Oaken Financial Reviews 

Terrible Service. I sent my GIC application via Fedex. They received it Nov 21/23. I called Dec 5 & 18 for staus update. Was told someone would get back to me, crickets both times. Finally I received an email on Jan 1/24 (7 weeks later) with a host of document requirements that were not listed on the application, plus I had sent them direct debit info but they were insisting on a physical cheque. Haven't issued one of those in over 5 years. Now they are not honoring the GIC rate they advertised and that I applied for. They pretend to offer a seemless online experience but they lack resources to service customers in a timely manner.

I have been trying to set up a savings account and gic ladder with Oaken. The experience has been exasperating. It has been 26 days since I first applied for an account. They needed some confidential information to open the account. Their website uploader did not work. They suggested that I email the confidential information and were surprised when I refused to do that given the lack of security. Instead, I encrypted the information for them and sent it it with an explanation of how to unencrypt it. They didn't read the explanation and rather than calling me to figure it out, they just made a note on the file and gave up. Nothing would have happened had I not called back. 10 days ago I was told it would be completed in 4 days. It is still not completed. Customer service does not know why it is not yet complete. When I asked to speak to a manager, I was told they would call me back in up to 5 business days. Truly unbelievable service

I like Oaken, they offer good competitive rates. I will probably stop using it though, once my GIC matures, since they don't have a simple TFSA saving account.

Constructively, I have been a member for several years & found no issues; indeed, high interest rates, esp. GICs. But lately I have encountered a series of unkind outcomes. My latest issue involved an appeal involving $16 (yes, sixteen dollars). Though I contacted repeatedly, I was often ignored. There are statements to the effect that a complaint reaches the "executive" level, but I have a strong sense that front -desk, chat room agents toss issues around amongst themselves. Regardless, in the end, Oaken would not yield. Needless to say, I considered my stance correct. For the sake of this trivial amount, I will, as a matter of principle, withdraw all funds (GICs when they mature).

Great gic rates BUT the worst to set up acct doubley worse if trying to make joint then if set up tfsa doesn’t have retired in job description my advice get it people from tangerine eq as examples

Account opening is a true nightmare and a big waste of time as stated by so many people here (that should be enough if you are considering whether or not doing business with them/home trust). I saw their rep mentioned a faster process for opening accounts if you are an existing customer, and my answer is: LOL! Not true. It’s just as awful for the second product as for the first.

Suggestion to clients:
1. Tangerine, better rates, better service (mostly electronic via app/ai, easy)
2. Alterna Bank has very similar rates and a service that is a million times better

Still very disappointed that you do not have simple savings accounts for registered accounts. I find it hard to manage and always get the same run around answer.
Otherwise, I am very happy with my experience with Oaken. If you have no intention of ever opening this account please advise and I will take this into account with future investments. (I already am)

Really great rates! Opening an account online was super slick!

I have a number of GIcs with Oaken. Their phone reps have no information. They do not return calls. I have tried to access mature gic and they deny receiving paper work and renew it for another term. I am very frustrated with them and would not recommend buying their products.

It's been 3 months of me trying to open an account and take advantage of great interest rates with Oaken. Terrible waste of time and effort. Was unable to complete. Tried escalating at least twice. There is no communication from managers, supervisors, backend, or anyone who can actually assist. Front end service is 5 stars. But it's just words because the Frontend cannot access any pertinent information therefore are unable to assist to answer details of substance.
I thought had made a good choice in my decision but was wrong. Save yourself a headache and go somewhere else.
Food for thought: if it takes 3-4 months to open account and if as an example you are investing $100K you are better off to go somewhere else that can set up more quickly as will not recover the loss of difference in the first year. By year two end possibly?

Why is the Oaken site down to a notice to review your personal info page for almost a week now? I cannot access my accounts. This is unacceptable. No response to my email. If they are doing a site upgrade, customers should be informed on their main web page not by wasting the customers time with redirects that go nowhere and do nothing.

Very slow account opening process with poor communication throughout. Called in twice for an update and was told they would call back but never did. This created a lack of trust which resulted in me cancelling my account. There are more efficient and responsive companies out there that I feel more comfortable keeping my money with.

After dealing with this company for years I was forced to cut off my relationship with them forever. After withdrawing my funds I asked them to close my account but the agent told me that no harm to keep it open ( in case I needed it in future) & that there's no charges/ fees at all even if there's no money in the account so I said ok. Even I had notified them the way I did others about the change of address while I had no dealings with them & there was no word of any maintenance fees at all. Until I contacted them recently to transfer some funds to Oaken & after my third conversation I was told that BTW there's a maintenance fee in my account since I haven't used it for a while. I was completely shocked by hearing this that they lied to me. Hadn't I contacted them they would keep charging me for the account that I didn't need to have & that they insisted that I keep it open for free. I explained it to them & mentioned that unless this wrong fee is removed I wouldn't deal with them since they lost my trust. They promised I will be contacted within 2 business days but never heard back. Called them again after 2 days was told it was forwarded to the team leader & will call me back soon. Never heard back again I was told the same lies over & over while days passed/ wasted with frustration & stress. My money was already withdrawn from a high interest paying account not gaining anything as I was waiting to transfer to them. I finally had enough & after my last call I was told the same thing that the team is still working on it? Over a few silly dollars it takes a team of them ? BTW it's not that small amount that matters here but rather my principal & their lack of integrity. As soon as I told the lady that I wanted her to close the account, she then immediately told that they have already reversed the account fee? Oh really all of a sudden? No body including herself seconds ago told me that. Now problem solved miraculously & Oken is now
very kind, honest, efficient & generous that now in fact they owe me $.40 not the other way around 😁. Would I want a cheque or direct deposit? ( opted for a cheque as it costs them more, revenge). So if it takes them this long & a team to correct their own lies they certainly don't deserve my business & they lost a long term customer for good. Oken! Please have some integrity, honesty & self-respect because honest people put their hard earned life savings with you. I know you're so desperate but this is not the right way to make little dirty money & instead you end up losing a lot more. No wonder you were downgraded few times & that you were at the brink of bankruptcy a few times but thanks to Warren Buffett for saving you. You have caused me so much stress, waste of time, energy, frustration & financial loss & will never again cross paths ever with you over this stupid trick that you thought could fool me & who knows how many other unsuspected & trusting customers. 👎

Account opening process is tedious. I had to post a check to an office in Toronto in order to open a GIC. You would think that given its 2023 they would have a way to transfer amounts online. Then I noticed the check was deposited at a BMO branch. No contact from the bank to say they received the check, so I had to call in to find out myself if they received it. The rep said they don't even know if its been received because its not entered in their system but they do use BMO to deposit checks. Why wouldn't they update the system to say the check was received?

Also when I asked whether I will receive an email to say the account is opened they said no, I'll get a letter in the mail? Why not use the email I used to open the account to inform me of the status of the application.

Its 2023 not 1923, why rely on postal mail when they have my email?

If I knew the account opening was this bad I would have gone with another bank with a better online system.

I Am not a customer , though their rates look attractive I'm concerned that my spouse is having SIGNIFICANT issues in setting up an Account and in seeing transactions on her account. Is OAKEN even focused on their customer experience at ALL? We are looking to invest a significant windfall with a company and its looking like Oaken is NOT the place to do it . So far I would say that they are not living up to the sentiment posted in response to negative comments " customer satisfaction is our top priority" - the customer experience we have seen so far says otherwise..

Exercise Caution !
TC

Now after having trouble even seeing our accounts (took them 3 months to establish an online account), then despite them withdrawing the funds on Jan 1st, it took a phone call 17 days later to ask where they were, to be told "Oh we sent you a cheque"...total bs, zero mail. Then they didn't withdrawal the federally mandated amount correctly. And despite telling them to send me ALL the money and not deduct any for taxes (I don't trust them to properly submit at this point) not all the funds came. Now I have to spend MORE time doing THEIR work for them...and this is a financial management company? WOW...do not deal with them...

5 members of my family tried to purchase TFSA GIC's. Here's some of the useless delays that were introduced by Oaken:
1. After PAD form provided (in lieu of a void cheque), several days later asked for a void cheque from an applicant who they already knew had no cheques.
2. Days after PAD form submitted AGAIN, asked for a copy of bank e-statement to confirm account number on PAD form already signed and confirmed by applicant.
3. Days after bank e-statement submitted, was asked for confirmation of birth date submitted with application ... weeks earlier.
4. After submitting all requested information in responses to multiple e-mails was asked for a signed letter of direction for the bank account withdrawal (even though signed Pre-Authorized Debit form is all that is needed and was the first document provided).
5. After 4 applicants had already submitted ALL of their account specific personal information via e-mail as instructed by Oaken, the 5th applicant was told "WE CANNOT ASSIST WITH ACCOUNT SPECIFIC INQUIRIES VIA EMAIL". Seriously, W T F?
6. Two applicants had to call customer service to find out the status of their applications 2 weeks after applying. Only then were they told Oaken was awaiting additional information. Total of 3 weeks between TFSA application and funds withdrawn from bank account.
7. The 5th applicant waited 8 days for a reply on application status and heard nothing back. They cancelled their full application and requested all application and banking information to be deleted from Oaken's systems.

Unfortunately, we now have money locked up with them for a year in GICs, but will never deal with Oaken again. Their delays in setting up a GIC more than offset the slightly higher interest rate they're offering.

I saw Oaken's useless boilerplate reply (they don't give a sh!t about negative customer experiences) and wanted to add the following to my review. THE DAY *AFTER* THE 5TH APPLICANT CANCELLED THEIR APPLICATION AND REQUESTED ALL INFORMATION BE DELETED FROM OAKEN'S SYSTEMS, OAKEN PROCEEDED TO WITHDRAW $18,500 FROM THEIR BANK ACCOUNT WITHOUT SIGNED AUTHORIZATION.

YOUNG AGENT MADE ERROR AND ON DEC. 2,2022, BOUGHT ME A TFSA FOR 2022 RATHER THAN IN JANUARY,2023, AS REQUESTED BY BOTH MYSELF AND WIFE. NOW NO ONE WANTS TO TALK TO ME. SECOND AGENT I SPOKE TO BASICALLY IMPLIED THAT I WAS LYING. IMPOSSIBLE TO CONTACT COMPLAINT DEPT. OR IT'S EXECUTIVE. ALL I HAVE REQUESTED IS THAT THEY CANCEL THE ERRONEOUS TRANSACTION, WHICH THEY CAN EASILY DO. NOW AN AGENT IN THE SALES AREA TELLS ME THERE WON'T BE ANY MOVEMENT ON MY REQUEST FOR ANOTHER 5 BUSINESS DAYS. THIS MEANS I WILL HAVE WAITED MORE THAN 2 WEEKS FOR AN ANSWER.

I have been with them for a few years now and so far all is good, the initial deposit and opening an account was a blank cancelled checque by mail but after that all my accounts are online for viewing and staff was efficient and friendly

Wish I had read these reviews. Don’t invest here. They withdraw the money but then you don’t get an account. they don’t answer phones or emails. Might even be theft going on. Going to probably spend 5 months getting the money out .