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Tangerine Sure Takes Advantage of Their Customers - It's no ING!
January 8, 2016
8:33 am
bb123
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Why anyone has money in Tangerine is beyond me. You take a look at their normal rates, the rates paid to their long time customers, it's embarrassing. They are taking advantage of their long time customers by offering them terrible rates compared to other virtual offerings, and then take those profits to sucker in new money with teaser rates with the hope that they forget about it and leave it there after their specials expire, at a 3rd of the rate they brought it in at. And less than half of the top virtual FI's like Implicity, Accelerate, etc. Their GIC rates are not competitive either! Sure it's great for the few that chase the top rate and not as concerned about moving money around like us but I feel bad for all the people that were attracted over the years by ING and their unsuspecting new clients. But I digress......

Sorry for the rant. Companies like this tick me off. I guess it shouldn't be that big of a surprise since after all, it is now owned by a Bank (Scotia). Oh right.... I was supposed to digress...

January 8, 2016
10:30 am
rhvic
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Yes it is true to presume that anyone who leaves a lot of cash in Tangerine for long periods of time is not getting the interest rates they could. But then companies like Tangerine hope that most of their customers do not shop around for better rates. Fortunately for them, this is the case.

I am one of those who moves my money to the best rate possible. Sometimes that is Tangerine, or PCF, during one of their promotions. I see no hardship is moving money around and parking it there for a month or three. I will take advantage of any promotion I can that pays better than the competition. Meanwhile, I will park my cash in a high rate account such as Hubert, waiting for the next promotion.

January 8, 2016
5:37 pm
JustMe
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Why Anybody keeps large sums at the 'big banks'? Because they trust them they will not go bankrupt. Try to explain some guy from small town that he can get double interest from 'on-line bank' somewhere 'from the West' and see what he will tell you. You will get blank stare, finger or you will be chased with the shotgun...
Why people buy garbage cars like Ford or GM? Because they are USED TO. It is VERY difficult to change habit or try to be different. Most people seeing pink died hair will start rolling eyes...

January 8, 2016
7:46 pm
Joebart
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YOU ARE RIGHT IT IN NOT ING ANY MORE look at that:
Copy of the letter to Tangerine:
I am very disappointed that your institution is misleading clients with new 2.5% promo for saving accounts.
I spoke over the phone twice with two service representatives asking for more info and was misled to think that I will earn 2.5% on whole balances.
The second representative after me pointing out, that account info on the banking site states (Special offer: Earn 2.5% interest on new deposits up to $500,000 to your Tangerine Savings Account(s), RSP Savings Account(s) and Tax-Free Savings Account(s), until Mar 31, 2016.) had to put me on hold to get clarification and after actually admitted his first claim was misleading.
That was very disappointing.
We have been clients of Tangerine and before ING Direct for years and nobody tried to trick us before till now.
We are going to move our savings somewhere else.
Yours
So that is what happened to me...bewaresf-yell

PS. They never got back to me with any response to that email. Sending hard copy to their headquarters. Will keep you posted.

January 9, 2016
11:24 am
kanaka
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bb123 said

Why anyone has money in Tangerine is beyond me. You take a look at their normal rates, the rates paid to their long time customers, it's embarrassing. They are taking advantage of their long time customers by offering them terrible rates compared to other virtual offerings, and then take those profits to sucker in new money with teaser rates with the hope that they forget about it and leave it there after their specials expire, at a 3rd of the rate they brought it in at. And less than half of the top virtual FI's like Implicity, Accelerate, etc. Their GIC rates are not competitive either! Sure it's great for the few that chase the top rate and not as concerned about moving money around like us but I feel bad for all the people that were attracted over the years by ING and their unsuspecting new clients. But I digress......

Sorry for the rant. Companies like this tick me off. I guess it shouldn't be that big of a surprise since after all, it is now owned by a Bank (Scotia). Oh right.... I was supposed to digress...

I have to agree. Both Tangerine and PC....why would you? Too much fine print. Not easy and straight forward? Reading here over the years of issue after issue. In my opinion neither of these Financial Institutions put themselves into a position of being "trustworthy".

January 9, 2016
12:06 pm
Loonie
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For at least the last year and a half spouse and I have been getting the best available rate on savings accounts at Tangerine by taking advantage of phone-in promotions. There is no significant delay between promos and no need to move the money elsewhere in between promos. I could do better for short term, usually 3 months,elsewhere, but the hassle of moving it in and out and setting up new accounts usually makes me want to take a nap instead - not to mention the unique hassles that have been reported with banks like Zag..

I have no problem with Tangerine CS except this annoying feature where you have to phone them every 6 months or so to make sure you get the preferred rate. But it's only 2 or 3 times a year and I can put up with it.

When you make an internal transfer at Tang, it's done, and you can count on it. They are so efficient, actually, that they somehow managed to deposit spouse's pension before it was authorized by the pension fund recently.sf-surprised

There is fine print, but you won't get a better rate anywhere without fine print. As fine print goes, it's fairly clear.

So, I don't have any problem understanding why someone would choose Tang - especially over PC! That said, I can see why some people might choose to chase rates more aggressively. More power to them!

January 9, 2016
2:31 pm
Norman1
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I have no problem with the fine print of Tangerine's special offers either. There was a minor issue of whether withdrawals are against interest or new money in their new-money offers. But, that was it.

I suspect many Tangerine customers don't care because the difference between the posted rate and special offer rates is not worth worrying about for them. On a $1,000 savings deposit, the difference between the posted 0.8% rate and a 2½% special offer rate is just $17 a year.

I think many of their customers would care if the additional interest were $1,000 a year. However, that would mean at least $58,900 on deposit.

January 9, 2016
8:01 pm
Jon29
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bb123 said

Why anyone has money in Tangerine is beyond me. You take a look at their normal rates, the rates paid to their long time customers, it's embarrassing. They are taking advantage of their long time customers by offering them terrible rates compared to other virtual offerings, and then take those profits to sucker in new money with teaser rates with the hope that they forget about it and leave it there after their specials expire, at a 3rd of the rate they brought it in at. And less than half of the top virtual FI's like Implicity, Accelerate, etc. Their GIC rates are not competitive either! Sure it's great for the few that chase the top rate and not as concerned about moving money around like us but I feel bad for all the people that were attracted over the years by ING and their unsuspecting new clients. But I digress......

Sorry for the rant. Companies like this tick me off. I guess it shouldn't be that big of a surprise since after all, it is now owned by a Bank (Scotia). Oh right.... I was supposed to digress...

I agree with most of your post, I don't wait for an email from Tang, I don't like .8% either so I tried to move out a substantial sum that exceeded my limit, I had to call them to withdraw they offered 2% for 6 months on the total, not bad I stayed with them.

January 10, 2016
9:01 am
fabafter50
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I hear you all loud and clear about Tangerine. So I had my 10K in their kickstart tfsa deal. Obviously the Liberals put a stop to actually realizing that people that save money are a benefit, however that is another rant for another time. So Jan. 1st my $5500 gets sent into my tfsa savings account. 4 days later I get an email saying they have a 2.34% promo on TFSA accounts so I phone, but of course since my money was already there I couldn't get that rate. I don't know why they don't realize how much this annoys and disrespects long and loyal clients. I will whore around and get the best rate wherever I can. I am way beyond feeling any loyalty to any of these horrid banks. Keep in mind Tangerine was taken over by Scotia who are probably the worst of them all. I've been there since it was National Trust and am moving all funds out of there as soon as they come due.

January 10, 2016
5:15 pm
Loonie
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I swear, National Bank is the worst of any of them! My money is now all out of there as of last month.

P.S. What happened to the excess in the kickstart? Just wondering what they did with it, and whether you can get it back or do you have to wait til 2017 for next TFSA deposit?

January 10, 2016
9:39 pm
Jon29
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fabafter50 said

I hear you all loud and clear about Tangerine. So I had my 10K in their kickstart tfsa deal. Obviously the Liberals put a stop to actually realizing that people that save money are a benefit, however that is another rant for another time. So Jan. 1st my $5500 gets sent into my tfsa savings account. 4 days later I get an email saying they have a 2.34% promo on TFSA accounts so I phone, but of course since my money was already there I couldn't get that rate. I don't know why they don't realize how much this annoys and disrespects long and loyal clients. I will whore around and get the best rate wherever I can. I am way beyond feeling any loyalty to any of these horrid banks. Keep in mind Tangerine was taken over by Scotia who are probably the worst of them all. I've been there since it was National Trust and am moving all funds out of there as soon as they come due.

<br

Yes fabafter50, I agree they are all horrid. I'm not so sure that Scotia is the worst of them all at 1.5% locked at 90 days. My TFSA is maxed out at .8%, I hesitate to move it because who knows what another institution will do in a few months, you may have to move it back and pay two penalties? Its a hassle that I would rather do without. As another member said earlier and I think we all agree Tang is not ING. FYI PCF. is offering 2.5% on new money. sf-wink

January 11, 2016
4:38 am
fabafter50
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P.S. What happened to the excess in the kickstart? Just wondering what they did with it, and whether you can get it back or do you have to wait til 2017 for next TFSA deposit?

The excess was transferred into my Tangerine savings account which I immediately transferred out to Zag where I'm getting 2.5% until March 20th. That's where the majority of my funds have been since the 3% ended at Tangerine. I had to laugh at Tangerine when I called about the TFSA 2.34%, I was of course told that I could not have that as the money was already there, but they said why don't I transfer new money into my Tangerine savings as that would qualify for the 2.34%. I told no thanks, getting a better rate elsewhere and maybe if they showed a little more loyalty to their long time customers they would not keep moving their funds out.

January 11, 2016
5:04 am
2of3aintbad
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I remember in a previous year the kickstart money auto-transferred into the TFsA did indeed get the promo rate. I'm happy that I am not participating this year.

May 25, 2016
6:12 pm
Saver-Mom
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Ripping mad at Tang for making me waste an hour of my life waiting on the phone for the minion to refer back to his supervisor multiple times and again twice more when I insisted on speaking with said supervisor, until he finally got on the line. They were unwilling to correct their mistake in the amount of RRSP money transferred out and demanded I fill in a new T 2033 form, despite THEIR error. It isn't your father's ING, for sure! It's all coming out now!

May 25, 2016
10:38 pm
Loonie
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Perhaps they've gotten too pleased with themselves due to surveys showing we find their customer service generally better than elsewhere.
The bar is not very high...

No question, they are becoming more like BNS and less like ING of yesteryear. ING had a no-nonsense approach, which I found to be quite consistent with my experience of Dutch culture. And I have zero Dutch roots.
The motto, "Save your money" has vanished from their advertising. It was a brilliant motto.

Customer Service is really the only reason I have stayed with them. Their chaotic interest rates and begging-bowl system for accessing them are extremely annoying

Thanks for the warning!

May 26, 2016
4:44 am
JenE
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I'm new to the forum and read that people were paying $45 to transfer out registered products from Tangerine. I recently moved three and told them as I'd had them before their new policy came into effect I shouldn't be charged. It needed a supervisor's intervention but I was successful! It pays to be persistent!

May 26, 2016
9:40 am
fabafter50
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I absolutely despise Tangerine and am presently getting EVERYTHING out of there.
Does anyone know when the policy to charge $45 to transfer out came into effect?
Thanks in advance.

May 26, 2016
12:10 pm
Loonie
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It wasn't that long ago, probably within the past year. There is a post about it here somewhere.

May 26, 2016
12:39 pm
fabafter50
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Thanks Loonie,
I'll have to find that and use not to get stung with a bunch of fees when I bail everything out of there.sf-cool

May 26, 2016
4:55 pm
2of3aintbad
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fabafter50 said

I absolutely despise Tangerine and am presently getting EVERYTHING out of there.
Does anyone know when the policy to charge $45 to transfer out came into effect?
Thanks in advance.

'Message Board' December 19, 2014:
Tangerine is committed to ensuring that any fees we need to charge our Clients are fair. Effective January 19, 2015, there will be a $45 charge if you decide to move your RSP, TFSA or RIF from Tangerine to another financial institution

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