Personal Finance

Tangerine Fee Changes as of January 1, 2020

  • Last Updated:
  • Jan 27th, 2020 9:38 pm
[OP]
Deal Addict
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Dec 17, 2008
2700 posts
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Winnipeg

Tangerine Fee Changes as of January 1, 2020

Tangerine is updating it's "fair fees" to increase a lot of fees. I wouldn't say some of these are "fair fees" anymore. Only time before Scotiabank kept increasing fees.

Things to Note:
- Interac E-Transfers ARE STILL NOT FREE. They continue to charge $1.00 per e-transfer.
- Chequebooks will cost you $50.00 now.
- Savings Accounts now will have NSF fee.
- Savings Accounts will now have dormancy fees starting in year 2.
- Paper statements are no longer free ($2 per statement)


Here is the PDF: https://www.tangerine.ca/file_source/fb ... hedule.pdf

Tangerine Fee Changes as of January 1, 2020

CHEQUING ACCOUNT FEES:.......................CURRENT......NEW
- Interac E-Transfers:.......................................$1.00..........$1.00 (No change)
- Cheque book (First 50 free):.......................$20.00........$50.00
- Stop Payment (1 free per year):.................$10.00........$12.50
- New Debit Card:..............................1 free per year, $15 thereafter (No Change)
- Canadian Drafts (inc. courier):...................$10.00 (No Change)
- Non-sufficient funds (NSF)(1):....................$40.00.......$45.00
- Returned Items:.............................................$4.00.........$7.50
- Other ATMs in Canada:.................................$1.00.........$1.50
- Other ATMs outside Canada(2):...................$2.00.........$3.00
- 1 Year Inactivity Fee:....................................$10.00 (No Change)

OVERDRAFT PROTECTION FEES:
- Overdraft Fee:.....................$5.00 per use (charged once per month)(3) (No Change)
- Overdraft Interest:..............19% per annum (4) - (No Change)

NON-REGISTERED SAVINGS FEES:.....................CURRENT.....NEW
- Non-sufficient funds (NSF)(1):............................$0.00.........$45.00

REGISTERED SAVINGS FEES:..............................CURRENT......NEW
- RSP, TFSA, RIF Transfer to another bank:.......$45.00.........$50.00

DORMANCY FEES:...............................................CURRENT.....NEW
- 2 to 9 year dormancy fee (5):.............................$0.00..........$20.00 PER YEAR
(Non-Registered Personal & Business Savings Accounts)
- 10 year dormancy fee:......................................$40.00..........$40.00 (applies to all accounts now)
(Chequing, Non-Registered Personal & Business Savings Accounts)

PAPER STATEMENTS & TAX RECEIPTS:.........................CURRENT......NEW
- Paper Statement Fee (Per Statement Issued) (6):..........$0.00.......$2.00
- Reprint Fee (per statement or tax receipt):....................$0.00........$5.00 per reprint


LEGAL STATEMENTS (#)

The Bank reserves the right to waive any fees or charges at its discretion.

All fees will be charged in the currency of the Account. For example, US Dollar Accounts will be charged a fee in US currency.

(1) You acknowledge and agree that you are responsible for any charges incurred if debits can’t be processed due to insufficient funds, rejected pre-authorized debits or any other reason for which you may be held accountable.

(2) Tangerine will waive the International ABM Access Fee and Global ATM Alliance members will waive any terminal convenience or usage fees for any withdrawal transactions performed at Global ATM Alliance machines with your Tangerine Client Card. “Free Access” does not apply to Scotiabank ABMs in Costa Rica, Haiti, Panama or Uruguay.

(3) A $5 fee is applied on the day you go into overdraft if the balance remains overdrawn at 11:59 PM ET on that calendar day. Thereafter, if your Account remains overdrawn, a $5 fee will be applied on the first calendar day of the following month and on each subsequent month until the Account balance is returned to zero.

(4) Interest payable on overdrawn balances is calculated daily on the closing overdrawn balance at 19.00% per annum. This interest is charged to your Account monthly.

(5) Dormancy starts on the date when it has been 2 years since you last logged in or accessed your Account. This date is considered your dormancy date. A fee will be deducted per Account annually starting on the day after your dormancy date and continuing every 12 months for 7 years if your Account remains dormant. You have until 11:59 PM ET each year on the anniversary of your dormancy date to reactivate your Account and prevent the fee. If your Account balance is less than or equal to the Dormancy Fee, we reserve the right to close the Account when we deduct the fee.

(6) Paper statements are typically sent quarterly for active Accounts. If you have questions about the statement frequency or fees, please contact us. You can choose the Account that the Paper Statement Fee is taken from. If you haven’t chosen an Account, we’ll deduct the fee from your oldest Savings Account first. If at the time we issue you a paper statement, you have no funds available in the Savings Account to cover the paper statement fee, we’ll update your Savings Account statement preference to electronic. You’ll immediately begin to receive your Savings Account statements electronically. This switch won’t impact your current statement preference for any other Account types or any other communication preferences.
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126 replies
Sr. Member
Nov 6, 2015
955 posts
557 upvotes
Guelph, ON
Doesn't affect me one bit, I don't need any of those things. All I care about is that I don't need to keep several thousand as a minimum balance or face monthly fees for having basic banking services.
Deal Addict
Nov 8, 2017
1528 posts
853 upvotes
The interact fee is a real head scratcher.
I guess with most cults, members overlook things like that.
Cognitive Dissonance
[OP]
Deal Addict
User avatar
Dec 17, 2008
2700 posts
2077 upvotes
Winnipeg
Yeah Tangerine really needs to join almost every other online bank in Canada and offer free interac e-transfers (even if it's just a few per month to start).

Tangerine is to e-transfers as BMO was to mobile cheque deposit (took them years after everyone else) lol
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Sr. Member
Jul 3, 2019
729 posts
319 upvotes
Sorry for my ignorance, but how can you avoid NSF and dormancy fees for a savings account? Also, does that mean we have to keep a minimum balance in the account now?

Might as well close mine in a year from now.
Deal Addict
Dec 25, 2017
2198 posts
1629 upvotes
F3el96 wrote: Sorry for my ignorance, but how can you avoid NSF and dormancy fees for a savings account? Also, does that mean we have to keep a minimum balance in the account now?

Might as well close mine in a year from now.
Hmm... now I feel like opening a PayTM account and trying to load a crap ton of money that would result NSF on savings just to keep making NSF to piss them off....

The one thing I'm directly impacted by this change is the $2 paper statement fee on my savings. I print out my statements for safe keeping anyway so I rather have the bank send me official ones when they are free. Looks like Simplii is better than Tangerine in terms of everything now. Just waiting for my Tangerine promo to run dry and I'm high tailing out of this...
Sr. Member
User avatar
May 7, 2017
984 posts
510 upvotes
I don’t think they want people to think of tangerine as their secondary or backup account. Dump it like it’s hot!
Deal Addict
Jan 21, 2018
4669 posts
4720 upvotes
Vancouver
And Tangerine continues its downward slide toward converging with parent Scotiabank...

Problem is, Scotiabank is sliding downward as well. They may never converge. :rolleyes:
Deal Fanatic
Oct 26, 2008
6392 posts
2040 upvotes
BC
F3el96 wrote: Sorry for my ignorance, but how can you avoid NSF and dormancy fees for a savings account? Also, does that mean we have to keep a minimum balance in the account now?
To avoid the dormancy fee make a reminder in your calendar to just log on to the savings account at least once per year.

To avoid the NSF fee,
just make sure that you always have sufficient funds in the savings account to cover any scheduled direct debits/bill payments and any transfers you initiate.
This is the harder one to deal with especially when you are just earning their sub-par interest rate with no promo active.
You do not have keep any specified minimum balance. Have to use your own discretion.

Note that the legal terms say that they can waive the fees if they want.
That is, if you complain and they choose to try and keep you as a client, they might reverse any dormancy or NSF charges.
Deal Addict
Dec 13, 2010
2084 posts
990 upvotes
ON
macnut wrote: To avoid the dormancy fee make a reminder in your calendar to just log on to the savings account at least once per year.
Are you sure?
I would think that you would need to execute a transaction into the account to avoid dormancy status.

EDIT: I found this, so yeah seems you only have to login. This is easy.
(5) Dormancy starts on the date when it has been 2 years since you last logged in or accessed your Account. This date is considered your dormancy date. A fee will be deducted per Account annually starting on the day after your dormancy date and continuing every 12 months for 7 years if your Account remains dormant. You have until 11:59 PM ET each year on the anniversary of your dormancy date to reactivate your Account and prevent the fee. If your Account balance is less than or equal to the Dormancy Fee, we reserve the right to close the Account when we deduct the fee.
Last edited by thetipster on Oct 2nd, 2019 12:48 pm, edited 2 times in total.
Deal Addict
User avatar
Jul 16, 2019
1137 posts
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Tangerine is good for their credit card and access to Scotia atms. If you're using it for anything else—even their 3-month promo savings rates—you have better options.
Sr. Member
Feb 1, 2018
959 posts
1098 upvotes
Montréal
Dormancy fees for savings accounts seem very counter-intuitive. Especially for savings accounts for longer-term savings.

Then again, if you can avoid them simply by logging in (as opposed to transacting), I suppose it's not a big deal.
Sr. Member
Feb 28, 2014
565 posts
673 upvotes
Shawguy wrote: Yeah Tangerine really needs to join almost every other online bank in Canada and offer free interac e-transfers (even if it's just a few per month to start).

Tangerine is to e-transfers as BMO was to mobile cheque deposit (took them years after everyone else) lol
Considering that Tangerine has been running their own version of Interac eTransfer before Interac eTransfer existed, it's highly unlikely that they'll switch over Interac's system. Considering that Tangerine still rather use their own system over Interac's, it likely signals that it's cheaper to run their own system than to use Interac's especially since they built their own system years ago.
Member
Jan 16, 2009
464 posts
234 upvotes
Vancouver
Thanks for this, just ordered an extra cheque book for $20 instead of $50 next yr.
[OP]
Deal Addict
User avatar
Dec 17, 2008
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Winnipeg
wayneg9999 wrote: And you only get 50... that's like $1 a cheque...
Same cost as an etransfer now. Lol
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Sr. Member
Feb 28, 2014
565 posts
673 upvotes
ouaouaron wrote: $50 for cheques! WTF!!
While that may seem horrendous, it's pretty much in line with how much other banks/credit unions charge for a book of cheques. Last book I ordered from my credit union was about $50, but mind you it came with carbon copy duplicate as part of its features. $20 is considered a steal, even third party cheque printers like ASAP Cheques sell a book of 50 for $28+tax.
https://www.asap-cheques.com/personal-cheques
Sr. Member
Mar 3, 2009
891 posts
369 upvotes
Ottawa, ON
ouaouaron wrote: $50 for cheques! WTF!!
Who uses cheques anymore? If you really need them then I would use ASAP Cheques.

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