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Whoop protection about to be cancel
July 16, 2015
10:05 pm
Jon
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This is what I found, they probably want to charge interest and service fee if we accidentally overdraft in the future.

Whoops! Protection has been a feature of your Tangerine Chequing Account, covering you for up to $250 in case your balance fell a bit short. Over the years, Clients have been asking for a more comprehensive Overdraft feature, which we’ll be introducing next month. As a result, we’ll be discontinuing Whoops! Protection on August 15, 2015.

Not to worry, though, the full Overdraft Protection feature on Chequing Accounts will be available at the same time, and we’ve got you covered. With this comprehensive Overdraft Protection, you’ll get real-time notification if your Account gets overdrawn. We’ll be pre-approving Clients for Overdraft Protection to make the transition easier, so you can expect to hear from us soon with more details about how the new feature will work, and how to get it added to your Account.

In the meantime, please keep in mind that you’re still responsible for any negative Account balances and will need to clear them.

We’ve updated our Account Terms to reflect the changes to the Whoops! Protection feature. The updated section can be found here under the heading ‘Whoops! Protection’.

If you have any questions, please don’t hesitate to call us at 1-888-826-4374.

July 16, 2015
11:19 pm
Loonie
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I'd rather they charged for overdrafts than reduced the interest rate!

July 17, 2015
6:44 am
SlowPoke
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Agreed the $250 whoops while nice, was a concern as it seemed a bit limited.

July 17, 2015
7:46 am
jgclghrn
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The $250 whoops protection works well for me based on the way I use the chequing account. I've actually never used it but if I ever forgot to transfer funds to cover pre-authorized bills it would keep me from being charged an NSF fee. However, I can see how the amount available could be limiting.

They should add a feature which automatically transfers funds from your savings account to cover overdrafts in your chequing account. This would cover people who have the funds but forgot to transfer them in time to pay their bills.

July 17, 2015
9:11 pm
Yatti420
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jgclghrn said

The $250 whoops protection works well for me based on the way I use the chequing account. I've actually never used it but if I ever forgot to transfer funds to cover pre-authorized bills it would keep me from being charged an NSF fee. However, I can see how the amount available could be limiting.

They should add a feature which automatically transfers funds from your savings account to cover overdrafts in your chequing account. This would cover people who have the funds but forgot to transfer them in time to pay their bills.

I was saved with Whoops protection.. Where did you see the the changes? Any idea of the new terms?

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