Personal Finance

POLL: Tangerine breach of contract fees class action suit

  • Last Updated:
  • Dec 22nd, 2014 8:55 pm

Poll: Do you support a class action suit against Tangerine re new transfer out fees?

  • Total votes: 80. You have voted on this poll.
YES I would support and YES I am affected by the fee.
 
10
13%
NO I wouldn't support but YES I am affected by the fee.
 
23
29%
YES I would support and NO I am not affected by the fee.
 
13
16%
NO I wouldn't support and NO I am not affected by the fee.
 
34
43%
Deal Addict
User avatar
Dec 26, 2010
1736 posts
776 upvotes
Calgary
fastlayne wrote: I don't understand why Tangerine wouldn't grandfather all RRSPs opened before a specific date and maintain a zero fee for those accounts.

Going forward, Tangerine could revise their fee structure for newly opened accounts.
Its not an account fee. Its a moving account to another institution fee... as it costs money. This cost shouldn't be passed onto clients that stay. Tangerine made a move, finally, to protect clients.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
Deal Addict
User avatar
Nov 18, 2007
3531 posts
642 upvotes
Corktown
Tangerine/ING Direct was happy promoting the fact that there were no fees, including transfer fees.

If they are no longer happy with this arrangement, then set a date, say January 1st, 2015, where any new account will be subject to a transfer fee, if and when the client moves.
Sr. Member
User avatar
Jun 6, 2009
981 posts
607 upvotes
wm009 wrote: Its not an account fee. Its a moving account to another institution fee... as it costs money. This cost shouldn't be passed onto clients that stay. Tangerine made a move, finally, to protect clients.
It has nothing to do with protecting clients. It's all about protecting themselves from losing clients.
Sr. Member
Sep 10, 2014
533 posts
89 upvotes
Dartmouth, NS
If everyone chips in and sends you $45, will you shut up about this already?
Member
Sep 24, 2012
347 posts
30 upvotes
MISSISSAUGA
choclover wrote: For those that are interested, I have added some photos to the OP of the discussion thread on this topic:

unfair-banking-tangerines-new-transfer- ... s-1606159/

Pay special attention to the part highlighted in yellow.
That line where it says "There will be no fee. Ever." is very vague. It could easily be the annual admin fee that is charged by other banks. They will get the benefit of doubt.
Newbie
Oct 28, 2012
3 posts
2 upvotes
VANCOUVER
I probably share the same sentiments as the OP. It's about doing what's right, and BNS didn't really do that for some of the existing ING customers. I felt like Tangerine's $45 fee is a sneaky thing. I'm sooo glad that I didn't sign up for their kickstarter TFSA promo (I did it in a previous year, though), because that would lock me into a $45 fee if I decide to move money around next year.

Seeing all these complaints and gripes from other Tangerine account holders, I have also decided to move all my money out of Tangerine. These boards definitely do have some influence over people's decision.

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