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Oaken - 4 days difference between $ withdrawn + credited
January 7, 2023
7:51 am
Venteicher
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January 7, 2023
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Happy New Year! Recently opened an Oaken Savings Account (was already GIC customer). The $ were withdrawn from our TD account on 16 Dec. But Oaken "deposit date" shows as 20 Dec. Is that normal - when opening only? Or every transaction? Here is Oaken's response, via email: "Regarding the below transaction on Oaken’s end, the deposit date of December 20th is when we had processed the transaction the account. For cheque deposits, although it may have processed on our system on December 20th, the amount will be valued as of the date the cheque was deposited. As per the TD screenshot, we had deposited the cheque on December 16th, thus the funds would be valued as of that date. It is usually due to a system delay in the creation of the transaction that results in the gap between cheque deposit date , and when the transaction is posted on the account".

January 7, 2023
8:43 am
hwyc
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Venteicher said
... Is that normal - when opening only? Or every transaction? ...

Yes. It is a concern if cheque deposit is your thing. IMO, it is not their preferred method to a Savings account. Hope this helps.

January 7, 2023
9:33 am
savemoresaveoften
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Venteicher said
Happy New Year! Recently opened an Oaken Savings Account (was already GIC customer). The $ were withdrawn from our TD account on 16 Dec. But Oaken "deposit date" shows as 20 Dec. Is that normal - when opening only? Or every transaction? Here is Oaken's response, via email: "Regarding the below transaction on Oaken’s end, the deposit date of December 20th is when we had processed the transaction the account. For cheque deposits, although it may have processed on our system on December 20th, the amount will be valued as of the date the cheque was deposited. As per the TD screenshot, we had deposited the cheque on December 16th, thus the funds would be valued as of that date. It is usually due to a system delay in the creation of the transaction that results in the gap between cheque deposit date , and when the transaction is posted on the account".  

Dec 16 is a friday. Earliest date they can have it shown in their system will be next biz day which is Dec19 for check deposit. For them to show it on the 20th is not the worst if u ask me.

January 7, 2023
11:35 am
Loonie
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savemore may be correct but, to me, the distinction between deposit and process seems false. With other FIs I have dealt with, the deposit shows as soon as I make the deposit. Meridian comes to mind although I'd have to check with next deposit there. It's the only account where cheques are regularly deposited. Certainly with EFTs (including pulls), FIs such as Hubert and DUCA show the dpeposit immediately.
I think Oaken can do better - if they want to.

January 7, 2023
12:06 pm
Norman1
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What does the December monthly statement say and the interest paid for December imply? Deposit effective December 16, 19, or 20?

January 7, 2023
7:23 pm
BlueSky
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Venteicher said
The $ were withdrawn from our TD account on 16 Dec. But Oaken "deposit date" shows as 20 Dec. 

This is Oaken typical. You initiate an Oaken transfer on a given business day, will take effect on the next business day, and show up in the account the following day. Friday is never considered as a business day for money clearance purpose. Since in your case it happened on Friday and money clears overnight, that will fall on a Saturday, therefore it will take effect on Monday and show up on Tuesday. 16-20.

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