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Tangerine Global ETF Portfolios
November 13, 2020
11:20 am
topgun
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Vatox said

I’ve pulled my money for good! Not going back unless their regular rate is competitive. I won’t support poor behaviour as I don’t need the gains from their promos.  

Tangerine offers many products besides saving account. The savings account pays peanuts in interest so I have very little on deposit. I have a checking account. I am pleased with them.

Have a Great Day

November 13, 2020
12:50 pm
Vatox
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topgun said

Tangerine offers many products besides saving account. The savings account pays peanuts in interest so I have very little on deposit. I have a checking account. I am pleased with them.  

All of those other products and services can be had elsewhere and you may even get a descent interest rate to go with them. The point to be made about Tang, is that they are a very large online bank and they can easily offer a rate comparable to those on The Chart. They choose not to and I won’t throw my business their way anymore.

November 13, 2020
12:59 pm
topgun
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Vatox said

All of those other products and services can be had elsewhere and you may even get a descent interest rate to go with them. The point to be made about Tang, is that they are a very large online bank and they can easily offer a rate comparable to those on The Chart. They choose not to and I won’t throw my business their way anymore.  

In the summer I almost considered leaving Tang totally. Mail-in Forms required to switch deposits. Not worth switching. Have fun.

Have a Great Day

November 13, 2020
1:17 pm
Vatox
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topgun said

In the summer I almost considered leaving Tang totally. Mail-in Forms required to switch deposits. Not worth switching. Have fun.  

Who needs forms! I withdraw everything. The TFSA money just has to sit in a non-registered account until January.

November 13, 2020
3:05 pm
topgun
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Vatox said

Who needs forms! I withdraw everything. The TFSA money just has to sit in a non-registered account until January.  

Yes I could withdraw every cent the second business day of month. It is easy to switch government pensions to another account. I will keep a small amount in Tang for cashflow.

Have a Great Day

November 16, 2020
6:48 pm
RetirEd
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Since Tangerine degraded their phone service to a 45-to-105-minute wait, and started charging for statements, they are too much of a pain to bother with.
RetirEd

PS - it's not the pandemic - their service degraded about two years ago.

November 18, 2020
8:16 pm
Peseta
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I agree that banks must make money, otherwise they’d go out of business. But it would be hard to argue that behaviour of most banks these days is well into the gouging territory. I would give them a benefit of the doubt if they were fighting for survival, but it’s their desire to make more billions that makes their fee structures intolerable.

Aren’t banks allowed to lend out 10-fold of what they carry in reserves? So, for a deposit of 1 million dollars, they could legally lend out 10 million and reap benefits of that 10 million without actually having it. That alone is a pretty sweet recipe for profitability. But when greed blinds one’s vision, nothing will ever be enough.

I am not saying that there should be no fees, but I could never be convinced that charging a customer $125 for transferring money to another financial institution is solely to cover administrative expenses. Or slapping a $5 ATM fee for a foreign withdrawal, on top of 2.5% forex, is somehow justifiable.

The issue I have with Tangerine is that it tries to capitalize on the no-fee/fair/alternative banking legacy of ING, while at the same time acting no differently than Big 5. Ok, their chequing account is free, but that’s a pretty low standard to strive for when you market yourself as being better and different. There is a reason why people liked (and miss) ING. It was true to its promise, it gave Canadians a good product at a fair price. And somehow it still made money.

More automation and more push towards self-service translates into millions in savings for banks and yet fees keep going up and up. I guess those 10 to 15-million-dollar bank CEO salaries have to come from somewhere.

November 19, 2020
2:39 am
Loonie
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It would be interesting to know how many ING customers still have deposits in Tang greater than $10. I doubt that it's very many. Early adopters of ING, and I was one of them, were willing to think outside the box in their choice of financial institutions, and they/we still can.

November 19, 2020
5:51 am
topgun
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Looking at Scotiabank 2019 annual report you find there are over 2 million Tangerine Bank customers for self-directed banking solution. They used to report 30 billion in deposits. Average deposit per customer $15,000. A lot of customers have staggering deposits to get the average so high.

Have a Great Day

November 19, 2020
6:01 am
topgun
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Another way at looking at profits is take quarterly profit divided by number of customers. The are happy to make $30-$40 from each customer per quarter. They make money on EVERY product.

Have a Great Day

November 20, 2020
5:48 pm
Loonie
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They may have boosted deposits when they had those GIC deals a few months back.

In 2019, Tang wasn't such a bad place for HISA. It was easier then t get a decent rate.

November 20, 2020
6:04 pm
topgun
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Correct.
However I saw the writing on the wall. I started leaving in April 2019. Tang 1.20%. My HISA 2.40%. The difference to big to ignore. Funny the differential is 1.20% today.

Have a Great Day

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