Tangerine Pay Bills Limits | Tangerine Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Tangerine Pay Bills Limits
July 30, 2021
3:10 pm
Joebart
Member
Members
Forum Posts: 63
Member Since:
January 7, 2016
sp_UserOfflineSmall Offline

Tangerine Bank has a limit on Pay Bills set at $49 999 per day.
It is not really true. Its more like 48 hrs limit.
If you pay on Monday morning and you use whole limit, the money is pending and leaves the bank morning about 7 am next day.
That is when they start counting daily limit and that is what make the limit 48 hrs limit and not daily limit.
You can do next transaction only on Wednesday.
I do understand that is meaningless if you pay just utilities and so on, but if you let say buy large sums of US currency and have to pay on time, the time is the essence that makes quite a difference.

July 30, 2021
3:40 pm
KamWest
Toronto
Member
Members
Forum Posts: 129
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

I feel your pain, but you need to get a business account to make payments like that. It is not unusual for my MBNA card to hit 75k for the month and with simplii I was only able to pay $50k. With my Meridian business account I can pay any amount as long as the funds are in my account.

July 31, 2021
11:38 am
speedwagen
Member
Members
Forum Posts: 53
Member Since:
April 9, 2013
sp_UserOfflineSmall Offline

That's an interesting take on what I'd discovered months ago doing a 1st time test payment (I always do test runs using platforms I'm unfamiliar with), which basically emphasizes the core flaw, which is the fact that when you pay a bill @ tang, it doesn't get paid the day you specified, but rather the next day. Of course, that's not stopping them from debiting your acc't forthwith, whereby the fatal flaw, so to speak.

Every other bill payment platform I use, if I specify a pay date or even an immediate payment (providing it's completed before their specified cut-off time), it gets debited & transmitted early the same day with a "date stamp" that normally gets recognized by the receiving "merchant" so that irregardless of processing time, your acc't @ said merchant gets credited effective the date paid.

Not so with tang, they debit your acc't day 1, transmit funds day 2, date stamped day 2 & credited effective day 2 @ merchant, hence Joebart's 1 day lost/charged interest, depending which angle he looks at it, which involves his settling a day late or conversely, making his payment a day early to settle on time. As far as Joebart considering this flaw meaningless for basic bill payments, I totally disagree.

Whether this flaw is intentional on tang's part - essentially a daily revolving free credit facility - I cannot say.

July 31, 2021
12:09 pm
Norman1
Member
Members
Forum Posts: 4270
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Alterna Bank does something similar for scheduled bill payments.

Scheduled payments are taken from the account the night of the day scheduled, before midnight but after the Payments Canada's final 9 pm Eastern batch for the day. Consequently, my account is debited that day. But, the funds are not on its way to the biller until the next business day.

July 31, 2021
12:15 pm
Norman1
Member
Members
Forum Posts: 4270
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Joebart said
Tangerine Bank has a limit on Pay Bills set at $49 999 per day.
It is not really true. Its more like 48 hrs limit.

You can do next transaction only on Wednesday.
I do understand that is meaningless if you pay just utilities and so on, but if you let say buy large sums of US currency and have to pay on time, the time is the essence that makes quite a difference.

Can one not pay it from different banks, like from Tangerine Bank and EQ Bank?

Does it matter that $49,999 of the bill payment comes from Tangerine Bank and the remaining $35,000 comes from EQ Bank?

I've done that with credit card bill payments. Credit card companies don't seem to care if the payment for the month is in multiple payments from different financial institutions.

July 31, 2021
2:03 pm
topgun
Member
Members
Forum Posts: 446
Member Since:
September 6, 2020
sp_UserOnlineSmall Online

My savings account (i.e. Tangerine) pays no interest .10%. My savings account is empty NOW. Last year I started paying my credit card when I use it. I pay one day after I use it. The credit card company posts payment the following day. My statement balance is small. I cash the cashback frequently. My credit score is 835 even though I pay my credit card ASAP. The internal and external deposits @ Tangerine occur before payments occur. With US you need to convert one day before paying a bill. I now use the same method with my other checking account. Same posting dates apply. Have fun.

Have a Great Day

August 1, 2021
2:41 pm
speedwagen
Member
Members
Forum Posts: 53
Member Since:
April 9, 2013
sp_UserOfflineSmall Offline

Norman1 said
Alterna Bank does something similar for scheduled bill payments.

Scheduled payments are taken from the account the night of the day scheduled, before midnight but after the Payments Canada's final 9 pm Eastern batch for the day. Consequently, my account is debited that day. But, the funds are not on its way to the biller until the next business day.  

Norman1, I use Alterna all the time. I can assure everyone that what you're describing definitely doesn't happen @ my end. My acc't gets debited AFTER midnite & the funds are transmitted that very morning, so essentially the funds are debited, transmitted & credited effective the same day!!!

As far as your comment regarding using EQ Bank, they're in the same boat as Tang, as well as Wealth1 while we're at it. They all debit your acc't day1 & transmit day 2, which means with them, you have to make your payments a day early or incur late pmt charges.

August 31, 2021
10:05 pm
picassocat
Québec
Member
Members
Forum Posts: 262
Member Since:
December 29, 2018
sp_UserOfflineSmall Offline

speedwagen said

Norman1, I use Alterna all the time. I can assure everyone that what you're describing definitely doesn't happen @ my end. My acc't gets debited AFTER midnite & the funds are transmitted that very morning, so essentially the funds are debited, transmitted & credited effective the same day!!!

  

I can concur with this, I'm also with Alterna. If payment is due on the 2nd of September, my account is debited at midnight on the 1st/2nd. Also, no need to transfer funds from savings to checking to pay bills (like most banks) because with Alterna everything is functional with just a savings account (I don't even have a checking with them). I can continue to get good interest until the bill is paid. I don't know of any other Canadian bank that has this way of functioning, but it's great.

September 2, 2021
9:03 am
Norman1
Member
Members
Forum Posts: 4270
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Looks like Alterna Bank has improved.

I tried a scheduled a bill payment this week. The funds were not debited at midnight. However, the funds were debited by 11:30 am on the scheduled day.

Before, the funds were not even debited by 9 pm the scheduled day. It wasn't until around 11 pm that the debit showed up in the account.

Please write your comments in the forum.