Tangerine

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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optionable68
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Tangerine

Post by optionable68 » 07 Mar 2017 19:15

As of next month, Tangerine is hiking fees again - adding new inactivity fees on chequing accounts, and also raising fees on NSF and returned items.

See here for details.
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AltaRed
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Re: Tangerine

Post by AltaRed » 07 Mar 2017 19:25

The ones they've raised seem perfectly appropriate to me. They are all well within a person's reasonable ability to avoid.
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max88
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Re: Tangerine

Post by max88 » 07 Mar 2017 20:36

Keeping an inactivity account with $zero balance costs the bank money. It's understandable the bank wants to get rid of such customers.

Why introduce the changes if they are to be avoided. If inactivity fee is to be avoided by scheduling transfers once in a while, fine. But why force customer to schedule transfer (which increases system load) just to avoid the fee. How about a daily scheduled transfer of $0.01 just because it free.
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AltaRed
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Re: Tangerine

Post by AltaRed » 07 Mar 2017 20:46

Because probably too many people have tiny amounts of money sitting in their Tangerine accounts and do nothing about it. It forces people to either do something (a transaction) or pay a fee. Most customers probably wouldn't even think of a tiny transfer to reset the account.

Psychologically, people likely don't want to have a possible service charge hanging over their heads (lor they don't care and incur it). If I had 4 online bank accounts and I only used one because of highest rates, I'd prefer to close the other 3 rather than try to remember to schedule a transaction to avoid an account inactivity fee. Most people have way too much going on in their lives to try and remember to do certain things. Heck, people even forget to renew vehicle registrations.

Added: I just closed my People's Trust account because I have not used it in at least a year. Don't need it cluttering up my flowchart of accounts.
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Re: Tangerine

Post by max88 » 07 Mar 2017 20:54

Those are good points.

People would close inactive accounts if re-opening is just as easy. If Tangerine didn't introduce chequing account, instead add chequing features to savings account, they wouldn't have got into this at all. Speaking of account types, we really need only one that covers all of the needs: chequing to allow payments, savings to earn interest, credit/LOC to borrow and pay interest, investment/stock/MF. It isn't that complicated. Interactive Brokers does those except chequing feature.
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adrian2
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Re: Tangerine

Post by adrian2 » 07 Mar 2017 22:40

max88 wrote:How about a daily scheduled transfer of $0.01 just because it free.
The minimum amount for transfers at Tangerine is $1. :P

And yes, I'll soon be having a dollar moving around (it's an annual inactivity fee BTW)...
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SoninlawofGus
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Re: Tangerine

Post by SoninlawofGus » 08 Mar 2017 08:13

It's interesting that there is no mention of a threshold. It might be reasonable to charge a fee for a dormant account with $100 sitting there, but it seems that the fee will apply equally to those with $100,000.

max88
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Re: Tangerine

Post by max88 » 08 Mar 2017 22:27

adrian2 wrote: The minimum amount for transfers at Tangerine is $1. :P

And yes, I'll soon be having a dollar moving around (it's an annual inactivity fee BTW)...
I just realized that, and moved a dollar in, then the same dollar out. Problem solved.
SoninlawofGus wrote:It's interesting that there is no mention of a threshold. It might be reasonable to charge a fee for a dormant account with $100 sitting there, but it seems that the fee will apply equally to those with $100,000.
Not to worry, Tangerine chequing account pays 0.15%, a bit over 1c/month on $100 balance. :thumbsup:
I am cautiously optimistic. When it goes up, I claim I have been optimistic; when it goes down, I claim I have been cautious.

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Re: Tangerine

Post by rhenderson » 24 Mar 2017 16:26

Tangerine strikes again !

1% cashback now becomes 0.50% and Forex charges up from 1.5% to 2.5%

http://forums.redflagdeals.com/tangerin ... 7-1965083/

Wasn't this card just offered about a year ago ? :?

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cedeebee
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Re: Tangerine

Post by cedeebee » 25 Mar 2017 05:10

rhenderson wrote:
24 Mar 2017 16:26
Tangerine strikes again !

1% cashback now becomes 0.50% and Forex charges up from 1.5% to 2.5%

http://forums.redflagdeals.com/tangerin ... 7-1965083/

Wasn't this card just offered about a year ago ? :?
Thanks for sharing this. I've had this card since its earliest days and received no notification from Tangerine about these changes. Very disappointing indeed.

THEMAINEVENT
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Re: Tangerine

Post by THEMAINEVENT » 25 Mar 2017 17:05

Thanks for sharing, haven't seen anything from Tangerine. We only use the Tangerine MC for the 2% categories, most significant by far is the recurring bills. I pay numerous personal and business expenses with this and have been receiving some decent cash back. Wife uses hers for groceries and Walmart shopping (store near us considers all purchases to qualify for 2% grocery category). Gas as well but annual spend of around $2,000 isn't getting much back.

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Re: Tangerine

Post by queerasmoi » 26 Mar 2017 10:09

Ouch. I guess that means I'll use Tangerine for the categories only, and MBNA for all else.

The recurring bill payments category turns out to be great because apps like Ritual (ordering takeout at restaurants from my smartphone) show up as recurring once they're pre-authorized.

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Re: Tangerine

Post by rhenderson » 11 Apr 2017 16:54

Now even the Globe has noticed the deterioration. :lol:

http://www.theglobeandmail.com/globe-in ... e34665685/

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Re: Tangerine

Post by mrPPincer » 11 Apr 2017 20:54

meh, no big deal to me, I'm not a big consumer, so I don't buy much south of the border.

As well I didn't use the card much outside of the categories, because I generally prefer to pay in cash to places like local small vendors where the margin is extemely thin (and tip as well, even for places that don't expect it like the local auto mechanic or arborist or second hand on a job or whatever).

That said, this is essentially my first card (that I've used at least).

If they downgrade a third time, I'll either stop using it, go to the best other deal out there, or go back to cash, which at least doesn't sap dollars out of our local economy to some foreign corporation.

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Re: Tangerine

Post by Chuck » 12 Apr 2017 01:17

The globe has it right re: BNS Tangerine. Canadian banks just can't resist their low competition oligopoly to squeeze a bit more juice out of their clients. My previous CC to Tangerine was a Citibank Dividend Mastercard, whose Canadian operation was bought out by CIBC, eviscerated and eventually replaced with standard unappealing CIBC offerings.

Fortunately, to get over my pain I just remove my consumer hat and put on my shareholder hat. I've received FAR more in dividends from these companies than I've ever got in cash back. Although it is nice when you can have your cake (competitive offerings from foreign owned financial services) and fat and sassy dividends from the big 5. Too good to last it seems.

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Re: Tangerine

Post by jay » 19 Apr 2017 08:57

Made the timely call to Tangerine yesterday. At first they said they didn't have any offers, as usual. But when they asked me what I would do with the money and I mentioned the Scotia Momentum Savings 2% current promo, they immediately offered to extend my 2% promo for another 3 months which I took. The whole thing took 2 mins.

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Re: Tangerine

Post by rhenderson » 19 Apr 2017 13:28

They seem to be having a bit of trouble, profits down 36%.
https://www.bloomberg.com/news/articles ... ryday-bank

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Re: Tangerine

Post by CROCKD » 19 Apr 2017 15:49

I wonder why their profits are down from ING days. (rhetorical question). Just read the comments about them online.
Scotiabank light!
Also see this online commentary about Fintech coming from within the banks.
http://www.theglobeandmail.com/report-o ... e34695953/
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ertyu
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Re: Tangerine

Post by ertyu » 20 Apr 2017 10:29

Certainly profit is going to take a hit if Scotia sells off the revenue streams: "...due to a decision to sell C$22 billion of mortgages after the takeover."

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AltaRed
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Re: Tangerine

Post by AltaRed » 20 Apr 2017 12:02

Indeed and if they would also cut out this 'promo' crap, they'd save resources on the front line AND have higher margins too. As a BNS shareholder, I am unhappy with Tangerine competing with lowly online banks. :P :twisted: Go back to a competitive model aka ING...with a not too hot, not too cold approach.
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Re: Tangerine

Post by adrian2 » 20 Apr 2017 12:12

AltaRed wrote:
20 Apr 2017 12:02
if they would also cut out this 'promo' crap
I'm very happy with the promo system: a few minutes every quarter, saying the right things and getting a very good rate. Dollars per time spent on the phone equals a very good use of my time.

As Blonde loved to write: "learn the system"!
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AltaRed
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Re: Tangerine

Post by AltaRed » 20 Apr 2017 12:32

Still BS for the BNS shareholder though. Just offer a regular everyday competitive rate of 1.7% or something. Mind you, even the big 5 have their own 'jump through the hoops' nonsense on savings accounts so I suppose the high noise/signal ratio is here for the foreseeable future.
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optionable68
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Re: Tangerine

Post by optionable68 » 20 Apr 2017 17:23

adrian2 wrote:
20 Apr 2017 12:12
I'm very happy with the promo system: a few minutes every quarter, saying the right things and getting a very good rate. Dollars per time spent on the phone equals a very good use of my time.
Unfortunately the phone calls never seem to get me anywhere in relation to existing assets in TFSAs, as the reps always say the can only offer me something on taxable savings accounts
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Re: Tangerine

Post by fundamental » 29 Sep 2017 15:09

Anyone having trouble logging into their website today ?
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Re: Tangerine

Post by longinvest » 29 Sep 2017 17:00

fundamental wrote:
29 Sep 2017 15:09
Anyone having trouble logging into their website today ?
It works for me.
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