Personal Finance

ScotiaBank to Allow Tangerine to Rot?

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  • Dec 9th, 2014 12:56 pm
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Sep 22, 2008
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Toronto

ScotiaBank to Allow Tangerine to Rot?

No new services at Scotia's "Tangerine" to compete with CIBC's President's Choice Financial. (ING used to say they could not offer the same services as PCF as they, unlike CIBC, were not a full bank.)

Well, last time I checked even wire transfers were not supported by Tangerine. Including, incredibly, incoming wire transfers!

Could it be that BNS simply stepped up to destroy some foreign competition, hoping to recover the cost with ING customer business? Or was it a purchase of ING's technical, marketing and operating prowess? Both? Or?

If the biggest thing BNS has in mind for ING Direct is "an exciting new name", well, that franchise is in trouble.
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Deal Expert
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Feb 11, 2009
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I don't get your logic...not increasing services offered, now that it's owned by a big bank = allowing them to Rot?

Unless scotia is moving backwards and taking away services, this post makes no sense.
Realtor (Investment Properties) - CPA, CA
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Sep 23, 2009
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Maybe he wants to ....

Buy Low ?

Anyways:

http://www.theglobeandmail.com/globe-in ... le4508240/

"It is the largest deal by dollar amount Scotiabank has done in its 180-year history and adds $30-billion of deposits to its operations.

With a total of $175-billion of Canadian deposits when the deal closes by the end of this year, Scotiabank will be the country’s third-biggest bank by deposits. It is already Canada’s third-biggest bank by assets."

And:

"Bank of Nova Scotia has always been strong in international banking, with operations in more than 50 countries. But the perceived weakness of the bank in recent years has been in increasing its Canadian deposits, which this transaction addresses."
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Mar 6, 2004
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deal_with_singh wrote: I don't get your logic...not increasing services offered, now that it's owned by a big bank = allowing them to Rot?

Unless scotia is moving backwards and taking away services, this post makes no sense.
Depending on where you live, moving from Exchange ABMs to Scotia ABMs (with respect to deposits) can be either a positive or a negative situation.
vero95: :facepalm:
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Montague wrote: Depending on where you live, moving from Exchange ABMs to Scotia ABMs (with respect to deposits) can be either a positive or a negative situation.
But who didn't see that coming? If Scotia has their own ATM's, why spend extra money on the Exchange network? This is what is referred to as Synergy. I don't know which places it affects negatively, but for most people in urban areas, there are far more scotia ATM's than exchange ATM's. (There's a scotiabank 2 minute walk from my house, and there's a scotia bank along with every other big bank every few mins walking across downtown). So yeah it may be negative for some, but for the majority it's likely beneficial, and it likely reduces Scotia's costs significantly.

I'm talking about actual drawbacks in service like OP seems to be implying
Realtor (Investment Properties) - CPA, CA
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Aug 26, 2012
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deal_with_singh wrote: But who didn't see that coming? If Scotia has their own ATM's, why spend extra money on the Exchange network? This is what is referred to as Synergy. I don't know which places it affects negatively, but for most people in urban areas, there are far more scotia ATM's than exchange ATM's. (There's a scotiabank 2 minute walk from my house, and there's a scotia bank along with every other big bank every few mins walking across downtown). So yeah it may be negative for some, but for the majority it's likely beneficial, and it likely reduces Scotia's costs significantly.

I'm talking about actual drawbacks in service like OP seems to be implying
People of QC and BC are affected negatively. ing-direct-has-exciting-announcement-no ... st18327376

http://www.thestar.com/business/persona ... k_360.html
The only change so far is that earlier this year, ING closed its mortgage broker division, citing an overlap with Scotia. ING continues to sell mortgages directly to consumers through its website and call centre, just not through brokers.

Aceto said one benefits of the merger will be integration with Scotia’s ATMs, which is one reason PC Financial stands out. Their customers get free access to 3,800 PC Financial and CIBC ATM’s.
Time will tell if any other service reduction will happen. Depends on their intention, which doesn't seem to be harming their company (we hope). When RBC bought Ally, it was purely for their automotive business and they made that well known.
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Sep 22, 2008
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cjottawa wrote: Reported thread.

Troll is trolling. Don't (further) feed the troll.
Good God what a wanker.
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Sep 22, 2008
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Well, Tangerine has still not made any improvements to ING, AFAIK.

Looks like the Canadian banking oligarchy just stepped up to eliminate some competition.

Better a bank shareholder than a bank customer.
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Sep 10, 2009
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ING used to be a different bank with interest continuously higher than the competitions, without any fees.

Now there are only bait and switch promotions, lower interest, and they started to introduce various fees.
Scotia is not interested in developing the brand and its clients, I guess it will eventually be merged with scotiabank

I don't see how less competition on the banking market is an improvement for Canada.
Member
Oct 6, 2014
313 posts
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London
Scotia Bank is the worst. I have no doubt they will ruin tangerine. Scotia can't even run their own bank well. Going to close up shop at tangerine as I don't want to support Scotia in any way. To many bad customer service experiences that are just painful incompetence. I mean they can't even get an mailing addresses correct after several attempted corrections. I didn't realize how great it was with td until using Scotia.
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Mar 9, 2014
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Scotia is already destroying ING.

As some others have mentioned, interest rates on savings are way lower (whereas 5 years ago, ING had some of the highest interest rates offered anywhere), they're implementing fees (like the new TFSA transfer fee) when ING was known as a "no fees EVER" bank, and they're offering horrendous mortgage renewal rates that are borderline offensive. Besides that, their customer service levels are deteriorating.

Keep something else in mind: ING was basically a full-on telephone & advanced internet banking service, which is COMPLETELY opposite of Scotia's mandated culture of forcing its clients to do everything at the branch and who are about 50 years behind in technology. A time will come when Tangerine will require you to go to a Scotia branch to complete certain transactions, verify your identity, or to pick up a new debit card because "their system can't send mail to addresses with suite or unit numbers in it" (yes, Scotia told me this). Just wait for it.
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Wigglepuppy wrote: Scotia is already destroying ING.

As some others have mentioned, interest rates on savings are way lower (whereas 5 years ago, ING had some of the highest interest rates offered anywhere), they're implementing fees (like the new TFSA transfer fee) when ING was known as a "no fees EVER" bank, and they're offering horrendous mortgage renewal rates that are borderline offensive. Besides that, their customer service levels are deteriorating.

Keep something else in mind: ING was basically a full-on telephone & advanced internet banking service, which is COMPLETELY opposite of Scotia's mandated culture of forcing its clients to do everything at the branch and who are about 50 years behind in technology. A time will come when Tangerine will require you to go to a Scotia branch to complete certain transactions, verify your identity, or to pick up a new debit card because "their system can't send mail to addresses with suite or unit numbers in it" (yes, Scotia told me this). Just wait for it.
I agree. Very good arguments.

Thanks
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Oct 16, 2008
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Threads like this have popped up on RFD almost every month.

ING's interest rates were jumping off of a cliff even before Scotia's takeover.

I still find Tangerine to be very good.
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Buy Low wrote: Well, Tangerine has still not made any improvements to ING, AFAIK.

Looks like the Canadian banking oligarchy just stepped up to eliminate some competition.

Better a bank shareholder than a bank customer.
Anyone could've told you that. Best example of that prior is TD & MBNA. They took over the credit portfolio of MBNA and became one. Gone are the days of a 0% card, I used to get the same offer in the mail once every 2mos. I haven't seen one since the beginning of summer, while my promo was still active.

It's probably the best move they could've made however. They aren't the "best" bank in this country and could always step up their game...
Newbie
Apr 19, 2012
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Prince George
One person revives a thread complaining of all of the changes Scotabank is making (or has made) to ING. Another person starts a thread lamenting the tragedy of Scotiabank never making any changes with ING besides the name change and is letting it languish and rot. Seems to me that Scotia just can't win no matter what it does or does not do, and all some of the people on this board want to do is find something to nitpick about concerning Scotiabank. What utter nonsense!

LB1275
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Apr 21, 2012
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Does Tangerine have any inactivity fees?
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Jun 6, 2009
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Scotia bought ING for 3.1b$. That's a lot of money just to let something die.
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Aug 27, 2004
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epiphano wrote: Scotia bought ING for 3.1b$. That's a lot of money just to let something die.
That's around 4.5 months of RBC's profits... not sure about Scotia's...
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Sep 22, 2008
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It would have been ScotiaBank's turn to step up and do the work of the cabal.

In the oligarchical world of Canada, the big banks don't truly & fully compete among themselves. (Remember, they're all held and controlled by the same wealthy elite.) Their primary modus operandi is to co-operate to reduce external competition.

Reach for the Tangerine and you're going to find it's rotten inside. ING was based upon competing for your business. Canadian banks are based upon customer manipulation.

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