Canceling TD account and banking with Tangerine?
 

anybody use Tangerines chequing account? If so how is it? Already have their cashback card and wondering about their banking in general

Currently thinking about canceling my TD all inclusive chequing account cause they require me to keep $5000 in my account or I get charged $30 fee... which is bullshit cause its MY money that's just sitting there doing nothing

My TD Aeroplan Visa is also useless cause i don't even use the air miles and charge me $120/annually if i change my chequing account type.

Looking for advice and will consider other banks that offer no minimum account balance/fees

Thanks

been with vancity since forever, the checking minimum is only $1000.

I just transfer money to my tangerine whenever they have promos for TFSA, but I don't like the no bank branch thing, and the fact that Scotiabank is their pseudo branch.

If you don't do anything in-branch then yea go for it, but that min balance of 5k (@ 2% interest) is costing you around $100/year, and you miss out on the free credit card, free usd acc/visa, deposit box, in branch service.

My GF did this recently, and she has no complaints.

Keep in mind that she is very, very basic banking - so just debit use, occasional ATM withdrawal, and light CC use.

All 7-11's are scotiabank ATMs so there's never a shortage of ATMs, and there are basically zero fees to worry about.

I'm trying to find new bank that doesn't require me to have ANY minimum requirement of money in my account

There's a Scotiabank that's 1 block away from my house vs TD that is 10 blocks... so we know who wins that one :lol

I plan on canceling the aeroplan card too since it requires me to pay $120 annually for the card... the thing is i don't even use those "perks" that you mentioned :lol

This is pretty much the reply I was hoping for, thanks!

Wow, that is extremely useful to know, thanks.

Yup - plus now it seems like all Essos in the lower mainland are converting to 7-11s...so even more ATMs!

Dumbassery
Urban Dictionary: Dumbassery
The actual actions of a dumbass

When someone signs up for a $30/month chequing account for perks they don't need then bitches on the internet about it.

100% agree

Not sure how you think the world works, but you're paying for convenience. There are lots of options for free accounts but guaranteed you'll be back in revscene one day complaining about it. Ever try getting a certified cheque from a online bank? Hope you can wait 2 weeks for it. I can walk into TD and get it instantly.

If you don't collect aeroplan or use the card, why did YOU sign up for it in the first place? Why not sign up for a free card? Oh you want rewards but don't want to pay for it. Gotcha. Yes the money in the account may be yours, but it's in THEIR business holding it and it's safe ie. no one can steal it. If you're looking for a free place to hold your money and you can take it out anytime without any charges, hide the money under your bed.

Free is not how the world works

I've probably needed a certified cheque once in 9 years of banking with TD. Why would i need to wait 2 weeks for a certified cheque if i can walk into Scotiabank and get it instantly as well?

I didn't ask for/sign up for the card. TD gave me the card/upgraded my credit card "for free" when i went in to do some simple banking. I also do have a free card from them.

I might just hide my money under my bed since TD requires me to keep X amount of balance (when i could be using the money for better investments than having it sit there doing nothing) or pay a $30 fee for not having the minimum balance

yeah no thanks

Of course upgrading the card is free. You're Not really 'upgrading' anything. It's just another card with perks. They are trying to sell you something and you fell for it. No ones fault but yours. You could have said no

You are basically answering your own questions here. If Scotia can do everything you want and it's free, then go with Scotia. If tangerine is free and you don't want any perks on anything, just free across the board, then their you go. But as a business, they'll get you somewhere because they need to make money to survive.

If you don't want to keep any money at all because you want to invest all of it, then don't have an account at all. You're using a service, theirs a reason why they charge.

I've had a pc financial account before. Everything was free. It was all fine and dandy until I needed to get in touch with them or some emergency comes up and ueeded something to be done immediately.

Weigh it out my friend. Nothing wrong with TD. You just need to research a little and make good decisions on what types of card/account you need or want.


They have min chqing account for 3.95/month or wavied at 2000 bal.
Or saving accounts are free lol

Credit card wise. I prefer the travel rewards better then aero pts. Easier to use. Pts for travel $$$ roughly a 1.3% return (it was/is at 1.5% but they nerfed it.. pro-rated now.. most ppl will get 1.3%back instead)

Gotta look at your card perks too
Aeroplan / Travel TD Card
$120
- Travel insurance
- Luggage insuirance
- Car rental insurance
All covered each year
1.3% return. If you spend 1500/month =$234 return yearly. ($100 back minus CC fee)

Tangerine
$0
- 2% cash back on grocery etc
- 1% everything else
1500/month = min $180 return (more since some of it will be at 2%)


Which card is more appealing to you?
Personally. The way I justify my travel card. I drive down to the states a handful of times a year and travel at least once a year.

It helps that I don't need to buy insurance everytime I go to seattle or china etc. Plus I like the shiny black card looks boss LOL

Those were the actual options i was weighing out. Just wanted to see if anyone else had experience with Tangerines chequing as well.

On a second thought I might keep the Aeroplan card, suck it up and pay the $120/annual fee since I may plan to travel in the future and have a ton of points lol.

Thank you for the taking the time to write an informative and helpful post, I appreciate it

Honestly speaking, aeroplan points are terrible to collect if your only spending on your card casually.

I have a personal aeroplan plus 2 other business aeroplan cards. Because my expenses are super high, I can collect a large amount of points for business class trips every year. For an average spender, it would take forever to collect enough points for even a domestic flight.

Sadly, Amex took out the churning of there cards so free points over and over are no longer available. I would recommend something with cash back for regular spending

^
Agree. If your not spending a lot. On the other hand. If you DO spend a lot.
Aero pts are really good actually. The pts system is set up that the more you spend. The less each flight cost (silver/black/diamond status) I think diamond is like 30-35% off pts.


Also in regards to banks in general.
TD hours are 9-8 mf and open sundays
Scotia is 10-4 mf and closed sunday (1st ave location not sure if all)
Bmo is 10-4 mf and closed sunday (kingsway location not sure if all)

Not sure about tangerine hours.. but should take hours of operation in to consideration too.

Most people have busy ass lifes. I work from 7-3 most days. Those scotia and bmo hours are insane! How would I ever get to the bank in time. If I needed anything done..

Did TD change your account without your awareness? Or did you say, "yes" you want that account? Because there's a huge difference, one is illegal.

To add to what melon said about aeroplan, that status of your card doesn't make 'that much' if a difference because depending on which flight you plan out, some will always cost more than others, same destination too. The time of departure and dates make a difference.

What is bad about aeroplan is also the taxes. When booking a flight, you still need to pay the tax. I used my aeroplan points for a domestic flight to Edmonton. taxes were already $150. When I take business class to Asia, the taxes are around $750

Also if you call in to book a flight instead of doing it online, you can have more than 2 destinations while booking online could only get me 2 max. Last time I went to Japan(layover) > Korea -> Thailand -> Japan -> vancouver, all business class by calling in. When booking online, I could not get that

my student minimum chequing account expired and i was going over the 25 transactions or whatever it was and was getting charged for fees for transaction usage.

Complained about it and they switched me over to all inclusive back then

Except if in the case like me, I don't use it often accidentally charged paypal to it and got dinged NSF charge of $25. They're increasing it to $40 come April

Sent from my SM-G935W8 using Tapatalk

Aeroplan now covers taxes and fees as of april 2016.

In situations like this they could just refund you if you asked the csr nicely

dont let your money sit like that, invest it, thats whhat i did when i was younger, if you need help , let me know