Tangerine - Change Terms and Conditions and no Legal need to inform customers?? | Tangerine Bank | Discussion forum

I believe banks only need to provide 30 days advance notice of changes in fees and charges, including potentially changes in amount of minimum deposit required to waive fees, etc.

I doubt very much they need to inform of any other changes that do not 'cost' the customer more money, including raising or lowering savings account deposit interest rates.

BillieBob said
I think it’s been like that for a while. I experienced the same thing a few months ago.  

Yes, it has been that way for over 1 year. I called and asked about the change and was told that it was due to all the problems calculating promotion rates. I, too, miss the ability to transfer held funds between accounts. The CSR said that they were not able to override the hold, either.

A monetary cost is a physical debit. Not being able to earn more interest sooner is a lost opportunity of higher revenue, even if it mentally/emotionally/physically feels like a 'cost' to us.

COIN said
A while back (1-2 years ago?) I found out that a cheque deposit made to my Chequing at the ATM (Tang does not allow direct deposits to the Savings) is "frozen" until they decide to unfreeze it and then I'm allowed to transfer the funds to my Savings. No interest credit during the freeze period.

Note: With Simplii I can deposit a cheque directly to my Savings at the ATM.  

I have been able to deposit a check directly into my Tang HISA, by using their mobile check app

I've been with Tangerine for over a decade, I never knew they allowed to move funds which are on hold. When it says "Hold" I don't touch funds. I pull funds directly to Tangerine Savings account, when there is promo.

I can understand why banks are enforcing Hold and I am with bank on that. Too many bad actors abuse banks' good will, we honest people are paying for it at the end - with lower rates or with service fees.

Google "Chase bank ATM glitch" to see what could happen when bank allows instant withdrawal of funds deposited by cheque. Which is not that different from pull as far as bank is concerned.

Just used Tangerine smartphone app to deposit $200 cheque from Ontario government that were sent to each taxpayer as a bribe tax-free rebate just before provincial elections.
Funds from that cheque became available immediately.

Using Tangerine app on smartphone one can deposit cheque directly to Checking, Savings, TFSA Savings or RRPS Savings accounts.

COIN said
Thanks but some of us don't have smartphones.  

One can get decent Android smartphone on Amazon for about $100-$150 CAD and use it for online banking. Wi-Fi is sufficient, no need to pay monthly fee for cellular voice/data.
If you live in Ontario, provincial government just gifted you (and me) $200.

One does not need a data plan if they don't want to do so. Limit oneself to using WiFi access which is almost everywhere, albeit I wouldn't use public WiFi for financial sites.

I don't understand why anyone would denigrate the use of smartphones for a wide range of applications just because of a personal aversion to them, even if one chooses not to have a data plan.