Rate Decreases | Oaken Financial | Discussion forum

It is interesting, the new rates are as of Monday, July 11, but since they don't do business on weekends, they updated the website Friday evening. But presumably if you could get a GIC booked before 12:01 am Monday, you'd get the old rates.

I was actually checking on this Friday. The phone centre closes at 8pm EDT. (the website had changed before that), so you could have booked by phone before then. They told me the online form would accept at the old rates until midnight EDT Friday (presumably after this they would have been considered booked the next business day, Monday). But if you check online today (Saturday July 9), the online form still quotes the old rates, and presumably you'd get a confirmation email at those rates if you bought online over the weekend. The system might then actually file the GIC Monday at the new rates, but one would probably have a good case for them to honour the old rate anyway, since they were technically in effect and the online system was quoting and submitting using them.

There's actually some sort of 5-business-day grace period for the mail-in form ("these rates remain active for up to 5 business days from the application date"), but that might require something like a postmark or courier acceptance before Monday, which wouldn't be difficult. It isn't clear what defines the "application date".