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Opening and using a chequing account: your experience?
June 8, 2016
11:09 am
Savings
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Hi All. I just discovered this site, and have read a lot of helpful comments.

Currently I have a savings account with Tangerine, and a chequing account with TD. I was thinking of closing my chequing account with TD, and opening one with Tangerine. Before I do, I wanted some inputs/comments from current Tangerine clients that have switched their chequing account from a BIG 5 bank. How has your experience been???

Currently with my TD chequing, I pay no fees as long as I maintain a min balance of $2,000. Use to be $1,000 but changed as of March 2015. I have had this account for about 28 years, and never paid any fees as I always made sure to stay above the minimum. However, lately I have been thinking that it would be nice not to have to worry about minimums.

So any comments???

June 8, 2016
4:09 pm
Loonie
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I think the first question is whether that TD account is your only Big Bank account.
Personally, I would find it difficult to manage without at least one such account, for several reasons which I can get into if you want. I don't expect to ever close my TD account. My TD chequing account is a grandfathered Seniors account, which is free and no minimum, which makes it easier for me to make this decision.

As for the Tang chequing account, my spouse has one and really likes it. We especially like the fact that you can deposit cheques through your smartphone, if you have one. And there have been no problems with that (as have sometimes been reported with other banks that offer this).

Certainly, if you are planning on getting rid of Big Five completely, then Tangerine is the most functional of the alternatives IMO.

June 8, 2016
5:04 pm
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Yes, that TD is my only Big Bank account. Even though I have managed over the years to stay above my minimum amount in order not to pay any fees, it would be nice not to have the limitation. However, I am wondering if it is a good idea to no longer ideal with a big bank. And just solely go with Tangerine for both my chequing and savings.

Loonie I would like to hear the reasons why you should have at least one account with the Big Banks. I just don't want to regret my decision if I do decide to close that TD chequing account and open one with Tangerine.

From what I can see, Tangerine is probably one of the better options of the online banks to choose from. And maybe PC?

June 8, 2016
7:18 pm
Loonie
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My answer is probably coloured by the fact that I don't have to pay for my TD account. If I did, I might be looking harder for alternatives.

I like to keep a bricks and mortar account for these reasons:
1. Safety Deposit Box (you can't get one without an account, and the wait list for them can be long, depending on location).
2.. Flexibility for larger cash withdrawals if needed - don't have to worry about ATM limits, although may need to requisition the cash in advance, as they do have some limits, not sure what they are.
3. Accessibility of bank drafts. These are required for large purchases such as new cars, houses etc. Miron says you can get Tang to mail you a money order, but that makes me uneasy. If you're bidding on a house, for instance, in a city like TO, you don't have time to dicker around and worry if it's going to come in time.
4. Ease of use of US dollar account.. ATMs usually don't dispense US dollars, if needed. Same with other foreign currency. you can also buy Travellers' cheques still, at the bank, I think, although have not done so in ages, and I don't think very many people use them any more.
5. Cross-border banking. I don't have a use for this but I know other people find it convenient to have a Cdn bank that has availability in the US - others can comment on how that works and which banks work best.
6. Easy to deposit rolls of coins.
7. I am not convinced that all of the "external banks" you might want to do business with will accept a cheque from Tangerine as meeting the requirement to get your account going. I could be wrong about that. When I started with ING, they themselves required a link to an external account, but that was before they had chequing at Tang.
8. If you are into buying mutual funds or ETFs, I believe that there are some fairly good funds that TD offers which can only be bought through TD (or can only be bought without commission at TD; not sure which). I don't do this myself, but its something to be aware of.

It's unlikely all of these factors will apply to you. Perhaps none will. In general, though, I like the idea of having a bank I can walk into and get done whatever I need to do, whenever it comes up.

If you happen to live near a Tangerine café, you may be able to accomplish some of these things there fairly easily.

There is little harm, however, in closing your TD account as an experiment. You have little to lose as they are not doing you any favours at the moment, except that your leftover cheques, which may have cost you real money, will be useless.. (If I were to close mine, I'd lose my free seniors account and wouldn't be able to get it back.) You could see how things go without it. If you find that you need it, you might even qualify for a promo offer for new customers at that time!sf-cool And that would give you an opportunity to check out arrangements at competitors as well. TD has got to be about the worst in some respects, as it offers no high interest accounts at all.

Here's an idea. Never mind what I say, or anyone here. Make an appointment with your branch manager and ask him or her why you should keep this account open, given the alternatives. If there are any other good reasons, she or he ought to be able to come up with them! Maybe they will start to notice that the $2000 requirement isn't working.sf-smile

June 8, 2016
7:57 pm
christinad
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I recently received an inheritance from my grandma. It was nice to go into the branch, deposit the cheque and receive access to the funds right away. I was wondering how i would deposit the cheque if i only had a tangerine account. I would have probably have had to go to a cafe and there would have been a hold on the funds. Definitely an advantage of a big bank.

June 8, 2016
9:26 pm
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Actually Loonie, if I were to close my account, and go back, I would no longer be able to get my chequing account (Preferred) as TD no longer offers this account. I have unlimited transactions and pay no fee as long as I'm above the $2,000 min balance. Currently, they have a chequing account that would allow me to do unlimited transactions...however the minimum balance is $4,000. Otherwise I would pay a monthly fee of $10.95. There are two other chequing accounts that have lower minimums than $4,000 (3,000 and 2,000) but both of these have limited number of transactions which is not something I want to have, as I do a lot of transactions monthly.

Some of these reasons you mentioned as to why I should keep my TD account actually does apply to me. I think for now, I should keep the TD chequing account as I also like the idea having a bank I can walk into and get done whatever I need to do, whenever it comes up.

June 9, 2016
12:44 am
Loonie
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Sounds good to me.

Don't forget that you could keep the TD account and also open a Tangerine chequing account. You could move some of your transactions from TD to Tang chequing, which would reduce demand on your TD withdrawal limit, if you should decide to leave and come back at some point. You wouldn't want to get confused by having the 2 accounts, but at least with Tang you don't have to worry about keeping a minimum in the account. Periodically Tang has promos where they give you a cash bonus if you move a direct deposit to them or if you open a chequing account.

Right now, with interest rates so low, the interest you lose on having money stuck at TD is relatively minimal. However, if rates go up, it might matter more, over the course of a year.

I don't know what Tang's limit is for depositing cheques by smartphone, but my spouse recently deposited one for almost 8K without a problem. It's SO much easier than having to remember to go to the bank. You can get it off your to-do list as soon as you receive the cheque and start earning interest immediately.sf-smile

.

June 9, 2016
6:33 pm
Norman1
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christinad said

I recently received an inheritance from my grandma. It was nice to go into the branch, deposit the cheque and receive access to the funds right away. I was wondering how i would deposit the cheque if i only had a tangerine account. I would have probably have had to go to a cafe and there would have been a hold on the funds. Definitely an advantage of a big bank.

With Tangerine Bank, one could have deposited the cheque at a Scotiabank banking machine or using their mobile phone Cheque-In service.

The hold would depend on how one's credit is with Tangerine.

June 16, 2016
9:52 am
RicksBank
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TD also has a mobile phone Cheque-In service.

My limit is $15k daily, $30k on a rolling 30-day basis. This limit may differ for other people. The FAQ says "You can locate your limit in TD Mobile Deposit by selecting the "Information icon" that appears next to the Deposit To field."

That has changed. In the app, it now shows your limits when you select "Mobile Deposit" and then "Deposit Cheque".

June 16, 2016
6:07 pm
christinad
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The cheque was over $25000 and i wouldn't have felt comfortable depositing it in a bank machine. I was able to transfer the entire amount to various savings accounts and my mortgage with no holds. I'm not saying it is a dealbreaker but no holds on a large amount is pretty cool. I've never been in a cafe so i'm not sure what services they offer. I would definitely check before switching. The one time i went into scotiabank they wouldn't help me so i'm not sure what to expect from them either. I've considered switching too so if i do more research i'll post.

June 16, 2016
8:43 pm
Norman1
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christinad said

The cheque was over $25000 and i wouldn't have felt comfortable depositing it in a bank machine. I was able to transfer the entire amount to various savings accounts and my mortgage with no holds. I'm not saying it is a dealbreaker but no holds on a large amount is pretty cool.

You had your mortgage with the bank. With the charge registered against your house, the bank knew you would be good for the $25,000 should the cheque bounce.

I've never been in a cafe so i'm not sure what services they offer. I would definitely check before switching. The one time i went into scotiabank they wouldn't help me so i'm not sure what to expect from them either. I've considered switching too so if i do more research i'll post.

Scotiabank will allow Tangerine Bank clients to use the Scotiabank bank machines.

But, access to other Scotiabank branch services is not included. A Tangerine Bank client would not be able to go to a Scotiabank branch and buy a bank draft using the money in their Tangerine chequing account.

June 17, 2016
8:43 am
christinad
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Fyi I transferred to savings accounts outside td, it wasn't about the fact i was transferring internally within td. Good to know about scotiabank. Thanks.

June 17, 2016
7:32 pm
Norman1
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christinad said

Fyi I transferred to savings accounts outside td, it wasn't about the fact i was transferring internally within td. Good to know about scotiabank. Thanks.

That is expected. One can do anything with the portion of the deposit that doesn't have a hold on it. That includes withdrawing it as cash from a teller. sf-laugh

An online bank will be as accommodating once it knows the client for a while. I've seen PC Financial give some customers a five-day hold on deposits with immediate access to the first $15,000.

June 17, 2016
10:08 pm
christinad
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I decided to phone tangerine because i was curious. Apparently you can deposit a cheque up to $99,999 in the bank machine or mobile deposit. However at tangerine the maximum without a hold is $5000 so i was right about td being better since i had no holds. I think i have 5000 at tangerine. There are no teller capabilities at the cafe. You can use debit up to $5000.

June 21, 2016
7:23 pm
Norman1
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Thanks for sharing those findings about Tangerine and their cafés.

It looks like the only transaction capability in their cafés is applying for an account with ID instead of a cheque from another bank:

Toronto North Café

If you’re interested in becoming a Client and opening a Tangerine Chequing Account, Savings Account, RSP Savings Account or Tax-Free Savings Account, you can sign up at this Café Location without needing a cheque from another bank. All that’s needed is a valid Social Insurance Number, an email address and a valid government issued photo ID …. You can also apply for the Tangerine Money-Back Credit Card at this Café.

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