Tag Archives: iPad

What Happens If You Deposit a Spouse’s Cheque in Your Tangerine Account By Mistake?

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My husband and I have some shares in a company we worked for that pays dividends. Despite the fact that I enrolled my shares online at Computershare, I still haven’t switched to having the dividend electronically deposited into my bank account. What happened recently may make me hurry up and change that. Anyway, we received two paper cheques and I went to deposit them into our respective Tangerine accounts by using an iPad to take a photo of the cheque and sent it in. I only made one mistake: I sent the photo of MY unendorsed cheque to be deposited into my husband’s chequing account: then I was left wondering, what would happen?

Will Tangerine Reject a Cheque Sent by Photo Deposit that is Not Payable to the Account Holder?

If I had tried to deposit the cheque into a joint account, I would not have had any worries. However, I had tried to deposit the cheque, which was not signed on the back, nor made payable by writing on it in some way, into an account that is solely my husband’s.

He received the standard Tangerine email stating they had received the images of the cheque.

Then we started waiting to see what, if anything would happen. After a couple of business days, he received a second email from Tangerine.

The Not Very Reassuring Result

They accepted it!

Tangerine cashed and cleared the cheque without questioning why it was not payable to my husband. Admittedly, our last name and address are the same but even so, it technically should not have been accepted.

Because I made the mistake and have no urge to complicate matters, I won’t be demanding Tangerine reverse the payment. It would be interesting to see, though, how complicated it is if we needed to reverse the payment.

The Two Morals of the Story

Don’t deposit a cheque without engaging your brain first to make sure you are putting the correct cheque into the correct account.

Don’t expect a bank to automatically reject a cheque being deposited into the incorrect account.

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Have you ever had one of these “I really should have had my coffee first” moments when depositing a cheque? Did it all turn out well in the end? Please share your experience with a comment.

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How to Download the BMO InvestorLine App and Why You Might Want To

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I was about to re-invest some dividends and distributions in my TFSA when I read that I can get up to 5 free (actually reimbursed) trades if I download and use the BMO InvestorLine App on my device before January 2015. Well, technically I don’t have a device but my husband does. So I decided to save the $9.95 and use the app to put in my Buy order. First, I had to download the BMO Banking and InvestorLine App.

Downloading the BMO Banking and InvestorLine App

  1. Go to the Apple App store.
  2. Search for BMO.
  3. Click on the Get button beside the App.
  4. Click on the Install button to install the App.
    In the Password text box type your iTunes account password and then click on OK.
  5. Wait.
  6. When it says so, click on the Open button to use the App.
  7. To use your InvestorLine account click on the InvestorLine button.

Ta da! That was easy. Now to test it out by making a trade.

Are the InvestorLine App Trades Free? Can You Use One In Each Account You Have?

Sort of. InvestorLine will actually reverse the trading commission on up to 5 trades, all in the same account, after you’ve paid for them. So you’ll need to have $1009.95 in your account to execute a $1000 trade. Eventually, you’ll get paid back your $9.95 fee. UPDATE: In fact, InvestorLine doesn’t have to pay you back for the trades until within 30 days after the 30 days you get to make your free trades. So you’d better have the $50 to pay for the trades because you could have to wait a long time to get it back.

From what I can tell from the Terms and Conditions, all 5 “free” trades have to be made in the same account. You can’t use one in your TFSA, one in your RRSP and one in your non-registered account.

The Terms also say you have only 30 days to execute the trades after you execute the first one. There’s also a calendar date by which all trades have to be made.

All “free” trades have to be made using the App. You can’t do one from the App and 4 from your desktop computer.

You’re welcome to read the Terms and Conditions yourself to see if you disagree with my interpretation.

You can also read through some detailed questions and answers about the App on the InvestorLine site.

What’s One Interesting Advantage of the BMO InvestorLine App? (Real Time Quotes)

According to the InvestorLine site, “Real-time quotes are available on all pages and to all clients on the Tablet App once they log-in successfully.”  and “Yes, non-5-Star clients will receive real-time quotes throughout the App once they log-in successfully.”

That sounds like the quotes you will see on all of the pages are NOT 20-minute delayed. An interesting improvement!

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Have you tried the new InvestorLine App? Any bugs you’d like to mention? (Bear in mind I don’t work for BMO so I can’t get them fixed for you.) Please share your views with a comment.