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June 7, 2018
4:26 pm
tcharger67
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I placed a transfer with oaken financial via snail mail to transfer an rrsp to oaken from CIBC.

On their application I clearly stated the 90day cashable GIC at the posted 2.3%, along side account numbers and totals. A few days ago, I noticed the deposit had been transferred out of my CIBC RRSP. Today oaken called me to tell me that the product was not available to rrsps.

Now did I miss something? I didn't find anything on their rates page regarding not available to RRSP.

Of course the contact needed to escalate the problem to a manager, and I am waiting for a return call.

Am I the only person that would make the call prior to the transfer and say oh by the way, 2.3% is not available for RRSP. Not after the transfer?

Any help or who I should contact regarding the problem would be helpful

June 7, 2018
4:39 pm
Top It Up
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I was just on their website and I read the Cashable GICs offering as a non-registered offering - the Short -term GICs appear RRSP eligible - "Also available as RSP from 90 days, with minimum deposit of $2,500."

Their RRSP GIC offering is 2 tables down.

That's my take.

June 7, 2018
4:57 pm
AlainJF
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As posted on another tread, the main problem I found with Oaken RRSP (or TFSA) is that they do not have TFSA Saving Account, nor RRSP Saving Account.

So, should you get the 90 days offer (and you will probably not), in 90 days, you have a problem to solve because there is no "staging RRSP" container available.

My $0.02 : Until Oaken offers RRSP/TFSA saving account, I'm out !

June 7, 2018
5:31 pm
Loonie
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I always deal with Oaken in person. Then it's their responsibility to get the form filled out properly. This is a general principle with me, wherever possible.
That said, yes, I did know that RSPs were not available in the short term cashable deposits. The message underneath the non-cashable equivalents says "Also available as RSP from 90 days, with minimum deposit of $2,500." This was my cue to question whether the cashables might be available this way.

That said, their advertising is not transparent, and they did accept your application in the way you had filled it out, so I think the obligation is on their side to accommodate you.

It's only 3 months. I think they can afford to give you the rate you expected. The reason you chose this option is likely the rate, not the cashability. So, I would ask them to give you the rate for a 90 day non-cashable instead. That is a small compromise on your part and do-able on theirs. It will cost them little, and teaches them that their website and form need improvement.

If they won't do that, I would ask for either (1) Oaken to immediately transfer this RSP to another FI of your choice at no cost; or (2) .25% rate bonus on 90 day non-cashable and no transfer-out fee.

Ultimately, if you are not satisfied, you can appeal to the Ombudsman. However, that will take time and may not be worth your while. In the meanwhile, you need a course of action.

June 7, 2018
6:58 pm
Kidd
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Please be sure to maintain your funds inside an RRSP. If in the confusion, your funds become a savings deposit, you will have cashed out your RRSP and the entire amount will become a 2018 income.

June 7, 2018
7:07 pm
Top It Up
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Kidd said
Please be sure to maintain your funds inside an RRSP. If in the confusion, your funds become a savings deposit, you will have cashed out your RRSP and the entire amount will become a 2018 income.  

EXCELLENT POINT - don't lose control of the money.

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