Unable to link account to Oaken for EFT from other bank. | Oaken Financial | Discussion forum

For the purposes of Electronic Funds Transfers (EFTs), there's two types: push and pull. If you're sending money from your account at one bank to your account at another, that's a push EFT. If you're requesting a transfer of money from your account at another bank, that's called a pull EFT. The advantage of setting up the links separately though both banks is that sending money via a push is faster than doing a pull (it reduces the hold period).

Oaken financial says they don't have a transit number and that the only way that EFT transfers can be done is through their own website.

I don't know if that's true as it doesn't seem to make sense. Every other bank I've ever dealt with allows has a transit and institution # that they can give you so you can link your accounts.

How is it possible that Oaken can do EFTs via their own website but not be able to provide these banking numbers to me so I can link to my Oaken account through another bank? Are all banks required to have transit and institution #s?

Wondering what other people's experiences are with Oaken, whether their explanation makes any sense, whether anyone has any insight into the requirement (or lack thereof) of banks to have transit and institution #s, and who I might contact to get to the bottom of this or to complain to (since their front line agents seemed unable to provide any further details/help). (I suppose I could ask to speak to one of their managers--but I wanted to independently learn more about how EFTs work in Canada before I escalate. For instance, I'm not sure where or if there are any official regulations mandating all financial institutions to have transit and institution numbers.)