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GIC cancellation right after start
November 1, 2023
9:03 am
funklemonde9
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Hi, I accidentally created two GICs with Oaken Financial online myself and contacted them immediately after creating the second one as I realized it was a mistake right after creating it and they refused to cancel it. I contacted Hubert Financial from which I had transferred the funds and they said that had it been them, they would have cancelled the second GIC no problem. Does Canadian law protect cancellation within 24 hours or in my case, immediately after creation? I have a bad taste in my mouth with Oaken. When I called them immediately after cancelling, the person to whom I spoke said no problem but then they dragged it on for almost a week before telling me they would not cancel.

November 1, 2023
10:08 am
hwyc
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That doesn't sound like the Oaken I knew. If it is a duplicate created by mistake, what if you have the balance to fund only one of them?

... Looks like they must be very idle if they managed to finalize an application within 24 hr. It won't be with the new 6% offer.

November 1, 2023
11:00 am
funklemonde9
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I created the duplicate by mistake and the funds were available in my savings account

November 1, 2023
11:37 am
hwyc
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funklemonde9 said
Does Canadian law protect cancellation within 24 hours or in my case, immediately after creation?

I guess I could use a reminder on your lesson learned.

https://www.canada.ca/en/financial-consumer-agency/services/rights-responsibilities/rights-investing/rights-guaranteed-investment-certificates.html

BTW, Hubert is not federally regulated.

November 1, 2023
12:31 pm
savemoresaveoften
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funklemonde9 said
Hi, I accidentally created two GICs with Oaken Financial online myself and contacted them immediately after creating the second one as I realized it was a mistake right after creating it and they refused to cancel it. I contacted Hubert Financial from which I had transferred the funds and they said that had it been them, they would have cancelled the second GIC no problem. Does Canadian law protect cancellation within 24 hours or in my case, immediately after creation? I have a bad taste in my mouth with Oaken. When I called them immediately after cancelling, the person to whom I spoke said no problem but then they dragged it on for almost a week before telling me they would not cancel.  

The GIC product, insurance products etc are regulated and covered under a cool down period, when the consumer can cancel the order for whatever reason.
The cool down period is definitely MORE than 24-48 hrs.
Call Oaken again and ask to speak to a supervisor.

November 1, 2023
12:39 pm
NorthernRaven
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If it had been a renewal, and not a new purchase, federally you have 10 business days to undo that. But there doesn't seem to be any mandatory undo period for a new purchase. Although I'm somewhat surprised Oaken wouldn't unroll an obvious duplicate goof on request when notified "immediately".

EQ will let you cancel a GIC purchase within one day from the effective date.

November 1, 2023
12:39 pm
funklemonde9
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I've called several times and had my request reviewed and reviewed again and just wrote again.They have a lot of nerve.I can't believe the way they are acting.Seems slimy doesn't it?

November 1, 2023
12:48 pm
hwyc
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How far/high did you go ?

https://www.hometrust.ca/complaint/

November 1, 2023
2:20 pm
funklemonde9
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I got a call from them right after making this post to say that they finally cancelled it after a week of me calling and writing.This is just not right.Not even an apology.If they were obliged to cancel right after I created it because I asked, they are very in the wrong and not acting according to the law.Not impressed

November 1, 2023
2:43 pm
hwyc
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... Murphy's law ? That's the one I count on.

November 1, 2023
6:02 pm
serendipity
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I had a nice and helpful reply for you.
But these dumb ass pop ups from the bottom took me to another website and logged me off.
And I am not retyping it. Other blogs remember what’s been typed if there is an interruption.

Message me if you like.

Keep taking it up a step. You may have been connected to an incompetent CSR. If they offer to call back....stay on the call. They never ever call back.

Please write your comments in the forum.