Personal Finance

The 3 Month Tangerine Lottery thread

  • Last Updated:
  • Nov 3rd, 2017 6:50 pm
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May 5, 2012
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qewcool wrote:
Apr 9th, 2017 4:54 pm
what happened to the big thread on the last offers post April 5th with the polls regarding how many got what ?

dont see it anymore ? was it deleted ?
[Tangerine] (Targeted) up to 3.21% special interest rate on new deposits April 5, 2017 to June 30, 2017 + POLL - RedFlagDeals.com Forums tangerine-targeted-up-3-21-special-inte ... l-2091935/
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qewcool wrote:
Apr 9th, 2017 7:07 pm
ah it was moved into hot deals
thanks
It wasn't moved to hot deals. I posted it in hot deals.
Was hoping some people would spot it in time before midnight and move their money out of savings.
POLL: How frequent is your RRSP-matching?
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I am still baffled on how Tangerine targeted these offers. My wife and I have joint account with Tangerine since the ING Direct days. We recently also opened individual savings accounts for CIDC protection and every time we got the offer, we both had the same until this time, they left my wife out. When you logged in, it tells you how much interest you have earned from them and my wife actually has a few hundreds more than mine. We only have saving accounts and both have individual MC with them also. I think it's truly random and nothing else with these offers
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So, I did something stupid and transferred money from PC to EQ on April 7 (lets say 5k), then scheduled a transfer from EQ to Tang for April 13 for the full amount (balance + 5k). However the 5k is on hold until April 17 (Tuesday). Apparently EQ doesn't charge NSF, and Tangerine would just reverse the amount, but I get to keep the interest earned.

From there I had a stupid thought, that would probably raise some flags and so I will NOT do it...

But, I just want to talk about it and see what you all thought of this crazy mind of mine.
Say you just schedule a pull of 500k (or however much the system allows you) from EQ to Tang on a Friday. You would earn interest on that amount for 3 days and then the funds would be reversed on Monday. Assuming a rate of 2.81%, you would earn a bonus of 115$ every weekend doing this.

Please don't flame, I just wanted to see what the great minds at RFD thought. I KNOW it would be frowned upon, and is probably illegal... so please don't do it.

Edit: So I was right on the illegal part. Haha. Well I wasn't planning on doing it (not intentionally anyways).
Thank you to the poster below me :)
Last edited by starbelow on Apr 14th, 2017 7:22 pm, edited 2 times in total.
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starbelow wrote:
Apr 14th, 2017 7:22 pm
So, I did something stupid and transferred money from PC to EQ on April 7 (lets say 5k), then scheduled a transfer from EQ to Tang for April 13 for the full amount (balance + 5k). However the 5k is on hold until April 17 (Tuesday). Apparently EQ doesn't charge NSF, and Tangerine would just reverse the amount, but I get to keep the interest earned.

From there I had a stupid thought, that would probably raise some flags and so I will NOT do it...

But, I just want to talk about it and see what you all thought of this crazy mind of mine.
Say you just schedule a pull of 500k (or however much the system allows you) from EQ to Tang on a Friday. You would earn interest on that amount for 3 days and then the funds would be reversed on Monday. Assuming a rate of 2.81%, you would earn a bonus of 115$ every weekend doing this.

Please don't flame, I just wanted to see what the great minds at RFD thought. I KNOW it would be frowned upon, and is probably illegal... so please don't do it.
What you have described is called kiting, and the banks will close your accounts for doing it.
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starbelow wrote:
Apr 14th, 2017 7:22 pm
So, I did something stupid and transferred money from PC to EQ on April 7 (lets say 5k), then scheduled a transfer from EQ to Tang for April 13 for the full amount (balance + 5k). However the 5k is on hold until April 17 (Tuesday). Apparently EQ doesn't charge NSF, and Tangerine would just reverse the amount, but I get to keep the interest earned.

From there I had a stupid thought, that would probably raise some flags and so I will NOT do it...

But, I just want to talk about it and see what you all thought of this crazy mind of mine.
Say you just schedule a pull of 500k (or however much the system allows you) from EQ to Tang on a Friday. You would earn interest on that amount for 3 days and then the funds would be reversed on Monday. Assuming a rate of 2.81%, you would earn a bonus of 115$ every weekend doing this.

Please don't flame, I just wanted to see what the great minds at RFD thought. I KNOW it would be frowned upon, and is probably illegal... so please don't do it.

Edit: So I was right on the illegal part. Haha. Well I wasn't planning on doing it (not intentionally anyways).
Thank you to the poster below me :)
If it makes you feel any better you are definitely not the first person in history to figure this out nor will you ever be the last. Kiting as mentioned above by Jucius Maximus was discovered decades ago by people who tried to take advantage of the delay between writing a cheque and having the funds cleared between different institution.

Banks have figured this out long ago and have implemented measures to stop this from happening and eventually the people trying to game the system will have their accounts closed or worse. Once or twice probably wont raise any flags but when a pattern emerges, the banks have people who specifically look into this stuff so I'd say whoever is planning on doing this won't be doing it for long. :)
Member
Jan 19, 2017
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starbelow wrote:
Apr 14th, 2017 7:22 pm
So, I did something stupid and transferred money from PC to EQ on April 7 (lets say 5k), then scheduled a transfer from EQ to Tang for April 13 for the full amount (balance + 5k). However the 5k is on hold until April 17 (Tuesday). Apparently EQ doesn't charge NSF, and Tangerine would just reverse the amount, but I get to keep the interest earned.

From there I had a stupid thought, that would probably raise some flags and so I will NOT do it...

But, I just want to talk about it and see what you all thought of this crazy mind of mine.
Say you just schedule a pull of 500k (or however much the system allows you) from EQ to Tang on a Friday. You would earn interest on that amount for 3 days and then the funds would be reversed on Monday. Assuming a rate of 2.81%, you would earn a bonus of 115$ every weekend doing this.

Please don't flame, I just wanted to see what the great minds at RFD thought. I KNOW it would be frowned upon, and is probably illegal... so please don't do it.

Edit: So I was right on the illegal part. Haha. Well I wasn't planning on doing it (not intentionally anyways).
Thank you to the poster below me :)
When Tangerine reverses the transfer, it reverse back to the day of the initial transfer. So you won't get any interest.
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ml88888888 wrote:
Apr 15th, 2017 7:20 am
When Tangerine reverses the transfer, it reverse back to the day of the initial transfer. So you won't get any interest.
Really? I had asked them and they said I get to keep the interest.
I guess I will calculate at the end of the month to figure out which is true.

I was going to schedule a transfer of the full amount for Monday ... But I don't want to risk it just in case the transfer goes through on Tuesday.
Does anyone think there's a chance that the money will be transferred out of EQ on Day 3 rather than Day 2?
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Jan 19, 2017
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starbelow wrote:
Apr 15th, 2017 4:15 pm
Really? I had asked them and they said I get to keep the interest.
I guess I will calculate at the end of the month to figure out which is true.

I was going to schedule a transfer of the full amount for Monday ... But I don't want to risk it just in case the transfer goes through on Tuesday.
Does anyone think there's a chance that the money will be transferred out of EQ on Day 3 rather than Day 2?
I had first hand experience and I got no interest. You can' t really trust everything the CSR told you.
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May 5, 2012
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ml88888888 wrote:
Apr 15th, 2017 4:18 pm
I had first hand experience and I got no interest. You can' t really trust everything the CSR told you.
Good news (for me at least) is that the transfer went through today (April 17) even though my 5k was supposed to be on hold till after midnight on Tuesday April 18 (?)

Maybe EQ got tired of hearing from me on chat and decided to just release my money one day earlier.
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Dec 26, 2010
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Can someone help me understand the little intricacies of moving money around from promo to promo? I understand the mechanics, but what is considered "new" money that counts towards these promos. Like if I transfer out $10k from Tangerine, how long does it need to be gone before it can come back as new? I realize many go from a Tangerine promo to a PCF promo - and this all works because the money is gone for months at a time.
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wm009 wrote:
Apr 20th, 2017 9:39 pm
if I transfer out $10k from Tangerine, how long does it need to be gone before it can come back as new?
As little as a day, if your timing is good. That day was Apr 05, 2017 for the current promo. If you'd drained your money out of TING before that date, even the day before, then all new money transferred in after that date gets the promo rate. The next such date will be around Jun 05, 2017.
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bylo wrote:
Apr 20th, 2017 9:48 pm
As little as a day, if your timing is good. That day was Apr 05, 2017 for the current promo. If you'd drained your money out of TING before that date, even the day before, then all new money transferred in after that date gets the promo rate. The next such date will be around Jun 05, 2017.
Just so I understand correctly. If my balance at the start of a promo is $10k, than that is the baseline? So taking out $5k to return to the account a month later wouldn't count?
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Apr 18, 2017
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I am a former Tangerine employee...
When a promo that you have is ending, call the call centre and tell them that you're going to move all your money to PC or EQB because they offer better rate, they have a retention tool that they can always offer you decent rate for say another 3 months, usually 1.5%+

Make sure that you say you WILL move your money, don't just say this place is offering a better rate, what can you do.

Keep doing that once your promo is close to ending. You do this you'll always have a better rate than the 0.8%

Your welcome :)

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