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Oaken Financial – prognosis for 2023?
January 6, 2023
2:49 pm
AndreyG
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How liquid Oaken Financial is expected to be in 2023?
In view of events at Romspen, will Home Trust/Home Bank experience the same problems?
Does them going private helps dealing with this?
And how this will affect ‘small online fish’ at Oaken Financial?

January 6, 2023
3:11 pm
Norman1
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There is no redemption rights on GIC's. So, what is happening at Romspen is not applicable to Home Trust/Home Bank/Oaken.

Do people believe that Home Trust and Home Bank are foolish enough to take in one-year GIC money, lend it out as five-year mortgages, and set themselves up for a liquidity crunch in one year's time?

January 8, 2023
11:20 am
AndreyG
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I seemingly see a change in a way financial institutions treat incoming deposits.
Institutions always issued warnings that it will take 2-5 days before deposited funds become available. Yet in the past, even last summer, deposited funds seemingly became available in couple of days. Now funds are held 5 days+ before becoming available. This is my most recent experience with EQ bank, Oaken, TD.
Question 1: is this true or my observations are subjective?
Question 2: if true what does it mean?

January 8, 2023
11:45 am
Norman1
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Around December 2018, I pulled funds into EQ Bank to buy one of a three-month GIC. There was a five business day hold before the funds were available to purchase the GIC.

Five business day hold on funds pulled in by pre-authorized debit are not new.

January 8, 2023
12:18 pm
Alexandra
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Norman1 said
Around December 2018, I pulled funds into EQ Bank to buy one of a three-month GIC. There was a five business day hold before the funds were available to purchase the GIC.

Five business day hold on funds pulled in by pre-authorized debit are not new.  

It seems to me that EQ as well as others (but not all), will release funds from your savings if you purchase a GIC with them. You have to phone them to do it though.

January 8, 2023
12:28 pm
Norman1
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EQ Bank will not release holds early.

Best EQ Bank did was to give a "goodwill payment" of the difference in the GIC rate when the funds were transferred in and the rate when the hold was released and the GIC was purchased.

January 8, 2023
1:08 pm
Alexandra
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Norman1 said
EQ Bank will not release holds early.

Best EQ Bank did was to give a "goodwill payment" of the difference in the GIC rate when the funds were transferred in and the rate when the hold was released and the GIC was purchased.  

Okay, sorry about that. I have a spreadsheet showing all investments etc., I'm going to have to start annotating that info along side each FI. I keep thinking I'm going to remember............sf-embarassed

January 8, 2023
1:21 pm
AndreyG
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Ok, I stay corrected.
>> EQ as well as others (but not all), will release funds from your savings if you purchase a GIC with them.
This did not work for me either. I asked (through chat app) and agent said no.

January 8, 2023
3:30 pm
Norman1
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If one can, sign into the other financial institution and send/push funds to one's EQ savings account. That's instead of signing into EQ Bank and pulling the funds from the other financial institution.

There's no hold on arriving funds when the funds are pushed from the other financial institutution.

January 8, 2023
5:46 pm
AndreyG
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Thank you Norman, interesting idea.
I need to set it up from TD side.

January 8, 2023
6:14 pm
Loonie
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TD will not permit you to set up transfer links from their end. None of the Big Banks will do this.

January 8, 2023
6:20 pm
AndreyG
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Oh really? I looked up on TD Easyweb portal and did not find anything about transferring to other banks. Made me suspicious. I meant to ask live person tomorrow. Now you are confirming it Loonie.
I wonder why?

January 8, 2023
6:33 pm
savemoresaveoften
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AndreyG said
Oh really? I looked up on TD Easyweb portal and did not find anything about transferring to other banks. Made me suspicious. I meant to ask live person tomorrow. Now you are confirming it Loonie.
I wonder why?  

Why make it convenient for you to transfer ur money out is the reason why big banks don’t offer it.

January 8, 2023
7:00 pm
Loonie
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I could make up all kinds of reasons, but basically they are so full of themselves that they don't think they have to. They have no interest in helping you do business with competitors who pay better interest.

Here is an example of how the conversation goes:
I had a GIC mature recently at a FI that shall remain nameless. It was the only transaction I'd had with them so far.
I phoned to ask how I could get the money out.
I was given 3 options: These included getting a bank draft (sent by Canada Post as the location is not convenient for me); or opening a chequing account, ordering and waiting for cheques, and writing a cheque for deposit elsewhere, which would then be held. The third choice was a wire transfer. First and third had a fee, and I would never send a bank draft in the mail as they are very difficult to replace if lost.
The agent insisted that direct transfers were not possible. I have run into that attitude before. I think they genuinely don't know any better.
So I logged into Hubert, set up a link, and pulled the money in. It arrived in 2 or 3 days. Yes, Hubert held it, but that didn't bother me. In this case, the only way to avoid a Hold would have been a wire transfer, which I wasn't about to pay for. They aren't allowed to put a Hold on wire transfers, but I've had at least one FI rep tell me they would and that it would be a LONG hold! I don't need the hassle!
Perhaps you will recognize some of my story in the answers you receive tomorrow.

Good luck!

January 8, 2023
7:12 pm
AltaRed
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In Norman's post #9, the operative word is IF. No big bank I know of will allow you to 'push'. It is just the way it is.

January 8, 2023
7:19 pm
Norman1
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As Loonie described, you won't be able to do it from TD as a personal banking client.

At banks like TD, the ability to push and pull funds (to originate a direct deposit or a pre-authorized debit) is available to business banking clients only and not to personal banking clients. The service is called CAFT for Customer Automated Funds Transfers.

January 9, 2023
8:18 am
Norman1
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It is the online financial institutions, like Alterna Bank, EQ Bank, Tangerine Bank, and Hubert Financial, that allow personal banking clients to push funds by originating a direct deposit.

January 9, 2023
9:37 am
Loonie
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Norman1 said
It is the online financial institutions, like Alterna Bank, EQ Bank, Tangerine Bank, and Hubert Financial, that allow personal banking clients to push funds by originating a direct deposit.  

I don't think the decision to offer this feature has to do with being online per se.
Meridian, DUCA and Tandia are bricks and mortar CUs with online access. TD is a bricks and mortar bank which has online access. Meridian, DUCA and Tandia offer online transfer origination; TD does not.
It may be true that, among banks, only the online-only ones offer it. It is true that not all CUs offer it.

FIs that are online-only probably have to offer it. Otherwise, they wouldn't do much business.

January 9, 2023
9:57 am
canadian.100
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Loonie said

I don't think the decision to offer this feature has to do with being online per se.
Meridian, DUCA and Tandia are bricks and mortar CUs with online access. TD is a bricks and mortr bank which has online access. Meridian, DUCA and Tandia offer online transfer origination; TD does not.
It may be true that, among banks, only the online-only ones offer it. It is true that not all CUs offer it.

FIs that are online-only probably have to offer it. Otherwise, they wouldn't do much business.  

In regard to your comment that "TD does not". That is not completely correct.
Transfers can be done by teller assistance. I helped someone to do a wire transfer from a "big bank" that was done by the teller (we know that it cannot be done "self-serve" at the big banks). The fee was minimal because the person was a good client with a relationship with the bank. The big banks have the discretion to reduce or minimize fees depending on the relationship with the client. My point is that one can transfer funds from a big bank but teller assistance is needed - i.e. a manual process - probably not different from some of the clunky CUs who require transfers to be done via a CSR.

January 9, 2023
10:01 am
Briguy
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Loonie said
TD will not permit you to set up transfer links from their end. None of the Big Banks will do this.  

The only thing the big banks will facilitate is bringing money in by sending an etransfer request, which isn't very useful due to etransfer limitations and possible etransfer charges.

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