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Email this2:31 am
October 21, 2013
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I suggest Alterna Bank be added to the Services Chart. It serves all Canadians and offers various accounts, and their savings rate is pretty good.
I'm also wondering if we should add a line to show whether the FI offers joint accounts. I am not sure if there are any other than EQ which do not, and EQ is not on that chart.
I also think it would be helpful, in regards to Oaken, to indicate that they have 2 entities in which one can make deposits - Home Trust and Home Bank. Perhaps this could be a footnote on the line that indicates which type of insurance coverage they have. For Oaken, this box has not yet been filled in, so could say something like CDIC***, with explanation at the bottom to show that double coverage is available through 2 FIs.
7:28 am
May 15, 2007
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Sure thing. Can someone help fill in the boxes for Alterna and joint accounts?
9:45 am
December 23, 2011
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Was thinking about the Home Bank, Home Trust and Oaken entry that it could be 3 entries.
Home Trust GIC ......order through Oaken CDIC covered 100,000
Home Bank GIC .....order through Oaken CDIC covered 100,000
Oaken Savings account only......but where is their 100,000 coverage from....Home Trust or Home Bank.??? I think Home Trust. So those two could be a combined entry??
4:22 pm
October 21, 2013
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I'm not certain, but I think Oaken offers all its accounts through both FIs, including savings accounts. They operate different from the Big Five in this regard. When I was in there last month, they offered me my choice for each investment, but I don't have a savings acct there.
thanks, Peter. I don't have any info researched about which ones have or don't have joint accounts except for EQ. If EQ is the only one, then perhaps it doesn't merit a separate line. On the other hand, if none of us are sure, perhaps it does.
4:46 pm
December 23, 2011
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Oaken has revamped their account numbers. To me it looks like Oaken is the broker for Home Bank and Home Trust GICs and the Oaken savings account Is the holding cash account all with different series of account numbers. If I recall my GIC numbers remained the same and only my Oaken Account number changed. My lastest GIC certificate says "home trust" and am not sure if the Oaken ones say Oaken or Home Trust.
When it first started it said Oaken was covered for CDIC as they are owned by Home Capital....or Home Trust....thus Oaken was covered by their CDIC....see what I am getting at?
Edit.
Their site says....
All Oaken deposits are issued by Home Bank and Home Trust Company, both of which are separate members of the Canada Deposit Insurance Corporation (CDIC).
So what CDIC covers our Oaken cash?
7:15 pm
September 11, 2013
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kanaka, depends on whether your Oaken cash is in a Home Trust account or a Home Bank account, those are the two, separate CDIC-insured banks under the "Oaken" name. I think this has been covered before but there is no legal entity called Oaken Financial, it's just a trademark name they use for (formerly) Home Trust and (now) Home Bank. All your money is either at Home Trust and/or Home Bank, there is no such entity as "Oaken".
7:21 pm
October 21, 2013
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Agree with Bill.
I would add that Home Trust is the "original" FI. So, older accounts which predate arrival of Home Bank will all be with Home Trust unless you go out of your way to change them, and I see no advantage in doing so. At least that's my understanding.
8:41 pm
April 6, 2013
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kanaka said
…
So what CDIC covers our Oaken cash?
Check your Oaken Savings Account statements.
There should be a line like "Account issued by Home Trust Company" or "Account issued by Home Bank" to indicate the CDIC member issuing the account.
As Loonie indicated, all Oaken accounts were issued by Home Trust Company. If your account was opened before Home Bank came onto the scene, then it is highly likely the account continues to be issued by Home Trust Company.
10:37 am
December 23, 2011
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Thanks every one.
I just checked my online account and I have one only tab that says Home Trust for all.
Boy would I be confused if I had two savings accounts!!!!!
11:18 am
December 12, 2009
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kanaka said
Thanks every one.
I just checked my online account and I have one only tab that says Home Trust for all.
Boy would I be confused if I had two savings accounts!!!!!
Is there not a product code or a different "prefix" or "suffix" to a Home Bank versus Home Trust account number? Similarly, do they display the institution numbers for each of Home Trust and Home Bank?
How HSBC Bank does it is your product code for an HSBC Bank Canada redeemable GIC would be like an RHG product code whereas, I think, the HSBC Mortgage Corp GIC would be like an RHI product code. 
One benefit of this, I believe, is that at renewal, it could be renewed with a different CDIC issuer whilst maintaining the same GIC account number.
Cheers,
Doug
8:41 am
December 23, 2011
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It appears that they will provide a savings account for both Home Trust and Home Bank. Likely account numbers will identify the product AND they will provide tabs online to identify the product type.
7:02 pm
December 12, 2009
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kanaka said
It appears that they will provide a savings account for both Home Trust and Home Bank. Likely account numbers will identify the product AND they will provide tabs online to identify the product type.
Yes, that's why they did the merger, so they could have two CDIC issuers within one online banking interface. And, since they consolidate their financials, likely the capital ratios include those of the combined entities.
Prior to Home Capital Group buying CFF Bank (now renamed Home Bank), CFF Bank had already amalgamated with RedBrick Bank.
Cheers,
Doug
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