Tangerine Being Sneaky with New Promo? | Tangerine Bank | Discussion forum

tobyz28 said
Hi all, I would just like to raise awareness that Tangerines Last Campaign end on the 31st of Dec and the new one they are promoting ahead of time via email for a 4.75% Rate starts on the 5th of Jan, which leaves customers on 1% for a 4 day period. Switching to another bank for a few days is not viable as this often this takes a few days each way anyhow.

Hopefully Tangerine does not start making a habit of this. Just hoping to raise some awareness, I'm not sure if anyone else has noticed this.  

As I haven't heard of anybody getting back to back offers from TNG, how critical is this?

Yes there are holds both at Tangerine and Simplii.

Even if it weren't at Simplii, pushing from Tang would have a day… then at most receiving banks there would be a hold (~5 days) too. That is not to even count a weekend falling right into it when interbank clearing is closed. (All based on my previous experiences.)

So I don't see the point of pulling funds out for 5 days.

And yes, this is a sneaky new tactic on Tangerine's part. But at this point, being sneaky cheaty etc is a feature with banks, not a bug. 🙂

(I also got a back to back offer from Tang, one ending Dec 31, other starting Jan 5. And despite me begging Simplii, they didn't give the offer they were handing out to others who called, as I posted in other thread I think.)

I think more and more FIs are now holding funds even for direct linked transfer. Not saying Tang or Simplii does it, but a lot if not all CUs now has the hold policy regardless of source of funds.

I've never seen a Hold on funds pushed into an account (and that includes EQ, DUCA and Motive), but there are normally Holds on funds pulled into an account. This is an important distinction and is often misunderstood. The deciding factor is where the transfer originated. If origination and destination are the same, there will be a Hold; we call that a "pull". If origination and destination are different, there will be no Hold; that is a "push".

Banks and CUs handle it the same way.
I pulled a lot of transfers into DUCA in 2022. They were all held, as I expected, because it was a pull.

One of the reasons I continue to use a Big Bank as my hub is that I know anything that comes in there (except cheques, which are rare) is clear. This is because the Big Banks don't enable pulls. Using this Big Bank account for a hub makes it harder for me to make a mistake in calculating available cash and balances - which I appreciate! I often have a lot of money flowing through that account, and it could be easy to get mixed up.

savemoresaveoften said

Loonie said
If origination and destination are the same, there will be a Hold; we call that a "pull". If origination and destination are different, there will be no Hold; that is a "push".
 

Can you elaborate ? When one transfers from one FI into another, isnt origin and destination always different ?? Based on that, then there is no hold ?? Not sure I follow. And if origin and destination are the same, isnt that like from checking to savings account within same FI, and there is a hold ?? That does not make sense and not what I observed.

Trying to learn this push vs pull. I thought "pull" is if I initiate from destination, vs "push" is when I initiate from origin. My big5 hub like u never allow to push and have to be a pull from the online banks and CUs only.  

Yes, my understanding of push/pull is same as yours. And intuitively holds make sense for “pull”. The change in balance is displayed before money actually arrives from the “donor” institution in case of a “pull”. “Push” only shows in the balance after the transfer is complete. There is risk the money won’t arrive in the former case but not in the latter

savemoresaveoften said

Loonie said
If origination and destination are the same, there will be a Hold; we call that a "pull". If origination and destination are different, there will be no Hold; that is a "push".
 

Can you elaborate ? When one transfers from one FI into another, isnt origin and destination always different ?? Based on that, then there is no hold ?? Not sure I follow. And if origin and destination are the same, isnt that like from checking to savings account within same FI, and there is a hold ?? That does not make sense and not what I observed.

Trying to learn this push vs pull. I thought "pull" is if I initiate from destination, vs "push" is when I initiate from origin. My big5 hub like u never allow to push and have to be a pull from the online banks and CUs only.  

I was trying to make it simpler but perhaps fI made it more complicated!

By "originate", I mean the FI where you set up the transfer, not necessarily the FI where the money was flowing out.

Examples may help:

You login to Meridian, set up a transfer from Meridian to TD. This is a push into TD, no hold.
You go into Meridian, set up a pull from TD to Meridian, there will be a hold at Meridian.
In both cases you initiated/originated the transfer at Meridian but in one case the destination is different (TD) and in the other case it's the same (Meridian).

It took me a long time to get this all straight in my head and I still have trouble with it. When writing previous post I had to make several revisions!

I find it easier to think of it visually. I am TD, and something just dropped in my lap (a transfer from Meridian) which I did not ask for (no pull). I regard it as a gift, no strings, no holds. But if I am Meridian and I have to pull something in, I envision yanking it (pull) in the door where it sits (hold) until I decide if it's OK. These images may not help everyone.

CORRECTION - I should probably not have used Meridian in my example as Meridian is complicated by its lengthy transfer times. Maybe substitute EQ instead.

Yes, there is variation in when the balance shows the transfer. At DUCA, it shows immediately and can be moved to another account; at Meridian , they wait until the money has arrived, typically several days; at EQ, it shows in the balance but you can't move it to another account.