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Email this10:13 am
January 23, 2022
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I am interested in opening a GIC with Oaken. How is their web interface? Can we do the following transactions online (i.e. no need to call / email / snail mail a representative)?
- opening Oaken account;
- linking with another bank account;
- transfer funds (both to and from Oaken);
I do not want to open an account only to find out that a rep needs to be brought in for every transaction.
(For those used with Tangerine, I am trying to find something similar, but with better rates).
Thank you.
11:52 am
March 30, 2017
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Red said
I am interested in opening a GIC with Oaken. How is their web interface? Can we do the following transactions online (i.e. no need to call / email / snail mail a representative)?
- opening Oaken account;
- linking with another bank account;
- transfer funds (both to and from Oaken);I do not want to open an account only to find out that a rep needs to be brought in for every transaction.
(For those used with Tangerine, I am trying to find something similar, but with better rates).Thank you.
Once account is open, you can do all transactions online including GIC purchases etc. What I like about them is you can even change the GIC maturity instruction online as well (a lot of CUs and big5 does not make it easy at all). And when you puchase a GIC, you specify Home Bank or Home Trust as issuer, and how the amount will be funded. They wait for the money to hit the account and then process it. If you need physical confirmation, they are quite slow to send out the certificate, if that is important to you.
12:04 pm
January 12, 2019
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- DITTO ⬆
For GIC's, Oaken has one of the Best setups going ❗
You won't regret setting up an Oaken account, Red. And having access to both separately CDIC insured Home Bank and Home Trust, makes it even sweeter.
- Dean
" Live Long, Healthy ... And Prosper! "
3:00 pm
January 23, 2022
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Thank you to those who replied. The information you provided was very helpful. I went forward and got a GIC with Oaken. Here are my thoughts:
The process to enroll was easy, except for one piece of information missing when working online (easy fix). Here are the major steps:
- on the website, select what you want to accomplish (savings account, GIC, etc)
- provide minimal info (what, how you will fund, linked account?, etc)
- you need to mail a check for the initial funding of your account and to link an external account. You also need to send a copy of drivers license or passport (that was not mentioned online, it was the phone customer service that gave me the info).
- About 2 weeks later, you get a letter with a code that you can use to finish your enrollment.
- Online banking is available after that.
And the comments above are correct: online banking is easy and very intuitive.
Hope this info can help others.
3:27 pm
February 7, 2019
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I completed the online application process on Feb 20. Complete with an online void cheque. Today (Mar 01), I got an email that said it was processed on Feb 28 and that I would receive my welcome package shortly. I suspect that's coming via Canada Post.
This must be the slowest sign-up process in the industry. So far, I'm not impressed. My involve T with Oaken may end up being limited or perhaps short ...
| CGO |
4:08 pm
October 27, 2013
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If Canada ever gets to true Open Banking, all that garbage will be a moot point. Movement between institutions will supposedly be seamless and quick. https://www.canada.ca/en/financial-consumer-agency/services/banking/open-banking.html
This is a pretty good description https://www.pwc.com/ca/en/industries/banking-capital-markets/canadian-banks-2019/what-open-banking-means-for-canada-financial-landscape.html
When and how is an open question.
6:47 pm
November 18, 2017
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Oaken's "welcome package" is woefully thin. I got a cardboard folder, a slim multifold flyer and a one-page, no-content letter.
RetirEd
RetirEd
6:43 am
February 7, 2019
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I was in Oaken Digital this AM trying to figure out how to push $ to Oaken. I couldn't find an institution number or transit number anywhere.
I finally called only to find that they apparently don't have any of that. All you can do is pull $ into Oaken. Really?
| CGO |
10:02 am
April 6, 2013
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One can't pull funds from or push funds to an Oaken savings account at another financial institution.
We found a while back that the Oaken savings account cannot receive direct deposits or pre-authorized debits from the Payments Canada Automated Clearing Settlement System.
12:14 pm
January 12, 2019
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Norman1 said
One can't pull funds from or push funds to an Oaken savings account at another financial institution.
We found a while back that the Oaken savings account cannot receive direct deposits or pre-authorized debits from the Payments Canada Automated Clearing Settlement System.
- Yes ⬆ ... that's one of the several 'Holes' in Oaken's coat.
Another one of their 'Holes' that disappoints many here (including myself), is that Oaken has No registered SA's, to accompany their registered GIC's. And from what I can tell ... they probably never will. Because of that, many people (including myself) keep their registered $$$ elsewhere.
- Dean
" Live Long, Healthy ... And Prosper! "
3:42 pm
October 21, 2013
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Oaken does manage to send RIF payments and matured non-registered GICs to external banks if you have told them where to send them. How is it that they can do this and not regular transfers?
6:39 pm
April 6, 2013
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Oaken can maintain a corporate bank account at another financial institution, like the Bank of Montreal, and push funds out through that corporate account.
Oaken actually can't write a cheque with its Home Trust institution number 627. A cheque with institution number 627 won't clear either!
It's similar to what employers do. Most employers are not Payments Canada members and go through a financial institution to push out their payroll direct deposits.
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