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Email this5:32 am
January 5, 2023
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I made my first large transfer of funds (50K) from my Tangerine account to my Oaken account on January 1st. Today, January 5th the withdrawal from my Tangerine account shows it was duplicated.
Called Oaken right away and they said it has happened with other clients, too. They are supposed to look into it but gave no case number or time for resolution. Will update on how this gets resolved.
8:19 am
April 6, 2013
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It happens once in a while. The file of pre-authorized debits is submitted a second time by mistake.
It happened with City of Toronto in 2017 with their property tax pre-authorized debits.
8:52 am
September 30, 2017
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It is a large amount. Did it trigger NSF charge on Tangerine side ?
8:53 am
January 12, 2019
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.
With all the Crapola that's been going on at Oaken lately, I'm beginning to wonder if we can trust them with/for anything anymore. 
- Dean
" Live Long, Healthy ... And Prosper! "
8:55 am
November 3, 2022
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I had duplicate withdrawals, too. On Jan 4, Oaken pulled two payments for two GIC's a total of four times from my Hubert account. But by this morning, Hubert had reversed the duplicate withdrawals, plus the overdraft fees that had been charged when these sent my HISA account into the red.
9:01 am
January 5, 2023
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hwyc said
It is a large amount. Did it trigger NSF charge on Tangerine side ?
To me it was a large amount. Original transfer was $50,000 but they took $100,000. I did have the funds to cover all of it, unfortunately. Tangerine just showed two duplicate transactions on the same day.
Oaken rep said she had calls about this yesterday, so something has happened. My concern is how long it will take to be fixed and how.
9:06 am
January 5, 2023
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Rail Baron said
I had duplicate withdrawals, too. On Jan 4, Oaken pulled two payments for two GIC's a total of four times from my Hubert account. But by this morning, Hubert had reversed the duplicate withdrawals, plus the overdraft fees that had been charged when these sent my HISA account into the red.
Did you contact Oaken and if so was all this done from Oaken's end?
I have not contacted Tangerine as I did not believe it was their problem.
Thanks for the reply
9:13 am
February 7, 2019
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I sent a ~$25 transfer from Oaken to Tangerine this week to cleanout our accounts at Oaken.
I see one debit at Oaken but two credits at Tangerine.
| CGO |
11:21 am
November 3, 2022
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dsc said
Did you contact Oaken and if so was all this done from Oaken's end?
I have not contacted Tangerine as I did not believe it was their problem.
Thanks for the reply
My motto in these matters is to let sleeping dogs lie. As long as Oaken shows my GICs properly set up and funded and Hubert shows my account balance at the appropriate amount after the correct transfers were pulled and the incorrect ones were re-credited, then I don't plan to delve more deeply into these matters with phone agents.
My experience with Oaken is that the CSRs who are public facing are not well connected to the staff who process and fund the GICs, and I have never gotten detailed or accurate answers from the phone agents about when or how the GIC funding transfers actually work.
12:53 pm
October 17, 2022
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Dean said
.
With all the Crapola that's been going on at Oaken lately, I'm beginning to wonder if we can trust them with/for anything anymore.Dean
Considering that I have STILL have not received any emails saying the account I was trying to open has been opened. That I am still waiting on the email they would say would be sent after 2 business days, which now has been awhile ago. This is making me very nervous. At least my achieva savings account is now open and ready to go.
6:24 am
January 5, 2023
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To update on my original issue, so readers can decide about Oaken as a bank.
I have not seen any reversal of the excess funds withdrawn today.
I contacted Tangerine and there is nothing they can do, which was expected, it's not their fault.
Called Oaken again to get any updates. Have been able to get to a CSR both times in a reasonable amount of time. Today's rep only said they are aware of a problem but has no date on a solution. The rep yesterday did put a note on my file stating the issue. Will have to call again on Monday as Oaken are not open on the weekend.
I obviously do not know how extensive this problem is, but it would be nice for the bank to send out some kind of notice to keep clients updated that there is a issue.
7:16 am
February 7, 2019
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My duplicate 01/04 Oaken push to TNG was reversed on 01/05.
My $22.46 windfall up in smoke ...
| CGO |
9:26 am
November 18, 2017
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I have only one single deposit with Oaken, calculated to stay within CDIC limits to maturity. I've found their customer support line useless and frequently disagreeing with web data, office staff and other support staff.
A branch visit is, for me, the way to go. I get all documents printed right away and they seem to understand things best. The only pains are:
1. One has to make an appointment.
2. No parking in a part of downtown where meters are almost $10 hourly, if they haven't gone up again since.
RetirEd
RetirEd
10:30 am
October 21, 2013
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I agree that in-person is the way to go if you can, but don't assume that necessarily gets you reliable service. Read all those documents they hand you carefully. On one such occasion I found several errors and they had to re-do them. Much depends on the competence of the individual staff person. Some were evidently hired yesterday. and seem unfamiliar with Cdn banking system.
2:36 pm
January 6, 2023
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I am also a victim of duplicated transactions by Oaken pulling from another FI. NSF was triggered on 2nd transaction. My Oaken account shows one deposit (+), one reversal (-) and one NSF fee charge (-). The net effect is therefore one NSF fee charge (-). More importantly, I lost the full transfer amount.
Called Oaken and they said it will take 5 business days to resolve.
5:21 am
January 5, 2023
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So, I received a reply from Oaken internal messaging last night...
"Good evening,
Please be advised there was a system issue which caused a duplicate payment to your linked bank account. We ask that you do not use the duplicate funds as it was deposited in error and the funds will be sent back to us accordingly. You should be able to see the reversal of the duplicate payment within the next few business days. We apologize for the inconvenience this may have caused you and we are working diligently to resolve the issue."
I am guessing this was a generic response, which is better than nothing. However it is referring to transfers from Oaken out to external accounts. My concern is transfers in from external accounts which are just in limbo and not showing.
Would be a interesting case study for CIDC if Oaken defaulted and what happens to funds they transferred in but are not showing in accounts.
5:52 am
March 30, 2017
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Not directly related but be mindful when it’s a MetoMe transfer, the paper trail is even worse.
The CUs that uses MetoMe has minimal control or paper trail, as the actual transaction is handled by MetoMe, which is a fintech that does it.
Had an experience trying to track down a transfer and my bank said it just showed :
MetoMe and can’t tell where the money ended up at all.
Receiving FI said it’s thru MetoMe but can’t tell where the money actually originates.
6:11 am
December 27, 2021
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I had a similar issue on a transfer out of Oaken. The funds were deposited twice. I contacted them to advise of the issue and they said it didn't happen. My bank balance would disagree.
Three days later I see an entry for "Home Trust Comp COR" where they withdraw the extra deposit.
No communication with me whatsoever. I would think a call would have been appropriate.
8:29 am
August 15, 2018
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Reading through the comments I get the impression Oaken is reversing the transaction(s) made in error. To void overdraft charges and punitive interest rates on the Oaken side, I transferred a duplicate deposit at Outlook back to Oaken and sent them an email. This should bollix things up!
7:05 pm
November 3, 2022
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Unfortunately, I'm not out of the woods on my duplicate withdrawals that were pulled by Oaken from Hubert on Jan. 4.
While they reversed the duplicate withdrawals on Jan. 4 and all looked in order on Jan. 5, on Jan. 6, one of my two new GICs was showing a zero balance.
After a 15 minute hold, I got a CSR who said that this funding transfer had been reversed. He saw the duplicate transfers, then the returns of the duplicates, and then a cancellation of one more transfer, but could not specify whether that cancellation had been made by Oaken or resulted from a decline in payment from Hubert.
At the moment, the funds are not showing returned in my Hubert account, so I've got a significant sum (for me) in limbo between the two institutions.
Oaken CSR put in a query to the "back office" that he said would take two business days to answer. He advised me to check back by Wednesday.
If the money winds up back at Hubert, and Oaken cancels my GIC, then I'll not try to buy another one from them. It's just not worth the hassle given this level of unreliability in their operation.
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