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November 26, 2023
3:44 pm
Bill
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If the funds are in your HISA you can buy a GIC online with the funds even if there's a hold on them, no need to call in.

November 26, 2023
9:05 pm
DavidSan
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I just opened a new Oaken Financial account and tried to buy a TFSA GIC.. how come I dont see that option and the GIC is only under the non-registered category?

November 27, 2023
12:08 am
cgouimet
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DavidSan said
I just opened a new Oaken Financial account and tried to buy a TFSA GIC.. how come I dont see that option and the GIC is only under the non-registered category?  

At the "Open an Oaken account" screen scroll down below "Guaranteed Investment Certificate" to select "Tax-Free Savings Account" ...

CGO
November 27, 2023
9:01 am
Dean
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Loonie said

As Dean says, they've been promising this pretty much ever since they cae into existence, with no evidence of progress.

For practical purposes, I assume it will not happen. When and if it does, I will be glad to see it. Untlil then, no new registered GICs from me.  

I believe it was Loonie who was one of the first ones here to realize and report that the Oaken CSRs were Lying to us about; "We're working on providing Registered SAs soon". And they've been telling us that Lie for many years now.

Of course the Oaken CSRs don't dream stuff like that up. For sure, they have been instructed to regurgitate that long-running Lie, by Oaken Management itself.

So now one has to wonder ... what 'Other' Lies have the Oaken CSRs been instructed to tell us, that we're not yet aware of ?!

I've lost All Trust & Respect for that outfit ❗ sf-confused

    Dean

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

November 27, 2023
9:19 am
Itellyouwutt
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Dean said

I believe it was Loonie who was one of the first ones here to realize and report that the Oaken CSRs were Lying to us about; "We're working on providing Registered SAs soon". And they've been telling us that Lie for many years now.

Of course the Oaken CSRs don't dream stuff like that up. For sure, they have been instructed to regurgitate that long-running Lie, by Oaken Management itself.

So now one has to wonder ... what 'Other' Lies have the Oaken CSRs been instructed to tell us, that we're not yet aware of ?!

I've lost All Trust & Respect for that outfit ❗ sf-confused

    Dean

  

I work in corporate communications and yes, I can say without any hesitation at all that the CSRs are 100% not (actually make that 200% not) exercising their own judgement when they spew out the Oaken party line on registered SAs.

This isn't because the CSRs don't have an opinion -- but c'mon, unless they are having a meltdown of some kind why would they go out on a limb? Maybe if you bump into a CSR in a store or something you might get the straight 'off the record' goods. But every call to a CSR is recorded. If they even imply something sketchy with their tone, they are going to be in the hot seat.

As for what else they may be lying about...I'm by no means an Oaken apologist, but I can tell you that ALL financial institutions, including "we are different and more client-centric!" credit unions do exactly the same thing. They will not blatantly lie. But they will gloss over inconvenient truths, deflect to something else, or carry out various other tactics that FIs have been doing for generations.

November 27, 2023
10:06 am
Dean
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.
Oh, of course ... Oaken isn't the only one. Telling lies and half truths is part of the culture of many corporations & outfits (including some FIs).

But the 'Big' difference here, is that Oaken was found out on this matter, a Long time ago ... but they Still tell the Lie !

Go Figure,

    Dean

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

November 27, 2023
1:32 pm
cgouimet
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Dean said
.
Oh, of course ... Oaken isn't the only one. Telling lies and half truths is part of the culture of many corporations & outfits (including some FIs).

But the 'Big' difference here, is that Oaken was found out on this matter, a Long time ago ... but they Still tell the Lie !

Go Figure,

    Dean

  

I certainly have no plan to get Oaken Registered GIC's until they have matching SA's.

Can anyone here with Oaken TFSA GIC's talk to how they deal with maturities and transfers?

CGO
November 27, 2023
1:44 pm
NorthernRaven
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I've had a couple of registered things with Oaken. There was an RRSP 5-year GIC, but I actually let that renew since the rate at the time was attractive, so it has a few more years to run. I've had a TFSA GIC there before, and there's one there now that comes due in January. You should be able to do the transfer request at your receiving institution a bit before maturity, and when it arrives at Oaken they should sit on it until the maturity date and then execute the transfer of the funds.

Transfer requests would have a spot for the GIC#, I think. If there's any place for comments on the form, you might put something like "matures on XXX", although that shouldn't be necessary. I think my last one matured in December, and I didn't bother stacking up the transfer and just withdrew to savings and had the TFSA room regenerate on Jan 1, but I'll actually have to set up a transfer for this coming January, unless I let it roll over for one more year there.

I'm not sure why they wouldn't have had registered SA a long time ago, but it could be they didn't see enough additional advantage to balance out a lot more registration transfers that people in savings might do? They are an outlier in this, certainly.

November 27, 2023
2:16 pm
DavidSan
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cgouimet said

At the "Open an Oaken account" screen scroll down below "Guaranteed Investment Certificate" to select "Tax-Free Savings Account" ...  

Thanks, I got confused by their wording. Under TFSA, it says savings account. But when I clicked Continue, it is a GIC.
So we also need to sign our signature on a blank piece of paper and take a picture of it and upload the document?

November 27, 2023
2:49 pm
cgouimet
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DavidSan said

Thanks, I got confused by their wording. Under TFSA, it says savings account. But when I clicked Continue, it is a GIC.
So we also need to sign our signature on a blank piece of paper and take a picture of it and upload the document?  

It's not oaken wording, "tax free savings account" is government nomenclature.

As far as tfsa creation paperwork at oaken, I don't know - I am not considering an oaken tfsa until there are both hisa's and gic's.

CGO
November 28, 2023
4:49 am
RetirEd
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I don't get it. Since Oaken has no registered-account transfer-out fees, their lack of registered savings-account options to receive maturing cash provides incentives for clients to take their money out.

RetirEd

November 28, 2023
5:34 am
cgouimet
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RetirEd said
I don't get it. Since Oaken has no registered-account transfer-out fees, their lack of registered savings-account options to receive maturing cash provides incentives for clients to take their money out.  

They're probably betting on renewals ...

CGO
November 29, 2023
12:05 am
DavidSan
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I purchased a GIC 2 days ago after opening an Oaken Financial account. The status is currently processing, which makes me unable to upload documents such as the signature on paper they required..

I am wondering if they take a long time to process my GIC purchase, what is the best way to upload the document of my signature? On their website, sending it to service@oaken.com or snail mail? I just dont want any issues and they dont honour the 6% interest if something goes wrong after November

November 29, 2023
6:27 am
phrank
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cgouimet said

They're probably betting on renewals ...  

I agree. Combine this with the other honour which is that they are the only institution I've ever dealt with who won't provide you with the necessary information to pull from another institution and it's not hard to see that they count on you being too lazy to move your money out.

November 29, 2023
6:49 am
Itellyouwutt
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DavidSan said
I purchased a GIC 2 days ago after opening an Oaken Financial account. The status is currently processing, which makes me unable to upload documents such as the signature on paper they required..

I am wondering if they take a long time to process my GIC purchase, what is the best way to upload the document of my signature? On their website, sending it to service@oaken.com or snail mail? I just dont want any issues and they dont honour the 6% interest if something goes wrong after November  

Hi -- in my experience, if you try and email service@oaken.com to communicate anything specific to your account, you'll get an auto-reply in a day or two telling you to use the secure mail in their online banking portal. So you may want to go straight to that step and save yourself the hassle and time.

If I were you, I would call them. I've called them 3 times in the last week for GIC related stuff, and typically reached someone within 5 minutes or so. Each rep was knowledgeable and the experience was fine.

I've also found them pretty responsive through secure email (1 business day), but obviously phone is going to be faster. Remember the promo ends tomorrow.

November 29, 2023
6:23 pm
DavidSan
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Itellyouwutt said

Hi -- in my experience, if you try and email service@oaken.com to communicate anything specific to your account, you'll get an auto-reply in a day or two telling you to use the secure mail in their online banking portal. So you may want to go straight to that step and save yourself the hassle and time.

If I were you, I would call them. I've called them 3 times in the last week for GIC related stuff, and typically reached someone within 5 minutes or so. Each rep was knowledgeable and the experience was fine.

I've also found them pretty responsive through secure email (1 business day), but obviously phone is going to be faster. Remember the promo ends tomorrow.  

I logged in today and everything was set up and was able to change the maturity instruction as well
Called in and confirmed they do not need me to upload a signature separately

November 29, 2023
6:35 pm
Itellyouwutt
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DavidSan said
I logged in today and everything was set up and was able to change the maturity instruction as well
Called in and confirmed they do not need me to upload a signature separately  

Great to hear. Did you go for the 1 year or 2 year if I may ask? I haven't decided yet but will have to figure it out by tomorrow.

November 29, 2023
7:05 pm
DavidSan
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I chose 1-year to align with the money I took out from MBNA true line MasterCard's balance transfer

November 30, 2023
2:13 pm
Itellyouwutt
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DavidSan said
I chose 1-year to align with the money I took out from MBNA true line MasterCard's balance transfer  

So you basically did a balance transfer from your credit card to buy a 1-year GIC, and will come out 5 or 6% ahead?

November 30, 2023
11:09 pm
DavidSan
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Itellyouwutt said

So you basically did a balance transfer from your credit card to buy a 1-year GIC, and will come out 5 or 6% ahead?  

Yea exactly. There is a promo of 0% interest for 12 months with only 1% balance transfer fee if you sign up through the affiliate link from Credit Karma.
Very important that you need to be signed in to Credit Karma for the promo to have 1% balance transfer fee (normally its 3%). And also be very careful to read some posts on RFD or Personal Finance Canada Reddit to learn about the precaution needed when you do a balance transfer on a CC

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