When we opened our Oaken Financial daily interest savings account, we asked for it to be electronically linked to our chequing account by submitting a void cheque. That was done so the next step was to test the link by transferring some money from our “big bank” account to our Oaken Financial Savings Account.
Then we’ll be able to use that money to buy our next GIC in January as part of my strategy to put our emergency fund to work.
How to Move Money Into an Oaken Financial Savings Account Online
- Log in to your Oaken Financial online banking account.
- Click on the Transfer tab.
- Click on the New Transfer button.
In the Add a Transfer Section
- From the From Account: drop-down list, click on the “big bank” from which you wish to make the transfer.
Ah, and here the veils are parted and the true identity of PC Financial is revealed: instead of listing PCF as a source of money it says “Canadian Imperial Bank of Commerce” but lists the PCF account number.
- From the To Account: drop-down list, click on the Oaken Financial account into which you wish to deposit the money.
- In the Amount: field, type the number of dollars to move.
- If desired, click on the Repeating: drop-down list to select how often you want to make the transfer.
You can choose
- * Weekly
- * Bi-weekly
- * Semi-monthly
- * Monthly
- * Every 4 weeks
- * Bi-monthly
- * Quarterly
- * Semi-annually or
- Or NONE like I selected
- If desired, in the Date: field, select when you want the transfer to occur.
In the Memo: field, type an explanatory note, if desired.
- Click on the Request Transfer button.
On the Step 2: Verify Section
- Review your request.
- If it’s correct, click on the Submit Transfer Request button.
On the Step 3: Confirmation Section
- Copy the confirmation information, especially the Reference number to a safe location until the transfer is processed.
- Click on the Exit button
Ta da! You’re done.
If you click on the Account Management tab, you should see your bank balance updated with the transferred funds (on hold) if you requested an immediate transfer and it’s within regular banking hours.
The transaction will include the Reference number as well.
If it’s after hours, you can Click on the Transfer tab, then make sure the Pending tab is selected. You should see the requested transfer and the reference number.
When You’re Finished
- If you are finished banking, click on the Log Out link.
- Clear your cache and close your browser session.
I’ll try to keep an eye on when the money leaves PC Financial and when it comes off “hold” at Oaken. If I catch it, I’ll update this with a note.
- Monday December 15: Sent in a fund transfer request in the evening using Oaken.
- Tuesday December 16: Oaken Financial says the funds are in the account on hold. PC Financial does not report the funds as having left yet.
- Wednesday December 17: The funds have left PC Financial and Oaken still says they have them on deposit. So it’s done!
- How to Buy a GIC at Oaken Financial
- How to Set Up Online Banking at Oaken Financial
- How to Transfer Funds to Tangerine
Do you like transferring your money electronically or do you prefer writing a cheque? Please share your views with a comment.