Will Tangerine's Automatic Savings Program count as a preauthorized debit? | Tangerine Bank | Discussion forum

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Will Tangerine's Automatic Savings Program count as a preauthorized debit?
April 29, 2021
5:49 pm
piggybank
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I'm trying to avail of Coast Capital Savings $350 new-member offer. I wonder if my existing Tangerine account can help. Lemme explain.

One of the hoops you gotta jump through is a preauthorized debit. (Please see the "Step 2" box in https://www.coastcapitalsavings.com/promotions/switch-offer). If I go to my Tangerine account and set up the Automatic Savings Program, where Tangerine will automatically take X dollars from the external account, will it count as a preauthorized debit?

April 29, 2021
6:21 pm
Norman1
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It looks like no.

Looks like Coast Capital anticipated that in the terms and conditions:

Step 3: Within 60 days of opening your New Account, you must set-up and complete at least one recurring, preauthorized debit with a single vendor, where the amount of each recurring payment exceeds $25 (the “Preauthorized Debit”) The Pre-authorized Debit must continue, on a reoccurring basis, for a minimum period of three (3) months. For greater clarity, the Pre-authorized Debit can be for bill, loan, or mortgage payments and must be made directly with the intended recipient without using third party intermediaries like PAYTM. Transfers of funds into other Coast Capital deposit accounts, mutual funds, or into accounts with other financial institutions will not qualify.

April 29, 2021
6:23 pm
piggybank
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Thanks for digging into the fine print. I can spend $25 on a credit card and have it auto-debited from the Coast Capital account. Problem is that I currently don't need to spend $25. Lol.

April 30, 2021
7:24 am
Norman1
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As well, one will have to repeat that $25+ spend for at least three months to have the corresponding pre-authorized debits required.

Probably better to use a monthly utility bill, like electricity, telephone, cable TV, or Internet.

April 30, 2021
7:29 am
piggybank
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Yes, but I don't have any of those bills to pay.

I guess I'll have to think of something else.

May 1, 2021
12:07 pm
Norman1
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See if one can use a credit card to buy gift cards in order to bring some future spending into the next three months to create $25+ credit card bills to pay.

I have received offers of extra bonus AIR MILES for charging $350 in a specific month at certain stores to my AIR MILES credit card. But, I spend something less than $350/month at those stores.

So, I buy $350 of gift cards that month at those stores to satisfy the conditions of the offer. I can then use those gift cards over the months needed.

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