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Oaken - is Flinks to be trusted??
November 10, 2023
6:45 pm
serendipity
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As per topic name.

I just don't like or want to trust a third party assisting to set up push/pulls at Oaken.

Is this a trustworthy process?
Do they retain my banking information?

Is there another way to handle at Oaken?

November 10, 2023
7:12 pm
Dean
Valhalla Mountains, British Columbia
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.
You're not alone !

I don't like to use their Flinks system either, but I've begrudgingly used it to link three different external accounts at Oaken so far.

The only other option at Oaken is the long, drawn-out, old fashioned paper method ... which is a pain in the *&^%$#.

    Dean

.
P.S.
A related topic (which died on the vine sf-confused)

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

November 11, 2023
5:09 am
savemoresaveoften
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A lot of FI uses Flink and it seems unavoidable. However i wont use Plaid as it seems to be the difference is:

Flink: one time connect to link 2 accounts

Plaid: you are granting them permanent read access to your account, like the feature Tangerine offer to see all your FI's account in 1 place.

Pls correct me if I am wrong regarding my understanding of Flink.

November 11, 2023
6:28 am
cgouimet
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savemoresaveoften said
A lot of FI uses Flink and it seems unavoidable. However i wont use Plaid as it seems to be the difference is:

Flink: one time connect to link 2 accounts

Plaid: you are granting them permanent read access to your account, like the feature Tangerine offer to see all your FI's account in 1 place.

Pls correct me if I am wrong regarding my understanding of Flink.  

That's my understanding also.

And, I suspect that with Plaid, your Tangerine view of your other FI Accounts requires redo/updating if your login credentials change at those other FI's

CGO
November 11, 2023
7:24 am
Alexandre
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I do not trust Flinks. Does not matter what they are saying about (not) retaining my login info for external account, the fact they have it even briefly means someone else could get access to that info, too.

But I have to use Flinks when there is no other way. Because of that, every time I use Flinks to link external account, right after that I login to that external account and change its password.

November 11, 2023
7:26 am
serendipity
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Alexandre said
I do not trust Flinks. Does not matter what they are saying about (not) retaining my login info for external account, the fact they have it even briefly means someone else could get access to that info, too.

But I have to use Flinks when there is no other way. Because of that, every time I use Flinks to link external account, right after that I login to that external account and change its password.  

That's a very good tip...thank you.

November 11, 2023
7:26 am
serendipity
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I will contact Oaken to see if there are any other options and will let you all know.

Thanks for your responses.

November 11, 2023
7:44 am
Wrayzor
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serendipity said
I will contact Oaken to see if there are any other options

In the past, I've been able to link using the "void cheque" method. I did that at a branch, but I'm pretty sure you can do it via mail as well.

There was no way I was going to provide any information to Flinks.

November 11, 2023
7:47 am
serendipity
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Wrayzor said

serendipity said
I will contact Oaken to see if there are any other options

In the past, I've been able to link using the "void cheque" method. I did that at a branch, but I'm pretty sure you can do it via mail as well.

There was no way I was going to provide any information to Flinks.  

Thank you. Did you go into the Oaken Store?

November 11, 2023
8:04 am
Wrayzor
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Yes, I went to the Oaken Store. Easy enough for me, but not for everybody.

November 11, 2023
8:21 am
serendipity
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Wrayzor said
Yes, I went to the Oaken Store. Easy enough for me, but not for everybody.  

Thanks. We have one in downtown Vancouver that we can get to within an hours drive.

November 11, 2023
9:48 am
Dean
Valhalla Mountains, British Columbia
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Alexandre said

. . .

But I have to use Flinks when there is no other way. Because of that, every time I use Flinks to link external account, right after that I login to that external account and change its password.  

Highly Recommended

    Dean

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

November 11, 2023
9:59 am
HermanH
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Alexandre said
But I have to use Flinks when there is no other way. Because of that, every time I use Flinks to link external account, right after that I login to that external account and change its password.  

Same, here. sf-cool

November 11, 2023
11:39 am
BTC
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serendipity said
Is there another way to handle at Oaken?  

Yes. Send a signed Letter of Direction to operations@oaken.com. There is no fixed format for the letter but it must contain the following information:

1. Client number
2. External account details (Financial Institution Number, Transit Number and Account Number)
3. Signature

You may also attach a void cheque or a direct deposit/pre-authorized debit form to speed up the process.

Last time, it took them one business day to set up the link without any further questions asked.

By the way, I have never used Flinks or Plaid and always asked for an alternative way to link accounts, which does not require a branch visit or mailing in any paper documents.

Last but not least, I normally send them an external link containing all of the files. After the account link is set up, I deactivate the link to the files and remove them completely from the third-party provider, e.g., Google Drive, Dropbox etc.

November 11, 2023
12:49 pm
Norman1
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Another person contacted Oaken a while back and reported in Linking accounts with Oaken that a preprinted void cheque or direct deposit form is required.

That's consistent with what Oaken currently says in their Help Centre:

Link to an external account

Are there other ways to link my accounts?

Yes, you can link an external account by sending a written request, along with a void cheque from your other financial institution, to Oaken Financial, 145 King Street West, Suite 2500, Toronto, Ontario M5H 1J8. This void cheque must contain your name, your financial institution’s information, and your account details.

November 11, 2023
12:54 pm
Wrayzor
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serendipity said

Thanks. We have one in downtown Vancouver that we can get to within an hours drive.  

You will likely need to book an appointment with them. I'd suggest confirming with them that they still do the linking with a void cheque at the branch. If you go in person, get everything done in one go if you need anything else - set up joint accounts, successors, etc.

November 11, 2023
12:55 pm
iotama
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I have never, and won't use Flinks or Plaid (or that new one whose name I forget) or such 3rd party APIs. (See my other posts on this).

I had an external bank linked to Oaken by sending them a cheque via email. No Flinks or even a micro deposit was done, and link was set up.

November 12, 2023
7:59 pm
RetirEd
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I don't have any on-line accessible accounts. Hence, I don't need to worry about the dubious password-sharing demands. I am more than happy to visit the Oaken office in Vancouver (call first or nobody is likely to be there) or mail in the forms.

RetirEd

January 19, 2024
10:16 am
HermanH
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Does anyone know how many eLinks are allowed by Oaken?

January 19, 2024
11:18 am
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HermanH said
Does anyone know how many eLinks are allowed by Oaken?  

Seems unlimited as they do not provide their details to be linked from other FIs.

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