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Tangerine Increasing fees as of Jan 1, 2020
October 1, 2019
9:09 pm
Shawguy
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Tangerine is increasing many fees as of January 1, 2020.

See https://www.tangerine.ca/file_source/fberoot/pdf/en/en_fair_fees_schedule.pdf

Some notable ones..
-Interac E-Transfers are still not free
-Chequebooks will cost $50 now. (first one is still free)
- Savings accounts have dormancy fees and NSF charges now.

October 1, 2019
9:38 pm
Loonie
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Thanks, SG.
They are also increasing the registered transfer fee to $50.

October 2, 2019
9:24 am
Selkirk
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So be it

The wife & I just finished pulling out all the money we had with Tangerine ... all our accounts there now read: $0.00 .

Adios, Tangerinesf-cool

October 2, 2019
12:33 pm
Rick
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Why don't they just merge with Scotia Bank and be done with it?

October 2, 2019
1:47 pm
Selkirk
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Rick said
Why don't they just merge with Scotia Bank and be done with it?  

Tangerine 'is' Scotia Bank ... or rather, an appendage of it. No need to merge.

In other words ... Tangerine is just Scotia Bank, but with different lipstick. sf-laugh

October 2, 2019
3:45 pm
pooreva
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Dean said
So be it

The wife & I just finished pulling out all the money we had with Tangerine ... all our accounts there now read: $0.00 .

Adios, Tangerinesf-cool  

Nope, you are not off the hook just yet. Remember 'dormancy fee'? You have to close account(s)...

October 2, 2019
4:53 pm
Save2Retire@55
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It is not bad! Still free chequing account.

Dean - What is your better replacement for Tangerine (Other than Simplii)?

October 2, 2019
7:31 pm
Bill
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Unlike Simplii/CIBC, Tangerine is a separate corporation from Scotiabank. Each has separate CDIC coverage, for example.

October 4, 2019
10:54 am
dommm
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pooreva said

Nope, you are not off the hook just yet. Remember 'dormancy fee'? You have to close account(s)...  

Does the dormancy fee clock start Jan 1/2020 or does a dormancy fee get charged Jan 1/2020 if my account has been dormant for all of 2019? Thanks

October 4, 2019
3:37 pm
Loonie
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dommm said

Does the dormancy fee clock start Jan 1/2020 or does a dormancy fee get charged Jan 1/2020 if my account has been dormant for all of 2019? Thanks  

That's a good question. I don't think the answer is obvious.
Probably best to email them or chat. Let us know what they say.

October 4, 2019
4:17 pm
Selkirk
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Dean said

So be it

The wife & I just finished pulling out all the money we had with Tangerine ... all our accounts there now read: $0.00 .

Adios, Tangerinesf-cool  

pooreva said

Nope, you are not off the hook just yet. Remember 'dormancy fee'? You have to close account(s)...  

Where are they going to get the money from to pay the dormancy fees❓sf-smile

October 4, 2019
4:46 pm
Rick
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Dean said

Tangerine 'is' Scotia Bank ... or rather, an appendage of it. No need to merge.

In other words ... Tangerine is just Scotia Bank, but with different lipstick. sf-laugh  

Yeah. My point was the they are becoming so similar with regards to fees and offerings, why keep them separate? They are certainly not is the same ballpark as when ING ran them. They have slowly cut services, introduced (and raised) fees to the point that they might as well go all the way and just call it what it is...Scotia Bank. Only reason I can see is the separate CDIC coverage.

October 4, 2019
9:17 pm
GICinvestor
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Not a fan of BNS. But in watching the Sears Mastercard, to Chase and then branded as BNS. Any thing that was good about the Sears/Chase Mastercard has been stripped away. And it to is just a run of the mill BNS card. It is buying customers with a long term plan to bring it in line with BNS standards. Show me a better no fee cash back card and I am gone.

October 5, 2019
7:32 am
Peseta
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Its dumbfounding that parent Scotiabank would offer free Interac eTransfers, yet Tangerine won't. Even RBC has free Interac transfers. I wonder why Tangerine is so gong ho about not waiving that stupid $1 fee. Does it really generate them that much revenue?

I think they really missed out on a whole market segment when they didn't waive forex on their MasterCard. And now looks like they're increasing their foreign ATM fee to $3, which is similar to what Simplii charges.

As many have observed here, there are not a whole lot of things anymore that distinguish Tangerine from Big5 or Simplii.

October 5, 2019
9:01 am
Canadianbull
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Dean said

pooreva said

Nope, you are not off the hook just yet. Remember 'dormancy fee'? You have to close account(s)...  

Where are they going to get the money from to pay the dormancy fees❓sf-smile  

Most likely Your account will go in negative.

October 5, 2019
9:43 am
dommm
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Loonie said

That's a good question. I don't think the answer is obvious.
Probably best to email them or chat. Let us know what they say.  

So I learned that a dormancy fee & inactivity fee are not the same thing. Most or all of you might have known that already.

The new dormancy fee as I was told via phone call starts after 2 years of dormancy on non registered savings accounts & the clock starts Jan 1/2020. After Jan 1/2020 the clock starts on the last day you have logged into your account. So for instance, if you have a non registered savings account that is not used from Jan 1/2020 & through Dec 31/2021 you would be charged a $20 dormancy fee & likewise if you log into your account on May 8/2020 you would be charged a dormancy fee on May 8/2022. Logging into your account is all that is needed to reset the clock for another 2 years.

As for the inactivity fee on my savings account, there is none & that will not change.

Checking accounts have different rules but I don't have 1 of those so I did not ask any particulars.

That is how I understand this issue but please do your own dd.

October 5, 2019
12:10 pm
Selkirk
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GICinvestor said
Not a fan of BNS. But in watching the Sears Mastercard, to Chase and then branded as BNS. Any thing that was good about the Sears/Chase Mastercard has been stripped away. And it to is just a run of the mill BNS card. It is buying customers with a long term plan to bring it in line with BNS standards. Show me a better no fee cash back card and I am gone.  

I'm not familiar with the BNS no-fee cash-back card, but we use Tangerine's no-fee 2% cash-back card ... we get 2% cash-back in three different categories (grocery/vehicle gas/recurring bills). It seems to work quite well for us. For the other categories of purchases, we use a Capital One no-fee cash-back card that gets us 1% back.

At first we were a little leary of running two different credit cards (each intended for different categories of purchases), but it has worked out well for us. And it's nice to have two different credit cards, in case one of them ever gets close to the monthly max limit.

Tangerine Cash-Back CC
https://www.tangerine.ca/en/products/spending/creditcard/

Capital One Cash-Back CC
https://www.capitalone.ca/credit-cards/aspire-cash-platinum/?filter=all

October 6, 2019
8:13 am
dougjp
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dommm said

So I learned that a dormancy fee & inactivity fee are not the same thing. Most or all of you might have known that already.

The new dormancy fee as I was told via phone call starts after 2 years of dormancy on non registered savings accounts & the clock starts Jan 1/2020. After Jan 1/2020 the clock starts on the last day you have logged into your account. So for instance, if you have a non registered savings account that is not used from Jan 1/2020 & through Dec 31/2021 you would be charged a $20 dormancy fee & likewise if you log into your account on May 8/2020 you would be charged a dormancy fee on May 8/2022. Logging into your account is all that is needed to reset the clock for another 2 years.

As for the inactivity fee on my savings account, there is none & that will not change.

Checking accounts have different rules but I don't have 1 of those so I did not ask any particulars.

That is how I understand this issue but please do your own dd.  

I also confirmed by phone that all you need to do is login to your account. There is no need to make a deposit/withdrawal to reset the time.

Another bit of potential confusion is their $ 5- fee for a duplicate paper tax receipt or statement. There is no charge for getting the original tax receipt mailed. So as there is a separate option for mail/electronic for the tax receipt, you might want to check your options for your choice for that.

October 6, 2019
9:56 am
Selkirk
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Save2Retire@55 said

It is not bad! Still free chequing account . . .  

A 'free' chequing account with Tangerine isn't really on my radar. Because we're long-time customers of theirs (and seniors), my wife & I get free chequing at our local TD Bank.
.

Save2Retire@55 said

. . . Dean - What is your better replacement for Tangerine (Other than Simplii)?  

Simplii isn't on my radar either ... their rates are too low: https://www.highinterestsavings.ca/gic-rates/

In spite of their shortcomings, most of our cash investments (HISA's & GIC's) are now with Hubert Financial: https://www.happysavings.ca/

October 6, 2019
12:55 pm
Selkirk
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Canadianbull said

Most likely Your account will go in negative.

  
Nope

This is a quote from Tangerine's Fees Terms (Note #5) :

" . . . If your Account balance is less than or equal to the Dormancy Fee, we reserve the right to close the Account when we deduct the fee."

Source :
https://www.tangerine.ca/file_source/fberoot/pdf/en/en_fair_fees_schedule.pdf

So in two years from Jan 1 2020, they'll go into my accounts to charge their Dormancy Fees, but all they'll find there is $0.00.

All they'll do is close the accounts ... and that's just fine with me ! sf-smile

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