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Oaken Statement - A Lost Cause
January 3, 2019
10:05 am
Retep
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First they were free and mailed.
Now they are $2 if mailed and free if you download.

It is for your savings account only and doesn’t list any of your investments!!!!

So who has any money in their savings account over 75 cents? I would imagine most of us flush money in/out of the savings account for GIC transactions.

So, if they were mailed where would they get the $2 from?

The statement is as poor as Oaken not offering Savings Accounts for registered funds.

It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.

January 3, 2019
10:57 am
Brimleychen
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While Canada Post keeps increasing the postages, it makes a lot of senses to start charging for those mails.

I like Oaken most is its beautiful GIC certificate in mail, of course FREE:-)

January 3, 2019
11:07 am
Nehpets
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Retep said
It is for your savings account only and doesn’t list any of your investments!!!!
  

The easy solution for your problem is to logon to the Oaken dashboard, and select the "Home" tab.

At the top right is a "print" icon :
print.JPG

Select the "print" icon and either print a hard copy that lists all your Oaken savings and investments, or save it as a PDF to save as a digital file.

I use this method to save my records in digital form from all FI's on a regular basis, providing me an archived digital history.

Most websites of FI's are configured so that the page illustrating your account balances will transform into a perfect digital image that can be saved as a PDF.

The only exception was the now defunct poorly configured Zag website, but applies to most websites of FI's discussed here.

Stephen

January 3, 2019
11:16 am
Top It Up
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Brimleychen said

I like Oaken most is its beautiful GIC certificate in mail, of course FREE:-)  

Geez ... as someone who has gone almost 100% paperless I didn't know you could still get a GIC certificate mailed to you NOR do I want the responsibility of keeping them all in a secure place. Of course if they were stolen, and reported as such, they'd be of little value to the thief - afterall I would expect it to be absolutely impossible to early redeem a 5-year non-redeemable GIC without getting raked over the coals for a whole lot of account knowlege.

January 3, 2019
1:40 pm
Retep
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So far you have all missed the point.

Be it a mailed statement or a pdf copy....it is useless.

A statement should include all of your investments!!!!!!!

It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.

January 3, 2019
2:04 pm
AltaRed
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I may be misinterpreting but statements are issued on an 'account' basis everywhere I have ever had funds, i.e. one for every account. I'm not aware that a FI could even consider having one statement handling multiple accounts.

That said, I don't know how banks handle individual GICs and term deposits because I've never had anything like that. Perhaps consolidated on one screen?

January 3, 2019
2:18 pm
Top It Up
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Achieva Financial statements are monthly and include ALL accounts ALL activity.

Outlook Financial statements are semi-annually and include ALL accounts ALL activity. If you require monthly statements you'll have to do print page/screen shot of the front page showing totals OR open each account individually and snap away.

January 3, 2019
5:59 pm
Retep
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Top It Up said
Achieva Financial statements are monthly and include ALL accounts ALL activity.

Outlook Financial statements are semi-annually and include ALL accounts ALL activity. If you require monthly statements you'll have to do print page/screen shot of the front page showing totals OR open each account individually and snap away.  

Thanks!!!

As does:
iTrade monthly - registered and both mine and spouse's is downloadable on MY sign in.
Implicity monthly
Accelerate semi annual or quarterly and mail only
Hubert monthly
Outlook as you have mentioned
Peoples Trust monthly

It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.

January 3, 2019
6:13 pm
Retep
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Nehpets said

The easy solution for your problem is to logon to the Oaken dashboard, and select the "Home" tab.

At the top right is a "print" icon :
print.JPG

Select the "print" icon and either print a hard copy that lists all your Oaken savings and investments, or save it as a PDF to save as a digital file.

I use this method to save my records in digital form from all FI's on a regular basis, providing me an archived digital history.

Most websites of FI's are configured so that the page illustrating your account balances will transform into a perfect digital image that can be saved as a PDF.

The only exception was the now defunct poorly configured Zag website, but applies to most websites of FI's discussed here.

Stephen  

And further more.......if you do the screen prints......and you print Home Trust only or Home Bank only to look at your total by FI......the total at the top of the page is the grand total of all. I don't agree to have to do the work around of screen prints....the system has no logic when you select by FI!!!

AND......when you click with Home Trust or Home Bank you cannot get a total for RRSP or TFSA.....it rolls a total together. So if you are watching for $100,000 per account type....Joint...TFSA....RRSP.....drag out your comptometer and go figure.

Screen-Shot-2019-01-03-at-6.26.05-PM.png

It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.

January 3, 2019
6:44 pm
Loonie
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Brimleychen said

I like Oaken most is its beautiful GIC certificate in mail, of course FREE:-)  

...and its chocolates - FREEsf-smile

Nice as the chocolates are, I'd prefer a good reliable regular statement.
I now have RIFs there, and if you thought it was confusing before, it only gets worse with RIFs because you now have money coming both in and out, in different formulas at different times of the year. And every FI has a different formula for how they will withdraw the minimums.

Stick to the knitting, Oaken!

January 3, 2019
6:54 pm
Loonie
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I think this thread raises a larger issue, though.

A statement provides verification that the FI is doing what you thought it was doing and gives you an opportunity to disagree if need be and to ask questions so that you can better understand what is going on. They are important.

I think a number of banks and CUs, especially online ones, have gotten a bit lazy in regards to statements, and I am frustrated by the decline in their quality, intelligibility, and frequency.

A while ago, authorities decreed some minimum standards for statements in brokerage accounts. Same needs to be done for banks and credit unions..

January 3, 2019
8:41 pm
AltaRed
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Retep said

Thanks!!!

As does:
iTrade monthly - registered and both mine and spouse's is downloadable on MY sign in.
  

But as individual statements, one per account. I've never heard of a single statement containing all accounts, e.g. chequing, savings, TFSA, RRSP, etc in a single document.

Posts 5 and 7 are suggesting one monthly statement (document) including all accounts with balances and activity for the month.

January 3, 2019
10:13 pm
Loonie
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A single statement including all accounts is quite normal at many FIs. Meridian, Hubert, for example. Also Tangerine send it all in one envelope, often with more than one account on a page (I get mine by post).

TD sends them separately - when they send them.

Retep, you mentioned Accelerate sends statements semi-annually or monthly. Is that a matter of our personal choice, or was it that you just weren't sure when you wrote this?

January 3, 2019
10:37 pm
Retep
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I think it is quarterly....not monthly for sure. It has joint and TFSA for both me and spouse all in one combined 2 page statement. It is what they provide...no choice. Comes by mail too. No choice on that either.

It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.

January 4, 2019
12:57 am
Loonie
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thx. Quarterly I could tolerate, albeit unwillingly.

I'm looking seriously at Accelerate for RIFs, so am interested.
It would be nice if they could untangle spouses' accounts and present them separately!

January 4, 2019
5:56 am
hotmony
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I prefer not to give cupw my business

January 4, 2019
5:25 pm
Retep
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AltaRed said
I may be misinterpreting but statements are issued on an 'account' basis everywhere I have ever had funds, i.e. one for every account. I'm not aware that a FI could even consider having one statement handling multiple accounts.

That said, I don't know how banks handle individual GICs and term deposits because I've never had anything like that. Perhaps consolidated on one screen?  

Not sure what you mean by multiple accounts. If you mean joint, US$, TFSA, GICs, RRSP and RRIF I can tell you. The only FI that I have that does not put all types of accounts by GIC type etc. is Oaken. All others fully provide a reflection of all my accounts and GICs. Hubert’s statements are odd, some FIs advise the statement is available by email but most don’t. The only statement that shows me and my spouse on same statement is Accelerate and am not sure if they have a privacy policy or if privacy is government mandated. Oaken should reflect, on a monthly basis a form of a statement that reflects all transactions and all GICS. Sure you can screen print from Oaken...and what you print could unknowingly to me change online seconds later.

I would not want to see more savings accounts for RRSP TFSA or RRIF until they fix this up.

It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.

January 4, 2019
5:33 pm
Loonie
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I wouldn't hold my breath. In my view, they are not going to fix this unless required by law to do so. In the meanwhile, we really do need those registered savings accounts.

February 9, 2019
8:05 pm
toto
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Downloading my tax slips on oaken. Home bank side doesn't have the ' in trust t5' .
Anyone else have this problem?

February 9, 2019
11:14 pm
Denise Milani
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Hi Toto. I contacted them. The other one is yet to come.

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