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Email this9:39 am
March 19, 2017
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As a long term Oaken customer, I have been very disappointed at the level of customer service, errors and inconsistent messages from the Oaken team. I won't get into details of these errors, but will say that the onus of proof was on me to resend original documentation to show approvals and correspondence regarding account/GIC set up in order for Oaken to correct the errors (because they initially refused until I provided proof). These eroors in some cases took months to resolve. I have had joint savings and GICs with my partner as well as my Mom. Prior to transferring any funds to Oaken, we submitted POAs and received approval. Last month Mom tried setting up a joint HIS in addition to the Joint GIC we have together. Her letter of direction sent a few years ago along with the POA (which was approved by management) indicated that she wanted me joint on both GIC and Savings accounts. Now Oaken is saying that you can't be joint on the accounts and also be a POA. Have any of you experienced the same issues?
9:55 am
October 27, 2013
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I don't think it would be unique to Oaken that one cannot be a POA on an account in which one also holds an ownership interest. There is no reason to be both anyway.
Either stick with just Joint accounts for the purpose of you being able to manage the Joint (really your mother's) accounts but not having a beneficial interest, or do not be a Joint owner of convenience and have power of attorney over Mom's account.
10:29 am
October 21, 2013
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Are all the accounts you are talking about Joint, or is there an account that is solely in mom's name but you are POA over?
11:45 am
January 12, 2019
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Sonz said
As a long term Oaken customer, I have been very disappointed at the level of customer service, errors and inconsistent messages from the Oaken team. I won't get into details of these errors, but ... etc. ... etc. ...
Sonz ...
Join the ever growing crowd of unhappy, dissatisfied Oaken customers.
My suggestion is simple, and what many others have started to do :
- ➡ Take all your money out of Oaken, and Walk Away.
There's just too many other Much Better FIs out there, not to.
- Dean
" Live Long, Healthy ... And Prosper! "
1:18 pm
March 19, 2017
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Loonie said
Are all the accounts you are talking about Joint, or is there an account that is solely in mom's name but you are POA over?
All the accounts are joint to avoid probate. However, my Mom is getting quite elderly and has trouble with memory and simple tasks. So having POA over her accounts is a must.
2:42 pm
October 27, 2013
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As I said earlier, I am about 99% certain you can't be a POA over an account that you already own/co-own. If all the accounts are already joint, you do not need POA over any of them. You own them in a legal sense and can move money around in/out, across, up/down.
The one thing you cannot do as a joint owner is to close them without Mom's consent which may ultimately give you a headache while she is alive but so what? Leave them open until she is no longer of this world.
3:07 pm
September 30, 2017
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Sonz said
All the accounts are joint to avoid probate. However, my Mom is getting quite elderly and has trouble with memory and simple tasks. So having POA over her accounts is a must.
I missed something. What tasks require power-of-attorney over the account that a co-owner cannot perform?
5:25 pm
September 11, 2013
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Aren't some joint accounts set up so both holders need to sign for transactions? If that's the case here maybe the POA is required for the elderly Mom's signature.
5:56 pm
October 27, 2013
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Bill said
Aren't some joint accounts set up so both holders need to sign for transactions? If that's the case here maybe the POA is required for the elderly Mom's signature.
The 'and' rather than the 'or' version is more typical of chequing accounts for small business partnerships, charities, non-profits, etc. for 'business controls' purposes. That isn't what one would normally do for the sole purpose of avoiding probate. However, the OP has not been that clear so far.
6:35 pm
March 19, 2017
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I should clarify re POA - I have siblings that are also joint with Mom. She is primary and T5s go to her. I have been designated to manage all Mom's finances including the ones jointly held with the siblings. All siblings have unlimited POA and anyone of us can act on her behalf. So the POA permits me to call Oaken and make changes etc. to all accounts - even those that are held jointly with Mom and my siblings.
6:50 pm
October 21, 2013
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So, does your mom have additional accounts at Oaken that are not joint?
I am unclear what it is that you want to do that you can't already do. Is it that you want to open another account for her without the siblings? The sibling situation sounds awkward to me - at best. A key question might be whether these accounts are "Joint with Right of Survivorship".
You do have extra powers and responsibilities as POA, such as tax returns, directing pension income, disposition of property etc.
7:03 pm
September 11, 2013
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Based on what you're saying you need POA so you can act as Mom re those accounts that are joint between Mom and other siblings (excluding you), is that the scenario?
7:11 pm
September 30, 2017
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Thanks for the clarification. Think I now see the family's dilemma around mom's accounts.
7:26 pm
March 19, 2017
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Loonie - I understand the POA concerns. I have heard horror stories of mismanaged and misappropriated finances of Mom and Dad's life savings - we are very fortunate as a family to not entertain those abuses. We all have extra powers (detailed in a skinny trust - not as formal as a bare trust).
Bill - yes, that is the scenario.
My apologies to the forum - should have been more clear.
I have not encountered these issues with other financial institutions and the set ups are fairly similar. Now Oaken is refusing to set up further joint accounts. Oddly, they allowed it under the Home Bank FI but not Home Trust. May be time to pull out!
7:52 pm
October 21, 2013
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I think I get it now, sort of.
It has been hard for us to understand, and I wouldn't be surprised if it also hard to Oaken to understand. If your mom is not able to act on her own behalf, then clearly she needs someone (you) to do so. How does Oaken propose that she can look after these accounts otherwise? I'd maybe try explaining it again with a more senior person? Logic is no match for ignorance or thick-headedness!
It has been my experience that FIs much prefer joint accounts to POAs and will try to steer things in that direction.
But, yes, if you can't get anywhere, move on, don't waste your time.
Please write your comments in the forum.