Today's Email From Tangerine | Tangerine Bank | Discussion forum

I would have only one thing to say. Higher interest rates! I also don’t do business with them anymore.

You see it on here all the time, customers have zero loyalty, moving their money in a heartbeat for a better deal elsewhere, so company loyalty is obsolete too. Easiest thing in the world to get money in the door whenever you need it, just up your rates and money pours in, so do it only when you need dough. Today's business sense means to target, focus on attracting and keeping those you're making highest margins on, highest CLV clients, forget the general loyalty schtick, it's gone on both sides.

The only reason they do limited time specials is to pay 0.1% on whatever lazy or uninterested people forget to withdraw when the special ends.

The panel will be a complete waste of time, as they will have pre-arranged self fulfilling topics and issues, and with the exception of feigning interest and listening, they will ignore the obvious as mentioned by everyone above.

I didn't get the e-mail, and haven't received any rate specials in a long time. I guess they look at the high rate GICs I have there, and nothing in savings with them.

If Tang wanted my advice, they'd have to pay me for it.
My consulting rate is $400/hr. Minimum half hour.
So far, they haven't asked.

I already gave them the 'free' advice part; my accounts are empty.

I got a invite to the tangerine survey.

Not filling out the survey. They have had constant change to the downside for sometime. Tangerine is probably looking for ways to downgrade further.

I still use their Mastercard.

If I did not have the Mastercard I would close all of my accounts at Tangerine.

rhvic said
I get to the point in their preliminary survey where they ask for employment status, and I reply 'retired'. Then I get this:
"Thank you for your interest in joining Tangerine Listens Panel today. We very much appreciate your time. Unfortunately, one of the responses you provided has disqualified you from the enrollment process. As a result, we will be disposing of the information you have provided."

I guess they do not want retired folks to give their opinions. But trust me, I do have opinions about Tangerine which I would like them to hear!  

Yep, I’ve had the same thing happen with other surveys. They want working age folks because that’s where the big credit borrowers are. Retired people can have huge sums of money, but the big gains, for FIs, are in lending money out or MERs on mutual funds. Not savings accounts. Appealing to working age people is more important to their functionality.

Visited some survey site once, they offer few cents for each survey completed. Each survey takes between 30 and 60 minutes. Some are even longer.

They prescreen visitors, if you are saying you are unemployed or retired there are usually no surveys for you to participate. Totally different outcome if you are 30 years old father of three, making 6 digit salary and at least one of kids having health issues.

I laughed at that: do you seriously think 30 years old father of three with well paid job and sick child will spend 1 hour answering survey questions to get rewarded by 15-30 cents?

They already know how old you are. They shouldn't be surprised to hear you're retired!

My experience has been that most FIs are not particularly interested in retired people. What they want is younger people who are sufficiently well paid that they can carry mortgages, car loans, credit cards, home reno loans, and divert some of their income to investments. They encourage RSPs, not because it is necessarily a good thing for you, but because it means you have more cash in hand to invest with them.
People who are in retirement, spending down their nest eggs on themselves or giving it away, taking vacations, mortgages paid up, buying cars for cash or none at all, reduced income, decumulating, not interested in the latest investment "product:", and no longer naive, are of little interest.
They like us for our credit card spending when traveling, and sometimes for cash deposits in limited amounts, but not much else. We are really only useful to them if they can get us involved in the "Wealth Management" side, preferably multi-generational, with the big fees etc., and Tang doesn't offer that.

Several FIs don't even offer RIFs, and exclude them from promos. That tells you a lot.
They've defined their target market, and we're not it.