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Email this9:42 pm
April 14, 2021
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I walked into Oaken and registered about six months ago, with CIBC as my bank/link, but never done any transactions until now.
On Jan 26, I set up a link with Tang via Oaken's fLinks system.
1) I logged into Tang to change my PW to a temporary PW
2) logged into Tang to create the eLink and received the 'successful linkage' message
3) eLink was confirmed and appeared in my list of links
4) scheduled transfer from Tang to Oaken for purchase of TFSA GIC
5) logged back into Tang to change my PW back
Jan 30, 0830H: I got a call from Oaken and was told that the transfer did not occur due to insufficient funds. While still on the phone with Oaken, I checked Tang and saw no transfer, but plenty of funds available. I told them that they must be mistaken, since there was plenty of money in the account. I told them to re-do the transfer.
1300H: Got a second call from Oaken. Transfer failed, again. This time, Oaken says that there is something wrong with the link. To which I replied, "How is that possible, since I used YOUR eLink function and was given the 'successful' message after establishing the linkage?
CSR said that I could delete the link and try to re-establish* or else send them void cheq and they would create the link from their end.
Since these are Tang savings accounts, there is no 'void chq' function. Finally, he said that a PAD form would be sufficient. I printed a couple of PAD forms and sent them via e-mail, along with 5x void cheque images from other banks for additional links to be added. He received them and checked with his back-office and told me that they were fine and would initiate the transaction. I also told him that I needed to know for certain if the new links would happen along with the transfers. If there was still a problem, I could try and transfer the funds via another bank (CIBC) and then into Oaken. This was a time-sensitive issue, since it was the end of the month and my Tang promo was due to expire. He had to call me back before 1700H, if there was going to be a problem. He assured me that it would all work. No phone call by 1700H.
2200H: I log back into Oaken to find no transactions scheduled. No new links. Nada. Sweet f-all.
I don't even know if the links work. My CIBC link has a gold star beside it. (Perhaps it signifies a functional link.) My 2x Tang links have no such gold star(s).
I entered my transfers, with no idea if they will simply be ignored and leave my money stranded over the weekend.
Anyone else have such problems with Oaken?
(*I noticed that there is not even an option to delete a link. So, it is not even possible to delete/re-enter details and try, again.)
I post this as a cautionary tale. One possible theory as to the linkage failure is the fact that I changed my Tang PW back after supposedly successfully establishing a link at Oaken. If that is the cause, then everyone should take urgent note that Oaken SAVES passwords and credentials from their fLinks system. This would be a critical security threat. 
1:11 pm
April 14, 2021
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Waited all day. No contact from Oaken. All my requested transfers have disappeared from Oaken site. No linkages made. Nothing. Nada. Zip.
Not a good introduction to Oaken.
2:53 am
March 3, 2022
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Following this thread out of curiosity. My Oaken experience has always been generally good.
FWIW I didn't use Flinks at Oaken to link external accounts, and did it using manual microdeposit method, providing void cheques via email. (Actually I wouldn't have touched Oaken if Flinks were the only option to link accounts there, but that's another topic.)
7:01 am
April 14, 2021
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Jan 30 2200H: Called Oaken (855-625-3622) and Stephanie 416-777-7278 requesting a return call ASAP.
Jan 31: Waited all day for a return call from either party. Received nothing. Called Oaken at 1400H. Reached Anupa, who checked the notes and told me that the links I created were somehow corrupt, because they showed some odd characters in the account number. I told her that I only saw the proper numbers, but she said that she could see things that I could not. I told her that I had re-entered my transfers and that they were now missing. She told me that she could see them, but that they had used the corrupt links and would thus be ignored and deleted.
I told her about the second repeated transfer request for TFSA GIC purchase and that it had been done with the same corrupt link(s). She said that it would also fail. She said that she could see a duplicate set of links to my Tang accounts. I could not see them. She said that the new links appeared to be correct. I asked her to use the presumably correct links to re-enter my 3x cash transfers along with another request for TFSA transfer for GIC purchase. I specifically warned her NOT to duplicate my previous request, as this would put me over my allowable contribution limit. Under no circumstances should Oaken make my contribution over $7000, as I would face a significant penalty from CRA for over-contribution. Also, I told her that only $7000 was in the account and that a double request might penalize me with a Tang NSF charge. The 2nd requested transfer from the previous night (DC-013025-38580) had to be deleted.
She entered my 3x cash transfer requests and a new TFSA GIC purchase request (DC-013125-39528) and assured me that the previous night's (2nd) TFSA request (DC-013025-38580) would be stricken. The 3x cash requests appeared in my Oaken accounts along with a new TFSA GIC #5725336. However, the previous TFSA GIC #5721615 was still listed. Since Anupa told me that it would be stricken, I thanked her for her assistance and hung up.
2200H: logged back into Oaken to see that the 2nd TFSA purchase (GIC #5721615) was still listed. Now, I am really worried. It does not appear as though the Jan 30 TFSA request was deleted, as promised. This might mean that I will have 2x TFSA purchases for $7000 and this would put me in big trouble with CRA for over-contribution, as well as an NSF charge from Tang for insufficient funds for the 2nd TFSA GIC.
Feb 01 0700H: Called Asha. She checked with back-office and was told that the last TFSA GIC #5725336 purchased Jan 31 could be cancelled, but that it might take 3-5 business days. I asked if that would pose a problem with CRA and she told me that these situations have arisen in the past and, because it was caught so quickly (15 hours after GIC was created), no report should have been sent to CRA. Also, if a double transfer from Tang occurs and causes an NSF charge levy from Oaken, I should notify them to reverse the $20 Oaken NSF fee. She also said that she would send an e-mail message directly to the department to let them know that only one TFSA GIC should remain and that it should not be deleted. This is in case someone mistakenly tries to delete both TFSA GICs currently listed. Also, she put in a request for someone to call me, once the deletion has been performed.
Now, I wait in limbo.
1:22 pm
April 14, 2021
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Feb 03 1200H: logged into Oaken to find that all my transfers had been duplicated. Supposedly, the 3x cash transfers from Tang that were to be deleted due to the faulty/corrupt links (according to Anupa). Now, I show 3x transfers on Jan 31 and another set of 3x identical transfers on Feb 3.
Dear God.
8:16 pm
April 14, 2021
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Feb 05: It looks like things might be working themselves out. A few transactions have been cancelled and looks like the balances are what they should be. Will check in a week to see if the TFSA cancellations are true and did not get submitted to CRA.
Feb 08: attempted to log into Oaken and account is security locked
Feb 10: called Oaken. CSR could not get into account, either. Sent to back-office to call me.
Feb 11: no return call as of yet
Only by turn of luck, did I not have all my funds tied up with these fools. Gotta be more careful in the future.
What a bunch of clowns.
12:34 pm
April 14, 2021
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Feb 12: 48 hours after a promised return call, still nothing.
Thank God this isn't an actual emergency, such as a stolen identity. Otherwise, the thief could have travelled twice around the world, by now.
7:01 pm
December 18, 2024
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HermanH said
Feb 12: 48 hours after a promised return call, still nothing.Thank God this isn't an actual emergency, such as a stolen identity. Otherwise, the thief could have travelled twice around the world, by now.
Of all the times that Oaken has said they will call back I can reassure you, 100%, that they won’t call you back. You’re dealing with someone using that option as an easy way to end a call with no resolution.
I have found that emailing them is of no value as I “think” they put newbie trainees on that job. And is a good way to train if the person finds the answer for you if they can’t answer.
Best to call in….keep someone on the call until they answer. They may transfer you (<= not likely) or put you on hold and get the answer for you.
Try this….
Ask by email…..what is the policy to cash in not yet matured RRIF GIC?
Then
Call in and ask.
You will get two different answers.
Their biggest weakness…..lack of supplying quality answers.
1:11 am
April 14, 2021
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Feb 13 0200H: Finally managed to log back into Oaken. Everything looks okay. Now, to make sure that they have not over-reported my TFSA contribution to CRA.
Fingers crossed.
3:09 am
April 14, 2021
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Feb 13 1200H: To my surprise, I received a call from Oaken CSR Nicholas to tell me that my access had been restored. No explanation, but at least he showed me the courtesy of notification.
I asked him about written response to my request for confirmation that the two faulty TFSA GIC transactions were properly reversed and that no notification had been sent to CRA.
He had to search the file, but said that he found an e-mail note/attachment saying that the transactions had been cancelled successfully.
I asked him for a copy of the note, since I had made 2x written requests for response. I would not have even known action was taken, had he not called and I specifically asked him about the e-mail messages.
He refused and said that it would be stored on file and all I had to do was state the reference number to call up the notes.
Not sure if there is anything else I can do. I made a specific request and was denied outright. I will send another 2x written requests (one via portal and one via e-mail). At least there will be some written record of events. Who knows what will happen in a few years, if CRA was somehow incorrectly notified of my void TFSA transactions and penalizes me for ghost over-contributions. Records and memories might fade, by that time.
What else can be done, if the bank outright refuses to answer?
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