Talk to Your Kids About Money: You Never Know. They MIGHT Be Listening

My kids will be the first to tell you I talk too much. Especially, they say, I lecture too much. Guilty! However I was pleasantly surprised this week to discover that apparently sometimes they are listening when I talk about money.

Library Books are Wonderful but Some Books are Meant for Buying

Having a full family of readers means we have to keep our book buying under control. There are two major problems: the expense and the need for storage space.
After having to up-size the bookshelves in their rooms a few times, my children eventually understood that there really is a limit to how many books you can own in an average home.

I introduced them to my own family’s tactic: only buy a book you want to read more than once. For one-time-only reads, borrow the books from the library. Not sure if you’ll want to read it again? Borrow it from the library and then buy it if you do want it again.

While they have gradually caught on to this tactic, they also had the “outgrowing” advantage during the years it took to catch hold. When you’re growing up there are often books you love but that you eventually outgrow and don’t want anymore. Those can be retired either to the family bookshelves in the basement, or to the various fundraising book sales and donation programs.

How to Curb the Cost of Book Buying

While they still were in the ages and stages of needing to own every book in a series with 20 or more titles, it was important to teach them ways to save money buying books.

They learned

  • to search through books at garage sales, especially local sales where they knew the family’s children were slightly older than they were
  • to check the books for sale at the local thrift stores
  • to keep an eye on the discards and “friends of the library” books sold outside our three nearby branches
  • to save up for the annual Grade-6-fundraising book sale at their school
  • to put new titles on their wish lists for Christmas and birthdays
  • to trade books with friends and relatives

Searching for the Best Price on New Titles Can Save Big Bucks

They also got used to me looking up books online. I would make them read reviews on amazon.com before they committed to an expensive new book.

I would also price check. Usually amazon.ca has the best price for new books, but not always. They also learned that they can look up a book on bookoutlet.com or at abebooks.com.

Apparently They DO Listen and Learn

This week, one of my children wanted to pre-order a book that’s been a long time in the writing from amazon.ca. I was a bit surprised:

  • it’s been a long wait for this one
  • my child knows the book will be sitting on the table at the local book store on Release Day
  • there’s money on a gift card waiting to use for part of the cost of a new book

So I asked, “Why not just get it at the store?”

The answer was a gratifying one: “Because it’s 34% off online. That’s almost enough to buy another paperback later.”

Cool! They really do get it sometimes.

Now if I can just figure out how to get them to clean their rooms….

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Do you have a family of bibliophiles? What tips and tricks do you use to reduce costs and keep the volume manageable? Please share your experiences with a comment.

How to Deposit a Cheque by Taking a Photo Using the Tangerine (ING Direct) App

Recently ING Direct, now called Tangerine,  introduced Canada to a banking feature that has been in use in the USA for years. By using an app on your smart phone, iPad or iPod, you can send a photo of a cheque to ING. They will then deposit the cheque just as if you popped it into a bank machine or the mail. I decided to try it and see how it would work to deposit a dividend cheque into my ING Direct Tangerine THRIVE account using our iPad.

First of all, for those who think we dropped the big bucks on an iPad, let me clarify that my husband won it at a mandatory work charity golf tournament. For those who know his golfing technique, yes this is totally true. Ask him for the details. But I’m very glad he won it because without it this article could not have been written.

Read the General Information about Tangerine’s Cheque-In App

You can read up on this new way to deposit cheques on the Tangerine website at http://www.ingdirect.ca/en/landingpage/chequein/index.html
https://www.tangerine.ca/en/ways-to-bank/mobile-banking/index.html#cheque-in
and http://www.ingdirect.ca/en/landingpage/chequein/faq.html.
https://www.tangerine.ca/en/faq/ways-to-bank/mobile/index.html

NOTE:

  • You can only deposit Canadian cheques written in Canadian dollars at this time (October 2013.)
  • You don’t need to endorse the cheque.
  • You can deposit a maximum of $20,000 per day.

Get the Tangerine Mobile Banking App

First you will have to download and install the Tangerine mobile banking app on your smart phone, tablet, iPad or iPod. They have an app for Windows 8 devices (all five of you should be happy!), Android devices, Blackberrys, and some tablets.

You’ll need a recent version of the app to get the cheque depositing feature and you’ll need a device with a camera with good resolution.

Depositing a Cheque with the Tangerine Mobile Banking App

Once you’ve installed the Tangerine mobile banking app, you will also have installed their new Cheque-In feature.

I tested this new feature using an iPad. There may be slight differences in how the app works on different devices. Sorry!

Log In To Mobile Banking

  1. On your iPad, tap on the Tangerine icon.
  2. In the Log me in field, type your Tangerine client number, card number or username.
    If necessary, tap on the Go button.
  3. If applicable, in the Your Secret Question field, type the answer to your personal question, then tap on the Next button.
  4. In the Your PIN field type your personal identification number then tap on the Next button.
  5. Read the Location Capture Terms of Use and if you agree, tap on the I Accept button.

Start the Cheque-In Feature

  1. At the bottom of the I’m a Client, let me in! screen, is an icon called Deposit.
    Tap on the icon.
  2. Read the info about Cheque-in Deposit.
    Tap on Get Started Now
  3. Read the Terms of Use and if they seem ok to you, tap on Yes, I Agree.

Deposit the Cheque Using Cheque-In

  1. From the Select Account, tap on the right facing arrow and choose the account into which you wish to deposit the cheque.
  2. In the Enter Amount $ field, type the amount of the cheque and tap on the Done key on your keyboard.
  3. To Take pictures of your cheque, tap on the cheque side Front button.
    1. Read the Image Tips, then tap on Continue OR tap on OK, don’t display again
    2. Tap on the Camera icon to take the photo.
    3. If it’s even slightly unclear, tap on the Retake button.
    4. If it’s crisp with no shadows, tap on the Use Picture button at the top right of the screen.
  4. Tap on the cheque side Back button.
  5. Repeat the photo taking as above, A-D.
  6. When you have an image you like, tap on the Next button.
    It will spin a circle stating Processing Cheque.
  7. If the deposit information looks correct, tap on Deposit Cheque.
  8. You will receive a confirmation message with a number.
    KEEP the cheque!
  9. IF you’re done, tap on the Logout button.

Tangerine should send you an email message with an hour or two stating that it has received your request and asking you to hold on to your paper cheque.

When Can I Get Rid of the Paper Cheque?

Now you have to wait. According to various users on RedFlagDeals (http://forums.redflagdeals.com/has-anyone-been-able-use-ing-direct-cheque-deposit-deposit-mbna-sc-check-1374213/)  not all cheque photos will be accepted by Tangerine. If the photo is unclear, they will tell you and you will have to start over again or deposit the cheque at a bank machine or by mail. So do not dispose of the cheque yet!

I received confirmation that my cheque images had been accepted 4 business days after I sent them in. That confirmation, sent by email, requested that I dispose of the original cheque, preferably by shredding it.

How Fast Is the Cheque Deposited?

In my test case, the cheque was not fully deposited until the images had been confirmed 4 business days after I sent them in. I started earning interest the day I made the deposit, however.

I don’t know how long the funds for the cheque might have been kept “on hold” because they don’t put a hold on small amounts due to my account balance. You’d have to phone Tangerine and ask what rules would apply to your account before making a deposit of a cheque.

What Didn’t I Like About Depositing a Cheque using Cheque-In?

I did discover that I don’t like trying to take crisp, unshadowed photos of cheques using an iPad. It’s a bit heavy and bulky for me to use. I think I would be happier using an iPod.

For some reason I didn’t particularly like having the cheque around the house while I waited to see if it processed properly. That’s odd because it would have taken me a day or two to bother taking it to the bank machine anyway!

I was hoping I’d be able to see the cheque image in my account history after the deposit was complete but it does not seem like I can. I only see a line item stating I made a deposit on a certain day for a certain amount using Cheque-In.

What Did I Like About Depositing a Cheque Using Cheque-In?

It was fast and simple. No driving, walking or biking required.

Would I use it again? Yes.

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Have you tried Cheque-In? Did it work for you? Please share your experiences with a comment.

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