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Finally done with Tangerine
August 18, 2022
8:40 pm
Scruge
Alberta
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I joined ING Direct in 1999. It was a great new concept, online banking. The interest rates were unbelievably high, about 3 times what I earned at a big bank. There were no fees to open, close or transfer accounts & you could get your money out whenever you wanted. They had great phone service & a cool guy in TV commercials encouraging you to "Save your money".
ING, then Tangerine, had my mortgage, a couple of car loans, a savings account, TFSA & RRSP. As expected, when a big bank takes over everything changes. Interest rates were reduced, phone service was reduced and fees were introduced.
A few years ago I began tailoring my RRSP GIC expirations to coincide with the last 5 year GIC I had. In July I finally transferred my RRSP account out, and what a relief. No more hoping I get a fair shake from my bank. I should have done this looooong ago. I hope to never ever hear that annoying on-hold music again. Let alone for 30 minutes at a time.

August 18, 2022
9:24 pm
Canuck
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Scruge said
I joined ING Direct in 1999. It was a great new concept, online banking. The interest rates were unbelievably high, about 3 times what I earned at a big bank. There were no fees to open, close or transfer accounts & you could get your money out whenever you wanted. They had great phone service & a cool guy in TV commercials encouraging you to "Save your money".
ING, then Tangerine, had my mortgage, a couple of car loans, a savings account, TFSA & RRSP. As expected, when a big bank takes over everything changes. Interest rates were reduced, phone service was reduced and fees were introduced.
A few years ago I began tailoring my RRSP GIC expirations to coincide with the last 5 year GIC I had. In July I finally transferred my RRSP account out, and what a relief. No more hoping I get a fair shake from my bank. I should have done this looooong ago. I hope to never ever hear that annoying on-hold music again. Let alone for 30 minutes at a time.  

I hear you. But there is a tradeoff here. With the bigger online banks (e.g. Tangerine), while they don't treat you like a human, they still tend to have better automated systems, and more reliable systems generally, as compared to the smaller banks. I'm referring to things like linking to external accounts, paying bills, transferring registered accounts, ease of adding additional accounts / products, etc. Dealing with small banks and their archaic 90s retro systems and processes, and all of the technical issues that come with that, can be extremely frustrating. So I use Tangerine as a kind of hub for preauthorized payments, payroll, paying bills, moving funds, etc., and if they happen to have a good savings promotion, then that too. But yeah, they don't seem to have very much loyalty towards their longtime customers, and they've been sneaking in all kinds of fees, and the phone wait times have gone up, and the customer service quality has gone down. But there is no perfect thing.

August 18, 2022
11:12 pm
Loonie
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I was with ING from 1998 if I remember correctly, and recommended it to others who also opened accounts.

I quit Tangerine about a year ago after closing all registered accounts.
They may do some things well but I find better combos of service and rates in several other places and with far less stress. With a few exceptions, it doesn't really bother me if they're a bit clunky. (So am I!) They will catch up.

My Tang account still exists but it would take a lot to get me to use it again. Now that I've stopped using them, I have found I don't need them - or their antics.

August 19, 2022
12:20 am
HermanH
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Canuck said

I hear you. But there is a tradeoff here. With the bigger online banks (e.g. Tangerine), while they don't treat you like a human, they still tend to have better automated systems, and more reliable systems generally, as compared to the smaller banks. I'm referring to things like linking to external accounts, paying bills, transferring registered accounts, ease of adding additional accounts / products, etc.

There's a lot of truth, but more and more things at Tang now need human contact. i.e. the lowered transfer limits demand CSR approval/intervention

August 19, 2022
12:58 am
iotama
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Good time to come across this thread! Thanks for posting.

Once it was good, but to me, Tangerine is now just a lottery. A random picking of some accounts and giving them promotions.

Those accounts feel special and tell other folks, who get roped in thinking some "algo" is at work and will select them too.

Then, to make it all look even more authentic, Tang gives a few random accounts the ability get a promo only if those clients decide to call the reps. The reps discover on their computer that the account is "eligible" and graciously give them the crumbs.

Those clients then tell even more folks how they got it by asking and the hunger game continues.

Brilliant word of mouth free marketing and works wonders for Scotia's bottom line. Heck, this forum alone has baited who knows how many thousands for them. sf-laugh

I give Tang the respect they deserve and use them for what they are. No expectations really. You play if you have the time and mental capacity to engage with the silly game.

YMMV.

August 19, 2022
4:11 am
hwyc
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Other than the lottery rate I don't always get, it's not all that bad. Tangerine was and is the pioneer in non brick and mortar, truly 7x24. Innovative ... They made me borrowed with their 0% line of credit promo & it was a better learning experience for me. Afterwards, I signed up their overdraft service. I still give it high marks. I think even better if they could add an in-house two-way private message for people not having to call in.

August 19, 2022
4:28 am
savemoresaveoften
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While the rate lottery is horrible esp when I don’t rec it, their current 1y GIC at 4.5% is a very decent offer, much better than the 2.8% rate ‘promo’ they gave me back in July.
As for any registered accounts, I only have it with the big5. Since I don’t pay any fees in those accounts and fixed income investment is not my main focus either, it suits my purpose well.
Re waiting time on phone calls, ALL banks, telcos, and almost any company that still has a real phone person to speak to have long waiting time to be fair. There are still a few CUs that pick up their phones relatively quickly but that is the exception, not the norm.

August 19, 2022
6:03 am
COIN
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"My Tang account still exists but it would take a lot to get me to use it again."

Maybe close the account and come back as a NEW CLIENT?

    August 19, 2022
    8:04 am
    Nehpets
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    COIN said
    Maybe close the account and come back as a NEW CLIENT?

        

      Does not work, based on my experience...once a client, they consider you as a client forever...precluding you to qualify as a "new client"

      Stephen

      August 19, 2022
      8:34 am
      lifeonanisland
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      Nehpets said

      Does not work, based on my experience...once a client, they consider you as a client forever...precluding you to qualify as a "new client"

      Stephen  

      It does work, but you have to persevere. You have every right to ask for them to permanently close your account and have them NOT consider you a client. You have to jump through some hoops, but my wife and I both did. And then signed up again recently; currently taking advantage of their 3.5 percent HISA until December 31, and their 4.5 percent one year GIC. They use you. So you use them for what you can get out of them.

      August 19, 2022
      8:59 am
      Nehpets
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      lifeonanisland said It does work, but you have to persevere. ......  

      That is amazing and a the same time infuriating!

      Another good reason for me to keep Tangerine on my avoid list.

      A few years ago, I thought I spoke to a CSR who ostensibly let me reset as a new client, but that ultimately CSR lied and my deposit was not honored for the promo. I immediately withdrew my deposit and swore (literally and figuratively) that I would never deal with them again.

      There are things, up with I will not put!

      Stephen

      August 19, 2022
      9:19 am
      COIN
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      I once asked Tangerine a few years ago about coming back as a NEW CLIENT. I was told I would have to spend 7 years in the "penalty box" first before they would allow me to come back again as a NEW CLIENT.

      August 19, 2022
      12:02 pm
      RetirEd
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      The last few high-rate GICs (which were always good, unlike the savings-account lottery), multiple easy transfers and 24/7 phone service were what kept me at Tangerine after joining ING in 2000. Now that the service is 24-hour wait, seven days a week, I'm long gone.
      RetieEd

      RetirEd

      August 19, 2022
      1:01 pm
      COIN
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      RetirEd said
      Now that the service is 24-hour wait, seven days a week, I'm long gone.
      RetieEd  

      Maybe Tang figured they can easily replace you with NEW CLIENTS by offering them sweeter deals.

      September 1, 2022
      2:38 am
      RetirEd
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      They never offered me any "sweet deals." When I'd read of an offer and call in, I'd be offered either nothing or about 2/3 what our posters here described.

      But they definitely wanted to replace me with someone else after being with ING and TANGERINE since 2001. (And by significant amounts!)
      RetirEd

      RetirEd

      September 1, 2022
      6:16 am
      Bill
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      If I ran a bank my deals would be aimed at the demographic my future profits would benefit most from, might be some "ageism" at play.

      September 1, 2022
      7:46 am
      cgouimet
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      Bill said
      If I ran a bank my deals would be aimed at the demographic my future profits would benefit most from, might be some "ageism" at play.  

      At 69, I must still be in my prime ...

      CGO
      September 1, 2022
      8:38 am
      Bill
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      Enjoy it, my computer would flag you when you hit 70!

      September 1, 2022
      11:38 am
      Loonie
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      If I were a banker, I'd be looking at the retired folks as the route to their children's trust. As a decision-making child of divorced parents, I've been very conscious of how my parents have been treated by their respective banks and this has had a major impact on my own decision-making.

      September 1, 2022
      1:18 pm
      COIN
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      If a bank wants to lend money, they should target young people.

      If a bank wants to raise deposits, they should target middle age and older folks.

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