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Another Tangerine Promo for existing customers -- only 2.2%!
April 29, 2022
11:55 am
Loonie
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I would interpret that paragraph as "We don't want you to tie up our phone lines and pester us about another promo rate. We'd rather you left if that is what you plan to do. "

It MIGHT also mean, "we're out of this game now; no more targeted promos; watch for new business model"

In any case, "you are not a valued customer" is clear.

April 29, 2022
12:09 pm
RicksBank
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I received the same "you're welcome to leave" message in my online mailbox 2 days ago, BUT I had already received the email about the upcoming 2.2% offer starting May 3rd. I'm at the end of the same 2.0% promo that Bill has.

April 30, 2022
6:32 am
JW
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Did a phone transfer to Simplii 2.75% to June 30 as was over daily $$$ online limit. Was offered 2.25% to stay. I moved on!

April 30, 2022
7:06 am
pooreva
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RicksBank said
I received the same "you're welcome to leave" message in my online mailbox 2 days ago, BUT I had already received the email about the upcoming 2.2% offer starting May 3rd. I'm at the end of the same 2.0% promo that Bill has.  

No emails for me. Moved to Hubert. Tomorrow will be last interest from 2% promo. That will go to Hubert as well until I see what this '2.2%' is all about.
Sometimes it is not worth chasing highest interest particularly if you expect some income, for example from RRSP.
I prefer stable and reliable service than lottery and muddy term conditions.

If Tang really cares about customers and their deposits, somebody should be on the phone calling us offering good retention rate and not playing with emails.

April 30, 2022
7:17 am
Patch002
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Loonie said
I would interpret that paragraph as "We don't want you to tie up our phone lines and pester us about another promo rate. We'd rather you left if that is what you plan to do. "

It MIGHT also mean, "we're out of this game now; no more targeted promos; watch for new business model"

In any case, "you are not a valued customer" is clear.  

I don't know. Prior to this current 2.0% Apr 30th ending offer, I hadn't received an offer for a few years. With this offer I moved in an amount slightly less than the maximum CDIC protection limit. Now, instead of offering anything beyond 0.10%, I get this Form insight note. I gave up phoning them a while ago due to the wait time.
Not a big deal, I just moved it out for SF's 2.75% Promo too.
When I feel up to it, I'll drop a note to Brian J. Porter (ceo of Scotiabank) and let him know what's going on.
One day, I'll give my take on the Reserve Requirement and the Money Multiplier effect. The teaser: Banks are a very good investment.

April 30, 2022
10:25 am
Righand
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pooreva said

No emails for me. Moved to Hubert. Tomorrow will be last interest from 2% promo. That will go to Hubert as well until I see what this '2.2%' is all about.
Sometimes it is not worth chasing highest interest particularly if you expect some income, for example from RRSP.
I prefer stable and reliable service than lottery and muddy term conditions.

If Tang really cares about customers and their deposits, somebody should be on the phone calling us offering good retention rate and not playing with emails.  

Imo,with this latest display of Tangerine arrogance, the "You can close your account message" only shows how little they actually care.sf-frownsf-frown
Upthread Ricksbank reported a "welcome to leave message", different messages for different lotteries ?

April 30, 2022
10:44 am
cgouimet
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Righand said
With this latest display of Tangerine arrogance, the "You're welcome to leave message" only shows their disdain for their customers and how little they actually care.sf-frownsf-frown  

I think some of us are reading too much out of the statement ...

"Remember that you can close your Tangerine Savings Account, at any time if you like, including after the offer end date, and there is no charge to do so. However, there is a fee associated with transferring registered funds to another financial institution, as disclosed in our fee schedule.

This is merely stating a standard T&C. No fees for transferring out of, or closing, accounts except registered accounts.

CGO
April 30, 2022
10:58 am
Bill
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You're right, cgouimet, it's just a fact that some people who are going down to .1% might want to close their accounts so this is just to make clear there's no need to call in and tie up resources.
Is the way I saw it too.

April 30, 2022
11:19 am
Righand
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Bill said
You're right, cgouimet, it's just a fact that some people who are going down to .1% might want to close their accounts so this is just to make clear there's no need to call in and tie up resources.
Is the way I saw it too.  

If that's really the case shouldn't they in all fairness then send all of the clients that have been getting only .1% the same message ?
Or perhaps they already have ??sf-wink

April 30, 2022
11:28 am
RicksBank
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But, they also sent the same message to me after already offering me the 2.2% promo starting May 3. Some people who have the existing 2.0% promo that I have that ends today are getting the May 3rd 2.2% promo, but some not. Doesn't seem like we can apply logic to anything they do, other than guessing they're going by balances, frequency of deposits and withdrawals, etc.

The promo that ends today was my 15th since 2015, with just one gap last year before this last 2.0% promo started at the end of November.

April 30, 2022
11:40 am
cgouimet
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RicksBank said
But, they also sent the same message to me after already offering me the 2.2% promo starting May 3. Some people who have the existing 2.0% promo that I have that ends today are getting the May 3rd 2.2% promo, but some not. Doesn't seem like we can apply logic to anything they do, other than guessing they're going by balances, frequency of deposits and withdrawals, etc.

The promo that ends today was my 15th since 2015, with just one gap last year before this last 2.0% promo started at the end of November.  

I've only had a few in 20 years, although more would have been gooder.

Whenever I get an offer, I take if it's materially better than my other options. It's my choice to make. I don't worry too much about their rationale for the offer or whether the wording is kind or gentle.

CGO
April 30, 2022
12:59 pm
Righand
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cgouimet said

I've only had a few in 20 years, although more would have been gooder.

Whenever I get an offer, I take if it's materially better than my other options. It's my choice to make. I don't worry too much about their rationale for the offer or whether the wording is kind or gentle.  

If the wording was kind or gentle, of course that would be the way that a client would feel appreciated. But to be notified that " I can close my account" is wording that to me that is offensive because I know very well that I can close my account and don't have to be reminded. No, I agree with Loonie on this one, as he posted, "In any case, "you are not a valued customer" is clear.""

April 30, 2022
7:25 pm
turquoise
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Righand said

If the wording was kind or gentle, of course that would be the way that a client would feel appreciated. But to be notified that " I can close my account" is wording that to me that is offensive because I know very well that I can close my account and don't have to be reminded. No, I agree with Loonie on this one, as he posted, "In any case, "you are not a valued customer" is clear.""  

None of us will ever know what really goes on behind closed doors at the Tangerine Empire. But I work in marketing communications, and I can say with some confidence that inviting customers to stop being customers -- for any reason -- is very, very unusual.

Even when companies are forced to say negative stuff for compliance reasons (e.g. if you don't opt-in you'll be automatically scrubbed from an email list, etc.), they typically tread as gently as possible.

I'll also say with some confidence that these messages aren't hacked out by some guy on his laptop. It is vetted by multiple (and probably too many) people.

Personally, I think this is Tangerine's attempt to give its CSRs cover against angry customers -- e.g. "we're very sorry that we cannot offer you a better rate, but as you may have seen from the notice that you were sent on April 28, you can close your account at anytime."

FWIW, I don't think that Tangerine's messaging is wise here at all -- which doesn't surprise me, because I've always been surprised at just how bad they are at this kind of thing.

May 1, 2022
12:08 pm
Alexandra
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So looked today and see interest @2.8% was paid out into my HISA. My offer expires 31Aug. The full amount was in there at the end of March through to May 1st. I did no deposits or withdrawals during that period.sf-kiss

May 1, 2022
2:41 pm
hwyc
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Bragging 2.8% in the 2.2% thread? I see sf-frown 2.2% hasn't even started, has it?

May 1, 2022
3:09 pm
MG
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I was on a promo of 1.2% ending May 12th. I had pretty much moved all my money out to greener pastures like Duca, Hubert, EQ, etc. Had less than $10k with them. I decided to call Tangerine this afternoon (around 4 pm on a Sunday) and see if they would increase my rate based on all the emails everyone has been receiving. I was very surprised to hear that their telephone call menu now has an option called "Promotions". When I selected it, I was advised I would have a 30 minute wait but an agent came on within 5 minutes. He asked the usual questions like where else do you have your money and at what rate and why don't you get one of our GICs. I said I wanted short term only and something more competitive. He gave me 2.25% starting today for 150 days but I also had to agree to set up a transfer to move funds in. I was fine with that and plan to transfer more in today and tomorrow. Anyway, I was happy I called in and they had no issue with the fact my previous promo was not yet over.

May 1, 2022
3:37 pm
hwyc
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In the beginning of this thread, I read that those got the pre-offer are coming out from a previous promo by end of April. And the rate scape changed so much since then. I wonder if the 2.2% offer will actually implode due to lack of acceptance. It's the first time I hear call in rate is higher than targeted rate.

May 1, 2022
3:51 pm
JohnnyCash
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hwyc said
In the beginning of this thread, I read that those got the pre-offer are coming out from a previous promo by end of April. And the rate scape changed so much since then. I wonder if the 2.2% offer will actually implode due to lack of acceptance. It's the first time I hear call in rate is higher than targeted rate.  

I received an email a week ago for a 2.2% promo starting May 3. There seems to be quite a number that have called in recently for a rate bump and often it's at 2.25%. Most definitely odd that call-ins are getting the extra .05%. The 2.2% promo has an accept by date of May 31 and I'm almost tempted to drag it out before accepting, possibly ignoring it and rolling the dice to see if I would get targeted later on for a higher rate. June 1 and the BoC announcement is only a month away and it would not surprise me if there's a .50% jump.

May 1, 2022
5:10 pm
Alexandra
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hwyc said
Bragging 2.8% in the 2.2% thread? I see sf-frown 2.2% hasn't even started, has it?  

hwyc: Sorry this wasn't an attempt to brag. I'm a senior and the amount of these "threads" are mind boggling to me. I couldn't find the 2.8% thread.

Anyway if you remember, many on here were worried about just how Tangerine would be paying out the interest. It was so unclear. So, I thought I would clarify they did pay out the 2.8% (annually divided by 12) as hoped for at the end of the month.

May 1, 2022
6:32 pm
Bill
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Spouse's promo ended yesterday, she called this evening, right away was offered 2.25% for 150 days after she declined suggestion for GIC.

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