Oaken Update – July, 2016

Great news—we’re adding a second issuer!

As part of our commitment to providing Canadians with better financial options, we’re excited to announce that we’ll soon be adding a second deposit issuer and CDIC member for you to choose from!

You may have heard in the media that Home Trust Company acquired CFF Bank last year. And, perhaps not surprisingly, this is going to be renamed as…Home Bank! (Why mess with a good thing, right?)

So what does this mean for you? Well, starting from August 22, 2016, you’ll be able to select from either Home Bank or Home Trust Company as the issuer for all of your future Oaken savings and investments. And most importantly, since Home Bank and Home Trust Company are separate members of Canada Deposit Insurance Corporation, deposits will be eligible for CDIC coverage with both.

As part of this transition, Oaken Financial will become a trademark of Home Bank. Home Bank will remain a wholly owned subsidiary of Home Trust Company, which means that Oaken will continue to be backed by Canada’s largest independent trust company. So you’ll still be able to enjoy exactly the same great Oaken rates, convenience and service as before.

Unfortunately we’re not able to move around any existing GICs between the two issuers. However for any new investments being made after August 22, 2016, you’ll start to see the option of either Home Bank or Home Trust Company as issuer on all account opening and renewal forms. You’ll also be able to view your investments by either issuer, or as a combined view, within Oaken Online Banking. That aside, you don’t have to worry about a thing as everything else will be seamless to you.


More news—Oaken Savings Account numbers are changing

There’s also another change happening on August 22, 2016, that you need to be aware of: all Oaken Savings Accounts will be getting a new account number. This is an administrative change, and will allow us the potential to provide additional account features in the future.

If you have an Oaken Savings Account, there’s no action required on your part. However we wanted to inform you about this in advance, just so you won’t be surprised by a couple of extra items you’ll receive in the mail:

1. We’ll be sending you confirmation of your new account number by the end of August.

2. You’ll be getting two statements for the month of August—one covering August 1-21 with your old account number, and another for August 22-31 with your new account number.

Again, it’s important to note that everything else about this change will be completely seamless to you, and won’t have any impact on your savings account or how you manage it. This includes the way you access your account through Oaken Online Banking, and all other features such as any pre-authorized debits or credits you’ve set up, your account nicknames, alerts, or anything else.


Great stampeding with you, pardner!

A big Alberta thank-you to everyone who showed up at our Calgary store for the 2016 Oaken stampede party earlier this month. We were delighted to welcome so many customers and friends on the afternoon of July 14, and we hope you all had a great time, as we certainly did. Delicious food and great cocktails, to celebrate a terrific city and the greatest outdoor show on earth—what’s not to love? And of course, it wouldn’t have been the same without that great Calgary spirit. We look forward to making this an annual ritual!


Winning ways continue

In other store news, a big Oaken congratulations to the winner of our quarterly in-store draw. Xiaojun Wang of Markham, Ontario is now the happy owner of a shiny new Oaken GIC in the amount of $500, having submitted his entry on the morning of Thursday, June 9, 2016.

Remember that you too can join the winners’ circle by entering our draw every quarter. Simply drop by our Toronto or Calgary store to enter your details, and have a coffee and a chat with us about your financial future while you’re visiting.


Summer reads

The dog days of summer are here, which means lazy weekends, long drinks and short reads. Here’s our contribution to your summer fun…

 

This post is intended for informational purposes only. It is not to be considered financial advice. Always do your research before making any investment decisions.

Be the first to leave a comment

Share your thoughts

Your email address will not be published. Required fields are marked *