GIC purchased on March 10: certificate delay? | Oaken Financial | Discussion forum

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GIC purchased on March 10: certificate delay?
March 18, 2019
11:52 am
davidgeorge
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Before Oaken dropped its GIC rate on March 11, I purchased a GIC on March 10 online. I received an email confirmation of my GIC purchase. However, as of today, the GIC certificate is still not issued, and I can't see the new GIC through Oaken online banking. The fund used for the GIC purchase is still in my Oaken Savings Account. I called Oaken last Thursday and today, and was told that my GIC application is still in processing. Is Oaken broken?

March 18, 2019
12:16 pm
Denise Milani
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Don’t worry. This happens often. Maybe they wait for the funds to actually clear, assuming you did the GIC and transferred the funds to your Oaken savings account on the same day. It will be all dated on the day you did the entry.

March 18, 2019
12:51 pm
Doug
British Columbia, Canada
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Thanks, Denise, for that thoughtful answer. To the OP, I echo Denise's sentiments completely. 🙂

Cheers,
Doug

March 18, 2019
1:31 pm
toto
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Same happened to me. I grabbed their 3.3 rate on March 5th, I transferred funds in that day to buy it. It was taking forever, I called twice. Hold had to come off funds, but it was backdated to March 5th and I can see my certificate online and will get it in the mail any day.

March 18, 2019
1:33 pm
davidgeorge
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I am glad to report that I can see my new GIC now through Oaken online banking. Maybe Oaken is following this forum. This never happened to me before. I always saw my newly purchased GIC within one day through Oaken online banking until this time.

March 18, 2019
7:20 pm
AltaRed
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Certificates? They are still issued as compared to just being a digital banking online line entry? I thought those disappeared with the creation of online banking.

March 19, 2019
6:58 am
hwyc
GTA
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My guess is that these rate-drop-ahead email is attracting higher than usual GIC applications. As for me, cheque withdrawal was posted on my bank on Monday March 11th but as of this morning Tuesday March 19th, I have not seen my GIC posted online at Oaken.

[March 20th] Update - GIC posted online

March 19, 2019
12:38 pm
Brimleychen
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I deposited GIC on March 7, and finally it shows online today (March 19).sf-cool

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