Oaken Financial – prognosis for 2023? | Oaken Financial | Discussion forum

There is no redemption rights on GIC's. So, what is happening at Romspen is not applicable to Home Trust/Home Bank/Oaken.

Do people believe that Home Trust and Home Bank are foolish enough to take in one-year GIC money, lend it out as five-year mortgages, and set themselves up for a liquidity crunch in one year's time?

Around December 2018, I pulled funds into EQ Bank to buy one of a three-month GIC. There was a five business day hold before the funds were available to purchase the GIC.

Five business day hold on funds pulled in by pre-authorized debit are not new.

EQ Bank will not release holds early.

Best EQ Bank did was to give a "goodwill payment" of the difference in the GIC rate when the funds were transferred in and the rate when the hold was released and the GIC was purchased.

I could make up all kinds of reasons, but basically they are so full of themselves that they don't think they have to. They have no interest in helping you do business with competitors who pay better interest.

Here is an example of how the conversation goes:
I had a GIC mature recently at a FI that shall remain nameless. It was the only transaction I'd had with them so far.
I phoned to ask how I could get the money out.
I was given 3 options: These included getting a bank draft (sent by Canada Post as the location is not convenient for me); or opening a chequing account, ordering and waiting for cheques, and writing a cheque for deposit elsewhere, which would then be held. The third choice was a wire transfer. First and third had a fee, and I would never send a bank draft in the mail as they are very difficult to replace if lost.
The agent insisted that direct transfers were not possible. I have run into that attitude before. I think they genuinely don't know any better.
So I logged into Hubert, set up a link, and pulled the money in. It arrived in 2 or 3 days. Yes, Hubert held it, but that didn't bother me. In this case, the only way to avoid a Hold would have been a wire transfer, which I wasn't about to pay for. They aren't allowed to put a Hold on wire transfers, but I've had at least one FI rep tell me they would and that it would be a LONG hold! I don't need the hassle!
Perhaps you will recognize some of my story in the answers you receive tomorrow.

Good luck!

As Loonie described, you won't be able to do it from TD as a personal banking client.

At banks like TD, the ability to push and pull funds (to originate a direct deposit or a pre-authorized debit) is available to business banking clients only and not to personal banking clients. The service is called CAFT for Customer Automated Funds Transfers.

Norman1 said
It is the online financial institutions, like Alterna Bank, EQ Bank, Tangerine Bank, and Hubert Financial, that allow personal banking clients to push funds by originating a direct deposit.  

I don't think the decision to offer this feature has to do with being online per se.
Meridian, DUCA and Tandia are bricks and mortar CUs with online access. TD is a bricks and mortar bank which has online access. Meridian, DUCA and Tandia offer online transfer origination; TD does not.
It may be true that, among banks, only the online-only ones offer it. It is true that not all CUs offer it.

FIs that are online-only probably have to offer it. Otherwise, they wouldn't do much business.

Loonie said
TD will not permit you to set up transfer links from their end. None of the Big Banks will do this.  

The only thing the big banks will facilitate is bringing money in by sending an etransfer request, which isn't very useful due to etransfer limitations and possible etransfer charges.