Unable to link account to Oaken for EFT from other bank. | Oaken Financial | Discussion forum

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Unable to link account to Oaken for EFT from other bank.
November 23, 2022
4:05 pm
Mavrick
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September 22, 2022
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For the purposes of Electronic Funds Transfers (EFTs), there's two types: push and pull. If you're sending money from your account at one bank to your account at another, that's a push EFT. If you're requesting a transfer of money from your account at another bank, that's called a pull EFT. The advantage of setting up the links separately though both banks is that sending money via a push is faster than doing a pull (it reduces the hold period).

Oaken financial says they don't have a transit number and that the only way that EFT transfers can be done is through their own website.

I don't know if that's true as it doesn't seem to make sense. Every other bank I've ever dealt with allows has a transit and institution # that they can give you so you can link your accounts.

How is it possible that Oaken can do EFTs via their own website but not be able to provide these banking numbers to me so I can link to my Oaken account through another bank? Are all banks required to have transit and institution #s?

Wondering what other people's experiences are with Oaken, whether their explanation makes any sense, whether anyone has any insight into the requirement (or lack thereof) of banks to have transit and institution #s, and who I might contact to get to the bottom of this or to complain to (since their front line agents seemed unable to provide any further details/help). (I suppose I could ask to speak to one of their managers--but I wanted to independently learn more about how EFTs work in Canada before I escalate. For instance, I'm not sure where or if there are any official regulations mandating all financial institutions to have transit and institution numbers.)

November 23, 2022
4:56 pm
RetirEd
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Oaken must have transit (branch) and institution numbers for assorted transfer methods. They have told me they simply chose to not allow PAD/PAC links from other institutions; I am sure they use their own institution and branch numbers when they do it from their end. The big banks do it the other way - they only allow other institutions to link to them, but won't do it from their end. There's nothing requiring any institution to use these transfer methods.
RetirEd

November 23, 2022
7:30 pm
Dean
Valhalla Mountains, British Columbia
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.
What RetirEd said ... with Oaken, it's been that way since day 1.

We have no choice, but to live/deal with it.

C'est La Vie ❗ sf-smile

    Dean

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

November 23, 2022
8:43 pm
Norman1
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Oaken does not need to have transit numbers. Their Home Trust institution number is not even connected!

Oaken does not need its own institution and transit numbers to send funds by direct deposit or pull funds by pre-authorized debit. Oaken can just approach another bank like an employer or a utility does. Employers direct deposit pay every two weeks and utilities originate pre-authorized debits to pull monthly bill payments without having their own institution and transit numbers.

November 24, 2022
8:39 am
Pronounced Zed
Toronto
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This is similar to EQ bank. They don't provide chequing accounts so they don't have a transit number. I find this site handy to double check:
https://canada-banks-info.com/

November 24, 2022
11:24 am
Dean
Valhalla Mountains, British Columbia
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Pronounced Zed said

This is similar to EQ bank. They don't provide chequing accounts so they don't have a transit number. I find this site handy to double check:

https://canada-banks-info.com/  

Your source 'appears' to have some shortcomings . . .

    EQ Bank's Transit number: 80002
    EQ Bank's Institution number: 623

.
Cheers,

    Dean

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

November 25, 2022
8:18 am
Norman1
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As well, Equitable Bank includes pre-authorized debits and direct deposits capabilities in the features of their EQ Bank Savings Plus Account.

A bank account doesn't have to support paper cheques to support pre-authorized debits and direct deposits.

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