Is anyone doing all their banking with Tangerine?

[HyperMOA]

ATB is increasing fees in line with everyone else and the fees they keep adding is really irritating me. Considering moving everything from ATB except my mortgage that is due in March to Tangerine. Including all my investments.

Any horror stories or warnings I should heed?

[Au revoir, Gopher]

I have banked with Tangerine since before it was Tangerine. Back in the days of ING, it was a hell of a deal. Good interest rates and no fees, over the years the interest rates are about the same as the other banks... still no fees, so that is good.

On the other hand, since we moved out of Calgary, we opened an account at ATB because they have branches in smaller towns. We aren't paying any monthly fees or transaction fees. Not sure what fees you are seeing.

ARG

[HyperMOA]

As of Aug1 their whole fee schedule is changing. Their unlimited chequing account is going from $9.95 to 17.95 I believe. I may be off a dollar. Unless you keep a minimum $5000 balance. That is up from $1500. I don’t maintain that kind of money in an chequing account. That kind of money is invested or at least in savings accounts. Among many other fee changes.

As for Tangerine, the biggest downfalls I see is the inability to deposit cash or withdraw US currency. Those may be the only obstacles which is why I am seeking out others.

[Worm]

I have a few family members that use simplii as a no fee banking option. They seem to be happy with it. If not mistaken can use CIBC bank machines?

I have a tangerine saving account. It has become useless as they have the lowest interest rates around unless you get an offer from them. Which is at best inconsistent. Platform is simple and easy to use though.

Sent from my SM-A715W using Tapatalk

[Au revoir, Gopher]

Originally Posted by HyperMOA

As of Aug1 their whole fee schedule is changing. Their unlimited chequing account is going from $9.95 to 17.95 I believe. I may be off a dollar. Unless you keep a minimum $5000 balance. That is up from $1500. I don’t maintain that kind of money in an chequing account. That kind of money is invested or at least in savings accounts. Among many other fee changes.

Hadn't seen the announcement, my 'old folks' account doesn't have any fee changes.

According to https://www.atb.com/personal/2024-fee-changes/

The unlimited account is going fro $9.95 to $15.95 while the minimum deposit to waive fees is going from $2,500 to $4,000.

The way I have always looked at the minimum balance is, if keeping $4,000 in the chequing account saves me $191.40 (12 * $15.95), that's 4.8% which is better than most savings accounts are offering. It also means I don't need to pay for overdraft protection.

As for Tangerine, the biggest downfalls I see is the inability to deposit cash or withdraw US currency. Those may be the only obstacles which is why I am seeking out others.

Originally Posted by Worm

I have a few family members that use simplii as a no fee banking option. They seem to be happy with it. If not mistaken can use CIBC bank machines?

I have a tangerine saving account. It has become useless as they have the lowest interest rates around unless you get an offer from them. Which is at best inconsistent. Platform is simple and easy to use though.

Scotia Bank, not CIBC. I don't know if Scotia has any ATMs that dispense US cash, but I sure hope they still accept cash for deposit.

I find the biggest hassle with these online banks is the time it takes move funds between institutions. If I need to get a bank draft, I can order one from Tangerine and they will courier it to me (3 days+) for $10; or I can walk into a TD branch and get it now for no fee (because of the banking package I have with them). The problem with both those scenarios is that my savings account is at Canadian Tire (currently paying 3.7%) so I need to move money from CT to where ever I will get the bank draft from, that takes 3 days+.

ARG

[Grizzly Adams1]

ATB is still giving seniors a Freebie, no need for me to change . It's tough to understand the rush to on line banking with the constant hacking and compromise of data stories emerging almost daily.

[Dean2]

RBF2010 or TDB8155, just two examples, one is RBC and other is TD, both pay 4.3% currently. It is basically a cash savings account, you can buy it or one like it in any trading account you have. You can sell or buy funds anytime and transfer the money to your chequing account, as long as it is at the same bank as your trading account, same day on any business day, no later than the next business day if you put the order in after 2:30 p.m. No futzing around with online only offerings and no waiting time to move money from your trading account to your chequing account.

There is also a U.S. dollar version so RBF2014 for Royal Bank, that currently pays 4.9% on your U.S. dollars. Means you can save them, earn interest, not pay exchange going in and out, and transfer the money to your U.S. bank account, Can be used to pay a U.S. visa or to take cash out, again with no exchange issues or costs.

As far as fees go, every bank has a no or low fee option for low volume accounts or for all users that only use on line and ATM activity. There are not many people left that write many cheques, as hardly anywhere will take one so not sure why anyone is paying very much for service fees.

[man of steel]

I closed both my savings account and Mastercard that I had at Tangerine a few months ago.

My Mastercard got hacked (which I did not know) and I received a random telephone call from a "private number". The person on the line had a heavy accent and only said that they were calling from Tangerine and began asking me questions about my account. I was skeptical and asked him to confirm his identity by texting the number I used to receive passcodes to access my account or to email my attached email. He said that they would do neither so I assumed it was a scam call.

Later in the day I attempted to do an Amazon order and found that my card had been shut down.

I attempted to reach Tangerine for 6 days. I was on hold for more than 12 hours total on all of these calls before I finally reached a customer service agent.

I tried to file a complaint and spent multiple sessions of over an hour on hold and decided to find somewhere else to deal with.

I applied for a Rogers Bank Mastercard and opened a savings account at EQ Bank on the advise of a trusted friend. Both of these accounts have ended up being much better than Tangerine and when I needed any info I spent less that 5 minutes on hold each time with Rogers Bank. EQ Bank did not require calls for info and was extremely easy to set up.

After trying these new accounts for a couple of months, I decided to close the Tangerine accounts and spent 78 minutes on hold to be able to do so.

If you are young and have a lot of life ahead of you maybe you have the time to spend on Tangerine "Customer Service" but I do not have this much life left.

[Dean2]

man of steel - you raise a great point. In today's world, and with AI taking off, security is becoming a VERY big deal. I do not want to deal with a small bank, they have a much bigger chance of being hacked because they aren't investing enough in their security, nor do they have the large teams of highly talented people to work on security.

If you do use a smaller online bank for some stuff, make darn sure your password for it and your main bank are NOT the same, nor the user name.

[Spidey]

Originally Posted by Worm

I have a few family members that use simplii as a no fee banking option. They seem to be happy with it. If not mistaken can use CIBC bank machines?

I have a tangerine saving account. It has become useless as they have the lowest interest rates around unless you get an offer from them. Which is at best inconsistent. Platform is simple and easy to use though.

Sent from my SM-A715W using Tapatalk

We've had Simplii since 2002, back when it started as PC Financial. We've never paid any banking fees or for cheque ordering. We can use CIBC ATM's for free, which includes US currency withdrawl. Customer service has always been easy to reach over the phone. We've also been able to use our ATM cards in Mexico, Japan and the US without issue.

The only knocks against Simplii would be average-at-best mortgage/TFSA/Savings rates, but we don't use them other than having chequing and basic savings accounts. Our mortgage and TFSA's are with other banks.

[HyperMOA]

Originally Posted by Au revoir, Gopher

Hadn't seen the announcement, my 'old folks' account doesn't have any fee changes.

According to https://www.atb.com/personal/2024-fee-changes/

The unlimited account is going fro $9.95 to $15.95 while the minimum deposit to waive fees is going from $2,500 to $4,000.

The way I have always looked at the minimum balance is, if keeping $4,000 in the chequing account saves me $191.40 (12 * $15.95), that's 4.8% which is better than most savings accounts are offering. It also means I don't need to pay for overdraft protection.





Scotia Bank, not CIBC. I don't know if Scotia has any ATMs that dispense US cash, but I sure hope they still accept cash for deposit.

I find the biggest hassle with these online banks is the time it takes move funds between institutions. If I need to get a bank draft, I can order one from Tangerine and they will courier it to me (3 days+) for $10; or I can walk into a TD branch and get it now for no fee (because of the banking package I have with them). The problem with both those scenarios is that my savings account is at Canadian Tire (currently paying 3.7%) so I need to move money from CT to where ever I will get the bank draft from, that takes 3 days+.

ARG

Sorry it’s 4g at ATB. Others must be 5g. It was $1500 last year and was changed to $2500 just a year ago. $1500 to save me $120 per year was worth it. That was 8%. $4000 to save me $192 a year is very poor return. I am willing to bet it goes to 5 g next year.

Yes scotiabank ATMs are available to tangerine users but from what I understand they are for withdrawals and not for deposits. Have you deposited cash to a tangerine account using a Scotia bank ATM.

[HyperMOA]

Originally Posted by Dean2

As far as fees go, every bank has a no or low fee option for low volume accounts or for all users that only use on line and ATM activity. There are not many people left that write many cheques, as hardly anywhere will take one so not sure why anyone is paying very much for service fees.

I see RBC has $0 banking for 1 year as an offer but no free chequing accounts. Not that I see anyways. I don’t see where there is all online free accounts.

[Dean2]

Originally Posted by HyperMOA

I see RBC has $0 banking for 1 year as an offer but no free chequing accounts. Not that I see anyways. I don’t see where there is all online free accounts.

https://www.rbcroyalbank.com/account...e-banking.html

No minimum balance, unlimited electronic, no ATM fees even at other banks, free EMT etc. If you have a credit card, Investment of any kind like GIC and your mortgage, 11.95 fee is waived. If you have two of the 3, $5.95 a month. Direct deposit of pay gets some additional benefits.

Low volume option, $4 a month, free for seniors or students, free with 2 of the three above.

https://www.rbcroyalbank.com/account...y-banking.html

No bank that provides cross country and out of country convenience, wide ATM access to theirs and a network of ATMs, is going to do a zero dollar chequing account for a single product client. You have to give up a LOT to get free. Convenience, access, and security to name just a few things.

[stob]

Tangerine has been a nightmare to use from europa on all ocassions

[HyperMOA]

Originally Posted by Dean2

https://www.rbcroyalbank.com/account...e-banking.html

No minimum balance, unlimited electronic, no ATM fees even at other banks, free EMT etc. If you have a credit card, Investment of any kind like GIC and your mortgage, 11.95 fee is waived. If you have two of the 3, $5.95 a month. Direct deposit of pay gets some additional benefits.

Low volume option, $4 a month, free for seniors or students, free with 2 of the three above.

https://www.rbcroyalbank.com/account...y-banking.html

No bank that provides cross country and out of country convenience, wide ATM access to theirs and a network of ATMs, is going to do a zero dollar chequing account for a single product client. You have to give up a LOT to get free. Convenience, access, and security to name just a few things.

I agree with you but that is what really chaps me. We have chequing, mortgage, RESP, 3 separate RRSPs, TFSAs, credit card, HELOC, unsecured LOC, kids savings, our family savings, our individual savings, the kids generational accounts and there is no savings on fees. It’s like ATB wants me to leave. They are doubling most fees and cutting interest on the kids’ accounts. We won’t be able to move our mortgage till march, and even then we will only have 2ish years left but I saw the $6 at RBC. I am not a fan of RBC but looks like I may be moving to them.

[HyperMOA]

Never heard of simplii. Gonna do some googling.

[Dean2]

Originally Posted by HyperMOA

I agree with you but that is what really chaps me. We have chequing, mortgage, RESP, 3 separate RRSPs, TFSAs, credit card, HELOC, unsecured LOC, kids savings, our family savings, our individual savings, the kids generational accounts and there is no savings on fees. It’s like ATB wants me to leave. They are doubling most fees and cutting interest on the kids’ accounts. We won’t be able to move our mortgage till march, and even then we will only have 2ish years left but I saw the $6 at RBC. I am not a fan of RBC but looks like I may be moving to them.

I would go in a talk to the branch manager and have exactly this discussion with them. There may well be some latitude that he has to make a deal given the large amount of business you have with them. There are also some account options they may be able to suggest.

https://www.atb.com/personal/everyda...E&gclsrc=aw.ds

[HyperMOA]

Originally Posted by Dean2

I would go in a talk to the branch manager and have exactly this discussion with them. There may well be some latitude that he has to make a deal given the large amount of business you have with them. There are also some account options they may be able to suggest.

https://www.atb.com/personal/everyda...E&gclsrc=aw.ds

I made an appointment for tomorrow on Thursday when I got the letter in the mail.

[KGB]

I have been with CIBC since forever, haven’t paid a dime in probably 15 years. Even their visa that charges us $170 annually is free for us. The $29 monthly fee is refunded if I keep a minimum balance of $3000 I believe….

[Au revoir, Gopher]

Originally Posted by HyperMOA

Sorry it’s 4g at ATB. Others must be 5g. It was $1500 last year and was changed to $2500 just a year ago. $1500 to save me $120 per year was worth it. That was 8%. $4000 to save me $192 a year is very poor return. I am willing to bet it goes to 5 g next year.

Yes scotiabank ATMs are available to tangerine users but from what I understand they are for withdrawals and not for deposits. Have you deposited cash to a tangerine account using a Scotia bank ATM.

I have never used an ATM to deposit funds to Tangerine... actually I think the only thing I have done at their ATM is change my PIN. The Tangerine ATM locator
https://www.tangerine.ca/app/#/locations?locale=en_CA
Has a filter option for "Accepts Deposits". I would guess that is ATMs at a branch vs gas station or convenience store.

ARG

[mattpreat]

I switched almost everything over to Wealthsimple a couple months ago for the 4.5% interest on cash accounts. So far so good, although I still kept an account with Scotiabank for my credit card and if there's anything I need that Wealthsimple doesn't offer. Definitely shop around though since there are some good options out there now!

[sewerrat]

I have a Tangerine account and no issues, pre straight forward.
My Wife opened up a Simplii account we want to make it a joint account but to put me on that account is a nightmare, still not done dealing with that.

[HyperMOA]

Originally Posted by Dean2

I would go in a talk to the branch manager and have exactly this discussion with them. There may well be some latitude that he has to make a deal given the large amount of business you have with them. There are also some account options they may be able to suggest.

https://www.atb.com/personal/everyda...E&gclsrc=aw.ds

Well Dean I went and talked to them. They told me that is the fee schedule and there is nothing they can do.

I informed them of the reduced costs at all the other banks with multiple products and they said they couldn’t do the same.

I asked them why I should stay at ATB and have inferior service to the big banks and pay more?

They said they could move me into free internet banking.

I said I still get full banking support for the same free at RBC.

They said we don’t want lose you as a customer though

So what can you do I asked again.

Threw their hands in the air.

Drove 3 blocks to RBC and began moving 24 years of banking. Been with ATB since I moved to AB. A real pity.

[Sundancefisher]

Personally saying what banking institutions you use in an open online forum is asking for future phishing attempts.

[Dean2]

Originally Posted by Sundancefisher

Personally saying what banking institutions you use in an open online forum is asking for future phishing attempts.

ANYTHING you do on social media provides ammo for phising attempts and with the rise of AI it is even more of an issue. Stay off ALL electronic, ger rid of phone, pc all social media and go back to a hard wired house phone if you are that worried.

[58thecat]

Originally Posted by Dean2

ANYTHING you do on social media provides ammo for phising attempts and with the rise of AI it is even more of an issue. Stay off ALL electronic, ger rid of phone, pc all social media and go back to a hard wired house phone if you are that worried.

Ohh and then the dreaded party line where someone is always listening….lol

It never stops just evolves.


Sent from my iPhone using Tapatalk

[waldedw]

Originally Posted by KGB

I have been with CIBC since forever, haven’t paid a dime in probably 15 years. Even their visa that charges us $170 annually is free for us. The $29 monthly fee is refunded if I keep a minimum balance of $3000 I believe….

Yup same here CIBC since 1973, no fees for CC or chequeing accounts, also have a US$ visa no annual fee, when I moved overseas in 1998 they transferred everything to CIBC channel Islands and in 2004 when we moved back they transferred it back to Canada all at no charge, banking fees for the 5 years in channel islands however were steep, everything was done by wire transfer at about $10 per transaction.
I can't remember all the details of mortgages at CIBC as I haven't had one since 1998, I do have a line of credit with them that's at prime plus 1% I never use it but it's nice to have in an emergency.

[ab_hunter]

Called ATB regarding their no fee digital account. There's a $5 charge for withdrawing money from a machine. What a joke.

[Dean2]

I am a big fan of ATB. They are a great alternative to the main line banks and they really do support Alberta. I escalated this within the company. Hopefully they take a good hard look at their accounts and the competitiveness of their offers against the other options available. Hopefully this thread allows them to focus in and improve their offerings.

[badbrass]

No charges since 1995! Love it! I also said to RB and they are doing the same! No charges!