a time, and since I have accounts with both Home Bank and Home Trust, I'm moving the money from one first, and then moving the next one only after it settles.

It's been a wild ride over the past couple of weeks - not something I ever expected to happen with a Canadian bank. But it did get resolved.

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