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Difficult to link Tangerine account with Accelerate
June 19, 2014
10:13 am
JBil
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Since ING was bought they changed the way to link an account to an external account. It is now possible to do it online without sending a real check. So i did it last week and tried to link online my Tangerine account with my Accelerate account. I did it previously with 2 others bank institutions and it worked.

Tangerine is sending 2 small amounts in my accelerate account and i have to confirm what are these 2 amount to make the link active.

Accelerate refused to make both deposit because the transaction is not identified with my name (for sure it's not MY deposit but a Tangerine deposit). So it's impossible to link Tangerine account with Accelerate account using the online function.

I called Tangerine and they said they never heard about an institution refusing to make both deposits.

So the other way is to send a check with the account_nbr-LINK on the note line of the check. Since Tangerine accepts PHOTO check it's easier than to send a real check by mail.

I just want to inform other that you could have problem linking Tangerine with Accelerate.

June 19, 2014
12:26 pm
jgclghrn
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I'm not sure this is the same problem but I tried to link my Tangerine Chequing account to my Achieva account. Achieva refused to do it because my Achieva account is joint with my wife while my Tangerine account is only in my name. They would have linked them if the Tangerine account was also joint.

June 20, 2014
9:25 am
JBil
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With Tangerine giving 2.5% until July 31st, i transferred my money from accelerate to Tangerine (using a photocheck) on a friday so i have interest on both accounts for the weekend.

June 20, 2014
4:42 pm
JustMe
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Could you please explain how 'photocheque' works.

June 21, 2014
3:06 am
JBil
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Photocheque is really simple to use. I installed Tangerine app on my tablet. I connect to my Tangerine account using my tablet. I click deposit then i take a picture of both side of my cheque using the same application. The deposit is done immediately in my account. The amount is freeze for 7 days but it gives interest right now. Maximum daily deposit by photo is $100,000.00.

After few days, Tangerine sends me an email saying that i can destroy the cheque.

What's fun is that it takes a couple of days before really being withdraw from the other account, giving me interest in both accounts for this period.

June 21, 2014
2:28 pm
AltaRed
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A number of institutions do photocheque deposits now from tablet/smartphone apps. Pretty soon, it will only be necessary to go to an ATM for real cash....assuming people still use cash.

June 21, 2014
7:15 pm
JustMe
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Thank you Very much for an explanation re: photocheque. Interesting!!! Actually you can use pencil to 'write a cheque', take a picture and then erase/reuse the cheque?

June 22, 2014
4:32 am
JBil
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I don't know if you can reuse the cheque. I never tried. Tangerine send me an email confirming the cheque amount AND the cheque number. So they take note of it. Maybe you can reuse it but i don't know.

June 24, 2014
9:21 am
JBil
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I LIKE IT !!!!

The amount i deposited thursday was withraw monday and the one on friday was withdraw on tuesday. Double interest for 4 days is good. Should I transfer my money every 7 days to double up the interest ?

July 1, 2014
11:21 am
Doug
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JBil said

I LIKE IT !!!!

The amount i deposited thursday was withraw monday and the one on friday was withdraw on tuesday. Double interest for 4 days is good. Should I transfer my money every 7 days to double up the interest ?

I'd caution against doing this too often, this could easily be construed as trying to "game the system" and could very likely result in disqualification of any bonus interest for the entire promotion period, as per their Terms of Service (or any bank's, for that matter). They have no problem with people transferring money between PC Financial and Tangerine Bank every 3-6 months (Heck, it could be argued they even promote/encourage that in the quest for deposits with these "promo" rates), perhaps even every month or two, but on a weekly basis? I think they'd take issue with that. And, banks are scrutinizing customer transactions more than ever, thanks to heightened regulatory (i.e., OSFI and FINTRAC, namely) scrutiny. Further, it could potentially be construed as "negative activity" and allow your "hold release"/"cashback" limit to be reduced or removed with no advance warning, again allowed as per Terms. You could even take it a step further and, if done weekly as you suggest, could be taken as cheque kiting. :)

Cheers,
Doug

August 13, 2014
12:02 pm
Ascend
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Hello,

I would like to follow-up on the initial post here. I currently have a Tangerine chequeing and savings account and I am interested in opening an Accelerate Savings Account.

Once my Accelerate Savings Account has been opened, is it complicated to link my Tangerine chequeing account to my Accelerate account in order to regularly transfer funds from Tangerine to Accelerate and vice-versa?

Thanks for the feedback,

Martin

August 16, 2014
8:58 am
JBil
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Ascend said

Once my Accelerate Savings Account has been opened, is it complicated to link my Tangerine chequeing account to my Accelerate account in order to regularly transfer funds from Tangerine to Accelerate and vice-versa?

From my experience:

I have a couple of accounts at both places (Tangerine and Accelerate). When trying to link both of them (from tangerine), one was accepted and the other one was refused. Tangerine sends 2 few cents deposits to validate that this accelerate account is yours. You have to confirm both amounts sent. The problem on ONE account is that Accelerate refused them because the money was not sent with MY name but with Tangerine's name so since the name is not the same they refused the deposit making the link NOT active. On the other account they accepted it without using the right name. I called them and tried to understand but they said it's not suppose to be accepted when the name is not the one from the account.

I don't know why, but a couple of weeks later, tangerine activate my LINK even if I did not validate both amount sent by them. So right now, both accounts are now ACTIVE and i'm now trying to transfer money from one account to the other. I'll see if it works.

Everything seems to work now, but is it just luck ?

Is it clear enough (not sure) ?

PS: I sent back my money from Tangerine (on friday) to accelerate using a cheque in advance, and I AGAIN the interest on both places 5 DAYS this time.

August 16, 2014
4:36 pm
Norman1
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Sounds like Accelerate Financial is being too strict, JBil.

For a pre-authorized debit, it makes sense to check that the actual name on the account matches what the financial institution issuing the debit expects the name to be.

However, for a direct deposit, the payor doesn't have to match the name on the account being deposited to. Most of the time, it doesn't match. For example, with payroll direct deposits, the name of the employer depositing the paycheque seldom matches the name on the account of the employee.

August 20, 2014
1:54 pm
JBil
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Norman1: This is EXACTLY what I told them when I called Accelerate. They said it's to protect us. That does not make sense as you just said, when it's a deposit I don't care who send money to my account. They should check just for withdrawal.

August 20, 2014
2:13 pm
Loonie
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They do have to know where money is coming from because of the anti-money-laundering law, which indeed is to protect us.
I would kind of rather they were too strict than the other way, although it's a nuisance. I think it's a sign of a responsible institution.

August 20, 2014
2:20 pm
Jack Manning
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Loonie, I thought the anti-laundering money law was for deposits, transfers, withdrawals of $10,000 and more. I am not sure about this stuff anyway.

August 20, 2014
2:33 pm
Loonie
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I think you're right about the 10,000, Jack. But if you are setting up links which are not going to be monitored every time they are used, then you would need to make sure the money was from a clean source. It wouldn't take long to exceed 10,000 with several deposits.

September 4, 2014
1:26 pm
JBil
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I did it again:

Tangerine is giving 3% until end of november for all deposit done before sept. 15. So i transfered all my money from Accelerate to Tangerine on Sept 1st and got interest at both places for 2 days. I'll do the opposite on november 30.

3% is better than 1.95% but 3% + 1.95% is even better !

September 4, 2014
4:57 pm
james1900
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JBil, please do a math. do they really both pay you 2 days' interest?

September 5, 2014
4:51 am
JBil
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james1988, yes i did the math and yes they paid me 2 days of interest, even 4 days when overlapping a weekend.

ok for $10 it does not worth doing it, but for more money it becomes interesting.

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