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Tangerine Being Sneaky with New Promo?
January 2, 2023
4:09 am
RetirEd
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Canadian banking rules don't allow banks to miss any interest during transfers. The sneaky Tangerine dodge when I transferred my last TFSA out was to snail-mail TFSA transfers as physical cheques from Toronto, as the money doesn't leave Tangerine until the cheque gets to the other end and clears. Tangerine gets a few days to keep the funds.

For those wondering whether to switch from Tangerine to another institution that has a higher interest rate (5% in the example) than Tangerine's promotional one during the gap - why not just LEAVE your cash at the 5% one? (I know some people will have accessibility issues or insurance limits, but...)
RetirEd

RetirEd

January 2, 2023
7:17 am
Norman1
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There's special handling and paperwork for direct TFSA and RRSP transfers. The relinquishing financial institution can't just send the money by bill pay remittance, automatic funds transfer, or wire transfer. Doing so will result in a regular contribution to the TFSA or RRSP.

A cheque in the mail attached to the documentation is the only universal way to do the transfers right now. There is an ATON system that investment brokers are on that can electronically transfer brokerage account holdings. But, not all RRSP and TFSA issuers are on it.

Payments Canada is working to add ISO 20022 payments to the payments system. That way, more info can be sent with an automatic funds transfer item in the future.

January 2, 2023
9:43 am
Winnie
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RetirEd said
Canadian banking rules don't allow banks to miss any interest during transfers.  

I lost interest for 19 days during TFSA transfer from EQ.
I had no idea, that banking rules don't allow that.

It took EQ in total 16 days to issue a cheque, hold that cheque and finally mail it out.
It took only 3 days for that cheque traveling to another bank, where it was deposited immediately the same day after receiving.

EQ was very bad. They told me, that they have one department for issuing those cheques and another department for cheques mailing out and they actually have a lineup for that special operation, meaning that already issued cheque must wait 8 days in lineup, before mailing department will consider that cheque to be mailed out.

January 2, 2023
3:35 pm
suburbs4life
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cgouimet said

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

I got back to back offers this time. So it can happen.

I just worry as they may use the Dec 31st balance as the threshold come Jan 5th. I moved my money out to Simplii as I got that offer as well to be safe.

January 2, 2023
4:39 pm
cgouimet
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suburbs4life said

I got back to back offers this time. So it can happen.

I just worry as they may use the Dec 31st balance as the threshold come Jan 5th. I moved my money out to Simplii as I got that offer as well to be safe.  

Very good.

I often miss a few TNG promo days as I plan to get my account(s) to near $0 before the end just in case there's a new one for only new $ ...

CGO
January 3, 2023
5:32 am
mustang
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Yes, we also got back to back offers this time-- for the first time
But, I won't count it until I see it-- Jan 5?
Moved the money out, particularly the USD, as apparently the new offer will not apply to those
It is a pain, trying to move for a few days-- particularly with the number of holidays involved
Manageable, I guess, if you can pull from the other bank, but that's not always so simple to do

January 3, 2023
5:38 am
Bruford
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RetirEd said
For those wondering whether to switch from Tangerine to another institution that has a higher interest rate (5% in the example) than Tangerine's promotional one during the gap - why not just LEAVE your cash at the 5% one? (I know some people will have accessibility issues or insurance limits, but...)
RetirEd  

CDIC limits

January 4, 2023
8:59 am
Bruford
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This from a poster on RFD

"Reading the email from Tangerine carefully, you don't get this rate automatically just because you got the email - you have to wait for another email you will supposedly get on Jan.5 and activate the rate then.

I wouldn't put it past Tangerine to not send that 2nd email to everyone who got the 1st email, leaving them cheated out of a week of interest before they realize the offer isn't coming.

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