Tag Archives: banks

PC Financial Offers 3.1% Short-Term Rate to Lure Customers from Tangerine

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OK, so on September 1, 2014, Tangerine started offering a rate that works out to 3% annually on new savings deposited between September 1 and September 15. It pays that interest rate until November 30, then it drops back to the usual rate, probably 1.3%. Of course, that encouraged anyone with a large cash balance elsewhere to put it into Tangerine. It didn’t take long before President’s Choice Financial came out with a competitive offer of 3.1% on new savings deposits made between September 3 and September 30: here are the details.

Why Do I Care Whether PC Financial Is Offering an Interest Rate Bonus for 3 Months on Savings?

When Tangerine announced its newest incentive to lure new customers we already had our savings largely in our Tangerine account. That meant our cash savings account money was only going to keep receiving the regular 1.3% interest rate. The Tangerine 3% rate only applies to deposits made which raise the total of your savings above the level they were at on August 31. (You can read the details of what they add up at the Tangerine website.)

So I waited for PC Financial to come out with a competing offer. Then I could simply transfer our cash savings (basically our emergency fund plus a bit for a home project that starts in the New Year) to our President’s Choice savings account.

Crickets chirped.

Sunrise. Sunset. (Cue Fiddler on the Roof.)

It wasn’t till I was reading a thread on RedFlagDeals about the Tangerine promotion that I found out that PC Financial HAD launched a competitive offer. They were NOT advertising it on their website nor by email to their customers; at least, not by September 8, 2014.

Ah ha! But as of today, September 9, the ad is up on the PC Financial website. Anyway….

What Is the PC Financial Bonus Rate Offer?

Well, I’m still trying to get the details in writing.

By telephone, we were told

  • They will add up all of your types of savings with them as of September 5, 2014. This would include your chequing account, savings account, TFSA and RRSP amounts. (It may include other amounts: check the details carefully.)
  • Interest will only be paid on the daily balance that is higher than this amount. (That’s the same rule as Tangerine.)
  • The new money must be deposited by September 30 2014 to qualify. Remember that the date it is deposited is not necessarily the date you make the transfer from another bank or the date you put a cheque into an ABM. It has to be processed and posted to your account before September 30. (That’s the same at Tangerine as well, although there the money has to be in your account by September 15.)
  • You must “enroll” to receive the offer. To do so, you must talk to an agent at their 1 888 723 8881 number (press 0 if you want to skip the tree of choices), by visiting a PCF pavilion or hub and speaking to the agent, or if you get one, by accepting the online banking invitation sent to your email.
  • The higher interest rate, which only applies to the money you deposit above the amount you had in your accounts September 5, applies until December 15, 2014. Any amount equal or below the amount on September 5 just earns the usual interest rate. For savings that’s about 1.3%.

You can now read the complete details at the PC Financial website.

How Did Our Chat with the Agent Go?

Well, once again we hit the “Primary Account Holder” stupidity. Only my husband can ask to have the interest rate promotion applied to our Savings account. I’ve ranted talked about this before: Can you believe my husband would OBJECT if I, the Secondary Account Holder, managed to get us a higher interest rate on our savings without him having to do anything?

The rate did get applied to our account. But I had to phone again to check if it was working because the “confirmation email” we were promised has not arrived yet, as of September 9. (We called on September 7.)

So Off Our Money Goes

So our money is off on another adventure. Wish me luck!

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Do you transfer your savings balance to capture the best possible rate in these days of ultra-low interest rates? Or would you rather skip the dim sum lunch you could buy with the additional proceeds and just leave your money parked in one bank? Please share your views with a comment.

How to Accept an Email Money Transfer Sent to You by a Tangerine Customer

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So you’re at the ticket line at the movies and your friend realizes she doesn’t have her wallet. You agree to pay her way in and she pulls out her phone and emails you the money from her Tangerine chequing account. You thank her and go watch the show. It’s not till you get home that you wonder exactly how you can accept this Tangerine email money transfer and what you have to do to get your money back.

Here’s how you’ll actually get the money deposited into your own bank account and what you’ll need to do it.

What’s In the Tangerine Email Transfer Message?

First, you need to receive the email message that contains the details of the money transfer.

Check your Inbox for a message from the person sending you the money. It will have a Subject or Title line that says:
[Your Friend/Colleague/Relative’s] Name has sent you a Tangerine Email Money Transfer

Open the message.
The email message will say you have until a specific date to accept the money.
For my test, the transfer was sent on July 14.
The note says it must be accepted by August 13.
(Both are business days.)

The message will also include an Email Money Code and the last name of the person who sent you the money.

To Accept Your Email Money Transfer to Permit the Deposit of the Money In Your Bank Account

If you are a Tangerine banking customer and wish to deposit the money in a Tangerine account, you just need to know your client number, security answers and PIN to sign in to Tangerine.

For any other bank, credit union, or trust company, before you start trying to get the money, make sure you know

  • the institution number
  • the transit number and
  • the account number

for the branch and account in which you want to have the money deposited.

You can find all three numbers on your cheque, if you have a chequing account.

You can also look up institution numbers online. Go to http://en.wikipedia.org/wiki/Routing_transit_number and look for the Canadian transit number, which is a 3-digit code for banks etc.

For example,

  • BMO is 001;
  • TD is 004;
  • CIBC is 010.

To Get the Money Sent by a Tangerine Email Transfer If You Are NOT a Tangerine Customer

To get your money, first you have to accept the email transfer. Then Tangerine will send the money to your bank account electronically. Like a bill payment, it will take several business days for the money to arrive in your account, unless your account is also with Tangerine.

Your bank may also put a temporary hold on the money when it is deposited, just like it may put a hold on a cheque you deposit into your account.

Go to: tangerine.ca/transfers

The Email Money Transfer / Transfer Authentication Page

  1. In the Email Money Transfer code field, type the Email Money Code that was in the message you received.
  2. In the Sender’s last name field, type the sender’s last name, or other word as specified in the message you received.
  3. Click on the Next button.

The Transfer Question Page

  1. In the Email Money Transfer answer text field, type the answer to the security question asked by the person sending you the money.
  2. Click to select the button Yes or No to answer the question Would you like your money to be deposited into a Tangerine account?
    I clicked No.
  3. Click on the Next button.

Transfer Details Page

  1. In the Transit number (Branch) field, type the transit number for your bank account.
  2. In the Institution number (Bank) field, type the institution number for your bank, trust company or credit union.
  3. In the Account number field, type your bank account number.
  4. In the Confirm account number field, type your bank account number again.
  5. Read the details about transfers to non-Tangerine accounts: Tangerine will send the money to your bank. That bank will put the money in your account based on their usual procedures.  Tangerine cannot tell you when that will be.
  6. Click on the Next button.

The Confirmation Page

  1. Read the details of the proposed transfer.
  2. Click on the Accept Transfer button.
  3. Make a copy of the information in case you have any future questions.
  4. If you are finished, be sure to click on the Log me out link, clear your browser cache, and close your browser session for increased security.

You’ll now have to wait for your bank account to receive the money. If you sent it to a non-Tangerine account, it will probably take 2-3 business days to show up.

To Get the Money Sent by a Tangerine Email Transfer If You Bank with Tangerine Yourself

It’s much easier to accept an email transfer if you are a Tangerine customer yourself: and it’s faster!

Go to: tangerine.ca/transfers

The Email Money Transfer / Transfer Authentication Page

  1. In the Email Money Transfer code field, type the Email Money Code that was in the message you received.
  2. In the Sender’s last name field, type the sender’s last name, or other word as specified in the message you received.
  3. Click on the Next button.

The Transfer Question Page

  1. In the Email Money Transfer answer text field, type the answer to the security question asked by the person sending you the money.
  2. Click to select the button Yes or No to answer the question Would you like your money to be deposited into a Tangerine account?
  3. I clicked Yes.
  4. Click on the Next button.

The Transfer Details Page

  1. In the Client Number field, type your Tangerine client number.
  2. In the Answer Your Secret Question field, type the answer.
  3. Click on Next
  4. In the Enter Your PIN field, type your Tangerine banking PIN.
  5. Click on Go
  6. From the drop-down list in the Deposit to Account field, choose into which account to deposit the emailed money. NOTE: If you choose to deposit it into your RRSP, spousal RRSP, or TFSA account, you are making an annual contribution. Do not do this unless you have available contribution room!
  7. You can click to select Yes or No to Auto-accept email money transfers from this person in the future. For example, a student may get a monthly email money transfer from their parents. In this case, the student may decide to select Yes to automatically accept transfers from this sender. It saves having to go through all of the steps of accepting the transfer each time an email transfer is sent.
  8. Click on Next

The Confirmation Page

  1. Review the transfer details. If they are acceptable, click the Accept Transfer button.
  2. Click Continue Banking.
  3. The money should appear immediately in your bank account.
  4. If you are finished, be sure to click on the Log me out link, clear your browser cache, and close your browser session for increased security.

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Do you like receiving your money by email transfer instead of by cheque? Is it easier to get your money this way? Have you ever had trouble depositing money sent by email transfer? Please share your experiences with a comment.

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