Setting up joint GICs > 1 hour phone ordeal | Tangerine Bank | Discussion forum

Rail Baron said
When it came to setting up joint accounts, I thought I'd save time by "batching" 5 GICs that I purchased over the past three weeks and calling in on a Sunday morning of a holiday weekend.

At first, the automated agent said that my wait time would be around 5 minutes, so I felt vindicated! 30 minutes later the CSR joined the call.

At first, she said that she would send emails to Mrs. Rail Baron who could then call back and set up the joint accounts! I told her that Mrs. Rail Baron was right there and ready to do the necessary now.

CSR then spent another 30+ minutes reading scripts and obtaining individual approvals for each one of the 5 GICs that were being converted to joint ownership. No possibility to read the statements once and then obtain approval for all of the accounts, either sequentially or all together.

It's good that I'm now up to my CDIC limit for Tang, because I would not want to do much more of this procedure, which seems to combine the worst of both online and phone banking, in terms of time waste.  

I feel your pain. I vented here about the same thing with 2 or GIC's a few months ago. And we could barely decifer what the snarky and heavily-accented CSR was saying. People here suggested we should have called back in the hope of a better experience. But we had already been on hold for 45+ minutes ...

I had a similar experience last week, as the spouse. 14 minutes on hold followed by 35 mintes of Tang reps talking at me and asking me to say "yes" periodically - and that was for just one GIC!

They seem to be compensating somewhat for the large number of reps whose accents are difficult to understand. During the 35 minutes, I was made to listen to 3 prerecorded messages in perfect Canadian English before giving my "yes". It made me wonder if their lawyers made them do it because even they couldn't understand the reps and feared these consents might not stand up in court.

I read somewhere recently that Tang is getting a new CEO. I think, not sure, they said this person was formerly with ING. Maybe a good sign?

Next time try the 'call me back feature'. My experience is that is 'much faster' than staying on the phone and wait for an operator to pick up. Not sure why but i have learnt to never stay on the phone and hold, as that does not speed things up at all.

However when they are really busy. sometimes they turn off that option.

mordko said
Don’t think Tangerine has a “call me back” option.

I didn't either, but it does exist. It just isn't offered every time and no one seems to know when it will or will not be offered. I have asked their CSRs about it and gotten nowhere. There appears to be no apparent way to deliberately trigger it, either.

From a service/wait time standpoint, its pretty simple.

If the wait time isn't too bad, all it means is nobody phoned in that day to set up a joint GIC.

mw said
can some one tell me, tangerine gic mature, is it auto renew or I can set in advance online all money to my Tangerine savings account.

Do I need to call ?

Thanks information.  

Click on maturity options when viewing your GIC page. As you will see, you can choose either (and you would have set this when buying the GIC, but it can be changed). However you cannot change the term if you want to renew it.

victor6433 said
Anybody go over their CIDC coverage with Tangerine..
At 6% I trippled it ..  

I am over their CDIC coverage and I am not concerned at all. Tangerine is owned by Scotia Bank. I know Scotia bank is not obligated to save Tangerine but I think that the chance of Tangerine going under AND Scotia Bank giving up on it is slim.

UkrainianDude said

Why take the chance regardless how small it is?  

Tangerine's current 1 year and 18 month GICs are paying the top rates. I feel perfectly safe to put my money in Tangerine over the CDIC coverage and I do not want the trouble of opening more bank accounts at different FIs with lower returns just for keeping my money below the CDIC limit.