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Email this8:11 pm
December 12, 2009
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Another article was published in the Postmedia Network-owned Montreal Gazette on Friday on ING DIRECT Canada's name change, rebranding and relaunch as Tangerine in the spring of 2014. At first blush, it's essentially a "re-hash" of what has been written about fairly "ad nauseum" before.
However, towards the end of the article, in the twelfth paragraph, the reporter writes, "The only noticeable difference for ING clients is that they’ll be directed to Scotiabank automatic-banking machines rather than the current Exchange network for their free transactions, but that will actually increase the number of ABMs available to them, he said."
This really seems to confirm, through Mr. Aceto's own words to the reporter, my previous speculation that Scotiabank ABM Network would replace, not be added to, The EXCHANGE ATM Network for Tangerine clients. It makes sense - it allows them to consolidate everything onto one ABM network, avoid Exchange ATM "interchange fees" and reduce the costs of building & maintaining software for two full-service ATM network platforms. And, they get the added benefit of increasing, by 50%, their number of ABMs (from 2,200-2,300 to 3,800+), with both full-service and cash-only ATMs. Plus, should they further integrate Tangerine's online and back-end banking system into Scotiabank's, while maintaining them as a separate wholly-owned subsidiary and their commitment to simple, no-fee banking, I think they'll see even further cost-efficiencies and savings. 
I'll try reaching out to the reporter and clarify that Mr. Aceto indeed confirm this, as it is written, but seems pretty definitive and fits their previous strategy (i.e., maintaining the fundamental principles of the products while seeking back-end effiencies, vis a vis TradeFreedom and E*Trade Canada). In case he doesn't reply to me, it has to be taken as confirmation of such. 
Cheers,
Doug
9:37 am
October 21, 2013
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I think I may have just figured out one of the reasons why Scotia wants to keep ING somewhat at arm's length. In the fine print in regards to the various fees charged by Scotia, it says there are no fees charged for transfers among "members of Scotiabank". If ING were a "member", which it's not, according to a statement online by Aceto, they would have to allow us all free transfers to ING, from which we could then exit completely, for free!
Foiled again I am!
12:55 pm
December 12, 2009
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While I appreciate your comments, Loonie, I think that's a stretch (although I struggle to know to what exactly you're referring).
If it is what I think, Scotiabank's Day-to-Day Companion Booklet, that would only effect transfers between the Scotiabank Group of Companies for Scotiabank retail banking customers specifically. Whether that means ING DIRECT Canada accounts as well, and it may if they move ING DIRECT Canada onto the Scotiabank technology and banking platform while maintaining it as a separate wholly-owned subsidiary, is another matter. That said, even if you need to transfer money out of Scotiabank and only have a high-interest savings account with them, as long as you have a Scotia iTRADE account, you can transfer money through your Scotia iTRADE non-registered account (for no fee, which I've confirmed with their contact centre agent recently, actually) and then from Scotia iTRADE to your linked ING DIRECT Canada account. Similarly, if closing your Scotiabank account, you can make the final withdrawal and account closure the same day with no fee.
Hope that clarifies,
Doug
12:58 pm
December 12, 2009
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An official update has finally been posted by ING DIRECT Canada's social media and customer experience team.
Full Web link: http://savers.ingdirect.ca/ing.....y_13789220
(Peter, you may want to tweet this.)
Cheers,
Doug
5:59 pm
October 21, 2013
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Thanks, Doug.
I was not thinking about iTrade. I was thinking about a "plain Jane" RRSP which has a maturing GIC in it. I would like to move it but naturally I don't want to pay $50, as there was no such fee when I opened it many years ago, and I consider it ridiculous. It's not like they haven't already made good money off of mine over the years! The last GIC was 1.85, and I bought it almost 5 years ago!
I haven't ever looked into it but I suppose there would be a fee involved in opening an iTrade account, especially if this was the only reason I held it, to be a conduit?
10:56 pm
December 12, 2009
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Loonie,
Scotia iTRADE will reimburse transfer fees up to $125 per account of $25,000 or more (it's technically a combined maximum, but if you were transferring in $75,000 among three accounts, you can usually negotiate a higher reimbursement amount with them). Not sure how much you have with them. One advantage of them is you can switch GICs and high-interest savings accounts between various banks and trust companies within the same RRSP or TFSA account that you have with Scotia iTRADE.
Not sure how much you have in the RRSP with GICs, but may be worth your while. The self-directed discount brokers will alll reimburse transfer out fees in some form or another and often have either (or both!) free trading commissions for a limited time or give you free cash for opening an investment account.
I asked ING DIRECT Canada if they'd reimburse me the $25 transfer out fee Standard Life is going to charge me and they wouldn't budge. Similar story with many of the bank-owned mutual fund dealers and major Canadian banks. I don't understand why. 
Cheers,
Doug
4:34 pm
October 21, 2013
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That's good to know, Doug, about the reimbursements. I wouldn't have expected the discounters to do this, but have never inquired. My account is under 10,000, so nobody would be interested in reimbursing me, I'm sure. And I'm not ready to move any other accounts right now.
At least ING is consistent - they don't charge fees and they don't pay for the other guy's fees either!
4:55 pm
December 12, 2009
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True, but they do charge a fee if you transfer a registered plan out of ING DIRECT Canada, so, in theory, that should help to offset some of the fees they'd have to reimburse to "win" business. I can see not doing it for TFSAs, but for RRSPs, really? How do they expect to win RRSP GIC or mutual fund business from the self-directed brokerages?
Cheers,
Doug
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