Thread: Interest Rate Promotions online bank savings accountNewbie Join Date May 22nd, 2008 Location Oakville Posts 4
Interest Rate Promotions online bank savings account
This item is a warning to always check and recheck the terms of bank promotions which may not be included in official terms online. Because of the low interest rates that banks are offering on their savings accounts, I try to take advantage of bank promotions which come along every few months.
Tangerine (ING) and PC Financial are currently competing for new savings account money. Tangerine recently offered 3% on new money for 3 months in its various accounts with a stated limit of $250,000. On speaking with Tangerine and asking about the limit I was advised that the limit does not apply to the individual but to each account opened, which was a surprise to me. I was told by the customer service rep that if I opened a second savings account that I could deposit additional amounts up to $250,000 and receive the promotional rate on both accounts. I questioned the rep closely and she said this was common practice but not advertised by Tangerine.
I proceeded to have her open up a second account and electronically transferred additional monies into the 2nd new account arriving 2 days later. Yesterday I received an email from PC Financial advising of their competitive offer of 3.1% for new money deposited into their savings account for 3 months. Contrary to their previous practice they had put a $250,000 limit on total new deposits. I informed them that Tangerine was only imposing such a limit on each account and not on the individual. I was advised that they understood that Tangerine's limit was per indivicual and that I should check with Tangerine again.
I contacted Tangerine immediately and a diffferent customer service rep was not only unaware of the "loophole" that the previous rep had explained to me but told me that a new policy had been introduced by Tangerine in the past week after I had opened up the second account, specifically limiting deposits to 250,000 per individual and not per account and that my second deposit might not be eligible for the bonus interest. After lengthy discussion and several conversations by the rep with his seniors, Tangerine agreed to honour the representation that was previously made to me. Of course my original phone call was recorded and I knew the name of the original rep so they could verify my facts.
When I asked if I would have received the bonus interest if I had not placed this second phone call and objected, the rep was unsure. I asked why customers were not informed of this sudden change in policy and he had no answer. I requested an email this time to confirm what was promised to me and all he could do was agree to make extensive computer notes on my accounts in case of a future dispute. The moral for me is to be wary of banks changing their terms suddenly and to try and gets some kind of verification of the terms being promoted to you. Also if a rep. tells you something which seems too good to be true, it may be valuable to phone up and talk to a second rep or to ask the first rep to let you speak with a supervisor to confirm the promised details and get the bank to make notes on your file to confirm the promised terms.
Last edited by MrDisco; Sep 18th, 2014 at 11:58 PM. Reason: please. use the enter key