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Oaken external bank link
November 24, 2019
4:29 am
dentgal
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Hello: I was just looking online at my Oaken accounts and would like to set up a transfer to Simplii to take advance of the 2.8% targeted offer that I received from Simplii.
Oaken's website allows you to set up external bank transfers "within 2 business days". When you click on their link, all the banks pop up. Then they ask you for your user name and password to the external bank. This is making me nervous. I don't want to give my password to another institution. Does this sound crazy to you??

November 24, 2019
8:19 am
Londonguy
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dentgal said
Hello: I was just looking online at my Oaken accounts and would like to set up a transfer to Simplii to take advance of the 2.8% targeted offer that I received from Simplii.
Oaken's website allows you to set up external bank transfers "within 2 business days". When you click on their link, all the banks pop up. Then they ask you for your user name and password to the external bank. This is making me nervous. I don't want to give my password to another institution. Does this sound crazy to you??  

There's been a lot of discussion on other threads and forums about this relatively new practice of certain FIs demanding User IDs and passwords to external accounts. I for one would not do it, not to mention that technically it requires you to violate the terms of service with your other FIs by disclosing your login credentials to a third party.

My suggestion is that you phone Oaken and ask them for an alternative method to set up a link to Simplii. If they cant or won't do it, then maybe that's telling you something about what they think of retaining your business

November 24, 2019
8:33 am
GICinvestor
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dentgal said
Hello: I was just looking online at my Oaken accounts and would like to set up a transfer to Simplii to take advance of the 2.8% targeted offer that I received from Simplii.
Oaken's website allows you to set up external bank transfers "within 2 business days". When you click on their link, all the banks pop up. Then they ask you for your user name and password to the external bank. This is making me nervous. I don't want to give my password to another institution. Does this sound crazy to you??  

Sound crazy, yes! Would I do, no! But there was another article here talking about that....giving an FI your login info for other FI’s. I simply would not do it. I believe I had to mail voided cheque’s in to set up in/out transfers at Oaken. Much harder though if you a dealing with a cheque-less FI like Hubert. Just imagine on how bad it could all go for you if Oaken’s system gets hacked! Phone Oaken and ask if there is another way.

What I do is borrow money from my cash account at Accelerate or Implicity to make a GIC purchase and then upon maturity of the other GIC I pay back my loan to myself. Since most of my GICs are laddered and on different dates I don’t have many that are over $10,000. I would borrow from myself for maybe 45 days at the most and could do up to $40,000 but that amount would be unlikely.

Just another caution that I have not seen mentioned here. An FI that emails an alert or some type of message and includes a URL to sign on to your account at the FI. OAKEN does do that and in my opinion you should only logon to any account using YOUR bookmarks. A few months ago I received an email from Telus for an information update. And as sharp as I am on the computer and phone I fell for it. It looked so authentic....well done. So I sign into my account and start reading the questions asking SIN #, Amex card # etc.....I say WTF...and I stop. They even had a send button. So I call Telus, India division, and am told it is a scam. Not that Telus suggested...I changed my Telus account password and the email address I signed in with. I tried the scam again.....and it would take any email address and any password..it was, of course, the Information they were asking for that would do the damage.

So Oaken and any one else......you should NOT offer a URL in your emails or texts!!

November 24, 2019
8:50 am
GICinvestor
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Just another point kind of related.

I have a PayPal Account. Do I trust PayPal, no. Do they have my credit card number, no. Do they have my bank account number, yes.

Any of my PayPal purchases rarely are over $50. And majority are from eBay.

So I have a chequing and savings account at a bricks and mortar CU. I Asked for no overdraft and no oops protection. So I estimate my buy, move the funds from savings to chequing. And PayPal draws from my chequing Account.

And most of my in/out transfers would flow through that same chequing account.

November 24, 2019
8:52 am
Norman1
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According to their FAQ, Oaken still supports the older method of establishing external account links:

How do I link external accounts to my Oaken Online Banking profile?

You can quickly link to your external account in Online Banking by selecting “Link External Account” in the “Transfer” tab, and then following the instructions. This service is provided by a third-party vendor called Flinks, which offers a secure way to provide us with the information necessary to link your external account. Click here for more information about Flinks. Alternatively, you can send us a written request, along with a void cheque or PAD form from your other financial institution.

I wouldn't give Flinks my banking password or security question answers either.

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