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Linking Oaken to Peoples Trust Fails
November 20, 2023
5:17 pm
4n2t0
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The Flinks service allows me to enter my Peoples Trust username, password, answer a security question, and select my account but then it always ends up failing. Anyone else having issues linking Peoples Trust? Tangerine, EQ Bank, and Hubert/Access were all successful, at least I think they were, because despite instant confirmation through Flinks it still takes 2 business days for the accounts to appear on Oaken's interface (although I have little faith this will actually happen).

November 20, 2023
5:56 pm
serendipity
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My links are all screwed up at Oaken thanks to Access Cu. My Accelerate link is so old....they....Access.... say that can’t find it! But I think they are too overwhelmed or incompetent to find it.

Nevertheless.

I am requesting at Oaken to set up links for Accelerate, Hubert and a local CU here in BC. Keep in mind if you had Accelerate and Hubert you have 2 HISA account numbers at Access. And you need to push or pull from the CORRECT account number. Something that I don’t see that they mentioned. Your HISA accounts were not combined nor are they cross referenced.

See my post about FLINKS. Lots don’t trust it.

You can type up and sign a letter of direction and include the void cheque for each account and also a copy of bank statement that shows your name and account number. (I did not give full page...I screenshot only what they asked for) Keep in mind the cheque will only have your name on it. Then PDF it all and email to them. If you want to do for spouse, then you have to do the process 2 times with voided cheque with spouses name.

I did mine mid week and followed up today. They have it on my file and asked me to wait a couple more days.

Then you know breaks loose .... transfers out of Hubert.

That doesn’t answer your People’s Trust question ... SHOOT!

And I don’t see a void cheque on my PT account. And I have never seen my full account number with PT. Call PT and ask for the account number or for the voided cheque.

I always assumed that you can’t use a PT or PB account link. I plan to use my local CU as a hub. But that is slower, 2 step, and if funds go on hold ... longer yet.

November 20, 2023
6:15 pm
Dean
Valhalla Mountains, British Columbia
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.
Problems with Oaken & Flinks are also here

Oaken needs to DUMP Flinks and build their Own external linking system ❗

*&^%$# sf-yell

    Dean

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

November 20, 2023
6:55 pm
4n2t0
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I'm trying to get all this, including pull/push money from multiple institutions with a bunch of annoying holds, all done before November 30th when Oaken will stop offering 6%. To be honest, at this point, I think I have a 0% chance. Banks can move your money instantly when the transaction favours them but it takes days, sometimes weeks, when it doesn't. They're all garbage.

November 20, 2023
7:18 pm
serendipity
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Come on!! Loosen up.

It takes time and persistence.

Are looking for the 6% at Oaken and no funds? Call them.
I think you can set one up to hold the rate for you and you then, later, put the funds in your Oaken HISA and they will use the funds for the GIC.

November 20, 2023
8:19 pm
Norman1
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4n2t0 said
I'm trying to get all this, including pull/push money from multiple institutions with a bunch of annoying holds, all done before November 30th when Oaken will stop offering 6%. To be honest, at this point, I think I have a 0% chance.…

That may be the case. Does it have to be Oaken?

Many deposit brokers are now offering one year and two year GIC's yielding around 6%. One can find a local deposit broker to place the funds through this time around to get the 6% rate. One can meet the deposit broker in person with the required government-issued ID and the cheque to have the funds placed the same day.

Then, continue onboarding with Oaken to be ready for next time.

November 21, 2023
2:26 am
4n2t0
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Closing my account, problem(s) solved! I'll just take a lower interest rate from one of my current institutions. Oaken isn't worth the hassle.

November 21, 2023
2:57 am
RetirEd
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I handed Oaken my Peoples void-cheque-equivalent form and all worked fine by the time I got home. (About two years ago.) Only works from Oaken's side, though. No worries about Flinks, as I have no online-accessible accounts it could try to open.

RetirEd

November 21, 2023
6:10 am
Norman1
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One can onboard with Oaken in person if one can visit one their locations in Vancouver, Calgary, Toronto, and Halifax.

November 21, 2023
6:49 am
NorthernRaven
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The Oaken site shows that the Halifax location is not currently active:

Hours: Temporarily closed

November 21, 2023
10:00 pm
NorthernRaven
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If all the money will be at Oaken by the 30th, but some is waiting on Oaken's own incoming holds, you might be able to get them to waive the hold if it is going right into their own GICs - probably worth asking, anyway.

For those wanting registered GICs at the 6% rate and are doing registered transfers (RRSP, TFSA). in from elsewhere, Oaken will hold the rate on a submitted GIC/transfer setup for 30 days to allow the funds to arrive. So as long as you book it with the transfer request to them by Nov 30, as long as the transferred funds arrive by the end of the year, its still the 6%.

One thing I hadn't thought of, there's separate RRSP/TFSA transfer forms for Home Trust and Home Bank, due to CRA reporting requirements and which of the twins you want the GIC with, so make sure you get the transfer form that matches your GIC request in those cases.

November 22, 2023
9:04 am
serendipity
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NorthernRaven said
If all the money will be at Oaken by the 30th, but some is waiting on Oaken's own incoming holds, you might be able to get them to waive the hold if it is going right into their own GICs - probably worth asking, anyway.

For those wanting registered GICs at the 6% rate and are doing registered transfers (RRSP, TFSA). in from elsewhere, Oaken will hold the rate on a submitted GIC/transfer setup for 30 days to allow the funds to arrive. So as long as you book it with the transfer request to them by Nov 30, as long as the transferred funds arrive by the end of the year, its still the 6%.

One thing I hadn't thought of, there's separate RRSP/TFSA transfer forms for Home Trust and Home Bank, due to CRA reporting requirements and which of the twins you want the GIC with, so make sure you get the transfer form that matches your GIC request in those cases.  

Well said!!!
Just like to add.
You don't need to download the transfer form only.
You can do the application for GIC and transfer all in one process.
If you are unsure about the process... can them they will go over it with you while you fill it in!! They must know that it does not have a good and logical flow.
Some Transfer In Details fill in automatically for you once a bit of entry is done. And some NOT.
You can do the transfer AND set up MORE THAN ONE GIC from the transferred in funds.
The form doesn't go right when taking a 1 year -GIC watch what you put into the "interest payment frequency"
The form has a number of "i" for "information" but is lacking one for "number and name" .... it should actually read "Individual PLAN number and name"

Also the application does pre fill out the transfer form for you. At the very end ... take the download, add any thing you like to it, print it, sign it with a pen, make it into a pdf, and email it. Then you're done!!

November 22, 2023
10:56 am
rodeworthy
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NorthernRaven said
If all the money will be at Oaken by the 30th, but some is waiting on Oaken's own incoming holds, you might be able to get them to waive the hold if it is going right into their own GICs - probably worth asking, anyway.

For those wanting registered GICs at the 6% rate and are doing registered transfers (RRSP, TFSA). in from elsewhere, Oaken will hold the rate on a submitted GIC/transfer setup for 30 days to allow the funds to arrive. So as long as you book it with the transfer request to them by Nov 30, as long as the transferred funds arrive by the end of the year, its still the 6%.
.
.
.

We (spouse and I) each have identical RIF GICs maturing at Oaken on Dec. 5. I made inquiries to see if Oaken would extend their November special rate of 6% and renew those GICs at that rate for 2-year GICs on Dec 5. They would not. Additionally, they could not provide the interest rate that would apply on maturity date. Perhaps 5-days is too long for this kind of consideration but the end result is the proceeds of those GICs are headed to our BMO-IL RIF accounts.

The 2-year rate at Investorline has fallen, in several minute adjustments, by 0.25% over the last week or so. Maybe the bloom is off the rose. The plan is to reinvest the proceeds of those GICs in December. Unless something spectacular surfaces it will probably be BMO-IL, if the 5.5% rate will hold until then.

Moving RIF money around is cumbersome and it requires a good incentive to do that. My plan, set up months ago, is to consolidate all our registered money at BMO-IL so we are essentially back to that plan. But, I can be bought.

Dec. 6 is the next BOC interest rate announcement date. Will be interesting to see where that goes.

November 22, 2023
11:21 am
NorthernRaven
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They were aware that the alternative to extending the rate was losing the deposit? On the other hand, they may not have an easy mechanism to do the extension, and maybe not a lot of incentive to keep a few deposits like this at pricey promo rates.

Technically, if you were to transfer from a Home Bank GIC to an Home Trust one or vice versa that would be an RRSP transfer, since they are separate CDIC issuers and have to report RRSP transactions separately to CRA, but I suspect they won't give the 30 day rate hold for internal transfers like this... 🙂

November 22, 2023
6:53 pm
rodeworthy
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NorthernRaven said
They were aware that the alternative to extending the rate was losing the deposit? On the other hand, they may not have an easy mechanism to do the extension, and maybe not a lot of incentive to keep a few deposits like this at pricey promo rates.:)  

Yes, I discussed my intention to move the proceeds considering an interest rate could not be extended or even quoted. I actually called 3 times to make sure the information I received was consistent. It was. I did not want to miss the easy way to reinvest the funds - especially at 6% - if it was available. I do not have any contempt of Oaken in this matter. There policy is what it is.

I'm kind of OK with the decision because I have been wanting to get away from Oaken's lack of savings accounts for registered investments. The GICs in question were opened Dec. 5/22. On Jan. 31/23 Oaken withdrew mandatory minimum payouts from the principal of the GICs reducing their investment potential. We took out new unregistered GICs with the 'payouts' to restore the principal amounts invested. I like round numbers in my bookkeeping. sf-smile

We will go through the same minimum payout process in Jan/24 since we also took out similar GICs for 2-yrs Dec 5/22. More book-work.

Problem being, Oaken keeps coming out with very good interest rates and I dive in again. Like I said, I can be bought.

November 25, 2023
1:55 am
RetirEd
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I'm tempted by the 6% rate AND the 18-month off-synch term, but my free cash on hand is earning more than half that already and would only add about $250 a year. Even though I'm already an Oaken client it's not worth the hassle.

RetirEd

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