Things you would like to see ING-Scotia | Tangerine Bank | Discussion forum

They won't keep The Exchange Network and add Scotiabank ATMs, Yatti. Pretty sure about that. They said the ATM network is one thing they will look at reviewing. What I see them doing, especially if they ultimately transition ING Bank of Canada into Scotiabank and operate it simply as a "direct banking division" (like CIBC does with PC Financial), is to allow ING surcharge-free deposit & withdrawal access to Scotiabank ATMs, but withdraw membership from The Exchange Network. I simply cannot see Scotiabank becoming the first "Big Five" bank to join The Exchange - that would put too much strain on their existing resources, with a sudden influx of clients to their network.

If they opt to keep ING a separate subsidiary, it's possible they may allow them to remain part of The Exchange but will not add Scotiabank ATM access.

At any rate, they most definitely will not add in-branch access to ING accounts (same with CIBC and PC Financial). If they did, they'd have to add a high fee structure (i.e., $5.00 to make an in-branch withdrawal or even a deposit, sort of like HSBC's Business Direct account).

I could see them adding an unsecured LOC, subject to credit approval, for ING customers but not before they add a credit card product (likely a MasterCard, allowing them to become a dual-issuer FI).

Cheers,
Doug

I'd take Scotiabank ATMs over The Exchange any day. As long as they maintain an ATM network at least as large as it is currently and no monthly fees on the chequing account, along with a unique brand, I see most ING Direct customers sticking with it (especially since most account holders get $1000 ATM "access to deposited funds" limit, some get $10,000). Personally, I'd take Scotiabank as The Exchange is almost non-existent in rural Alberta, all of Saskatchewan and all of Manitoba and parts of northern Ontario.

I simply cannot see them staying part of The Exchange as then there will be a narrative for them to explain to the regular Scotiabank customers why their ING Direct customers have a larger network and to give Scotiabank customers access to both networks would invite criticism from consumer advocates and the NDP over bank fees - "if you participate in a fee-free ATM network, why not lobby Interac to do the same?". I just don't see it happening; not with a "Big 5" bank.

Cheers,
Doug

Not sure what you're talking about, Ed, regarding being charged for "ING transfers". Deposits at any Exchange Network ATM to an ING account, including Vancity's, will be free. Not all credit unions are part of The Exchange Network, however. It used to be, until February 2011, you could count on all B.C. based credit unions being Exchange Network members but many of them in the BC Interior left The Exchange for some unknown reasons (they'll be back eventually, I think).

However, being a member of a credit union that is on The Exchange Network instantly gives you surcharge-free access to all Canadian credit unions, as all Canadian credit unions belong to Acculink, in addition to those on The Exchange Network.

Clear as mud?

In short, yes ING can use The Exchange fee-free.

Cheers,
Doug

Oh, I totally agree - it'd be nice if they would be on both networks but you're right, given their "founding membership" status in the Interac Association and its wholly-owned subsidiary, Acskys Corp.

Cheers,
Doug