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TFSA Kick Start Account 2015
October 21, 2014
10:59 am
james1900
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June 24, 2014
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It is true that Tangerine has become noncompetitive. But which bank is so called competitive now? Do you mean People's Trust TFSA (3% interest rate)? I hesitate to deal with People's Trust.

October 21, 2014
11:56 am
Loonie
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October 21, 2013
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I believe they have to give X days notice about fee changes, maybe 30 days? I'm not sure though if this is a legal requirement or just customary.
Does anyone know for sure?

Edited to add:
I have found the regulations on how much notice the bank must give regarding changes in fees. They have to give 30 days if you get statements, and 60 days on their websites. This is a federal regulation.
http://www.fcac-acfc.gc.ca/Eng.....orati.aspx
through the Financial Consumer Agency of Canada.

October 21, 2014
12:26 pm
kanaka
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james1900 said

It is true that Tangerine has become noncompetitive. But which bank is so called competitive now? Do you mean People's Trust TFSA (3% interest rate)? I hesitate to deal with People's Trust.

Hello James
1. A few months ago I considered adding Tangerine for investing. A few things made me think it may be a good decision from what I had seen here and at the time there was a lot of advertising on TV. BUT I emailed them for information and the response took over 7 days. And I thought if you are out for business and you can't answer emails probably something is wrong....they want to be in the banking business but the customer service seems to be short on their payroll budget. I sent a second email and same......over 7 days to respond. I AM GLAD I DECIDED TO RE-THINK MY OPTIONS AND DID NOT PROCEED. And let's face it when someone takes over a good thing...they are going to put their spin on it and maybe you wont see the real Tangerine for a couple of years.

2. I am from those days of remembering all of the Trust companies that went belly up and left their customers stranded and lost all or part of their deposits. I have been leery, too, about Peoples "Trust" but I see they are CDIC covered and if both my wife and I had TFSA accounts they would both be individually covered for $100,000 and I would only use them for the TFSA Savings Account and I would not come close to either TFSA account balance being close to the CDIC limit. I have other TFSA investments in iTrade which would then make all of my TFSA liquid.
So just out of curiosity....what is your concern about Peoples Trust?

October 21, 2014
12:33 pm
Loonie
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October 21, 2013
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I have been in touch with Tangerine.
Billiam is correct. There will be $45 transfer-out fee on all registered accounts beginning 1 Jan 2015.
Accordingly, I have advised them that everyone in this household will be transferring their registered accounts asap.
They can keep their #$^&% promos.
Because of the importance of this revelation, and the fact that it applies to all registered accounts, I am going to put it on a new thread as well, so that the info doesn't get lost.

October 21, 2014
1:04 pm
Loonie
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kanaka said

Hello James
1. A few months ago I considered adding Tangerine for investing. A few things made me think it may be a good decision from what I had seen here and at the time there was a lot of advertising on TV. BUT I emailed them for information and the response took over 7 days. And I thought if you are out for business and you can't answer emails probably something is wrong....they want to be in the banking business but the customer service seems to be short on their payroll budget. I sent a second email and same......over 7 days to respond. I AM GLAD I DECIDED TO RE-THINK MY OPTIONS AND DID NOT PROCEED. And let's face it when someone takes over a good thing...they are going to put their spin on it and maybe you wont see the real Tangerine for a couple of years.

Only 7 days? I waited over 2 weeks for an email response from DUCA! (no thanks, DUCA).

November 5, 2014
7:59 pm
Loonie
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October 21, 2013
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The issues with this offer have been written up in the Toronto Star by Ellen Roseman:
http://www.thestar.com/busines.....seman.html

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