Chances Scotia will run down Tangerine?

vivakp wrote: ↑Is this still a possibility? I know its been a little bit since the takeover, but just wondering if its looking like Tangerine will be around for the long run or if they'll end up getting Ally'd like RBC did

There's 0% chance that this will happen ... until the day that it does. At which point, there'll be 100% that it'll happen.

vivakp wrote: ↑Is this still a possibility? I know its been a little bit since the takeover, but just wondering if its looking like Tangerine will be around for the long run or if they'll end up getting Ally'd like RBC did

Given that they did a name change, have been advertising as much as they have, I would doubt that they are going to disappear anytime soon. I expect them to get onto the same level as HSBC but for frugal individuals and without the perceived prestige.

Who cares? Enjoy the benefits while they last, go somewhere else if they take them away. Tangerine is still my best option, even post Scotabank - and there's really no point obsessing over what they may to do it at some point in the future.

For me, it's been a mixed bag - I miss being able to use my Tangerine card to get cashback at point-of-sale in the US to avoid ABM fees, but on the other hand, the Global ATM Alliance is really nice to have - just used my card in the UK and enjoyed not paying fees to take my money out at Barclay's ATMs (yes, I know the currency spread is still the same as everyone else, but whatever). The TFSA transfer fee changes are annoying at best - I'll just do the good old withdraw on December 31st, re-deposit on January 1st trick whenever I move my investments away from Tangerine, so it's not a big deal.

Branchless banking is going to be the standard in the future. Even if Tangerine goes away someday (which seems highly unlikely) there's going to be others to replace it.

Scotia would be foolhardy to mess around with Tangerine's 2 million customers - many of whom are relatively young and tech savvy. This population would quickly move to PC or another virtual bank. Like the previous poster said, branchless banking is the way of the future. I can't remember the last time I walked into a bank.....

hank755 wrote: ↑Like the previous poster said, branchless banking is the way of the future. I can't remember the last time I walked into a bank.....

+1
Last time I was in a branch was to get a draft for the closing costs of my home purchase 2 years ago.
With my available funds on ATM deposits, and my overdraft, even when I deposit a cheque, I still use the ATM. No need to go inside. Much faster in most cases as well. I think these days, for the most part, the only ones who still visit the branches, are the ones who refuse to get with the times, and still stuck in the old days of going to the bank with a paper bill to pay it.

They would love to. But, they must keep it as a hedge against other discount bankers like PC financial as everyone raises rates.

Maybe the big banks will decide to agree to shut down all these banks in the future at the same time. Until then, its a mexican standoff.

CIBC has left PC bank well enough alone and it's been 20y yrs - will be the same model used for Scotia/Tangerine.

hank755 wrote: ↑Scotia would be foolhardy to mess around with Tangerine's 2 million customers - many of whom are relatively young and tech savvy. This population would quickly move to PC or another virtual bank. Like the previous poster said, branchless banking is the way of the future. I can't remember the last time I walked into a bank.....

Tangerine has 2MM deposit customers, but only a fraction are active banking customers. Most have basic savings accounts with Tangerine (and many more are probably inactive).

Saying that, I don't think Scotia will wind down Tangerine anytime soon, like others have said, too much advertising, specific market demographics, etc. They have a good thing going... why change it?

604nation wrote: ↑CIBC has left PC bank well enough alone and it's been 20y yrs - will be the same model used for Scotia/Tangerine.

PC Financial is a separate company from CIBC. PC Financial is in a partnership with CIBC to use their banking services but remains a subsidiary of Loblaws.

Tangerine is a whole owned subsidiary of Scotia.

i dont see this happening.
thanks to tangerine & pc i dont have to visit branch and treated like a peace of trash by tellers.

emeralds6edge wrote: ↑+1
Last time I was in a branch was to get a draft for the closing costs of my home purchase 2 years ago.
With my available funds on ATM deposits, and my overdraft, even when I deposit a cheque, I still use the ATM. No need to go inside. Much faster in most cases as well. I think these days, for the most part, the only ones who still visit the branches, are the ones who refuse to get with the times, and still stuck in the old days of going to the bank with a paper bill to pay it.

Actually, there are people like me who walk into the bank every couple of days with $2000+ cash. There is no way I'm sticking that in a bank machine!

Related, sort of, is the way Tangerine credits interest on annual pay GICs. I have a GIC that pays interest every May 26. However, it is now 7:39 PM and interest is not yet paid. So that cash is not available, and probably will not be available until tomorrow May 27. It's not a big deal, but it suggests to me an attitude that does not put the client first. If I create a GIC ladder, and I want to invest every penny available, I would buy the next on May 27, 2015 then May 28, 2016, May 29, 2017, etc. Maybe I will check at 11:55 pm to see if the interest is posted.

bruceh2015 wrote: ↑Actually, there are people like me who walk into the bank every couple of days with $2000+ cash. There is no way I'm sticking that in a bank machine!

I've done it. More than once. Never an issue.

emeralds6edge wrote: ↑I've done it. More than once. Never an issue.

All you need is one scare with a bank machine and you won't be making large cash deposits anymore.

1) $260 vanished never to be seen again. They took responsibility for it, but .....

2). Went to withdraw $1000. Nothing came out. Withdrawl slip showed successful withdrawl, apparently bills got stuck in machine. Two weeks later I got the money back, but not before losing the apartment that I was preparing a deposit for it.

3). I find the deposit envelopes at scotia bank to be very poor. They don't glue well like a proper envelope therefore very easy for bills to fall out.


I don't trust the bank machines except for cheques which can be cancelled and reissued.

bruceh2015 wrote: ↑All you need is one scare with a bank machine and you won't be making large cash deposits anymore.

1) $260 vanished never to be seen again. They took responsibility for it, but .....

2). Went to withdraw $1000. Nothing came out. Withdrawl slip showed successful withdrawl, apparently bills got stuck in machine. Two weeks later I got the money back, but not before losing the apartment that I was preparing a deposit for it.

3). I find the deposit envelopes at scotia bank to be very poor. They don't glue well like a proper envelope therefore very easy for bills to fall out.


I don't trust the bank machines except for cheques which can be cancelled and reissued.

Isn't the max withdrawal per day $800?

Piraxx wrote: ↑Isn't the max withdrawal per day $800?

I believe you can call in to increase temporarily.

Piraxx wrote: ↑Isn't the max withdrawal per day $800?

This was back in 2010. It was something very close to $1000 I was trying to withdraw. I am almost certain my limit WAS $1000. However, it's only $400 now. Wish it were $0 now. I'm overloaded with cash and trying to get rid of it all the time. No need for cash withdrawals from debit machine.