Category Archives: Money Tips

Tangerine Bank Offers a Free e-Book Copy of the Wealthy Barber Returns

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I recently downloaded a free copy of The Wealthy Barber Returns from the Tangerine website—you may want to also before December 31, 2016.

Who Is The Wealthy Barber and From Where Is He Returning?

Way back when it was fairly new, I read a library book called The Wealthy Barber. It was written before discount brokerage accounts were easily available, before the internet was widely used and before ETFs existed. In the book, the author pointed out that saving first, automatically so you wouldn’t really notice the money getting taken, into a very diverse number of stocks could help you become modestly rich by retirement. I liked the diversity idea, and bought some units in a relatively low-fee mutual fund that mimicked the Toronto Stock exchange from a Big Canadian bank which was a reasonably good choice in those days.

Now the financial landscape has changed significantly. If you have $10 000 to $15 000 you can open a discount online brokerage account with no annual fees or charges. In your account, you can buy units of Exchange Traded Funds, ETFs, where you can see exactly what price you will be paying because the sale takes place immediately, not at the close of the day. You can find ETFs which have extremely low fees, such as some of the Vanguard and Blackrock funds. And you can find ETFs that hold a very diverse number of stocks, for example a fund that mimics the S&P TSX-Composite Index, or similar indices in New York or in stock exchanges around the world.

So the author of The Wealthy Barber decided to write an updated book. He or his publisher coined the name “The Wealthy Barber Returns.” I guess he’s returned to the book shelves at your local library. And to the cloud called the internet, in e-book form.

The Wealthy Barber himself is a fictional character. He’s an every day person with a modest-income job who manages to save his way to a nice retirement lifestyle.

Why I Keep an Eye on the RedFlagDeals Personal Finance Forum

I check the posts on the RedFlagDeals personal finance discussion website as a hobby. I cringe reading confessions of over-spending and bad credit. I wince reading the cynicism some commenters exhibit when discussing matrimony and common law relationships. And I get interested when I read about good high interest rate promotions at banks or good new information about pensions and cutting costs.

Last week, I noticed a post there which included a link to the Tangerine website. Apparently Tangerine is offering free electronic copies of the e-Book “The Wealthy Barber Returns.” Although I have already borrowed the book from the library and read it, I went and downloaded a copy. It’s a book for which I don’t mind using a few KB of storage.

If you’d like a copy, the link is
A Gift from Tangerine To You

You might want to visit the RedFlagDeals post and click on Thanks to the original poster, if you download the book.

I don’t know when Tangerine will take down the offer. The book was available on Monday September 26, 2016. It might be gone at any time. The deadline on their website says “By December 31 2016.” If I notice it’s been removed, I will update this post, but I don’t intend to keep a careful watch on the site. (Perhaps if you notice it’s gone you could add a comment here to warn me? If so, you’d have my thanks and that of other readers!)

Now I’m going to make a cup of tea and re-read it.

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Do you follow the advice of The Wealthy Barber and automatically save part of each and every pay cheque? Please share your savings strategy with a comment.

How to Set Up Direct Deposit for Your Pay Cheque Into a Tangerine Bank Account

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Well, after much hard work volunteering, taking courses, writing a good resume and cover letter, and planning ahead for an interview, my young relative now has his first job: Congratulations! He already opened a Tangerine chequing account knowing that his preferred employer doesn’t do cheques. So now he was ready to set up direct deposit of his pay into his Tangerine chequing account, if he could figure out how.

Always Check for Bonuses When Adding New Features to Your Tangerine Account

At this point, I’d just like to remind people that Tangerine often has bonuses for when you start new services. For example, now in September 2016, you can get a bonus if you transfer all of your direct deposits and pre-authorized payments from another bank to your Tangerine account.

Unfortunately, there didn’t seem to be a bonus for staring direct deposits directly from an employer. Personally, I would have phoned Tangerine and asked them if there was one, but my young relative was in a hurry and a bit shy so he skipped that step. If you’re not in a rush, phone and ask. It won’t do any harm and it could get you $25 if there is a promotion available.

Setting Up a Direct Deposit Payment Into a Tangerine Chequing Account

  1. Sign in to your Tangerine account/s.
  2. From the links down the left side of the screen, click on: Forms
  3. Under the heading Banking Forms, click on the link: Direct Deposit Form

The Deposit Information Section

  1. From the drop-down list, select the type of deposit. Choices include
    Paycheque
    Investment dividend
    Tax return
    Other (If you select this you will be prompted to type in the type of other deposit.
  2. From the drop-down list, select the account into which you want the deposit made.
  3. If desired, type in an Amount.

The Depositor Information Section
If you know the following information about your Employer, you can type it in so that it will be pre-typed on the form when you print it out:

  • Company/Organization
  • Account/Policy number
  • Address

If you don’t know, you can leave it blank for your Employer to fill in.

  1. Click on the Print button.
  2. Review your Personal details, including your name and mailing address.
    Tangerine will supply your account number, institution number and transit number.
  3. If everything looks ok, click on the Print button to actually print the copy.

Printing a Void Cheque for Direct Deposit or Other Reasons for a Tangerine Chequing Account

Some places want a void cheque to set up direct deposit. If you don’t have your Tangerine cheques yet, or if you don’t want to use one, you may be able to submit a “Void Cheque” image generated by Tangerine.

  1. Sign in to your Tangerine account/s.
  2. From the My Accounts page list, click on the name of the Chequing Account into which you wish to deposit your payments.
  3. In the grey summary box about your Chequing account there is a list of Account Actions.
    Click on the link called: Print void cheque.
  4. An image will be displayed of a void cheque for your chequing account showing your bank’s number, transit number, and account number. It will have your name and mailing address show.
  5. Click on the Print button to print it.

What Should You Do With the Tangerine Direct Deposit Form?

  1. Sign and date the form to authorize your employer to make deposits into your account.
  2. Then, you should provide the Tangerine direct deposit form to your employer. Their payroll department can process it to set up the automatic payments.

Let’s hope my relative’s employer does well with this. I’m looking forward to my relative getting his first cheque. (I hope the mandatory deductions don’t scare him away from working!)

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Have you set up direct deposit for your pay cheque recently? Did everything go well? Please share your experiences with a comment.

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