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Email this8:33 pm
December 23, 2011
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I am a customer of Oaken and have no issues. Their people on the phones and emails are professional and leave no questions unanswered. I really like the almost perfect GIC certificate that is mailed. It would be nice to see TFSA and RRSP savings accounts to hold funds in....if you need time to wait for a better lock in rate with Oaken or somewhere else.
But back to the statements.
A while back there was a discussion abut the $2 fee for delivery of the monthly statement. Some one from Oaken replied and explained why it would be and if/when the fee was imposed that there would be an alternative option of an online version. While Outlook and Hubert have online statements only they do not offer an email reminder that it is ready but iTrade does. It would be nice if Oaken did, if an online version is offered. For some reason Oaken statements do not show your RRSPs and I am guessing that TFSAs don't show either. I realize with the husband/wife/children investors that this would mean 2 or more statements per household. And I imagine most of us don't use Oaken for day to day banking and go for the GICs only.
So how do we all feel about the incomplete statement that is mailed...should it not reflect all of our funds....does it need to be mailed???
8:51 pm
November 4, 2014
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Kanaka, we don't currently have any RRSP's, RRIF's, TFSA's and we don't also have any Oaken savings accounts with Home Trust previously, now Oaken Financial so I don't know what their account statements look like.
We have made over the last 16 to 18 months many non-registered GIC's and we like the GIC certificates that they mail to us. We make sure they are kept in a safe place and have records to remind us where they are kept.
I would bring another very important concern that maybe most people do not think about because of their busy lives, many RRSP, RRIF, TFSA statement accounts do not have beneficiary designations.
I know this is not what you asked but I thought this would be a good way to remind people to first have an RRSP, RRIF, TFSA beneficiary designation if they choose to and makes sense for them and second, tell financial institutions that don't have an RRSP, RRIF, TFSA account beneficiary listed on there to make sure there is one.
Also, make sure they keep all their documents when a beneficiary designation was chosen and if changed as well.
8:53 pm
October 21, 2013
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Yes, I think it should reflect all deposits.
I complained recently that they were unable to readily provide me with an end-of-year value for registered GIC, and the guy on the phone said they'd had several requests for this and were looking into it.
The funniest part was that he then proceeded to try to calculate it manually, but the first number he came up with was way off. I could figure it out manually myself, thanks! I walked him through it.
I think that any bank that offers telephone banking should provide a statement for free if requested. Not everyone has a computer, especially the elderly, and many people don't like the idea of online banking or don't trust it. Not everyone wants a mailed statement. Probably the majority do not, but it should be an option, no charge.
8:56 pm
November 4, 2014
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Kanaka, I would think that most people would want a good accounting of all their savings, GIC's, RRSP's, RIF's, TFSA's etc. on their account statement or account statements and have an option if only online or mailed to their address or both if they choose to do so.
It must show all your balances in all accounts at Oaken Financial and all other financial institutions no matter how much it is.
They usually have minimum account amounts for GIC's, RRSP's, RRIF's, TFSA's and probably savings accounts have to be kept active or they will be closed after so many years.
There is no excuse for them and any other financial institution to not be required to show all account balances on client's account statements.
I would say that if you had a mortgage, line of credit, car loan etc. that it would all be listed on your account statement or account statements. When it comes to paying them back, they want to make sure they don't forget!
3:36 pm
December 23, 2011
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Greg, if you are still reading.
You have a good point about making sure your registered investments have a beneficiary. But you mentioned that you only have non-registered and I assume you are married. My Oaken statements for our non-registered funds are in a joint account and the top of our statement says JTWROS meaning Joint Tenants with Right of Survivorship. So what would the point be to have a beneficiary?
I will check what my non registered GIC certificate from Oaken says.
But the question still comes to light…..what kind of POA will allow investment directions and withdrawals?
I do plan to review all of my registered accounts for “beneficiaries” but am confident that is in place. A good reminder, Greg.
Loonie
Out of curiosity why do you need a year end value? I believe OutLook Financials shows the current value online. The latter is no help, I know. I think I have an Excel formula that would work…..if you like I can send it to you.
Computers. I am 65 and would consider myself as an intermediate user of Windows, iPad and iPhone. And I spent a few years running a mainframe system at work. So I imagine some of us will run with the computer till death. While others that were never into them will never be, while others…..will lose interest, will lose the ability to function with them etc. I imagine by 2050 there will be stats on the baby boomers in regards to the latter. And I AGREE at a certain point every company pushes to online downloads of billing and statements vs a monthly fee to have mailed MUST comply with mailing, at no cost, any billing or statements to anyone 65 or over. Also I feel all statements must be produced monthly. (Can you believe there are some companies that charge a $5 a month statement fee!!)
Here are some comments about inconsistencies of statements and bills.
Coast Capital – mailed monthly
Coast Capital RRSP – mailed every 6 months
BMO mailed – monthly but does not include GIC’s
Accelerate – mailed every 6 months. Includes all. They mail a reminder about GICs due to mature
Outlook Financial – online only every 6 months. No reminder. Includes all.
Implicity – online only every month. No reminder.
Hubert – online only every month. Includes all. No reminder
Oaken – mailed every month – but does not include registered and non-registered GICs
iTrade – online or mail – includes all even trade confirmations. Reminds you that statements are ready.
Manulife - mail - every quarter and when a transaction occurs - dividends paid are not considered as a transaction.
AND A REMINDER FOR EVERYONE: MAKE SURE SOMEONE ELSE KNOWS YOUR ACCOUNT NAMES AND PASSWORDS TO ACCESS YOUR STATEMENTS, INCLUDING THE EMAIL ADDRESS THE REMINDERS ARE SENT TOO. IF NO REMINDERS ARE SENT THEN YOUR BILLING OR STATEMENTS SHOULD BE DOCUMENTED.
5:00 pm
October 21, 2013
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I don't understand why everyone wouldn't want year-end statements. It's the way I keep track of net worth.
6:49 pm
December 23, 2011
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Loonie said
I don't understand why everyone wouldn't want year-end statements. It's the way I keep track of net worth.
I only look at want I am worth on a monthly basis. All but my GICs are as of month end and my GICs are reflected at matured value.
But I can understand your format and the need to see it that way.
11:51 pm
October 21, 2013
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kanaka, I am curious about your comments about Accelerate and Implicity.
Is it possible to get more up-to-date info online from them, other than every 6 months?
6:42 am
February 22, 2013
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Kanaka:
Just catching up so this may have been covered previously. Excuse me, if so.
Your point about others knowing how to get into your accounts is right on. Mrs GS is less than eager to have to figure that out. To backstop this as much as possible I have a separate GMAIL address (let's assume it is "mystatements@gmail.com") and have it set to forward all email received to my email address and to Mrs GS's email address.
I have changed all contact points with banks, credit card companies, etc to have them email everything to "mystatements@gmail.com" and so no changes need to be made should I end up incapacitated or dead one morning.
It also forces Mrs GS to pay just a little more attention as she will say "did you just withdraw $32,000 from Tangerine and I will tell her, "yes, and it went to RBC to invest in X".
Not perfect, but way better than what I had previously.
GS
7:59 am
December 23, 2011
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Loonie said
kanaka, I am curious about your comments about Accelerate and Implicity.
Is it possible to get more up-to-date info online from them, other than every 6 months?
Hi Loonie. Accelerate and Implicity you can enter a date range and print. Since I have a mailed statement from Coast Capital I use their dates and produce monthly statements myself. Implicity and Outlook Financial have the standard credit union format while Accelerate is a little odd but works. Hubert is very odd as they have no date range option. I was going to print all of my accounts for 2014 for interest payments for income tax reporting if no T4 (the under $50 ones) but I doubt I will need to and will opt to An alternative method for institutions that I did NOT receive a T4 from.
8:07 am
December 23, 2011
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GS said
Kanaka:
Just catching up so this may have been covered previously. Excuse me, if so.
Your point about others knowing how to get into your accounts is right on. Mrs GS is less than eager to have to figure that out. To backstop this as much as possible I have a separate GMAIL address (let's assume it is "mystatements@gmail.com") and have it set to forward all email received to my email address and to Mrs GS's email address.
I have changed all contact points with banks, credit card companies, etc to have them email everything to "mystatements@gmail.com" and so no changes need to be made should I end up incapacitated or dead one morning.
It also forces Mrs GS to pay just a little more attention as she will say "did you just withdraw $32,000 from Tangerine and I will tell her, "yes, and it went to RBC to invest in X".
Not perfect, but way better than what I had previously.
GS
Yes I too have one only gmail account that all credit card, brokerage, utilities, and banking are mailed to.
I have a list of ones that have to be done manually. Which then makes me have a HUGE issue with Outlook Financial, Hubert and Implicity as they DO NOT mail and they DO NOT email that the statement is ready. I have put things I place so that if tomorrow doesn't come for me, everything is well documented.
6:13 pm
December 23, 2011
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GIC certificates DO NOT SHOW BENEFICIARY
Make sure you have all your documentation from each institution filed, showing you submitted a beneficiary and since they don't confirm..perhaps give them a call to verify.
Another fault with dealing this way. In my opinion if you sit in someones office or mail in a form YOU signed they should return a signed off copy to you.
9:09 pm
October 21, 2013
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Only registered accounts have beneficiaries, GIC or not.
I really think it should be standard procedure that when you open a registered account, they automatically give you a beneficiary form, explain its advantages, and ask you to fill it in either now or later. Many people never think of it on their own or don't know it is a possibility or its advantages.
I have had numerous registered accounts for over 30 years at various banks (so far no CUs), big and small. NO bank employee has EVER done this.
A little off-topic, but this is also something that may need to be addressed with your pension plan, if you have one at work. Some of them provide for a secondary beneficiary to be named, in the event that neither you nor your spouse live long enough to collect the minimum payout (e.g 5 years' payments), but most people aren't aware of this.
10:12 am
December 23, 2011
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I have had numerous registered accounts for over 30 years at various banks (so far no CUs), big and small. NO bank employee has EVER done this.
So never has a bank offered you a beneficiary form for a registered product??
A little off-topic, but this is also something that may need to be addressed with your pension plan, if you have one at work. Some of them provide for a secondary beneficiary to be named, in the event that neither you nor your spouse live long enough to collect the minimum payout (e.g 5 years' payments), but most people aren't aware of this.
But if you are in your guaranteed period and your beneficiary dies....would it not be part of your estate to settle? I know what you are saying though..to avoid probate it would be good to have a secondary beneficiary in the event you did not change the beneficiary upon that persons death or divorce or???
I guess there should be a whole maintenance process to ensure what beneficiaries are in place to start with and know what you need to manage. I have it by each financial institution but i guess i need a list.
10:15 am
December 23, 2011
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Loonie said
Yes, I think it should reflect all deposits.
I complained recently that they were unable to readily provide me with an end-of-year value for registered GIC, and the guy on the phone said they'd had several requests for this and were looking into it.
The funniest part was that he then proceeded to try to calculate it manually, but the first number he came up with was way off. I could figure it out manually myself, thanks! I walked him through it.I think that any bank that offers telephone banking should provide a statement for free if requested. Not everyone has a computer, especially the elderly, and many people don't like the idea of online banking or don't trust it. Not everyone wants a mailed statement. Probably the majority do not, but it should be an option, no charge.
Just went online. You can print the online page and it WILL list all of your investments. And of course your spouse has to sign on separately to see theirs.
9:43 am
December 23, 2011
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Loonie said
Yes, I think it should reflect all deposits.
I complained recently that they were unable to readily provide me with an end-of-year value for registered GIC, and the guy on the phone said they'd had several requests for this and were looking into it.
The funniest part was that he then proceeded to try to calculate it manually, but the first number he came up with was way off. I could figure it out manually myself, thanks! I walked him through it.I think that any bank that offers telephone banking should provide a statement for free if requested. Not everyone has a computer, especially the elderly, and many people don't like the idea of online banking or don't trust it. Not everyone wants a mailed statement. Probably the majority do not, but it should be an option, no charge.
Hi Loonie....I received a end of year value of my RSP GIC from Oaken, yesterday in the mail.
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