Tag Archives: ING Direct

How to Make a RRSP Contribution Quickly and Easily Using ING Direct

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If you already bank with ING Direct now Tangerine.ca like we do, you can make a RRSP contribution in under two minutes, including getting your RRSP contribution slip for your income taxes. We used to make contributions at our “Big 5” bank when we were younger. Even though they were fairly quick about it, we still usually had to spend an entire lunch break getting it done. The first time we made a RRSP contribution online with Tangerine ING, I couldn’t believe how quickly and easily we got the job done.

UPDATE: Please be aware that as of January 2015, Tangerine has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

As of the time this was written, in October 2013, ING Direct Tangerine does not charge any fee to transfer all or part of a RRSP to another institution. (Please see: Does It Cost Anything to Transfer Part of my Tangerine RRSP to Another Institution? (You can’t transfer a GIC, though, until it matures.) So we often make our initial contribution to our RSP Investment Savings Account at Tangerine, and then transfer it elsewhere at our leisure.

(Sometimes we just keep it at Tangerine and buy a RSP GIC if they are offering a great rate. Keep an eye out on unusual days like “Cyber Monday” and “Black Friday” if you’re interested in unusual GIC rates.)

Making a Contribution to a RSP Investment Savings Account at Tangerine

Before starting this procedure, check to make sure you still have room to contribute to your RRSP. Remember you’ll have to pay a ridiculous level of tax on any over-contributions.

  • Log in to your Tangerine.ca account.

If You Already Have a RSP Investment Savings Account at Tangerine

  1. From the links on the left side of the screen, click on Move My Money
  2. In the Amount ($): field, type the amount you want to contribute.
  3. From the From: drop-down list choose the account from which you want to fund the RSP Investment Savings Account.
  4. From the To: drop-down list, choose your RSP Investment Savings Account.
    A message will be displayed reminding you to check your available contribution room.
  5. In the When: section, select the radio button beside
    • Now
    • Later; or
    • Ongoing

    I selected Now.

  6. Click on the Go button.
  7. Review the details. If they look ok, click on the Go button.

You’re done!

Copy the confirmation number and information and paste it into a document to save until you’re sure the transaction went through properly.

If You Don’t Already Have a RSP Investment Savings Account

  1. Click on the tab at the top of the screen called Savings.
  2. In the RSP Investment Savings Account section, click on the Open Account button.
  3. Review your name, address, date of birth and social insurance number.
  4. If they are correct, in the Amount: field, type the amount of money you want to contribute to your RRSP.
  5. If desired, type a Nickname for the account. (For example you could type: 2013 first contribution)
  6. In the Fund from this Account: section, from the drop-down list select from which account to take the money.
  7. In the Effective Date field, review the date and change it if needed.
  8. Answer the anti money-laundering and registration questions.
  9. Click on the Next button.
  10. Review all of the information. If it’s correct, to set up and fund the RSP Investment Savings Account, click on the Go button.

You’re done!

Copy the confirmation number and information and paste it into a document to save until you’re sure the transaction went through properly.

To Print Your RRSP Contribution Receipt for your Taxes

Oh crumbs. I forgot that you can’t print the 2013 contribution receipts until January 2014. I’ll have to wait. However, here’s how you would do it then:

  1. From the list of links on the left side of the screen click on the My Documents link.
  2. Click on Tax Receipts.
  3. From the drop-down list, select the year you made the contribution.
    For example, select 2013. (once you can!)
  4. Look for your name under the RSP – RRSP contributions section.
    • If you made the contribution in 2013 after February, it will say (Balance of Year).
    • If you made the contribution before March, it will say (First 60 days)

    Click on your name to open the receipt.

  5. Click to select Open with Adobe Reader, then click OK.
  6. Click on the Printer icon to print your income tax receipt.
  7. Close the document.

If You Have Finished Banking with Tangerine

  • Click on the Log me out link.
    For added security, close your browser session.

Imagine No Lining Up Till Midnight at Your Bank to Make a RRSP Contribution!

The best part about this fast, simple way to contribute is that if you suddenly realize you have a bit more money you can contribute and it’s the last contribution day, usually February 28, you can login and be done in minutes! No more walking to the bank through a snowstorm and waiting in line!

UPDATE: Please be aware that as of January 2015, Tangerine plans to start charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

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Do you ever use Tangerine as a quick way to make a contribution that you then take the time to move to its final well-planned resting place later? Please share your experiences with a comment.

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

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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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