Personal Finance

Tangerine Whoops! Protection Ending August 15th

  • Last Updated:
  • Dec 12th, 2015 11:10 pm
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[OP]
Deal Addict
Aug 25, 2010
2245 posts
457 upvotes
Toronto

Tangerine Whoops! Protection Ending August 15th

Sent out this email.

[QUOTE]Whoops! Protection has been a feature of your Tangerine Chequing Account, covering you for up to $250 in case your balance fell a bit short. Over the years, Clients have been asking for a more comprehensive Overdraft feature, which we’ll be introducing next month. As a result, we’ll be discontinuing Whoops! Protection on August 15, 2015.



Not to worry, though, the full Overdraft Protection feature on Chequing Accounts will be available at the same time, and we’ve got you covered. With this comprehensive Overdraft Protection, you’ll get real-time notification if your Account gets overdrawn. We’ll be pre-approving Clients for Overdraft Protection to make the transition easier, so you can expect to hear from us soon with more details about how the new feature will work, and how to get it added to your Account.



In the meantime, please keep in mind that you’re still responsible for any negative Account balances and will need to clear them.



We’ve updated our Account Terms to reflect the changes to the Whoops! Protection feature. The updated section can be found here under the heading ‘Whoops! Protection’.[/QUOTE]
328 replies
Sr. Member
User avatar
Jun 18, 2004
593 posts
415 upvotes
Vancouver Island
No, I'm not sure that that many "Clients have been asking for a more comprehensive Overdraft feature...", especially one with charges.
Deal Addict
User avatar
Dec 26, 2010
1736 posts
774 upvotes
Calgary
Excellent. I'm liking how Tangerine is FINALLY protecting good clients from the bad ones. I have no desire to "float the boat" of people who are irresponsible with money or feel like churning registered accounts. Keep it up Tangerine. Keep adding fees for people who are taking advantage.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
Deal Fanatic
Mar 24, 2008
6275 posts
2747 upvotes
Toronto
wm009 wrote: Excellent. I'm liking how Tangerine is FINALLY protecting good clients from the bad ones. I have no desire to "float the boat" of people who are irresponsible with money or feel like churning registered accounts. Keep it up Tangerine. Keep adding fees for people who are taking advantage.
Not that I personally churn registered accounts or use the overdraft feature, I think you are being a bit harsh on subscribers of this account. The big 5 buy the discount no frills banks and add all kinds of fees essentially killing all competition... That is not cool.
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Deal Addict
User avatar
Dec 26, 2010
1736 posts
774 upvotes
Calgary
ksgill wrote: Not that I personally churn registered accounts or use the overdraft feature, I think you are being a bit harsh on subscribers of this account. The big 5 buy the discount no frills banks and add all kinds of fees essentially killing all competition... That is not cool.
I give money to the bank. The bank uses that money to loan money out. They give money, for free, to people who can't manage their checking account. I don't care about fees on reasonable things, that isolate good customers from bad. Everyone shares the cost of someone going into overdraft at Tangerine, instead of the overdrafter that should suffer completely.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
Deal Fanatic
Mar 24, 2008
6275 posts
2747 upvotes
Toronto
^I see but ING provided that feature for free for years without losing money. $250/ account doesn't damage their revenues I am sure.
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Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
i will close their accounts if this is true.
Deal Fanatic
Mar 24, 2008
6275 posts
2747 upvotes
Toronto
supertronic wrote: i will close their accounts if this is true.
Thats a bit of an overreaction.
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Deal Addict
User avatar
Mar 31, 2009
1202 posts
829 upvotes
Well, if they were going to increase fees or take away features, I'm glad it was this. I've never gone into overdraft, and $250 wouldn't cover any 'whoops' I'd ever make anyway.
Deal Addict
User avatar
Dec 17, 2008
2775 posts
2255 upvotes
Winnipeg
supertronic wrote: i will close their accounts if this is true.
Well then I guess your leaving on August 15th. lol Log into your online banking on a computer and NOT your phone and you will see it in your inbox.
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
oops!! its true.
i will arrange my ddeposit to bmo sobeys free chqing acc tmorrow.

i never used whoops protection but this is sign of scotiated.

now they have goofy security guard in their downtown toronto cafe office which is sign of unwelcoming inviroment.

scotia ruined ing.
Deal Addict
Aug 31, 2014
1505 posts
560 upvotes
YVR, BC
never used it, I doubt many people did.......everyone will pay for a 'true' overdraft, including those who think they were floating others? LOL...........this was a perk that made them different from the big 5 - as years go on they will become more and more like Scotia or nickle and dime clients you go anywhere off the deposit and withdrawal path.
Member
Mar 25, 2010
239 posts
43 upvotes
Never used this but it's funny how they play it off as good news lol. Let's just hope Scotia doesn't ruin Tangerine in the near future.
Sr. Member
Aug 14, 2013
548 posts
51 upvotes
Montreal, QC
I also have the impression that Scotia is dismantling Tangerine.
When Tangerine does not provide higher interest rate, I will escape it. Now, it gives 3% for 6 months, a decent deal.

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