Opening Oaken HISA account online (October 2022) | Oaken Financial | Discussion forum

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Opening Oaken HISA account online (October 2022)
October 15, 2022
7:26 am
Alexandre
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The process has been mentioned in forum discussions, but not in separate topic.

Oaken Web site greets you with the following:
Open-an-Account.jpg

The process of filing form online may take 5 minutes, but after you completed and submitted it you'll get the following welcome email:

To finalize your Savings Account / Investment application, email or mail the completed documentation to us (information below).

In order to proceed with the investment, we require some additional documentation for the applicant(s) listed below. The document must be valid, current and can be an original, fax, photocopy, scan, or electronic image.

We require two of the following documents listed below (one from each category):

Category A
• Government-issued photo identification document (excluding Health Card)
• Utility bill (e.g. electricity, water, gas, cable, telecommunications)
• Record of employment
• Benefits statement (Federal, provincial, territorial or municipal levels)
• Insurance documents (e.g. home, auto, life)
• Investment account statement from another Financial Institution (e.g. RSP, GIC)*
• Any statement, form, certificate or other source issued by a Canadian government body (federal, provincial, territorial or municipal):property tax assessment issued by a municipality or provincially issued vehicle registration

Category B
• Signed personal cheque pre-printed with your full name made payable to yourself in the amount of $0.01 (cheque must be sent to us)
• Credit card statement**
• Bank statement for either a deposit or chequing account**
• Loan statement (e.g. mortgage statement) **
** documents from a financial institution must be from two different financial institutions.

Please note: the account number on the statement should not be truncated or redacted.

Signature Requirement:
A copy of your signature is required. Please sign your name on a blank piece of paper and send as a digital copy via email to service@oaken.com making sure to include your Oaken reference number. Alternatively, you can send through the mail (please see address below).

October 15, 2022
11:48 am
Dean
Valhalla Mountains, British Columbia
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.
When I signed up with Oaken (~ 4 years ago) the process was fairly quick & painless.

But hearing from friends & relatives recently, the process can now take quite some time ... due to Oaken's ongoing staffing issues.

Don't hold yer breath. sf-wink

    Dean

sf-cool " Live Long And Prosper " sf-cool

October 15, 2022
12:56 pm
Alexandre
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It is good news, then, that I would need Oaken account by the end of this year, which is still more than 2 months away. 🙂
I am sure they'll be even busier now that they briefly jumped at the top of HISA chart.
I'll keep this topic updated on progress with my application.

October 15, 2022
5:52 pm
BlueSky
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Dean said

When I signed up with Oaken (~ 4 years ago) the process was fairly quick & painless.

Not to mention that none of these documents were required to open an account.

October 15, 2022
6:20 pm
cgouimet
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BlueSky said

Dean said

When I signed up with Oaken (~ 4 years ago) the process was fairly quick & painless.

Not to mention that none of these documents were required to open an account.  

I went through that with the docs last year. All completed in less than a week.

CGO
October 19, 2022
12:56 pm
Alexandre
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Status update.

I've got email saying one of my submitted documents was rejected. I sent credit card statement as one of the required documents from "Category B."

The reason for rejection: "the account numbers are redacted so unable to use credit card statement."

I don't think any CC statements we receive online or in mail these days have unredacted (not partially hidden) account number. This is just basic security precaution.
That means, don't send CC statement to Oaken as one of documents for opening an account. Even if it is listed as an option.

Second try: this time, I sent Oaken different type of document from list of required in Category B.

October 19, 2022
1:18 pm
canadian.100
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I had to contact Oaken yesterday in regard to a simple matter. The Client Service person who answered the call within a few minutes (which was good) was really clueless re this simple matter. I had to patiently walk her through a few times until it clicked and she got it. Perhaps she was new or untrained - I do not know - but it gave me a bad impression and low confidence in Oaken. In past years, interactions with Oaken service were very good - this interaction would get a failing grade.
Sending me the annual box of assorted teas or box of chocolates this year will not improve my impression of Oaken.

October 19, 2022
1:59 pm
Loonie
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I know what you mean. I wrote about this a while back. When Oaken was new, they had good staff who were happy working there. In due course, this changed 180 degrees. For some time now they've been hiring people who don't stay long and don't know much. The last one I dealt with was from Ireland. Very pleasant, here on a work-study programme or similar, but knew zip and made several errors which I had to laboriously get him to correct.

October 19, 2022
3:50 pm
Dean
Valhalla Mountains, British Columbia
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.
Yes, Oaken has lost a Lot of it's 'Luster' ... in both the level & quality of service, and of course also in most of their rates. As an example; On the GIC Chart (https://www.highinterestsavings.ca/gic-rates/), Oaken has even fallen below the likes of Tangerine ... something Unthinkable, not too long ago! As the saying goes; "They just ain't what they used to be". sf-confused

The last GIC I had with them matured almost a year ago, and then with the exception of a token amount left in my Oaken SA, I pulled all my moolah outa there.

Maybe someday they'll return to their Glory Days ... time will tell.

    Dean

sf-cool " Live Long And Prosper " sf-cool

October 19, 2022
4:12 pm
AltaRed
BC Interior
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It is likely there are too many headwinds these days for alternative mortgages, especially at fixed terms. Probably the same thing over at EQ Bank.

If I had a mortgage (of any kind) and renewal was coming up right about now, I'd likely default to a 1 year term and gamble on interest rate pressures peaking and then receding by this time next year.

October 29, 2022
6:06 am
Alexandre
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Status update. It's been two weeks since I applied for Oaken HISA online. Still waiting.

Not that I need that account right now, I can wait. The only thing is, by the time Oaken finally gets all necessary paperwork completed and delivered to me, I might not need their HISA any longer. Some other FI I have account with might up their rates, or I'll just sign for 5% GIC with someone else. If I move my money there, it will be Oaken loss, not mine.

For those who consider opening HISA with Oaken to enjoy their current 3.4% rate, note that the process will definitely take longer that "5 minutes using online form".

November 1, 2022
6:31 am
Alexandre
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A letter has arrived in the mail yesterday, notifying me that my Oaken account is now open.

Letter states that I should wait for another letter with online banking enrollment details.

November 2, 2022
7:19 am
Alexandre
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I have received second letter in mail yesterday, with online banking enrollment details. I have online access to my Oaken account now.

In summary, it takes about 2-3 weeks to open account with Oaken.

November 2, 2022
7:28 am
cgouimet
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Alexandre said
I have received second letter in mail yesterday, with online banking enrollment details. I have online access to my Oaken account now.

In summary, it takes about 2-3 weeks to open account with Oaken.  

Thanks for the update. This is definitely slower than in the "old days" ...

I seem to recall thinking it was slow when I opened our accounts in March but it all took no more than 1 week.

CGO

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