Oaken TFSA Savings Account details | Page 2 | Oaken Financial | Discussion forum

None of this makes any sense. TFSA is TFSA, redemption should be made possible from one instrument to another, within the same plan type. Oaken has lost something along the way.

RAV4guy said

A further wrinkle happened when I bought in my HB TFSA 2 year term compounding GIC @5.05%. I did this totally online and thought the process was okay. When I looked at the confirmation it said "to be renewed at maturity with the same terms and conditions". I never choose this option. So I either missed where Oaken gave me a choice in the application process or they never gave me a choice. I called and asked that on maturity principal and interest be paid to my HB TFSA hisa. I can check next week to see if that change has been made.  

This has happened to me in the past as well. It is hard to fathom this can happen at a bank. Business analysts suppose to catch things like that, seriously.

RAV4guy said

Loonie said: "Eventually, they are going to have to figure this out."

I hope so. But if I am the only one confounded by the way Oaken has arranged their business maybe I have to change. I feel like sticking with Oaken because their rates are generally near the best.

Loonie said: "I never did online banking at Oaken. Do they not have a transactions list where one can track this interest? Deposits to the non-reg'd savings account would likely show source, especially as it's internal."

Oaken provides monthly statements for HB hisa and Home Trust hisa with good details about the transactions.

A further wrinkle happened when I bought in my HB TFSA 2 year term compounding GIC @5.05%. I did this totally online and thought the process was okay. When I looked at the confirmation it said "to be renewed at maturity with the same terms and conditions". I never choose this option. So I either missed where Oaken gave me a choice in the application process or they never gave me a choice. I called and asked that on maturity principal and interest be paid to my HB TFSA hisa. I can check next week to see if that change has been made.  

As RetirEd said, Oaken is simply wrong.
It could be a while before they smarten up on this issue, so I wouldn't hold my breath.
I think you will either have to take your complaint further or quit Oaken. I don't see any other choice. At least they have no transfer fees.
They do have generally-good rates, but they are not the only game in town. I no longer deal with them myself as I got fed up with the ignorant staff and the very long delay in introducing registered savings accounts. Over time, I have drifted towards full-service FIs for registered accounts.
Oaken should have offered registered savings accounts in the first place, in which case your problem would likely not have arisen. When they first opened, they were cutting corners and just trying to scoop up the GICs which they could apply to fixed term mortgage loans..

It sounds like you will be able to at least check your statement at the end of the month to trace whether the interest was initially deposited to the TFSA GIC.

I think Norman is correct in last post. Oaken still needs to pull up its pants and make the interest transfers to TFSA savings possible, but they may not be willing to do this.
It makes no sense to enable transfer to non-reg'd savings but not to registered savings.

RAV4guy: I use both Oaken and Peoples'. Their terms and rates are generally comparable, but I have payout terms only with Peoples' (Bank and Trust). Obviously, as Oaken has only this year created TFSA savings accounts, I haven't used them for TFSA annual payouts; The other other outfits all manage to transfer interest into TFSA savings accounts smoothly.

Peoples' is much more a full-service financial institution, and my experiences with them are more positive. Their reps stick around longer and are more knowledgeable, they are understanding and flexible with one's needs and their Vancouver (head) office is larger and well-staffed. Oaken's Vancouver footprint is barely better than a package office. Neither offers parking, but Peoples' is more convenient and "looks like a solid financial institution."

Peoples' statements clearly give advance warning of auto-renwal status, and they make it clear you have ten days to fix anything that goes to the wrong destination. And they always do what they say they will, in renewals and other matters.

Some of the following is experience from before Oaken's purchase a couple of years back, so keep your grains of salt handy:

I've NEVER dealt with the same person at Oaken twice, and they charge for monthly mailed statements, unlike Peoples (one does get a free annual one). Neither charges for TFSA transfer-out or reimburses for transfer-ins, which is reasonable. It's tough to get things in writing from Oaken, and I often had to sit in their office waiting for the rep to arrive late for an appointment. Even there, they really need a push to print anything out, so I just leave my terms sitting and rarely visit. They WILL let me query things by phone (reluctantly) between annual mailed statements. Both firms have twin entities to double their CDIC coverage.

Nonetheless, I have recommended Oaken to friends (with caveats) and they've been fairly happy with the results. If I wasn't all maxed out at Peoples' I wouldn't likely use Oaken in the future.