Tangerine Adds Some New Fees

Tangerine is adding some new fees starting 2017 April 29.

Chequing and non-registered savings accounts will pay $10 for a year of inactivity and an additional $40 for 10 years of inactivity.

Returned items now cost $4 each.

After your first chequebook, subsequent books of 50 cheques now cost $20 instead of $12.50.

NSF charges go from $25 from $40.

These changes seem painless enough depending on how they define “inactivity,” but it pays to remain vigilant. Fortunately, more online banking options keep popping up. I’m optimistic that wary Canadians will be able to keep their banking fees low if they’re willing to move to a new online bank as necessary.

Comments

  1. RC CajucomMarch 8, 2017 at 1:04 PM

    What does Returned Items mean? Like when you return something to the store?

    ReplyDelete
    Replies
    1. Michael JamesMarch 8, 2017 at 1:24 PM

      @RC Cajucom: Different banks seem to define this term differently. I assumed it was when you deposit a cheque but it can't be deposited for a variety of reasons. Perhaps there are other cases as well.

      Delete
  2. AnonymousMarch 9, 2017 at 6:27 PM

    I see these as a way to recoup costs for everyone who has a Tangerine account as a "backup" account, which is little used and often has little actual cash in it.

    ReplyDelete
    Replies
    1. Michael JamesMarch 9, 2017 at 6:30 PM

      @Anonymous: Could be. This could also be testing the waters to see how account holders might react to more new fees that generate more substantial income. It's hard to tell.

      Delete
    2. AnonymousMarch 16, 2017 at 5:10 PM

      Thanks for the info MJ. It's time for me to close this account now that they are starting to act like a mainstream bank T_T.

      Delete
    3. Michael JamesMarch 16, 2017 at 5:13 PM

      @T_T: I don't think they're too close to a mainstream bank yet, but it makes sense to monitor changes. I'm keeping my Tangerine accounts for now.

      Delete
  3. AnonymousMarch 17, 2017 at 9:51 AM

    I understand their reasoning. We have a few accounts with Tangerine and a couple are not active at all and have little money in them - as in an earlier comment- Tangerine is my "back up bank". I will close these inactive accounts now as I initially opened them just to get started with Tangerine. Thanks for the update!

    ReplyDelete

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