Tangerine fee increases | Tax Free Savings Accounts | Discussion forum

do they give a definition for "inactivity"? Some of us have several accounts there, and may not use all of them in a given year.

You can always programme your calendar to remind you to move a dollar around every year. New Year's is a good time for this kind of "housecleaning".

Would earning interest each month considered activity? Or do you have to do some kind of internal transaction to qualify for an "activity" ie. deposit, withdraw, etc.?

moneyhelp said
Would earning interest each month considered activity? Or do you have to do some kind of internal transaction to qualify for an "activity" ie. deposit, withdraw, etc.?  

No. It has to be something you do or that you automated to do. If you set it up to pay your CC than that would count.

Inactivity fees are something I'm really against. As I try different banks often. So, I leave banks dominate often. It's such a negative to me that I'm most likely going to cancel my Tangerine account within a year. That is how mad I am at these fee increases.

Thanks for bumping this thread. I closed my account a few minutes ago. I wondered why I wasn't notified of the fee changes but on checking by Tangerine inbox, I do see a note from March about how they are going to be making their fees 'more fair' for us. You know I actually thought that might mean a reduction in fees. I guess 'fair' is very subjective. Maybe "Good news! We're adding more fees to your Tangerine account!" didn't look as harmless.

I did give them a chance to try to retain my business by talking to them first. It did not make any difference. It seems there is no retention department (chat is below with times deleted and rep name replaced for confidentiality):

Rep
What would you like to look into?

You
I have been a customer for several years and I have watched Tangerine's rates drop to become the worst of the online banks.

Rep
Sorry about this James.

You
I now see that several more fees have been added.

Rep
These fees are mainly on our Chequing Account.

You
I have watched my friends and colleagues receive promotional offers and I have received none in the last several years - despite calling and requesting these. As such, I don't feel that I can wait any longer and be subjected to inactivity fees. I feel that I need to close my accounts.

Rep
Sure. I can close these for you.

I think it would be fair to say they have lost their market niche - one that was carefully constructed and maintained by ING. They have destroyed everything tht ING stood for except the superior computer system and maybe the mutual funds. They have not added anything of enduring value. I would think that even the Scotia shareholders wouldn't be thrilled.