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Email this4:23 am
April 7, 2016
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Tangerine announced new fees starting in April. Quite the increases.
Looks like some Scotiabank interference.
4:59 am
August 4, 2010
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I found this "Fair Fees" PDF, effective April 29/2017. The only changes seem to be that cheques go from $12.50 to $20 for a book of 50, the NSF fee goes from $25 to $40, "Returned Items" have a new $4 fee, and there's now inactivity fees at 1 year ($10) and 10 years ($40). Aside from perhaps the NSF, this seems fairly marginal. Was there some other fee announcement?
I chose a random Manitoba CU for their NSF fee - Assiniboine charges $40 for an NSF return as well. Meridian in Ontario charges $45. TD and Scotia are $48.
4:28 pm
October 27, 2013
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The changed fees seem very easy to avoid. Nothing here folks.
6:35 pm
December 12, 2009
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threeoakwest said
Tangerine announced new fees starting in April. Quite the increases.
Looks like some Scotiabank interference.
The NSF fee increase, while substantial, is still far below the $45-55 many banks and credit unions already charge.
The other change is the introduction of a "10 year dormant account fee," which I was surprised they didn't already have. This, too, is very reasonable and will likely help to "clean up" a lot of "small balance accounts". They should also have a "2 year dormant account fee" that is charged when no customer-initiated transaction occurs within a 2 year period on any of the client's accounts in the same beneficial ownership. 🙂
The biggest issue I have is the chequebook fee going up to $20 from $12.50. Still, it includes shipping but, for 50 cheques, if one wants to order 100 cheques, that'd be $40 and "on par" with other banks. I think this was unnecessary but I can live with it, maybe...we shall see. ;(
They've also added a $4 returned item fee - this will be for deposited cheques (or EFTs) that are returned unpaid (i.e., payment stopped, insufficient funds of the cheque writer, forged endorsement to even body & figures do not match). They've probably had a number of returned items but, will this include Tangerine Email Money Transfers that go unclaimed, too?
Cheers,
Doug
7:23 pm
October 27, 2013
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Doug, I think the increased cheque fee is reasonable. I ordered 50 cheques 4.7 years ago when I moved to my current city and wanted the address change on them. I still have almost half of them left, and using less each year. It could be another 5-8 years before I use the remainder and only IF cheques are not obsolete by then.
Cheques are really on their way out. I've gotten most of my small contractors doing jobs for us to use credit card, Interac email transfer, or Quickbook invoicing, etc.
9:25 pm
October 21, 2013
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I'm not sure of the prices but you can buy your cheques online elsewhere. You don't have to buy them from Tang (or any other bank for that matter).
I don't know why anyone would ever need to buy them though. I haven't bought any since can't-remember-when, and I am not a high tech person. I don't even own a smartphone, nor do I want one. Credit cards, interac if necessary, paypal, preauthorized debits, cash and the occasional (free to seniors) bank draft are plenty for my purposes - with the very occasional cheque for anything that doesn't suit any of the above.
8:12 am
December 12, 2009
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AltaRed said
The changed fees seem very easy to avoid. Nothing here folks.
Not necessarily. The chequebook fee increase is substantial as is the introduction of a "returned item fee," which isn't NSF items for which you transacted/cheques you wrote. These could be any item returned for which you'd previously deposited that are returned for any reason. 🙂
Cheers,
Doug
8:17 am
December 17, 2016
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Loonie said
I don't even own a smartphone, nor do I want one.
People continue to post this . is it like some kind of badge of honour they seek?
I have an iPhone and I've come to appreciate the extra layer of security that Apple Pay affords me when using my credit card - both here in Canada, and when I'm travelling abroad.
8:30 am
December 12, 2009
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AltaRed said
Doug, I think the increased cheque fee is reasonable. I ordered 50 cheques 4.7 years ago when I moved to my current city and wanted the address change on them. I still have almost half of them left, and using less each year. It could be another 5-8 years before I use the remainder and only IF cheques are not obsolete by then.Cheques are really on their way out. I've gotten most of my small contractors doing jobs for us to use credit card, Interac email transfer, or Quickbook invoicing, etc.
AltaRed and Loonie, wow I'm surprised that you two "older dudes" don't (or hardly) use cheques! Good for you. I guess, while the price is still "fair," and yes there are cheaper alternatives with non-Payments Canada accredited cheque printers (basically, they're the same in terms of cheque dimensions and special MICR ink but to be "accredited," they have to use a special type of paper purchased from a Payments Canada-approved supplier, which wouldn't allow them to offer the lower prices!) like DiscountCheques.com or ASAP Cheques; however, Tangerine's cheques were printed by D+H and I like their "official" cheque design. 😉
The "returned item" fee is more of a concern than anything, I guess. It's not unreasonable, either, but is something to be mindful of future charges. I'm pleased they've kept the "official cheque" (i.e., bank draft) fee w/courier included the same but, again, for how long?
Admittedly, I probably only write 1 cheque per month on average and it's mostly either to myself, on a quarterly basis, to transfer funds over to Implicity Financial from Tangerine or every 4-6 weeks to my barber for a haircut where he doesn't take debit/credit cards, only cash or cheques. And, since I don't always have (enough) cash on me, I like writing the cheque. 😉
Guess we just have to "suck it up," the question is...do I order 50 (for $12.50) or 100 (for $25) before April 29th to basically "stock up" for another 5-6 years prior to the price increase? I am on cheque # 035 of initial 70 free cheques that are still branded as "ING DIRECT". These would be my first batch of "Tangerine" cheques. I ended up getting 70 because I got like the first 30 free when its THRiVE Chequing Account was in "beta launch" and then it launched publicly the next year, they sent everyone another 40. 🙂
Cheers,
Doug
8:38 am
December 12, 2009
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Top It Up said
People continue to post this . is it like some kind of badge of honour they seek?
I have an iPhone and I've come to appreciate the extra layer of security that Apple Pay affords me when using my credit card.
LOL, although I don't own a modern smartphone either (it's an INQ Chat from 2009 on a Telus Prepaid account), that's true. To a certain extent, yes it probably is and you're probably right that having your cards stored in your iPhone provided you've not turned off the security feature that erases your phone after 10 incorrect attempts on the newer iPhone 6s or 7s or whatever and you're using two-factor authentication wherever possible.
That said, apparently, fingerprint sensors aren't all that secure, actually. While each one is unique, they can be "lifted" easily enough. A retinal scan or heart rhythm would be better.
Cheers,
Doug
P.S. I detest iPhone and, specifically, its convoluted iOS operating system. If I did have a smartphone, it'd be one of the newest Android devices and probably an HTC or Asus ZenPhone as they have either super high end speakers or front-facing cameras (respectively).
9:00 am
December 17, 2016
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Doug said
That said, apparently, fingerprint sensors aren't all that secure, actually. While each one is unique, they can be "lifted" easily enough.
...
I detest iPhone and, specifically, its convoluted iOS operating system.
REALLY?
You mean that guy in the beer parlour is at the ready to lift your print off your beer glass, whack you over the head, steal your phone and use the lifted fingerprint to go on a spending spree.
TOO funny.
P.S. I suspect it's the price of the iPhone, i.e. the barrier to entry, that you most detest.
10:24 am
December 12, 2009
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While implausable, I watched a story on that on CBS News Sunday Morning recently - good story. I hadn't considered that really. 🙂
While Apple products are typically higher in price, what I detest is their iCloud Photos and the confusing difference between My Photo Stream, Camera Roll (which is your photos stored locally, I get that) and iCloud Photo Storage. That may seem relatively minor but, basically, it's somewhat confusing in trying to determine what one would actually need to "turn off" so as to discontinue using iCloud Photos in favour of, say, Amazon Drive, which offers free unlimited and uncompressed photo storage for Amazon Prime customers. (Apple's iCloud is comparatively expensive at $1.35-$1.50 per month plus applicable taxes for only 50 GB of storage). I also don't like how much harder it is "disentangle" one's self from iOS and iCloud-related services relative to Google. That's the reason why I detest Apple products - it's not so much the product, it's iCloud and iOS. 😉
Cheers,
Doug
1:34 pm
December 7, 2011
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Top It Up said
People continue to post this . is it like some kind of badge of honour they seek?
I have an iPhone and I've come to appreciate the extra layer of security that Apple Pay affords me when using my credit card - both here in Canada, and when I'm travelling abroad.
Despite iPhone’s minority share (14.5%) of the global smart phone market in 2016, a specialized unit in the CIA’s Mobile Development Branch produces malware to infest, control and exfiltrate data from iPhones and other Apple products running iOS, such as iPads.
Congratulations!
I also don't even own a smartphone, Smart TV, Smart Car and Tesla 
1:59 pm
December 17, 2016
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Winnie said
Congratulations!
Since you posted your comment on the mighty WWW, as I'm doing now . ain't much the government does't already know about you, me, and everyone else.
All your emails are being parsed by algorithms, all your telephone records and search engine searches can be subpoenaed by the government. There are surveillance cameras everywhere ... shopping malls, grocery stores, banks. They know your income, they know where you invest, they know when you buy and sell precious metal coins and bullion (as I just found out this year) - they know everything - so they've just added smartphones - and you're surprised.
Some friends of mine had their contact list hacked while using free WiFi, on a Samsung tablet, while on vacation - and 2 years later all of us who were part of that contact list are still getting spam email. I haven't used free WiFi while travelling for years - I purchase in-country SIM cards and avoid that invasion of privacy by hackers.
Do what you can to limit your exposure.
Heck CSIS has admitted to listening in on airport departure lounge / baggage arrival conversations, as well as bugging the free WiFi provided in airport terminals.
Any city police force that has a helicopter knows where every residential grow-op is located in their city . gotta love those infrared cameras. The list is endless.
2:30 pm
December 7, 2011
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Top It Up said
They know your income, they know where you invest, they know when you buy and sell precious metal coins and bullion (as I just found out this year) - they know everything - so they've just added smartphones - and you're surprised.
Yes, they know a lot about me, but not everything.
Because I don't own a smartphone, no GPS tracking for me.
My emergency prepaid mobile phone with actual buttons always turned off, except a few times per year, when I need to make a few calls.
I always buy my precious metals using cash and fake name.
By the way, RBC once sold to me five 5 oz gold bars and charged for each bar price only for 1 oz, not 5 oz, so I received 20 oz of gold for free. 
2:35 pm
December 17, 2016
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Winnie said
... no GPS tracking for me.
That function can be toggled OFF, on the iPhone.
I always buy my precious metals using cash and fake name.
For the record, THAT is illegal.
By the way, RBC once sold to me five 5 oz gold bars and charged for each bar price only for 1 oz, not 5 oz, so I received 20 oz of gold for free.
I'll leave that for others to judge.
12:54 am
October 21, 2013
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There are lots of good reasons for not needing or wanting a smartphone. I'm not going to get into them now.
I did read recently, however, as a matter of interest, that there is a new surge in interest in non-smart cell phones. And that was before the disclosures from wikileaks. Lots of people do see their advantages, and you don't pay for things you aren't going to use. I plan on keeping mine until it falls apart as it does everything I want and it takes ordinary batteries which are available everywhere, but I've never had to replace them although I've probably had it ten years or more. In fact, the phone was free because they wanted to upgrade my system, whatever it was called then. It had something to do with reception and the kind of communication set-up they used. So they sent brand new phones to everyone who didn't have the new system, for free! I don't think there were a lot of us left at that point. Great deal for me, as the current one is lighter weight. Also, my rate didn't change.
I know there are people whose lifestyle or job probably means that they need these things, but I don't, and am very relieved that I don't have to learn to work yet another gadget. If I ever get forced into it by tech changes, I'll probably be too old to learn.
Doug, you should buy the smaller package and just use fewer cheques. Pay your barber in cash. If necessary, plan your expenditures so that you have the cash for those rare occasions when nobody takes plastic. My major cash expense is in the summer, at farmers' markets, and I don't think they would even take cheques. By the time your cheques run out, you may have a different chequing account anyway - or none.
I don't know why people are so keen on retina scans and heart rates. Retinal damage is a casualty of aging and the rapidly increasing incidence of diabetes, and atrial fibrillation also comes with age and stress. Fingerprints can get wrinkly too! lol Bodies are not static.
8:45 am
December 7, 2011
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Top It Up said
I always buy my precious metals using cash and fake name.
For the record, THAT is illegal.
Banks and other places, where I purchased precious metals, never asked me to present an ID.
The only thing banks always required - to fill out a sales slip with name, address and phone number.
I don't know, if it's illegal to provide your relative name (who visiting you from Europe, for example) and buy precious metals on his/her behalf.
If this is illegal, I think that bank should ask for ID's or provide a clear warning, that buying any precious metals on someone behalf is prohibited.
I did nothing wrong or illegal, as far as I know. I don't know everything 
Top It Up said
By the way, RBC once sold to me five 5 oz gold bars and charged for each bar price only for 1 oz, not 5 oz, so I received 20 oz of gold for free.
I'll leave that for others to judge.
Nothing to judge here.
I received 20 oz of gold for free and I corrected that mistake a few minutes later.
Bank employee was extremly happy.
Please write your comments in the forum.