Be careful with Tangerine's new tactics | Tangerine Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Be careful with Tangerine's new tactics
January 30, 2018
6:25 pm
fairwindw1
Member
Members
Forum Posts: 5
Member Since:
January 30, 2018
sp_UserOfflineSmall Offline

for those of you who transfer money out of Tangerine and move back when you get a targeted rate promo, BE CAREFUL,

they will now deliberately set a start date that when you still have a high balance in the account, therefore, you will NOT get any promotional rate increase!

say you have $10K in their account and moved out on Jan 3. they will send you a promotion starting from Jan 2 to June 2.
but because you still have $10K on Jan 2, you will NOT get any rate increase! they are playing more and more dirty tricks now

January 30, 2018
10:57 pm
Rick
Member
Members
Forum Posts: 918
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline
January 31, 2018
3:49 am
Bill
Member
Members
Forum Posts: 1887
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

fairwindw1, how do you know this?

January 31, 2018
6:03 am
Loonie
Member
Members
Forum Posts: 6179
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I don't think there's anything new here, really. We discovered they moved up the date by one day in early January. They always have control over the dates. Some people may have gotten a little over-confident with their predictions as to what was going to reliably happen.

January 31, 2018
12:02 pm
tcharger67
Member
Members
Forum Posts: 104
Member Since:
September 22, 2017
sp_UserOfflineSmall Offline

I dont have much patience for tangerine anymore. I noticed moving funds out of tangerine, is back dated to the date of transaction. It was frustrating moving money from Tangerine to Simplii, only to have 4 full days (over a weekend) of zero interest return.
sf-frown

January 31, 2018
8:29 pm
Joe
Member
Banned
Forum Posts: 207
Member Since:
June 3, 2015
sp_UserOfflineSmall Offline

tcharger67 said
only to have 4 full days (over a weekend) of zero interest return.
sf-frown  

The Horror

Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.

January 31, 2018
9:44 pm
User230
Member
Members
Forum Posts: 152
Member Since:
December 4, 2016
sp_UserOfflineSmall Offline

Joe said

The Horror  

You know those people that use to pick pennies out of the wishing fountain in the mall, that look under bleachers at the ball park for people's loose change that dropped, that check the coin dispenser on vending machines, that look for loose change in couches at used furniture stores, that look down as they walk to see if there are any coins on the ground, that pick out the coins people leave in urinals, that use metal detectors at beaches and parks.

The hard-core savers. Ever vigilant for their next payday rush of Adeline of getting a bit extra. It's not even that it's worth anything. It's just knowing you got what you deserved or more and weren't cheated. That you accomplished something extra. That your vigilance has paid off.

Was it worth it? Two answers.

Yes. You saved the money from demise.

No. That money is going to meet its demise anyways. Under your terms but non-the less gone. There's a reason it became lost and why it has yet to be found. Leave it that way.

It's for sure a horror to some of us to lose out. To not find that pot of gold under the rainbow like we expected. Even if it's just a few coins.

February 1, 2018
4:42 pm
tcharger67
Member
Members
Forum Posts: 104
Member Since:
September 22, 2017
sp_UserOfflineSmall Offline

Joe,
On +346,182 its 113.81$ missed revenue. A little more change than a wishing well User230, infact its more than my heating bill for December.

February 1, 2018
4:48 pm
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

So, are you saying your money was in complete limbo - no interest @ Tangerine and no interest @ Simplii?

February 1, 2018
5:53 pm
tcharger67
Member
Members
Forum Posts: 104
Member Since:
September 22, 2017
sp_UserOfflineSmall Offline

Yes.
I remember reading a thread by someone o. This site back in December noticing the same results. Unfortunately I can't find it. I remember members moving savings over weekends to gain double interest returns from both institutions.
I moved funds Dec 15 to simplii. Tangerine promo plus standard interest dated Dec 14. Simplii covered Dec 18 night regular interest.

I phoned both tan and simplii... Kicked and stomped and got the same answer. We only pay interest at end of day balances

February 1, 2018
5:55 pm
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

The "joys" of rate chasing, huh!

February 1, 2018
6:16 pm
SavingIsGood
Member
Banned
Forum Posts: 215
Member Since:
February 18, 2016
sp_UserOfflineSmall Offline

User230 said
You know those people that use to pick pennies out of the wishing fountain in the mall, that look under bleachers at the ball park for people's loose change that dropped, that check the coin dispenser on vending machines, that look for loose change in couches at used furniture stores, that look down as they walk to see if there are any coins on the ground, that pick out the coins people leave in urinals, that use metal detectors at beaches and parks.

Damn! I am busted!!!
Yes, I did all that; with all that 'collected' money I foolishly bough 1000 bitcoins; why not, traded pennies for pennies. A month and a half ago I got rid of those funny bitcoins... And damn Canadians got rid of pennies. What am I to collect now?

February 1, 2018
6:25 pm
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

SavingIsGood said
Yes, I did all that; with all that 'collected' money I foolishly bough 1000 bitcoins; why not, traded pennies for pennies. A month and a half ago I got rid of those funny bitcoins... 

WOW ... that's going to be a BIG capital gains entry on your 2017 T1 Tax Return.

February 1, 2018
9:01 pm
Norman1
Member
Members
Forum Posts: 3205
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

tcharger67 said

I remember reading a thread by someone o. This site back in December noticing the same results. Unfortunately I can't find it. I remember members moving savings over weekends to gain double interest returns from both institutions.

Could it be this post about pulling from the receiving financial institution or this post about always pulling?

February 2, 2018
7:17 am
tcharger67
Member
Members
Forum Posts: 104
Member Since:
September 22, 2017
sp_UserOfflineSmall Offline

No Norman it had nothing to do with push pull. It was in direct correlation with tangerine not paying interest until the transfer had cleared. I looked again, I still cannot find it.

Either way, it is an issue investors should be familiar with. If I had known, the transaction would have been initiated the following Monday instead

February 3, 2018
8:56 am
Norman1
Member
Members
Forum Posts: 3205
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I'm not sure I understand the issue then. Financial institutions usually don't pay interest on incoming funds before the funds arrive.

If I push funds out from Tangerine Bank to Simplii Financial, Tangerine may immediately debit my Tangerine account. But, it may be past the cutoff time for clearing items of that business day. Consequently, the clearing item will be in the batch of items to Simplii for the next business day.

I've seen such one business day gaps when I push money. If one pushes money on Friday, the money may not be credited in the receiving account until Monday.

February 3, 2018
11:20 am
Rick
Member
Members
Forum Posts: 918
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

Norman; If the receiving bank has Me-2-Me transfers, it will be credited immediately when pulling using them. When I set up a pull using Tang, it won't let me do it the same day, it's always the next business day. They don't have the "Me-to-Me"system. If I set up a pull using Tang ON Friday, they won't schedule it until Monday. On the other hand, when I pull the funds using the receiving bank that utilizes M2M, it shows up immediately in that account, but it sits in Tang earning interest for a couple days before it is reconciled. Tang checking, so not a great rate, but still....better than sitting in limbo (Can you even set up pulls from Tang savings?). However, since it's in their favor, a push out of Tang will be debited instantly, but won't show up in the receiving bank for a day or two, (or three if it's a Friday) depending on what time it's set up, so it's in limbo earning nothing until it officially arrives. I always set up pulls from receiving bank instead of push from Tang. On Jan 3 I did 2 pulls using 2 different receiving banks, and both showed as an immediate deposit while Tang showed the withdrawal on the 5th. Does Simplii utilize M2M?

February 3, 2018
2:54 pm
Norman1
Member
Members
Forum Posts: 3205
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Yes, Simplii does do pushing and pulling of funds.

However, one can't issue a same-day pull from another financial institution. It needs to be no earlier than the next business day:

  • Transfers from [Simplii] savings accounts or any transfers to your account at another financial institution must be dated in the future by at least 1 business day.

Tried it last month. Scheduled a pull at Simplii for the next day to pull money from my RBC account.

As expected, statement shows the funds credited to my Simplii account for the next day. The debit on my RBC account was also dated that same next day.

February 3, 2018
4:11 pm
Bill
Member
Members
Forum Posts: 1887
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

The original poster (who became a member the same day of her/his post and appears to have no other posts on this site) has not responded to my question or any other responses here so as of now I'd take with a large grain of salt the assertion that Tangerine is "playing more and more dirty tricks now".

February 3, 2018
4:30 pm
Norman1
Member
Members
Forum Posts: 3205
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

As far as I can tell, Tangerine changed the starting date of the latest new-money offer to January 2 for everyone.

Doesn't look like there was individual targeting. It is just bad luck if one didn't move the funds out of the savings account until January 3.

No permission to create posts

Please write your comments in the forum.