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Email this10:14 am
January 12, 2019
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Since receiving their email yesterday, I haven't had time to go through all of Oaken's new Terms & Conditions yet (they're quite extensive), but has anyone found anything new that we should be concerned about ?
- Link ➡ https://www.oaken.com/legal
'Fingers Crossed' that this is just harmless housekeeping.
- Dean
" Live Long, Healthy ... And Prosper! "
10:46 am
October 27, 2013
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The link provides you with a summary of the changes, to avoid having to read the full document. They are not hard to pick out.
11:18 am
September 19, 2018
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The "summary of changes" though basically requires you to read the full terms and conditions to clarify how exactly you would be affected.
I can summarize for you.
The customer is responsible for anything or everything that could or may go wrong and Oaken is not liable for anything!
11:57 am
October 27, 2013
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Jowett said
The "summary of changes" though basically requires you to read the full terms and conditions to clarify how exactly you would be affected.
I disagree but we all will see it somewhat differently. If you have only GICs in a non-registered account, there are 2 changes. If you have a non-registered savings account, there are 7 changes. How difficult can that be?
I suspect these changes are meant to align HT better with the rest of Stephen Smith's businesses, including the merger of Home Trust with Fairstone Bank. It is what a sound businessman would do.
1:39 pm
April 22, 2022
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Briefing looking at them:
Apart from the typical "you're responsible for everything" part, the removal of the previous ability to reverse an unintended auto-renewal of a GIC is notable. Most places still give you at least 24 hrs to cancel.
At least Oaken on-line clearly shows the maturity instructions and allows on-line changes unlike Motive, for example.
They have removed all the non-redeemable GIC cancellation process in case of death (was S34), unlike almost everywhere else. As it reads, they won't cash out a 5yr GIC early and your estate will have to wait. In practice, I would think they'd have a hard time doing that. I would suggest someone who has real legal knowledge of this stuff review this - as it may be a reason to go elsewhere for longer term GICs particularly for older folks.
2:38 pm
January 12, 2019
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Thegov's last paragraph ⬆ is quite concerning ❗
This is how S34 reads now . . .
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34. REDEMPTION PRIOR TO MATURITY DATE
A Non-Redeemable Guaranteed Investment Certificate (GIC) is not redeemable prior to the maturity date.
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A Cashable GIC is fully or partially redeemable (minimum $1000 redemption request accepted and $1000 must be maintained in the Investment) prior to the Maturity Date only after the redemption eligibility period indicated on the Investment application form has been met.
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A Non-Redeemable Short Term GIC is not redeemable prior to the maturity date.
You agree to provide us with two (2) business days’ advance written notice of a
permitted redemption. The date of redemption will be deemed to be the Maturity
Date of the Investment. Interest will be paid up to but not including the date of
redemption. We promise to pay the principal amount of the Investment to you on
the Maturity Date, or upon the request of the Owner prior to the Maturity Date. We also promise to pay interest on the principal amount at the interest rate agreed to on the date of issue. Notwithstanding the above, redemption prior to maturity may be permitted by us without penalty in the event of the death of a sole Owner who was a Canadian Resident within the meaning of the Income Tax Act (Canada) at the time of death, or was a non-resident of Canada at the time of death, if the original term of the Investment was for less than five (5) years. The Investment and Proceeds of the Investment are only redeemable to the extent permitted in this paragraph 34.
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If they remove that, I just may have invested in my Last Oaken GIC !
- Dean
" Live Long, Healthy ... And Prosper! "
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