Oaken Financial

STAY AWAY FROM THIS BANK. Most inefficient customer service I have ever faced in Canada. Not prompt in response and finally when they respond there is no valuable info in it. Luckily I didnt open my GIC with them as I am sure I would have had trouble getting back my money when its matured. Very unlikely Canadian financial institution with a terrible support team.

Lately I am concerned about Oaken's health, online digital banking is always down due to maintenance. Also bought GICs 2 weeks ago, yet account is still not updated. Did transfers online, yet not reflected. Had to call customer service to confirm.

Very competitive rates. They provide one week notice before rates change. Thus allowing to make decisions to lock in or not. Once setup, transferring money in and out is fast.New accounts and renewals are slower than competition. However they always give rates retroactively as of the date of the form.It would be nice if they offered a TSFA savings account to allow more flexibility

Is it a scam or just a poorly run company?I “deposited” money into my “accounts over three weeks ago and have heard nothing. The cheques cleared on Jan 4th. Calling the 1-855 number only leads to “your application is still being processed” and unsympathetic customer support. Buyer beware. The extra few % points are not worth it.Update: Feb 2023. The latter. Eventually, my account was set up and I gained access. It took several phone calls and about 4 weeks. So, my advice is to make a small initial deposit and wait for the account to be set up before giving them any significant amount of money. As you can see from the other reviews, they are very slow to open accounts. (Not the 3-5 business days that they advertise on their website).

I have called and emailed numerous time in the past 3 weeks but unable to get Oaken process my spousal RRSP. They do not reply to my email. Agents say they would email back office but nothing has happened. As a result, I cannot file my Income Tax return. Why is it we have to go to such a length to invest money in your company. Are you in business?

I have had pretty good experience. I always wonder why they do not have savings accounts for their registered accounts. Nobody has ever clearly answered that question.

I would not recommend this company to any of my clients. Very dishonest people. There are no accuracy in the information been provided to their customers and they leave you on hold with no solution to your concerns. They tell you they will call you back and they don't. You wonder what happens to your money with the continuous IT issues with the online banking. You ask to speak to a supervisor or manager and nobody calls you. I advice you think twice before conducting business with this company.

It'll be one month tomorrow since Oaken cashed my RRSP deposit cheque and still no confirmation. I called a number of times - we're working on it! I can't believe this and I'm losing confidence in this company.

Interest rates paid on g.i.c. 's were lower than competitors

This bank is a nightmare to deal with. The online application is indecipherable and info provided by telephone responders gets contradicted in emails from the back room" people with whom you aren't permitted to speak. After I sent 3 signed letters of direction