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What's the permanent rate? These were/are usually targeted offers at Prime + 0 or 1% which are absolutely phenomenal rates for an unsecured LOC.
LOC are some of the most difficult products to get approved for. Also has little to do with existing debt. You don't get approved for a lending product so you move all of your money out of a free banking account? Makes sense.
Yup. Did this when they offered 0% interest a few years back.
Financial services are turning into a commodity due to advances in technology and the way Banks treat their customers. It is not necessarily a good thing.
I have Tangerine Prime+2%. Which currently means 8.7%. That's annually, right?
dont hit on the bankers.. there's sleezy people in every sector.ImMrWorld wrote: ↑ Financial services are turning into a commodity due to advances in technology and the way Banks treat their customers. It is not necessarily a good thing.
When this bank was named ING Direct (ie. before the Scotiabank purchase), it was a wonderful bank for savings, mortgages, and yes, lines of credit and simple mutual fund investments. Service was fast and efficient, few (if any) mistakes were made and solutions were always a phone call (or internet access) away. NEVER A PROBLEM. Since the sale to Scotiabank, I have slowly moved my business away and find their responses to my inquiries quite arrogant. Its more than the "Tangerine Lottery" to get access to short-term beneficial savings rates; long-term relationships are simply pushed aside which tend to favour churners as customers, and Banks can not rely on churners to thrive. It is so un-Bank (non-Bank?) and prone to long-term loss for Tangerine.
Yes, we are all looking for financial institutions that provide us with low borrowing rates and high savings rates, but it always starts with that first Bank: The first savings account, the first student loan, the first credit card, the first mutual funds, the first mortgage, the first RRSP/TFSA, then the process begins again with oir children. However, Canadian Banks do not respect that relationship any longer and would rather buy out the competition, expand outside Canada and move on to the next customer as a revenue source. In this environment, why would ANYBODY want to make a career in personal banking, or trust the services they claim to help you with?
As technology allows customers to move great sums of money from one financial institution to another virtually instantaneously, the definition of relationships, safety and risk for Banks will get shorter and shorter (ie. a commodity). Didn't the financial meltdown of 2008 show the world that Banks as a whole requires the guarantee of Governments to provide financial comfort to customers? I feel it already and also fear that my children will never know the importance of banking as a means of financial comfort and success.
It seems all industries do that now. I used to think it was short sighted of them but now I realize they are just crafty. They realized the average Canadian will whine and moan but never switch. So they make money focusing on the new customers.
Yes, there are sleezy people in every sector, but it does not have to be all firms in all sectors, and SHOULD NOT be in the financial services sector. It appears that long-term is too far away for relationship banking or the evaluation of risk.
My fear is that without a long-term focus on relationships and/or evaluation of risk, the commoditization of the sector will result in another financial crisis like 2008. The separation of Executive goals of maximizing THEIR earnings and that of the bank they are managing will result in scandal and crisis. And it will be the taxpayers paying the damages in the end. It does not appear that anything has really changed since 2008, a clear indication that it is bound to happen again.dan2011 wrote: ↑ It seems all industries do that now. I used to think it was short sighted of them but now I realize they are just crafty. They realized the average Canadian will whine and moan but never switch. So they make money focusing on the new customers.
I switched methods too, and switch companies as soon as I see an increase. (Bank, telecom, insurance, streaming, etc).
15 years with Telus and they refused to even come close to the $35 10GB Fido boxing day deal. Bye Telus. Next year when Fido inevitably jacks my rates, hello Virgin.
I got a Prime + 0% a little while back. Thanking my lucky stars everyday.OongaLoonga wrote: ↑ I have Tangerine Prime+2%. Which currently means 8.7%. That's annually, right?
Is that considered good nowadays? Would a personal loan be cheaper currently?
Yup, their pre-approvals are always subject to credit report. They seem to always do hard credit pulls even when you get such offers.caveat_emptor wrote: ↑ Its weird that they sent yoh an email that you were pre-approved then then denied your application after.
Pre-approved. What does it mean?
