February 16, 2013
Well here is a new one for me! I recently established a link between my Tangerine savings account and my Canadian Direct Financial (CDF) savings account with Tangerine making 2 small deposits to my account at CDF. This was completed on September 4th at which time I input a request to transfer $25K from CDF to Tangerine to take advantage of the 3% promotion. On September 5th (today), I looked at my Tangerine account and could see the deposit and then cancellation by Canadian Western Bank! What??
I called Tangerine who said the deposit was reversed by Canadian Western Bank. I called CDF and they said it was Tangerine. Went back to Tangerine who then said the link to my account with CDF was incorrect and that I should contact CDF to confirm bank code and transit details - even though their 2 small deposits had made it to my accounts and I had already verified the amounts! I again called CDF and they claimed to know nothing. They believe that the back office processing for Tangerine is done by Scotia Bank and that there is some problem at that end. I ended up getting a 3% GIC from CDF which matures November 30th. CDF is offering this for existing funds for customers who call in.
In the past, I was always impressed with the efficiency and convenience associated with ING Direct. Not so sure now about Tangerine...
August 9, 2014
I think it is more like that something went wrong in CDF lately. I transfer 17 K from CDF to my credit union's chequeing account and I didn't receive any money in the chequeing account after they push the fund to it (which I will pull it also to Tangerine ). I call them and they tell me they make a mistake on it and they immediately try it again and claim the fund will be in my chqueing account tomorrow where they will compensate any fee and lost interest associate with it.
I guess their response of matching the offer by Tangerine shows that it is probably their fault....
February 17, 2013
I have not had any problems since I started using them a year ago. As their process for pushing funds out of CDF is rather slow, awkward and cumbersome, I usually pull from my destination institution. Had a weekly transaction into PT, changed it to Tangerine this week, and all went through smoothly.
June 24, 2014
February 17, 2013
I must say that I am disappointed with CDF's whole approach to on line banking. It is cumbersome and outdated. Too many accounts that have to have their own PAC, (registered and non-registered, joint), the way they group them (wifes TFSA GIC is #1 and her RSP GIC is #2) which may get a bit complicated next year when she gets one more of each, the whole process for inter-institution transfers takes too long, uses email confirmation, and doesn't have VISIBLE memorized accounts set up, and you can only see pending transfers within CDF. When I had to transfer funds out of ING recently, they gave me a choice over the phone in their automated system of which bank I wanted to transfer to. Not a fan of their non-promo rates, but Tangerine DOES do on-line banking well. Interesting quirk I noticed last week - I had set up a recurring transfer from CC to my CDF savings account. When I checked the account Friday afternoon, the funds had been taken out of CC but had not appeared in CDF yet - BUT my available funds in CDF had been reduced by the amount of the transfer which hadn't been posted yet. Don't know what would have happened if I hadn't had enough IN the savings account to cover the "hold" until the funds actually arrived. NONE of these are MAJOR issues, and you get used to it after a while, but I have been using them for about a year now, and was hoping the system "upgrade" would make the banking experience more user friendly instead of being just a cosmetic one.
Don't get me wrong, The CSRs are fantastic, their rates are competitive (especially with the CDI bonus), and I like they are a western based bank. Until that changes, they have the bulk of my everyday business.