Oaken, so nice. Allows double dipping of interest. | Oaken Financial | Discussion forum

Are you sure about that? I've never heard of funds from maturing GIC's reg'd or not being transferred before maturity. If this actually happened, somebody there screwed-up & you benefited, but there's no way that's their policy. If anything, Oaken's EFT policy has taken a turn for the worse in the last few months.

For the longest time, if you set up a transfer after 6pm ET, the funds were debited immediately, but dated next business day & guaranteed in your external acc't the following day, effectively same day with no interest lost.

Now, the official policy states 1-2 business days, but practically speaking, the funds are still debited immediately & dated the next day, however, they refrain from transmitting the funds for another day so that there's a guaranteed 1 day loss or 3 days if initiated Thursday evening.

Considering the fact that Oaken acc'ts can't be linked externally & therefore, you can't pull funds out, you're totally reliant on their transfer-out & now guaranteed to lose interest on outgoing funds.

Needless to say, I'm no longer funding any acc'ts with them, with the exception of GIC's, since we can request a cheque for principle &/or interest, which they send you 2 wks before the due date...provided they haven't discontinued that policy.

I've had Oaken transfers arrive early too but not so much lately. I had a TFSA transfer that arrived exactly on time yesterday.

I was told they send them out a few days early to be sure they get there on maturity date. Sometimes they arrive early.

I was under the impression that post-dated cheques could be cashed at any time, and that it was a courtesy to hold them (as well as less likely to be NSF). Is that not still the case?

Accepting and clearing a post-dated item early is an error.

Rule A1 specifically disallows that:

Post-Dated Items

10. No Item that is post-dated shall be Exchanged, for the purpose of Clearing and Settlement.

But, the bank is free to accept the post-dated item and front the money until the date of the item.

In general, there seems to be less and less verifying of deposited instruments. I was told point-blank that one institution never corrects anything under $20 unless:

1. Somebody complains
or
2. The error is not in the bank's favour.

That institution, like many others, uses a fulfillment company to process its ATM business, and seems to hate paying for error-correcting time.

RetirEd

Very true. Spending $100 of worker time to correct a $5 error is impractical; which is why Walmart and other major retailers are considering giving customers return credit for items without even asking them to send the items back. They have significant backlogs in their warehouses and it would simply cost them more to process, transport, and store.