ING DIRECT renames itself Tangerine | Tangerine Bank | Discussion forum

Thanks again for the reply, Yatti.

Tangerine, the Canadian bank formerly known as ING DIRECT Canada, has been very vague on what Scotiabank ABM access actually means. In fact, Mr. Aceto's comment at the launch ceremony and webcast yesterday actually heightened the confusion, not lessened it. I went back and parsed his words a bit - he said nothing about offering full access to Scotiabank ABMs (i.e., deposits, surcharge-free withdrawals, bill payments, PIN changes, etc.) but rather only being able to access one's money (with no fees) at Scotiabank ABMs early in 2014. What I think they might do, actually, in part since their focus and push on technological development is with mobile cheque deposits (i.e., its ChequeIn feature of its mobile banking app), is have a side licensing agreement with its parent company to allow its customers to perform surcharge-free cash withdrawals and balance inquiries at the Scotiabank ABM network and retain membership in The EXCHANGE ATM Network for full-service access (i.e., deposits, surcharge-free withdrawals, PIN changes and balance inquiries), in a similar way to how HSBC is a member of The EXCHANGE ATM Network but allows its "Premier" clients to use any Interac ATM in Canada for cash withdrawals and reimburses them (up to a $1.50, being the only "caveat") the surcharged charged by the ATM owner. With this potential side deal with Scotiabank, and it would require some upgrades to both their systems to recognize 'Tangerine' debit cards, there would simply be no fee charged for the withdrawal or balance inquiry. That would be the best of both worlds for Tangerine customers, giving them surcharge-free access for what they want most (i.e., cash withdrawals) at what would be the largest dual network in Canada, while still allowing Scotiabank to not have to open its ABM network up to other Exchange Network members' customers (i.e., if they were to simply replace Tangerine's surcharge-free ATM network from The EXCHANGE to Scotiabank by adding Scotiabank as an Exchange Network member, that would mean a Vancity or HSBC customer could use Scotiabank for deposits/withdrawals, which I don't think Scotiabank wants to do that - I really don't). As well, Scotiabank customers wouldn't be as ticked off at the second-class treatment and migrate to Tangerine "en masse", which Scotiabank doesn't want either.

Alternatively, even if Tangerine does decide to add deposit/PIN change access at Scotiabank ABMs, I really believe it'll be a side licensing deal with Scotiabank (i.e., like HSBC had with BMO a few years ago) that will give Tangerine customers full access to both networks but Scotiabank customers won't have access to The EXCHANGE, to prevent them from having to "open up" their proprietary Scotiabank ABM network to other FI members of The EXCHANGE. The only downside with that is they wouldn't be able to allow Scotiabank customers to use The EXCHANGE as it would require them opening up the Scotiabank ABM network and with Tangerine having a larger, full-service dual ATM network in The EXCHANGE and Scotiabank, could cause some confusion on the Scotiabank side. It'll definitely be a side deal though - Scotia won't become an Exchange Network member.

Hope that makes sense and, at the very least, provides (some) clarity to a murky subject.

Also ... Bloomberg reports a Tangerine credit card isn't coming until 2015 and, interestingly, Tangerine doesn't specifically state a year in which they'll launch a credit card, only that they're working with Scotiabank on the ABM access (again, don't state to what level that entails) in "early 2014" and a credit card "in the future". I thought about reaching out to the Bloomberg editors to see if that was a typo or was indeed correct.

Cheers,
Doug

I thought I'd let everyone know (who is following this thread) that I've started a new thread specifically on the Tangerine credit card, now confirmed for mid-2015, not mid-2014 as previously anticipated/speculated.

You may now join that thread already in progress:

https://www.highinterestsavings.ca/forum/tangerine-bank/confirmed-tangerine-credit-card-to-launch-in-mid-2015-not-mid-2014/

Cheers,
Doug

CharlieFox, Scotiabank used to offer $10s and $50s in their ABMs, at least at the branch near where I live, but dropped them a number of years ago. I presume it could've been a logistical thing, perhaps, either in part because they allow an Armoured Car Service to fill their ATMs on the weekends and after-hours or because there are more demands for $20s or for some other reason? (ATMs typically only carry only four cassettes, one currency per cassette and if you divert two or more cassettes away from holding $20s, you won't have as much supply of the $20s.) Get the idea?

Hope that helps!

Cheers,
Doug