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Just transferred large sum to Oaken RRSP...wouldn’t you think
May 23, 2018
9:30 am
John Wayne (Marion)
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So I have recently read about transfers of registered funds going awry even though you have paid for the transaction to be handled professionally. Ie the cheque from one company to another couriered, insured and requires a signature upon receipt.

So wouldn’t you think that Oaken would email or call you to say the funds have been received and invested???? As they do have an outstanding document waiting for a cheque in the mail. Or am I just supposed to wait for the certificate in the mail? Or do they email me to say the certificate is online for me to print to avoid the $2 charge. Really.....shouldn’t it be mailed free of charge???

While Hubert does not have a nice certificate.....they do advise you the funds have been received.

Come on Oaken.....communicate!!!

May 23, 2018
11:52 am
Loonie
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Oaken normally sends a certificate in due course. However, I don't recall ever receiving a notification from any FI.

I do recall a problem with one transfer from Peoples to Oaken. Oaken had used the wrong mailing address (Peoples has two, and they used the wrong one - not supplied by me.) The staff at Oaken seemed never to have heard of Peoples at the time. I had to chase them; and it did not appear that they were planning to call me about it.

Can you not see what is happening by checking online?
If you are at all uncertain, you should phone Oaken. I'd give it 3 weeks, and then call if nothing seems to have happened.
Personally, i always keep close tabs on transfers as some FIs are notoriously sluggish.

May 23, 2018
3:31 pm
Bill
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This reminded me to check so I signed in. Ordered online a Home Bank (Oaken)1-yr GIC on May 11 at 2.75%, their rate went to 2.8% May 16 so per their policy I expected to see my GIC at the latter rate but it wasn't. Phoned in, he said he'll send it to that department and it should be fixed in a few days, so it appears you might have to phone them in this situation, it's not automatic. My wife hates phoning fi's so she loses out on her GIC, too bad for her!

By the way, maybe it's just my faulty memory but I seem to remember a time when stuff hardly even went wrong, things were done right, rare to find a error (I stopped listening to CBC decades ago but when I was young you never heard a spoken mistake on air from the public broadcaster, or once in a blue moon maybe). Of course everything's all computer done now and we engage in exponentially more transactions and clicks on screens in all aspects of our lives but geez, you have to double check everything now it seems, mistakes all around me every day! Young folks must think this is just the way it's always been, but it's not my recollection.

May 23, 2018
4:35 pm
Top It Up
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Bill said

By the way, maybe it's just my faulty memory but I seem to remember a time when stuff hardly even went wrong, things were done right, rare to find a error (I stopped listening to CBC decades ago but when I was young you never heard a spoken mistake on air from the public broadcaster, or once in a blue moon maybe). Of course everything's all computer done now and we engage in exponentially more transactions and clicks on screens in all aspects of our lives but geez, you have to double check everything now it seems, mistakes all around me every day! Young folks must think this is just the way it's always been, but it's not my recollection.  

Remembering back to my early days in Jasper AB, when my Canadian Imperial Bank of Commerce account transactions were entered by hand on ledger cards, by the tellers, and those cards stored in a "huge" rolodex that was rolled into the safe every night.

And that beautiful CIBC branch is still in use today -

https://www.explorejasper.com/banks/

May 23, 2018
5:11 pm
Save2Retire@55
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I recently opened 5 GICs (LIRA, RRSP, TFSA) with Oaken and received the certificate by mail without paying extra. Also, it shows on the online account regardless of the certificate which is a nice thing and I haven't seen it anywhere else.

May 23, 2018
5:39 pm
John Wayne (Marion)
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Loonie said
Oaken normally sends a certificate in due course. However, I don't recall ever receiving a notification from any FI.

I do recall a problem with one transfer from Peoples to Oaken. Oaken had used the wrong mailing address (Peoples has two, and they used the wrong one - not supplied by me.) The staff at Oaken seemed never to have heard of Peoples at the time. I had to chase them; and it did not appear that they were planning to call me about it.

Can you not see what is happening by checking online?
If you are at all uncertain, you should phone Oaken. I'd give it 3 weeks, and then call if nothing seems to have happened.
Personally, i always keep close tabs on transfers as some FIs are notoriously sluggish.  

Yes I have checked online and is there. It is just “the principal “ of it all with me, common sense and good business practice. Even an email with vague information to trigger me to check. And I thought the certificates are no longer mailed as I opted for mailing everything so where is my email to tell me I have a certificate to download. Not good!!

May 23, 2018
5:46 pm
John Wayne (Marion)
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Top It Up said
Remembering back to my early days in Jasper AB, when my Canadian Imperial Bank of Commerce account transactions were entered by hand on ledger cards, by the tellers, and those cards stored in a "huge" rolodex that was rolled into the safe every night.

And that beautiful CIBC branch is still in use today -

https://www.explorejasper.com/banks/  

Bill....you must be of the Wild Bill Hickok era. I remember those days too. No ATM’s, no interac, no multi branch banking, a credit union would not accept a cheque from one of the big 5, comptometers instead of a computer, and tellers had to manually balance at the days end.

May 23, 2018
5:48 pm
John Wayne (Marion)
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Bill said
This reminded me to check so I signed in. Ordered online a Home Bank (Oaken)1-yr GIC on May 11 at 2.75%, their rate went to 2.8% May 16 so per their policy I expected to see my GIC at the latter rate but it wasn't. Phoned in, he said he'll send it to that department and it should be fixed in a few days, so it appears you might have to phone them in this situation, it's not automatic. My wife hates phoning fi's so she loses out on her GIC, too bad for her!

By the way, maybe it's just my faulty memory but I seem to remember a time when stuff hardly even went wrong, things were done right, rare to find a error (I stopped listening to CBC decades ago but when I was young you never heard a spoken mistake on air from the public broadcaster, or once in a blue moon maybe). Of course everything's all computer done now and we engage in exponentially more transactions and clicks on screens in all aspects of our lives but geez, you have to double check everything now it seems, mistakes all around me every day! Young folks must think this is just the way it's always been, but it's not my recollection.  

Bill said
This reminded me to check so I signed in. Ordered online a Home Bank (Oaken)1-yr GIC on May 11 at 2.75%, their rate went to 2.8% May 16 so per their policy I expected to see my GIC at the latter rate but it wasn't. Phoned in, he said he'll send it to that department and it should be fixed in a few days, so it appears you might have to phone them in this situation, it's not automatic. My wife hates phoning fi's so she loses out on her GIC, too bad for her!

By the way, maybe it's just my faulty memory but I seem to remember a time when stuff hardly even went wrong, things were done right, rare to find a error (I stopped listening to CBC decades ago but when I was young you never heard a spoken mistake on air from the public broadcaster, or once in a blue moon maybe). Of course everything's all computer done now and we engage in exponentially more transactions and clicks on screens in all aspects of our lives but geez, you have to double check everything now it seems, mistakes all around me every day! Young folks must think this is just the way it's always been, but it's not my recollection.  

I have read that they do it automatically of a GIC was done within the last 30 days. Not so????

May 23, 2018
7:23 pm
Bill
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Not for me, Mary, it was sitting there still at 2.75% instead of 2.8%. And I don't think it's 30 days, I think if their rates rise within about 5 business days of your purchase they say they'll give you the higher rate.

May 23, 2018
8:18 pm
John Wayne (Marion)
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Bill said
Not for me, Mary, it was sitting there still at 2.75% instead of 2.8%. And I don't think it's 30 days, I think if their rates rise within about 5 business days of your purchase they say they'll give you the higher rate.  

I knew I saw it. It was in part of one of the regular emails they send. 5 days like you say.

But they will honour the rate on transferred funds if received within 30 days.
Sorry got mixed up. 🙂

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