Holds on funds at oaken | Oaken Financial | Discussion forum

christinad said
How long are funds on hold at oaken? I had transferred money to oaken with the intent of buying a gic but then i found out about pt offer and want to transfer out.  

As far as I know, Oaken is standard 5-7 business days, so call it 10 calendar days. Your best bet would be a quick call to Oaken and get them to confirm your hold expiry date. Confirm whether that's the last day of the hold, or the first day of availability. Also, sometimes, depending on the FI, if you offer to e-mail them a transaction history screen print showing the debited transaction, they'll release the hold early.

Peoples Trust will rate hold for 10 days, but I suspect this 3% offer will exist through the end of February, perhaps the end of March. They're clearly targeting RRSP contributions.

Cheers,
Doug

According to the Oaken savings account terms and conditions, the hold is ordinarily is five business days, starting from the day of the deposit:

26. HOLDING PERIOD

Deposits to a Savings Account may be held for up to five (5) Business Days after the day you make the deposit. During this hold period, we may limit your right to withdraw funds deposited by these means, and we may refuse to accept any deposit to the Savings Account.

The hold period may be extended at our discretion if we believe there is a material increased credit risk concerning the Savings Account. The hold period may also be extended where we believe a deposit has been made for illegal or fraudulent purposes, where a Savings Account has been open for less than ninety (90) days, where a cheque or other instrument has been endorsed more than once, or where a cheque or other instrument has been deposited at least six (6) months after the date of the cheque. You will be notified in writing of any extended hold period. A hold may also be placed on your Savings Account when we receive new or updated Personal Information concerning your Savings Account while we verify such information.