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Heads Up: Important Information on Accessing your Deposited Funds
September 12, 2019
10:15 am
Yatti420
Canada
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Is this just for me!? I guess I am to poor (or rich) lol. Tangerine must really dislike my habits lol!
------------------------

Hi {NAME},

We’re reaching out to let you know about an important change that may affect the amount of money you have access to right away when making certain deposits.

As you may know, certain types of deposits–such as cheques or Electronic Funds Transfers (EFTs)–are always subject to a 5‑day hold, but you’re usually still able to access a portion of the funds immediately. In the next two weeks, you could notice a change in the amount you have access to immediately and it may be less than what you have access to today.

We realize this isn’t the best news, but we wanted to be transparent with you about this upcoming change, knowing that it could impact your day‑to‑day banking. To learn more about your access to funds and some options that could help make your deposits available sooner, visit our FAQs here.

Sincerely,

Client Services
Tangerine

September 12, 2019
1:42 pm
Winnie
Ontario
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My access amount was reduced from $5,000 to $4,000 last year.
No explanation, no letter, I just noticed reduction myself.

September 12, 2019
5:29 pm
Bud
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larger amounts call in

September 12, 2019
6:13 pm
hwyc
GTA
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So I revisited their Hold Policy FAQs.

Why did my accessible funds amount change?
We know how important it is to you to have access to your money as quickly as possible, so we look at a variety of factors to help us decide how much of your deposited funds we might be able to make available right away. These factors include your banking history, other funds you have with us, and your credit history. Since these can change periodically, the amount of money we can make accessible may change as well.

It would appear more flexible than other FI like EQ, for example. And they let you know ahead of time. I wonder if the similar algorithm(s) used to analyze credit card activities has been used here.

September 13, 2019
6:57 am
Yatti420
Canada
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It's rather stupid really.. Holds should be T+1 for cash/cheques etc. Everything is now automated from cash and cheque deposit via ATMs.. You figure service would get faster.. Thats' not been the case..

I deposit cash frequently now. I figure envelope free ATM deposits are atleast 200%-1000% longer then previous envelope based versions. The cash deposited in these ATMs should be cleared on the spot (since its all checked and redistributed). My assumption is the bank doesn't see it this way and takes the short term hit (for few hours - day?) if I move that $$$ immediately after depositing.. Even if cheques were deposited and had to be cleared manually ( i barely use them)..

September 13, 2019
7:12 am
Alexandre
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Yatti420 said

I deposit cash frequently now. I figure envelope free ATM deposits are atleast 200%-1000% longer then previous envelope based versions. The cash deposited in these ATMs should be cleared on the spot (since its all checked and redistributed). My assumption is the bank doesn't see it this way and takes the short term hit (for few hours - day?) if I move that $$$ immediately after depositing.. Even if cheques were deposited and had to be cleared manually ( i barely use them)..  

Open no-fee checking account with the bank that has branches, visit branch and deposit cash through teller. It should appear in you account instantly.

This is what I do.

September 13, 2019
4:02 pm
Loonie
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Who has cash to deposit? Not me.
But if I did, I would only do it through a bank employee. You have no protection if the bank later disagrees with the amount of your cash deposit.

September 13, 2019
7:41 pm
Yatti420
Canada
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With the way ATMs now process deposits you wont have any protection at all if you agree to the amount deposited.. Only cheques I could see the bank fixing etc.. Cash is whatever the ATM scanner reads/counts etc.. and its' sooo slow lol

September 13, 2019
8:31 pm
Kidd
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February 27, 2018
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The banks have... checks and balances and their books must always balance. In the old days, a teller would spend a lot of time (maybe hours) looking for a mistake.

If i said i deposited $500 and somehow only $450 was recorded but i honestly did deposit $500... the atm till would have a surplus of $50 and that money would be credited to my account upon an investigation.

Unless you are saying... the Canadian banks have no ethics?

Ha... here we go again.

All my life's a circle;
Sunrise and sundown;
Moon rolls through the nighttime;
'Til the daybreak comes around.

September 14, 2019
2:05 pm
Yatti420
Canada
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Well all the big moves the banks have done over the last few years in Canada atleast always benefit the banks lol.. Chip & Pin to shift liability back to the consumer.. Envelope free ATMs so nobody ever has to investigate anything again (to the inconvenience) of your clients (business clients doing mass deposits face LONG delays at an ATM) - Who uses an actual teller anymore? - and if you do have a problem - don't worry our in house ombudsman will help you before you can even seek outside assistance.

October 16, 2019
9:04 am
hwyc
GTA
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Looks like Tangerine re-shuffled their FAQ - the hold policy link I provided in #4 is now stale. I find it quite tricky to check one's on hold and accessible funds. During an online chat, I was told

The easiest way to view the hold, is to begin on the Transaction page. Here, if there is a hold, the bar will appear. Conversely, if there is no hold, no bar will be available.

However, as far as I can tell, that is the *only* way. And it won't say hold is on which particular account.

Capture-where-to-see-on-hold-amount.PNG

Hope this helps.

October 16, 2019
10:47 am
Doug
British Columbia, Canada
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Yuck, another negative change from Tangerine, on top of fee changes (the most egregious was the $30 increase in the cheque order fee. It's now up $40 (400%+) from the initial $10 per book of 50 cheques.

I don't know why they keep providing us with less information on our accounts.

Cheers,
Doug

October 16, 2019
7:27 pm
Loonie
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Speaking of service, here was today's conversation with Tangerine. Bear in mind that I normally receive snail mail statements from them, which normally arrive within a week of month end every 3 months.

Me: I haven't received my statement for July-September yet, and would like to know if and when it was sent.
Tang: Statements are not sent when there are no transactions.
me: (thinking... I didn't ask you anything about bicycles either; are you now going to tell me about bicycles?) I believe there were transactions in July, weren't there? (that's when I withdrew all my money, so I am quite sure.)
Tang: pause... . We can send you another one if you want.
me: I want to know if and when the statement was sent first. I want to know if the problem is with Canada Post.
Tang: (perhaps sensing the attractive possibility of blaming another organization)... Can you hold a couple of minutes? I'll check.
me: (finally, he understands the question and is maybe going to find an answer!). OK.
Nail drumming...
Tang: There was a delay in our paper delivery. The statement should arrive in a week to 10 days.

Or maybe somebody didn't keep up with inventory.
Another day, another dollar... not deposited at Tang.

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