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Have you just been approved for a life insurance policy? Feel free to break out into a much-deserved happy dance!
But before you can say that you've officially completed the insurance application process, there's one more thing you need to do: set up your monthly premium payments.
Most insurance companies will ask you to pay your monthly premiums by setting up a pre-authorized payment agreement with them. To do this, they'll need the routing number and account number for your bank account.
Not sure what the routing number is for your Tangerine bank account? Here's how to find it.
What is a routing number?
Before we dive into how to find your Tangerine routing number, let's talk about what in the world a routing number is.
Canadian routing numbers are 8-digit codes that are used by banks. Each routing number represents the financial institution and the specific branch that's associated with a bank account. That's why a routing number is actually made up of 2 numbers: an institution number and a branch number.
The institution number is the number for the bank that your account is based at. In Canada, institution numbers are always 3 digits long. Tangerine's institution number is 614.
In comparison, the branch number (which is also known as the transit number) is 5 digits long. For traditional banks with brick-and-mortar branches, it represents the bank branch that your account is based at (but not necessarily the one that you typically bank at).
The large banks in Canada, such as TD, BMO, RBC, Scotiabank, and CIBC, have multiple branches across the country. So when you're setting up pre-authorized payments for an account at one of these banks, it's important to know which bank branch you're based at and what the corresponding branch number is.
However, Tangerine is an online bank that operates without brick-and-mortar branches. So there's only one branch number for all Tangerine clients. Tangerine's branch number is 00152.
To get the routing number for your Tangerine bank account, just combine the branch number and the institution number. When you do this, you get the routing number 00152-614.
How to find your Tangerine routing number using a cheque
As we mentioned, because Tangerine doesn't have traditional branches, all Tangerine clients have the same routing number: 00152-614.
But what if you forget to bookmark this post (do it now!) and you don't want to scour Google for the answer?
You can always find the routing number on a cheque for your Tangerine bank account. It'll be part of the funny-looking numbers you see at the bottom.
Take a look at this example of a cheque:
Not all cheques look the same. So don't be alarmed if the numbers at the bottom of your Tangerine cheque don't look exactly the same as the numbers in this image do. For example, you might see different routing symbols between the different sets of numbers at the bottom of the cheque. Or you might have a cheque where the branch number and institution number are one long string of digits with no routing symbols between them.
Fortunately, you can decipher the seemingly cryptic code at the bottom of your cheque by remembering that Tangerine's institution number is 614. This number is part of the routing number, so search for it at the bottom of the cheque to help you locate the full routing number.
How to find your Tangerine routing number without a cheque
If you chose Tangerine to make your banking fully electronic, you might not have a paper cheque lying around. Does this mean that you're out of luck?
Not at all. Because you can find your institution number and branch number in your Tangerine online account. Here's how to do this:
- Log in to your Tangerine account.
- Click on your chequing account.
- View your account details.
You can also click on the "void cheque" button to download a PDF of a void cheque that contains your routing number.
Now that's what we call easy peasy!
What do I need my routing number for?
When you send your routing number and account number to your insurance company, they'll use it to set up pre-authorized payments for your monthly premium payments. They'll do this by linking their bank account to your Tangerine bank account electronically. This will let them automatically withdraw your premium payment from your bank account each month. And because you won't have to lift a finger to make this happen, you won't run the risk of missing a payment (unless your account has insufficient funds).
You'll also need to know your Tangerine routing number if you want to set up pre-authorized payments for other recurring payments, such as those utility bill payments or your monthly car payment. And your employer might ask for it too so they can pay you electronically via direct deposit.