In Canada, Money

Tangerine Bank Canada – Maximum Bank Draft & Procedure

I couldn’t find the answer anywhere on Tangerine’s FAQ nor on the forums so I thought I’d post it for others just in case.

tangerine-logo

Psst: If you don’t already have a Tangerine account…

Use my Tangerine referral ID: 32726976S1 to get $50 for free (I get $50 too)

DEFAULT LIMIT:

$2,000,000 minus $10 for the draft fee, so it would be $1,999,990

On the phone they told me ‘unlimited’, but this is obviously inaccurate.

WITH OVERDRAFT?

Where this changes a bit is with overdraft protection. You would also be able to dip into your overdraft protection to order a draft which means if you have a $5000 overdraft protection, your bank draft limit would be $2 004 990. You can simply add your overdraft amount to the amount of $1 999 990 to find out what your maximum draft limit is including your overdraft.

COST OF THE BANK DRAFT:

$10 CAD

Includes the courier charge as well!

Compared to PC Financial ($7.50) it is more expensive but it comes right to your door.

HOW FAST DOES IT TAKE TO REMOVE THE MONEY FROM YOUR CHEQUING ACCOUNT?

Once I transferred the money into my chequing account, and I created the draft, the money disappeared immediately from my chequing account as soon as I hit SUBMIT along with the $10 CAD fee.


TIME IT TAKES TO GET THE OVERDRAFT COURIERED

For me, it was 36 hours from when I ordered it!

2-3 business days, they say…

My experience in detail was actually next day delivery or pretty much within 36 hours.

MONDAY

7:30 Created the bank draft, hit submit, saw the money disappear right away.

17:00 Saw Purolator (through tracking #) pick up the bank draft in Toronto from Tangerine

21:30 Purolator received the draft at their sort facility in Toronto

Overnight: Everything was on a plane, flying to me.

TUESDAY

[I called Tangerine get the tracking number and that’s how I know the previous history]

6:00 Shipping label was created at Purolator

7:30 On the truck for delivery from the airport

11:00 I got the draft in my hands and signed for it.

That is some seriously fast service, just a little over 24 hours, especially if you manage to catch them with enough time to create the draft, and get it on the Purolator truck the same day.

HOW TO GET A BANK DRAFT

Do it online.

Sign into Tangerine then click on your Chequing Account > Order a draft

Tangerine-How-to-order-a-bank-draft

This form shows up, fill it in.

Tangerine-How-to-order-a-bank-draft-form

DONE.

Enjoy.

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Sherry of Save. Spend. Splurge.

Millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. Since then, I have paid my $600K home in cash (my half was $300K), my $180K casr in cash, worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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