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Tangerine Being Sneaky with New Promo?
December 30, 2022
1:38 pm
tobyz28
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Hi all, I would just like to raise awareness that Tangerines Last Campaign end on the 31st of Dec and the new one they are promoting ahead of time via email for a 4.75% Rate starts on the 5th of Jan, which leaves customers on 1% for a 4 day period. Switching to another bank for a few days is not viable as this often this takes a few days each way anyhow.

Hopefully Tangerine does not start making a habit of this. Just hoping to raise some awareness, I'm not sure if anyone else has noticed this.sf-cool

December 30, 2022
1:59 pm
Bruford
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EasyPeezy, 1 day trade out to Simplii for 5% till Jan 5

December 30, 2022
3:35 pm
dougjp
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Bruford said
EasyPeezy, 1 day trade out to Simplii for 5% till Jan 5  

I don't understand, as we are talking about a few business days. How do you get paid interest for every day while you are transferring from Tang to Simplii and then back to Tang again (which I assume was what you were implying)? One or two days of being paid nothing at all blows the whole idea/the effort too.

And also, how does everyone not given the Simplii 5% promo get paid 5% by Simplii, if its that easy? sf-confused

"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green

December 30, 2022
7:03 pm
Bruford
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I miss one day out, and one day return. Of course u need the Simplii 5% as well.

December 30, 2022
9:28 pm
LK
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Bruford said
I miss one day out, and one day return. Of course u need the Simplii 5% as well.  

I think Tang takes 2 business days to deposit into other FI, then there is the hold period at Simplii of up to 5 business days?

https://www.simplii.com/en/faq.html
When are my deposits available?
Canadian dollar ATM and mobile deposits will post to your account immediately but funds may be held for your hold period, as outlined in your product letter, or up to 5 business days. Saturdays, Sundays and national holidays are non-business days.

December 30, 2022
10:53 pm
cgouimet
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tobyz28 said
Hi all, I would just like to raise awareness that Tangerines Last Campaign end on the 31st of Dec and the new one they are promoting ahead of time via email for a 4.75% Rate starts on the 5th of Jan, which leaves customers on 1% for a 4 day period. Switching to another bank for a few days is not viable as this often this takes a few days each way anyhow.

Hopefully Tangerine does not start making a habit of this. Just hoping to raise some awareness, I'm not sure if anyone else has noticed this.sf-cool  

As I haven't heard of anybody getting back to back offers from TNG, how critical is this?

CGO
December 31, 2022
3:06 am
Bruford
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LK said

I think Tang takes 2 business days to deposit into other FI, then there is the hold period at Simplii of up to 5 business days?

https://www.simplii.com/en/faq.html
When are my deposits available?
Canadian dollar ATM and mobile deposits will post to your account immediately but funds may be held for your hold period, as outlined in your product letter, or up to 5 business days. Saturdays, Sundays and national holidays are non-business days.  

When I push funds, it seems to arrive in 1 day. Maybe only my experience? Funds still earn interest, even if on hold.

December 31, 2022
5:27 am
frencols
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Yes there are holds both at Tangerine and Simplii.

Even if it weren't at Simplii, pushing from Tang would have a day… then at most receiving banks there would be a hold (~5 days) too. That is not to even count a weekend falling right into it when interbank clearing is closed. (All based on my previous experiences.)

So I don't see the point of pulling funds out for 5 days.

And yes, this is a sneaky new tactic on Tangerine's part. But at this point, being sneaky cheaty etc is a feature with banks, not a bug. 🙂

(I also got a back to back offer from Tang, one ending Dec 31, other starting Jan 5. And despite me begging Simplii, they didn't give the offer they were handing out to others who called, as I posted in other thread I think.)

December 31, 2022
7:45 am
Norman1
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There's no hold on the arriving funds when I push funds from Tangerine. The push of funds is a direct deposit.

I've done that many times and the funds arrive as early as 5 pm the next business day. I suspect Tangerine sends the credit item to the Payments Canada clearing system in the 4:30 pm batch the next business day.

Those five day holds at Simplii are for cheques deposited by ATM or mobile deposit.

December 31, 2022
8:03 am
savemoresaveoften
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I think more and more FIs are now holding funds even for direct linked transfer. Not saying Tang or Simplii does it, but a lot if not all CUs now has the hold policy regardless of source of funds.

December 31, 2022
8:48 am
Norman1
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Name them. Name the financial institutions that are in violation of the Payments Canada direct deposit fund availability rules.

I've never seen a hold on any of my payroll direct deposits or funds transfer direct deposits.

December 31, 2022
11:31 am
Bruford
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frencols said
So I don't see the point of pulling funds out for 5 days.
 

In my case it makes sense cos I am earning 5% at Simplii, and 0% at Tang (at least till Jan 5)

December 31, 2022
4:59 pm
savemoresaveoften
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Norman1 said
Name them. Name the financial institutions that are in violation of the Payments Canada direct deposit fund availability rules.

I've never seen a hold on any of my payroll direct deposits or funds transfer direct deposits.  

EQ, Duca, Motive all held the funds for 5 biz days that are deposited thru a linked transfer.

December 31, 2022
11:51 pm
Loonie
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I've never seen a Hold on funds pushed into an account (and that includes EQ, DUCA and Motive), but there are normally Holds on funds pulled into an account. This is an important distinction and is often misunderstood. The deciding factor is where the transfer originated. If origination and destination are the same, there will be a Hold; we call that a "pull". If origination and destination are different, there will be no Hold; that is a "push".

Banks and CUs handle it the same way.
I pulled a lot of transfers into DUCA in 2022. They were all held, as I expected, because it was a pull.

One of the reasons I continue to use a Big Bank as my hub is that I know anything that comes in there (except cheques, which are rare) is clear. This is because the Big Banks don't enable pulls. Using this Big Bank account for a hub makes it harder for me to make a mistake in calculating available cash and balances - which I appreciate! I often have a lot of money flowing through that account, and it could be easy to get mixed up.

January 1, 2023
5:30 am
savemoresaveoften
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Loonie said
If origination and destination are the same, there will be a Hold; we call that a "pull". If origination and destination are different, there will be no Hold; that is a "push".
 

Can you elaborate ? When one transfers from one FI into another, isnt origin and destination always different ?? Based on that, then there is no hold ?? Not sure I follow. And if origin and destination are the same, isnt that like from checking to savings account within same FI, and there is a hold ?? That does not make sense and not what I observed.

Trying to learn this push vs pull. I thought "pull" is if I initiate from destination, vs "push" is when I initiate from origin. My big5 hub like u never allow to push and have to be a pull from the online banks and CUs only.

January 1, 2023
9:28 am
mordko
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savemoresaveoften said

Loonie said
If origination and destination are the same, there will be a Hold; we call that a "pull". If origination and destination are different, there will be no Hold; that is a "push".
 

Can you elaborate ? When one transfers from one FI into another, isnt origin and destination always different ?? Based on that, then there is no hold ?? Not sure I follow. And if origin and destination are the same, isnt that like from checking to savings account within same FI, and there is a hold ?? That does not make sense and not what I observed.

Trying to learn this push vs pull. I thought "pull" is if I initiate from destination, vs "push" is when I initiate from origin. My big5 hub like u never allow to push and have to be a pull from the online banks and CUs only.  

Yes, my understanding of push/pull is same as yours. And intuitively holds make sense for “pull”. The change in balance is displayed before money actually arrives from the “donor” institution in case of a “pull”. “Push” only shows in the balance after the transfer is complete. There is risk the money won’t arrive in the former case but not in the latter

January 1, 2023
9:57 am
dougjp
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mordko said

Yes, my understanding of push/pull is same as yours. And intuitively holds make sense for “pull”. The change in balance is displayed before money actually arrives from the “donor” institution in case of a “pull”. “Push” only shows in the balance after the transfer is complete. There is risk the money won’t arrive in the former case but not in the latter  

Re: when the change in balance is displayed, if memory serves, that can vary by institution too. For example Tang does not show a change in balance until it arrives, whereas I think its EQ or Peoples or Motive or CT (?) shows the change right away.

I also have had difficulty adjusting to the Push/Pull terminology, just as I have difficulty with most "shortened up" descriptions, especially acronyms.

"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green

January 1, 2023
12:15 pm
Loonie
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savemoresaveoften said

Loonie said
If origination and destination are the same, there will be a Hold; we call that a "pull". If origination and destination are different, there will be no Hold; that is a "push".
 

Can you elaborate ? When one transfers from one FI into another, isnt origin and destination always different ?? Based on that, then there is no hold ?? Not sure I follow. And if origin and destination are the same, isnt that like from checking to savings account within same FI, and there is a hold ?? That does not make sense and not what I observed.

Trying to learn this push vs pull. I thought "pull" is if I initiate from destination, vs "push" is when I initiate from origin. My big5 hub like u never allow to push and have to be a pull from the online banks and CUs only.  

I was trying to make it simpler but perhaps fI made it more complicated!

By "originate", I mean the FI where you set up the transfer, not necessarily the FI where the money was flowing out.

Examples may help:

You login to Meridian, set up a transfer from Meridian to TD. This is a push into TD, no hold.
You go into Meridian, set up a pull from TD to Meridian, there will be a hold at Meridian.
In both cases you initiated/originated the transfer at Meridian but in one case the destination is different (TD) and in the other case it's the same (Meridian).

It took me a long time to get this all straight in my head and I still have trouble with it. When writing previous post I had to make several revisions!

I find it easier to think of it visually. I am TD, and something just dropped in my lap (a transfer from Meridian) which I did not ask for (no pull). I regard it as a gift, no strings, no holds. But if I am Meridian and I have to pull something in, I envision yanking it (pull) in the door where it sits (hold) until I decide if it's OK. These images may not help everyone.

CORRECTION - I should probably not have used Meridian in my example as Meridian is complicated by its lengthy transfer times. Maybe substitute EQ instead.

January 1, 2023
12:22 pm
savemoresaveoften
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Loonie said
I find it easier to think of it visually. I am TD, and something just dropped in my lap (a transfer from Meridian) which I did not ask for (no pull). I regard it as a gift, no strings, no holds. But if I am Meridian and I have to pull something in, I envision yanking it (pull) in the door where it sits (hold) until I decide if it's OK. These images may not help everyone.  

I like this, simple is best !

In my case, I dont have the option to push funds out from my big5 account to the CUs. So I have to "pull" from CUs and the hold applies. Got it 🙂

P/S That also explains why funds arriving at my main big5 hub experience no holds since its the result of a "push".

January 1, 2023
12:24 pm
Loonie
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Yes, there is variation in when the balance shows the transfer. At DUCA, it shows immediately and can be moved to another account; at Meridian , they wait until the money has arrived, typically several days; at EQ, it shows in the balance but you can't move it to another account.

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