Personal Finance

Tangerine now has transfer out fees

  • Last Updated:
  • Jul 22nd, 2015 1:19 pm
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Deal Addict
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Dec 26, 2010
1736 posts
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Calgary
This is great news. Now I don't have to pay for the labor that goes into people removing their RRSP and TFSA accounts.

A great step to protect customers that actually stay. Very nice for stopping chronic abusers.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
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Nov 25, 2010
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Kanada
Can someone point me to the transfer-out form ? I need to transfer-out my small RRSP before the $45 takes effect in 2015
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Jan 16, 2010
629 posts
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lest we forget that this is scotiabank wearing a mask
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Sep 13, 2003
9923 posts
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ipxxx wrote: what a timely thread... i was looking at the various RRSP products I had at Tangerine (since they were easy to setup and fund during RRSP time...however, low interest products :( ) and was thinking to myself that I should probably do something with those accounts. Now I just need to figure out where to move them...or wait for them to finish maturing and roll into the RRSP Savings Account (to get dinged with the $45 once...). Who knows maybe in 5 years when these things mature their policy will change :P
Yup it will change. It'll just be more expensive :(
One blind human - a tragedy
Ten blind humans - a disaster
One million blind humans - a statistic
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Jun 6, 2009
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SnoopDop wrote: Can someone point me to the transfer-out form ? I need to transfer-out my small RRSP before the $45 takes effect in 2015
You file the transfer at the FI you're tranfering to, not from.
Deal Addict
Jul 6, 2005
4451 posts
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Toronto
ELiTE KiLLaH wrote: So this only applies to a complete transfer out and not for a partial transfer out, right?
+1 Would like to know this as well... can someone confirm?

I have regular transfers from my paycheque into TFSA, and sometimes transfer out some cash for bigger purchases (but not to a $0 balance)
Member
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Oct 9, 2014
397 posts
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Winterpeg
Might have missed it, but this only refers to their registered accounts right? If I'm using a basic savings or basic TFSA and withdraw/transfer money to my regular checking account and then transfer to another bank, thats not gonna cost anything? I don't have any investments or registered accounts but want to know if I'll have problems moving regular savings around
Jr. Member
Sep 5, 2013
162 posts
30 upvotes
@Betcrooks and Snoopdop
Why are you talking about 2015 when the $45 are already applicable for any RSP, RIF or TFSA transfer to another bank? I can't find any info about the 2015 condition on Tangerine website.
Newbie
Dec 28, 2003
8 posts
CyberDudeEh wrote: @Betcrooks and Snoopdop
Why are you talking about 2015 when the $45 are already applicable for any RSP, RIF or TFSA transfer to another bank? I can't find any info about the 2015 condition on Tangerine website.
It is clearly stated in the statement I received from Tangerine yesterday.

"Effective January 1, 2015, there will be a $45 charge if you decide to move your RSP, TFSA or RIF from Tangerine to another financial institution."
Jr. Member
Aug 31, 2013
138 posts
8 upvotes
Brampton
Repooc wrote: +1 Would like to know this as well... can someone confirm?

I have regular transfers from my paycheque into TFSA, and sometimes transfer out some cash for bigger purchases (but not to a $0 balance)
DudeManGuyBro wrote: Might have missed it, but this only refers to their registered accounts right? If I'm using a basic savings or basic TFSA and withdraw/transfer money to my regular checking account and then transfer to another bank, thats not gonna cost anything? I don't have any investments or registered accounts but want to know if I'll have problems moving regular savings around
My understanding is: it's only if you want to transfer your funds in a registered account to another registered account at a different institution.
Deal Fanatic
Oct 7, 2007
9406 posts
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I received the notice of the transfer out fee on my statement yesterday. This is absolutely outrageous for those of us who have RSP investments that will mature after January 1st, 2015. In my opinion, this is a breach of terms and conditions as ING was operating on the premise of "no fees" and "save your money".

Just curious if anyone has complained to Tangerine about this and, if so, what their experience was?
Member
Dec 10, 2003
304 posts
1 upvote
toronto
I can understand they charge fee for RSP/RIF, as they're registered accounts. But for TFSA, just redeem from TFSA to chequing/saving account, then transfer to linked external accounts. How can they charge fee for TFSA??
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Oct 9, 2014
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Winterpeg
breathe wrote: I can understand they charge fee for RSP/RIF, as they're registered accounts. But for TFSA, just redeem from TFSA to chequing/saving account, then transfer to linked external accounts. How can they charge fee for TFSA??
I don't think they could in a regular TFSA, but then you lose out on that contribution for the current year and can't recontribute it elsewhere til next year
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Jan 14, 2010
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GTA
I am looking to start investing into rrsp's, which institution would be the best to start?
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Oct 7, 2007
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bizstudent wrote: I am looking to start investing into rrsp's, which institution would be the best to start?
As someone who dislikes bank fees of any type, I would recommend choosing an institution that doesn't charge fees including transfer out fees. However, there are other considerations such as what type of investments you will want to purchase with your money and which financial institutions will offer you the products that you are looking for. If you decide to put the money in an RSP savings account or RSP GIC, it is best to pick an institution where the money is CDIC insured.
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Nov 25, 2010
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Kanada
choclover wrote: I received the notice of the transfer out fee on my statement yesterday. This is absolutely outrageous for those of us who have RSP investments that will mature after January 1st, 2015. In my opinion, this is a breach of terms and conditions as ING was operating on the premise of "no fees" and "save your money".

Just curious if anyone has complained to Tangerine about this and, if so, what their experience was?
People actually read their Tangerine/ING statements ‽
Deal Addict
Oct 13, 2005
1614 posts
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Montr
Is there is a complain about Tangerine thread somewhere? I'm really annoyed they (silently) increased the FX fees.
Member
Dec 10, 2003
304 posts
1 upvote
toronto
Sauerkraut wrote: Uh, I suggest that you look up the definition of a registered account
Obviously you don't know what I am saying. Although both RSP and TSFA are registered with CRA, there are big difference in tax sequence and financial planning. Considering Tangerine only offers proprietary mutual funds for TFSA, you cannot transfer out in kind, only in cash, so it makes no sense to tranfer out, because you can always redeem and transfer from normal chequing/saving account. Even if there're stocks/fixed income/mutual funds offering, I don't think it makes sense to for most people to transfer out TFSA, as essentially TFSA is not a real registered account, as RRSP/RESP/RDSP/RPP, etc.
Deal Fanatic
Oct 7, 2007
9406 posts
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drdrma wrote: Is there is a complain about Tangerine thread somewhere? I'm really annoyed they (silently) increased the FX fees.
I was thinking of starting one as I think a lot of people probably don't/won't know until it's too late.
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Nov 9, 2003
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Very often the new bank you are switching to will pay the fee to get your business.

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