TANG: Deception & Bad Service | Page 2 | Tangerine Bank | Discussion forum

Top It Up said
I just use Chat, secure messaging, or email with the FI so I have a written record BUT then again I ain't churning my money with 15 or more FIs so my chances of a screw up either on my part or theirs is pretty slim.  

Chat was great, efficient, no holding for an hour, and all documented. Unfortunately, no more chat for a month or 2. They replaced it by a stupid bot which doesn't know anything and a very slow learner! Go Figure their AI Team.

I had a very bad experience with Tangerine. On last February 25 I transferred 51K to my save account to open a GIC 270 days at 2.3%. The contract stipulated the amount of 51K from my save account would be transferred automatically after 5 working days, which was done on March 3. On March 2nd I accepted the promotional offer of 3% on all new deposits made after March 2nd. In my opinion, as of March 1, the 51k did not belong to my savings account and the balance should have been $35.16 (the balance before February 25) and not 51 K, but the system took as balance of my save account the amount of $ 51035.16. From 4 March I made several deposits, but to my surprise the interest rate applied between 3 to 31 March was 0.7 and 0.4% instead of 3%. What a mess! I removed all the money from my save account. Be very careful with this rule.

Thanks Kidd,
For transfers between internal accounts I would be inclined to consider them not as a new deposit, but all my deposits came from an external account and no withdrawals were made. An example of AI in action without judgment. I fear the future.

Norman1 said
The source of the deposit is not a reliable indicator of new money.

Tangerine Bank is street smart and knows people can make existing money look like new money by moving it through multiple external financial institutions. For example, Tangerine Bank to Royal Bank, Royal Bank to Hubert, and then Hubert back to Tangerine Bank.

Source of deposit is Hubert. But, the money was really existing money that was pushed out to Royal Bank earlier.  

True, but my read of Bronte's issue is that the transfer out of Tangerine wasn't processed completely until March 3rd. Deposit balance calculation date was either March 1st or March 2nd. Thus, balance was not new. That's what their system looks at.

You have to be very observant as to what the "deposit balance calculation date" and the "net new money" date are, as sometimes they differ.

Don't try and squeeze out a few extra days' interest, especially with weekends and statutory holidays thrown into the mix or when transferring between more than 2 financial institutions. If funds are going to be held at one of the other institutions you're transferring out to, I probably would've transferred out on or around February 5th or 6th so they'd be held for 7-10 calendar days and be free and clear when you need to transfer back to Tangerine in early March. In actual fact, I would actually have pushed the funds out of Tangerine on or around February 21st (no holds when pushing), then pulled back to Tangerine (with a hold, but earning interest) on or after March 2nd or March 3rd.

Cheers,
Doug

Bronte said

My understanding of this condition is:
Because my account balance as of March 1st was $51,035.16, only amounts deposited in excess of this amount will be at a rate of 3%. In my case the total deposits made between March 3 and March 31 amounted to more than $51,035.16, but only on the amount exceeds 51035.16$ the rate of 3% was applied.
…
In summary ideally as of March 1 my account balance should have been $0.00.

That is how Tangerine Bank's new-money offers have worked in the past.

Offer is based on daily closing balances. Bonus interest is paid only on the portion of each daily closing balance that exceeds the daily closing balance of a certain date.

One time, I didn't transfer my funds out early enough. I called in and was able to trade the new-money offer I was given for an entire-balance offer at a lower rate.

Thank you, Bill, for noticing this inconsistency.
I made a typo.
"March 15 - deposit 15K (on $11,035.16 the rate applied is 0.7%, but on $3,964.84 the rate applied is 3%)"
to be read like:
"March 15 - deposit 15K (on $1,035.16 the rate applied is 0.7%, but on $13,964.84 the rate applied is 3%)"

And no, I did not get the rate of 3% on the amount of 51K for March 2 because that amount was already there on March 1, even though it was allocated for the GIC.

Bront,

Sorry for your experience but thanks for sharing with us.

I just made almost the same operations with a similar deal starting on April 3rd, 2020 with 2.8% for the new funds calculated from the April 2nd total.

I think I am in the clear because I transferred already available funds from TFSA to a TFSA GIC on March 31 and April 1st.

Once all new funds have been transferred to the new TFSA, I will call them to confirm that all "new money" are eligible for the 2.8% rate.

I reread all the contract agreement and I can confirm that money move out from saving to GIC after the set date is considered as transfer out but the opposite is not considered as transfer in.

As an example in the contract stipulate:

Example 2: Eligible Client has $10,000 in their existing TFSA Savings on August 13, 2019. Five days later, they transfer $10,000 to their existing TFSA Savings from their Tangerine Savings Account. They also transfer $5,000 from their existing TFSA Savings to a TFSA GIC. Their balance in the TFSA Savings is $15,000 after completing the transfers. Additional Interest will apply to $5,000 of the new deposit to the existing TFSA Savings.