Source
r/PersonalFinanceCanada•
GSODT

Tangerine Overdraft Protection - Improved?

Just received an email which implied that their new overdraft protection system will be able to cover more money and cover more types of payments.. I wonder what cost this comes at though. They're sending another email tomorrow.

Relevant Part:

"We listened carefully to what Canadians were looking for. We were asked to develop something that would provide enhanced protection for their Accounts, with increased limits, more comprehensive coverage and real-time notification. We are confident that our new Overdraft Protection feature will better meet the everyday banking needs of our Clients."

Posted Aug 12, 2015, 10:24 PM UTC

09
AfterTax•

I'm not sure I get why people have been complaining about how the protection is going to change. If you're going into overdraft you have bigger problems!

I got the same e mail though and it does sound like its being improved and not worsened.

6
teckhz•

Let's wait until tomorrow.

5
salmontarreBritish Columbia•

Probably opt in with a fee.

3
DSJusticeBritish Columbia•

As long as it's no fee except when in use, I'm favour of it. I'm one of those people who found oops too limited to be of use.

1
realthecaffiend•

Yeah, not very much details in that whole email, I guess we wait till tomorrow.

1
Erich82•

Aftertax:I'm not sure I get why people have been complaining about how the protection is going to change. If you're going into overdraft you have bigger problems! I got the same e mail though and it does sound like its being improved and not worsened.

  • Actually, if you are judging people based on one service, I think you have bigger issues.
1
sevin711•

Here's the offer I received today from tangerine - in my view its brutal:

We're committed to ensuring that any fees we charge our Clients are fair. If the negative balance on your Account remains unpaid at the end of the day, you'll be charged interest and a $5.00 fee. If your Account is still overdrawn at the end of the month, you'll be charged another $5.00 fee at the beginning of the next month and subsequent months while your balance remains negative, until it's paid back in full. Interest, calculated daily at 19.00% (per annum) starts to accrue based on the end-of-day balance and will be charged to you monthly until the negative balance is paid back in full. At 19%, our Overdraft Protection interest rate is on the lower-end of industry standards, with other banks charging anywhere from 19%-22% interest.

1
ScottIBM•

Why not offer the same deal as the Whoops protection then anything else costs money...it went from 30 days, to 1 day + $5! This is on par with many other banks, except my TD one was free if the balance was paid back in < 1 day! Ever since The Bank of Nova Scotia took over their offerings have been going down the crapper; not to mention their interest rates... I'm rather disappointed.

Edit: I understand that they have to make money, but many who use Tangerine save anyway, so BNS can invest and earn off of what we, the clients, save, or is this just a fallacy?

2
sevin711•

I'm likely going to switch to PC or other. I'm certain this is the tip of the iceberg as far as costs go.

1