Tangerine Pay Bills Limits | Tangerine Bank | Discussion forum

That's an interesting take on what I'd discovered months ago doing a 1st time test payment (I always do test runs using platforms I'm unfamiliar with), which basically emphasizes the core flaw, which is the fact that when you pay a bill @ tang, it doesn't get paid the day you specified, but rather the next day. Of course, that's not stopping them from debiting your acc't forthwith, whereby the fatal flaw, so to speak.

Every other bill payment platform I use, if I specify a pay date or even an immediate payment (providing it's completed before their specified cut-off time), it gets debited & transmitted early the same day with a "date stamp" that normally gets recognized by the receiving "merchant" so that irregardless of processing time, your acc't @ said merchant gets credited effective the date paid.

Not so with tang, they debit your acc't day 1, transmit funds day 2, date stamped day 2 & credited effective day 2 @ merchant, hence Joebart's 1 day lost/charged interest, depending which angle he looks at it, which involves his settling a day late or conversely, making his payment a day early to settle on time. As far as Joebart considering this flaw meaningless for basic bill payments, I totally disagree.

Whether this flaw is intentional on tang's part - essentially a daily revolving free credit facility - I cannot say.

Joebart said
Tangerine Bank has a limit on Pay Bills set at $49 999 per day.
It is not really true. Its more like 48 hrs limit.
…
You can do next transaction only on Wednesday.
I do understand that is meaningless if you pay just utilities and so on, but if you let say buy large sums of US currency and have to pay on time, the time is the essence that makes quite a difference.

Can one not pay it from different banks, like from Tangerine Bank and EQ Bank?

Does it matter that $49,999 of the bill payment comes from Tangerine Bank and the remaining $35,000 comes from EQ Bank?

I've done that with credit card bill payments. Credit card companies don't seem to care if the payment for the month is in multiple payments from different financial institutions.

Norman1 said
Alterna Bank does something similar for scheduled bill payments.

Scheduled payments are taken from the account the night of the day scheduled, before midnight but after the Payments Canada's final 9 pm Eastern batch for the day. Consequently, my account is debited that day. But, the funds are not on its way to the biller until the next business day.  

Norman1, I use Alterna all the time. I can assure everyone that what you're describing definitely doesn't happen @ my end. My acc't gets debited AFTER midnite & the funds are transmitted that very morning, so essentially the funds are debited, transmitted & credited effective the same day!!!

As far as your comment regarding using EQ Bank, they're in the same boat as Tang, as well as Wealth1 while we're at it. They all debit your acc't day1 & transmit day 2, which means with them, you have to make your payments a day early or incur late pmt charges.

Looks like Alterna Bank has improved.

I tried a scheduled a bill payment this week. The funds were not debited at midnight. However, the funds were debited by 11:30 am on the scheduled day.

Before, the funds were not even debited by 9 pm the scheduled day. It wasn't until around 11 pm that the debit showed up in the account.