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Today's Email From Tangerine
March 22, 2021
9:08 am
topgun
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If they do not offer RIF's then you must transfer the assets to another FI in the year you turn 71 or before.

Have a Great Day

March 22, 2021
2:37 pm
pooreva
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Loonie said
They like us for our credit card spending when traveling,

You think so? If you pay balance in full, they are at the loss 😉 as they credit you for at least a month.

March 22, 2021
4:33 pm
Rick
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pooreva said
You think so? If you pay balance in full, they are at the loss 😉 as they credit you for at least a month.  

Yes...even if you pay it in full they still make money on the exchange rate and fees. Most people (except the ones that hang around here) don't care what the rates are, and are willing to pay just for the convenience.

March 22, 2021
6:31 pm
Norman1
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Every time one uses a Tangerine MasterCard, Tangerine Bank collects what is called an interchange fee:

Transaction
Type
MasterCard World
MasterCard
Contactless 0.87% 1.16%
Chip & PIN 0.92% 1.22%
SecureCode/3DS 1.50% 1.70%
Digital Commerce 1.76% 2.00%

The interchange is much higher than the interest Tangerine needs to pay on the deposits to fund those payments to the merchant until the cardholder pays the balance off the following month.

If one doesn't pay the balance off, then Tangerine will receive the interchange plus interest from the cardholder!

March 25, 2021
6:36 pm
RetirEd
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November 18, 2017
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While government loans/bonds are available at less than today's common deposit rates, much more of a financial institution's capital comes from high-rate mortgages and credit cards. They also borrow with long-term bonds, often at much higher rates than current money, for long-term stability.

Government and other money-market rates are subject to sudden changes. Banks are required to have considerable stability hedges.
RetirEd

March 25, 2021
7:01 pm
Norman1
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Banks don't need hedges. They don't lend out savings account money as long term fixed-rate mortgages as some people seem to believe.

Banks will match, for example, their five-year fixed-rate 2.49% mortgages with their five-year 0.95% GIC's. Should five-year GIC's climb to 6.95% in five years, the mortgage borrower will be staring at renewal offer of 8.49% instead of 2.49%.

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