How to Close a Tangerine Account

Tangerine is a top-rated online bank that allows customers to earn cashback on purchases when shopping in stores and online. Today, many consumers have chequing accounts through online banks like Tangerine to act as a secondary bank account rather than going through the process of opening an account in a commercial bank.

However, if you have an account with Tangerine and want to switch to a different bank or simply have no more use for it, you may be wondering how to close your Tangerine account. Keep reading to learn how to close your Tangerine account and other related FAQs! 

Why should I close my Tangerine account?

There are many reasons why a consumer may need to close their bank account so it’s good to know how to close a Tangerine account if needed. For instance, while Tangerine offers customers the opportunity to save money on their purchases by earning cashback, an account holder may have found a bank offering higher savings.

Or, if a consumer is finding that they no longer use their Tangerine account as often as they once did, they may be on the receiving end of inactivity fees (a $10 fee charged after a customer hasn’t used their Tangerine account for over a year). 

If they don’t plan on using their Tangerine account for the foreseeable future, they may wish to cancel their account now to avoid an annual charge.

Another simple reason for closing a Tangerine account could be that a consumer has multiple charge accounts under their name and is looking to simplify their expense records by reducing the amount of credit and debit cards they use. 

How to close your Tangerine account: A step-by-step guide

If you’d like to close your account, you can do so in one of two ways – over the phone with customer service or through Tangerine’s online banking portal. Below, we’ll examine the different steps involved in each method:

Over the phone

To cancel your Tangerine account over the phone, follow the steps below:

1. Dial 1-888-826-4374, which will lead you to Tangerine’s customer service line
2. Once you’ve been connected to a customer service representative, they will ask you a few questions to verify that you are attached to the account that you’re inquiring of
3. After confirming that you’re the account holder, the Tangerine customer service representative will enter the necessary details on their end to process the close of your account. This shouldn’t take more than a few minutes to complete.

Tangerine’s customer service line is open 24 hours a day, allowing you to contact them to close your account at any time. 

Online banking

If you’re only planning on closing one of your Tangerine accounts but are still planning on keeping other accounts with the bank, you can close your chosen account through Tangerine’s online banking portal. To complete this cancellation, follow the steps below:

1. Open Tangerine’s website on your computer or device and log in to your account
2. From your open tabs, select which one you would like to close
3. On the “Account Details” page, select “Edit” under the “Account Info” option
4. Select the “Close Account” button and follow the prompts to complete the cancellation

Note that you cannot close your Tangerine account online if you plan to cancel your ties with this bank altogether. To entirely cancel your Tangerine services, use the above customer service line option. 

Does Tangerine charge a fee for closing an account?

Fortunately, Tangerine doesn’t charge any fees when customers close their accounts. However, if you’ve missed any payments before closing your account, you may have to pay a non-sufficient funds fee of $45 before completing your account cancellation.

Further, if you’ve waited an extended period before closing your Tangerine account after it’s been inactive for a year or more, you will be charged a $10 inactivity fee. 

What to do before closing your Tangerine account

Now that you know how to close a Tangerine account, taking specific steps before completing the cancellation is essential to ensure your funds are safe and accessible elsewhere. Before canceling your account, make sure to follow these steps:

Open a new bank account 

If you don’t already have another account through a different Canadian banking institution, the first step is to open one at another bank before you close your account on Tangerine. 

This will enable you to move any money left over in your current account to ensure your money is recovered during the cancellation process.

Change your debit information

After opening a new bank account (if you don’t already have one), you’ll want to change your debit and payment information to avoid missing any upcoming fees or money deposits. 

This will protect you with your payments owing and prevent you from being charged an NSF fee on your Tangerine account.

Transfer money into your new account

Finally, transfer the entire balance of your Tangerine account into your new bank account. This can be done through e-transfer or by withdrawing your funds in cash and depositing them into your new account via an ATM.

Other related FAQs

You may have a few related questions now that you know how to close your Tangerine account. For instance, how can you move your funds from your Tangerine account to a different account? To find the answer, keep reading below.

How do I transfer money from my Tangerine account to a different bank account?

Tangerine allows customers to transfer their funds out of their Tangerine account to an external bank account using two different methods: Electronic Funds Transfers (EFTs) and e-transfer via Interac. 

To use an EFT to move your funds, follow these steps:

1. Log in to your Tangerine bank account, and in the top right corner of the screen, tap “Transfer Money.”
2. Next, select which bank account you’d like to send your money to and the amount, and hit “Continue.”
3. Finally, review the information entered to ensure accuracy, and tap “Transfer” to complete the transaction.

To move your money from your Tangerine account via e-transfer, follow the steps below:

1. Log in to your Tangerine account. On the top-right corner of your screen, select the “Interac e-transfer” option
2. Next, add your alternative bank account as a contact, and set that contact as the fund’s recipient
3. Enter the money you wish to transfer to your other bank account and select “Next.”
4. Finally, review the information on the transfer to ensure everything is accurate, and hit “Send.”

Conclusion: How to close your Tangerine bank account

To close an account at Tangerine, consumers can phone the bank’s 24-hour customer service line and complete the full cancellation with the assistance of a customer service representative. 

If a Tangerine account holder only wishes to cancel one account but remains with the bank, they can do so through Tangerine’s online banking portal.

Before canceling their account, Tangerine customers are encouraged to move their funds to another bank account to ensure they don’t lose any of their money. They’ll also want to change their debit and payment information to prevent being charged on an inactive account. 

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