When we last checked in with ING Direct CEO Peter Aceto he said the company had until May 2014 to shed the ING name and rebrand itself. The online bank was purchased by Scotiabank in November 2012 and recently announced its new name – Tangerine – which is ready to officially launch on April 8th, 2014.
ING customers have been on edge since the merger, worried that Scotia would slash the interest rates on deposits and introduce fees to their once beloved fee-free bank. Things will become clearer in the coming weeks as the transition to Tangerine takes shape.
Related: Free Chequing Account Comparison
For now, here’s what we know about Tangerine:
“Our core values will remain the same. We will continue to offer great interest rates, simple products, and award-winning customer service, without unfair fees (emphasis mine).” – Peter Aceto, President & CEO, Tangerine.
Thrive Chequing will become Tangerine Chequing in April and any new cheques and bank drafts will feature the new name (you can still use existing cheques for as long as you have them).
The ING unmortgage will become the Tangerine Mortgage in April but nothing will change with your mortgage terms. They say you should let your home insurance company and your municipal tax department know that the name of your bank is changing to Tangerine so they can update their records.
| Account name before: | Account names now: |
| Thrive Chequing Account | Tangerine Chequing Account |
| Investment Savings Account | Tangerine Savings Account |
| unmortgage | Tangerine Mortgage |
| ING Direct Streetwise Portfolios | Tangerine Investment Funds |
| Streetwise Balanced Income Portfolio | Tangerine Balanced Income Portfolio |
| Streetwise Balanced Portfolio | Tangerine Balanced Portfolio |
| Streetwise Balanced Growth Portfolio | Tangerine Balanced Growth Portfolio |
| Streetwise Equity Growth Portfolio | Tangerine Equity Growth Portfolio |
You get the idea.
Access to Scotia ABMs
Starting in early May you’ll get free access to your chequing account at nearly 4,000 Scotia ABMs across Canada, including those at Shell, 7-Eleven, Quickie convenience stores, Cineplex Theatres, and Couche-Tard.
You’ll get free withdrawals and deposits at Scotia ABMs and you’ll be able to change the PIN for your Tangerine card.
Scotia’s membership in the Global ATM Alliance means you’ll pay no surcharges or access fees when you take out cash from nearly 50,000 cash machines in over 40 countries around the world.
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Unfortunately, that means no more free access to the Exchange network as of September 30th, 2014.
Watch for a new Tangerine debit card to arrive in the coming months. It will replace your existing ING Direct card and feature the same Client number and PIN. You will need to activate your new card before using it, either online or by phone, by September 30th, 2014.
New website and mobile app
On April 8th, 2014, visiting tangerine.ca will take you to the new online banking website. Visits to ingdirect.ca will be automatically redirected to the new site.
The new version of the Tangerine mobile banking app will be available to download April 8th. If you have the existing ING Direct app it will remind you to download the new app once it’s ready.
Final thoughts
It appears to be business as usual for Tangerine, the bank formerly known as ING Direct. Mr. Aceto says they will soon be adding new products and services that “you’ve been eager for us to offer for some time.”
The integration with Scotia ABMs was a given, and they’ve recently added the ability to deposit a cheque with your smart phone. I suspect one of the new products will be a cash back credit card where the rewards are somehow tied to your savings account.
I’m concerned about the new messaging around not charging “unfair fees”. What do you suppose that means?
