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Transferring money between accounts
November 29, 2014
8:22 am
HIS285
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Just noticed today that I can no longer transfer money between my savings account and chequing account on weekends (and holidays, I guess). I like to keep money in my savings account until the last minute, but I won’t be able to do this anymore.

For example, if I thought I’d need more money in my chequing account because I might need cash from an ATM over a long weekend, I’d transfer money on Saturday just before going out. Now, I have to do it the previous business day.

For paying bills or rent, I’d often transfer the money on a Saturday or Sunday, a day before the date of the email transfer or bill payment (note that it seems possible to send an email transfer during the weekend).

I would think that this will also have an effect on any last minute transfer done to maximize interest.

November 29, 2014
8:33 am
Peter
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Interesting and odd. I just did that with Tangerine this morning to pay a bill: I transferred from savings to chequing, then used the money from chequing to immediately pay a bill.

November 29, 2014
9:08 am
HIS285
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It is odd. For me, the "Now" button is greyed out in the transfer screen. I can only click the "Later" button which allows me to transfer money at a future date, the soonest being December 1st.

November 29, 2014
9:47 am
Peter
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Is your chequing account also at Tangerine? (The transfer I was referring to was between Tangerine savings to Tangerine chequing.) If so, maybe there's a hold on some of the funds in your savings account?

November 29, 2014
11:13 am
HIS285
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Yes, I am referring to an internal transfer between accounts held at Tangerine. There is no hold on either account, and the full amount of the savings account is available. As I said, the system only offers me December 1st as a first possible date of transfer.

So, just to make sure, you made a transfer, and can see in the operations listed that a transfer was made, dated today, and then also paid a bill dated today?

November 29, 2014
3:35 pm
kanaka
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Just a little off subject but similar. Last week I was on "Bank A" and pulled money in from "Credit Union B" on a Friday and their system forced the date of transfer to occur on the next "banking day" which was Monday. Makes sense I guess ?? But in your case Tangerine to Tangerine should just happen with no holds unless their system was down for maintenance.

November 29, 2014
3:43 pm
Loonie
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I suggest phoning CSR and asking them about it and get them to make the transfer if possible. I believe they still have 24/7 CS. At the very least, their system requires them to log complaints. Perhaps it's a technical glitch if it hasn't happened before.
It seems to me they should be able to do this any time of day or night, perhaps with a proviso about taking effect "next banking day". Why have 24/7 service if you can't make transactions?

November 29, 2014
4:33 pm
GS1
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Same subject -- different topic:

I wanted to push $70k from Tangerine to RBC on the 25th. I was advised the $70k would exceed my limit for the day. So, I initiated a transfer for $50k at 7:00 pm and then another one for $20k just after midnight on the 26th. Both transfers completed on the afternoon of the 26th.

Around 7:00 pm on the 26th I initiated a pull from RBC to Implicity. Again I hit a $50k limit. I did one for $50k and was prepared to wait till the next day to do one for the $20k but was pleasantly surprised to be able to do it immediately, and even more surprised to see my inbound balance was credited for the 26th.

The money was not shown leaving RBC till the 28th.

GS

November 29, 2014
6:19 pm
HIS285
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I just called customer support as I still was unable to postdate an internal transfer for tomorrow (Sunday, November 30). The person I talked to also tried to make an internal transfer on her own account for tomorrow and couldn't. So it's got to be a technical glitch. (Luckily, she was able to make the transfer on their system over the phone for me.)

She sent a note to technical service so they can look into it.

I'm sure glad it doesn't seem to be a policy change on the part of Tangerine.

November 29, 2014
6:33 pm
Peter
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Glad to see you've got that sorted! Just to answer your earlier questions:

HIS285 said

So, just to make sure, you made a transfer, and can see in the operations listed that a transfer was made, dated today...

Yes :)

HIS285 said

... and then also paid a bill dated today?

Yes, using the same money from the above transfer (because I didn't have any money in my chequing account before the transfer).

November 30, 2014
10:30 am
Jon
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This happen to me last time when I do my transfer at my phone. Good that this is not a change in policy :)

January 30, 2015
10:45 am
HIS285
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I had the same issue again today trying to do an online internal transfer from my savings account to my chequing account at Tangerine. I tried to postdate the transfer for tomorrow, Saturday January 31st, so the money would be there for the rent on February 1st. I got an error message saying I could not do such a transfer on the weekend.

I called customer support and the rep who answered tried to do the same with his own account. He also got an error message. After talking to his supervisor, he said that it is an issue whereas the system thinks it's a transfer from an external bank, which can't happen on a weekend, and so displays the error message. They've known about it for a while (my first post was in November) but they haven't fixed it. It's not clear if the problem happens to everyone.

In any case, there is a workaround. Postdate the transfer for the next working day (in my case Monday, Feb 2nd) and confirm the transfer. After, go back to the operation and modify it by putting the desired date (in my case, Jan 31st). The system then accepts the date. I thought this might be useful to others.

January 30, 2015
10:51 am
james1900
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HIS285 said

I had the same issue again today trying to do an online internal transfer from my savings account to my chequing account at Tangerine. I tried to postdate the transfer for tomorrow, Saturday January 31st, so the money would be there for the rent on February 1st. I got an error message saying I could not do such a transfer on the weekend.

I called customer support and the rep who answered tried to do the same with his own account. He also got an error message. After talking to his supervisor, he said that it is an issue whereas the system thinks it's a transfer from an external bank, which can't happen on a weekend, and so displays the error message. They've known about it for a while (my first post was in November) but they haven't fixed it. It's not clear if the problem happens to everyone.

In any case, there is a workaround. Postdate the transfer for the next working day (in my case Monday, Feb 2nd) and confirm the transfer. After, go back to the operation and modify it by putting the desired date (in my case, Jan 31st). The system then accepts the date. I thought this might be useful to others.

Sounds like totally a programming error. Your workaround is really to by-pass that programming fault. If I were you, I will do the transfer today. No one knows what programming bugs will hit tomorrow (maybe no bug. who knows.) Computer software bugs can exist anywhere.

January 31, 2015
8:56 am
JustMe
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There is another change at Tang; it used to be if you initiate transfer from external account to your tang savings acct. on Friday, on Sat money will be on your Tang account and will be actually withdrawn from your external account on Monday.
Now actual transfer will occur on Monday where you might see deposit on your Tang account. I have to wait to see if money will appear during Monday or Monday batch run (during the night) will do deposit on Tuesday.
Bottom line is - no more 2 days of free interest (and money on both accounts).
I will have to go back to bad practice of kiting - initiate transfer on Thursdays...

July 26, 2019
4:36 pm
Bud
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If one transfers money to tangerine and its sent back to the external bank acct and the external bank says wasnt our fault what could the reason be? And more importantly will those funds that were returned from Tang that/their promotion room will one lose the promo for that amount returned? For example, 1000 sent to tang 1000 returned for whatever reason back to external bank now that 1000 promo room is lost cause its no longer new money?

July 26, 2019
4:40 pm
Doug
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hotmony said
If one transfers money to tangerine and its sent back to the external bank acct and the external bank says wasnt our fault what could the reason be? And more importantly will those funds that were returned from Tang that/their promotion room will one lose the promo for that amount returned? For example, 1000 sent to tang 1000 returned for whatever reason back to external bank now that 1000 promo room is lost cause its no longer new money?  

It depends. Did you have a hold on your account at the time? If so, reason code should be "funds not cleared". Otherwise, it'll likely be returned as "non-sufficient funds" as exception handling is ordinarily handled on an automated basis these days as banks invariably cut costs and their systems aren't set up to automatically assign a reason code besides NSF or "payment stopped" (if there was a stop payment on the account; even then, some institutions like HSBC don't have a mechanism to input variable amounts for stop payments so unless the amount matches exactly, it gets returned NSF even when there's a stop payment!). As such customers are left to explain to both institutions the real reason for the return so as to remove any negative consequences from their account (i.e., new limits, restrictions, or service fees as may be assessed).

As to whether that returned item amount no longer counts as new money, it's hard to say and I wouldn't want to speculate as it's never come up. I'd suggest reaching out to Tangerine Client Care and escalating as necessary. Do report back to us with your findings. sf-cool

Cheers,
Doug

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