Tuesday, 16 December 2014

Tangerine bank will steal your money – don’t trust them

This is a follow-up article on my continued mugging by the Tangerine bank.  As I had previously reported in, Rotten oranges at the Tangerine bank, I had some problems transferring my money to another institution.  Being a slow learner, and a tad masochistic, I again attempted to transfer my money.  Here’s the run down:

1:  I transfer my money into the tangerine bank.  6 days later I check to see if the money has arrived there, and it indicates that the transfer was successful.  The money was removed from my source bank and deposited into my Tangerine checking account.  At least it seems to have reached the midway point.  I wait another week, just in case …

2:  After the additional 7 days (in my Tangerine checking account) the money is clearly displayed.  But it was the last time this happened (and they mugged me).  So I’m nervous.  I need another indicator.

3:  Tangerine sends an email report/log for the monthly transactions indicating the money has been in my account for a couple of days.  Everything seems to be in order.  I have another person verify that I’m not missing something.  They confer that I have the money.

4:  I again transfer the money to a financial institution.  I triple check my set up accounts to confirm that the money is in the correct account and that the requested transfer is correct.  Basically, everything is lined up nicely.  At this point, it’s straightforward and very easy.  Or is it?  I wait for confirmation of received money from its destination point.

5:  A week later my financial institution phones me to inform me that they didn’t receive the money from Tangerine … again.  They tell me to talk to Tangerine and fine me $40 for their trouble.  Here we go again …

How is this possible?  I log into Tangerine and find that my money is still sitting in my checking account.  Well, most of it is.  Tangerine hit me with a $25 fine … again.  What for?  Heck if I know.  I’ve yet to phone to confer, but they’ll likely insinuate that the money wasn’t in the account yet.  They’ll likely tell me it was in the bizzaro electronic transfer world, or the twilight zone (now in the color orange).  

But the facts stand out.  I waited a week this time.  I had a double confirmation:  one in my account and the other in my monthly transaction.  Specifically, the transaction log indicates the money was in my account 2 days before I attempted to transfer it out.  

I’ll phone them in a couple of days, once my anger subsides a mite.  Last time, they told me that the money I saw depicted on their website couldn't be there:  I was told that only the original balance (pre-transfer) would be shone.  They inferred I was lying.  And they inferred that if my account said it was there, it would have been there.  Their response indicates something is wrong with their website or logging system.  Groan.  I hate the Tangerine bank.

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