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Tangerine started cheating ...
July 4, 2024
2:39 pm
Basya
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Member Since:
July 4, 2024
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I'd describe the situation I got today with Tangerine.

After end of promotional rates on May, I moved all my money out of Tangerine.

On July 2nd, I transferred ~5800 CAD from RBC to my Tang checking account to pay out my Tangerine credit card.

Right away they put ~800 on hold.
Then on July 4th I got new promotional rate (5.75% for all new deposits) from them. And obviously decided to move my money back to Tangerine.
However ...
When I called them to check why they put 800 CAD on hold and for how long (as previously they did not do so), the answer pissed me off:

1) Now (at least for the last couple month) they do not have the system that allowed communicate btw bank efficiently, thus from now on, everything over 5000 in your transfer will be put on hold for at least 5 business days for ... blah-blah-blah.

2) If I do a transfer for 5K, then money will be released immediately. However, if on next day I will do another transfer for 5K, then this one will be on hold for 5 business days. So, to avoid holds, they advised to make sure 5 business days between 5K transfers.

3) Moreover, when I said: if you need to hold 800 CAD, Ok, then move it from my checking account (rate is 0.01%) to my saving account (rate is 5.75%) and hold them there. The answer was: we cannot do so.

So, they cheat me three times:

1) first of all they hold my money on Tang checking account (while money already gone from my account in another bank), so they will be using my money without paying any interests for 5 business days.

2) secondly, I moved this money to Tang specifically to pay out my Tang credit card, and since they put this hold, I cannot do so. Thus after payment deadline, they will charge me the credit card interests.

3) And (what piss me off particularly): they try to attract me by promotion rate, but all money that I will be transferring from other banks to Tang checking account (as it linked to that checking account), they will be putting on hold, i.e. using my money for free.

Yea-a-ah ... this is the current situation with Tangerine.  

July 4, 2024
6:18 pm
ryanc
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January 25, 2023
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I am sorry that you had such experience, but I thought holds on EFT pulls have always been a thing? There are no holds on EFT push.

Basya said
1) first of all they hold my money on Tang checking account (while money already gone from my account in another bank), so they will be using my money without paying any interests for 5 business days.

2) secondly, I moved this money to Tang specifically to pay out my Tang credit card, and since they put this hold, I cannot do so. Thus after payment deadline, they will charge me the credit card interests.

3) And (what piss me off particularly): they try to attract me by promotion rate, but all money that I will be transferring from other banks to Tang checking account (as it linked to that checking account), they will be putting on hold, i.e. using my money for free.

Yea-a-ah ... this is the current situation with Tangerine.    

Here how I'd do it:

1) Pull the fund directly into the savings account.

2) Pay the credit card bill from RBC side with pay bill (push).

3) Again, pull the money directly into the savings account. I believe it accruals interest right away when on hold.

So say you need to pay a $5100 credit card bill that is due within a week and save $700, I'd pay bill from RBC to the credit card number for $5100 and then pull $700 directly into the savings account.

July 10, 2024
9:01 pm
BTC
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November 20, 2022
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Basya said
...but all money that I will be transferring from other banks to Tang checking account (as it linked to that checking account), ... 

This cannot true, right? The link on the Tangerine side is per profile not per account. You can definitely pull funds from RBC to Tangerine's savings account directly.

If you were referring to your Tangerine's chequing account is linked to your other external account, you would push the funds at other bank to Tangerine's chequing account, which is subject to zero business day hold.

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