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Account opening experiences
February 5, 2016
7:11 pm
RicksBank
Alberta
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Since the original thread has been locked, I'm starting this one specifically about the account opening experience. Feel free to add your experiences here.

February 5, 2016
7:27 pm
RicksBank
Alberta
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I opened my account on January 20. The initial deposit of a $25,000 cheque from AcceleRate Financial worked fine the first time using the app on my aging Samsung Galaxy Note II.

On January 31 (a Sunday), I received notice from AcceleRate that my cheque was processed and the funds removed from the account. The same day, I received another notice of my monthly interest being deposited. I did the math and the interest was indeed paid at AcceleRate for every day up to and including the 31st.

Looking at the scanned cheque on the AcceleRate web site, I could see TB bank printing giving a TD bank transit number and a date of Jan 27. A bit strange, I thought.

Today is Friday evening Feb 5 here in Alberta. I received no email yet from EQ saying my account was opened but I logged on just now to check anyway. It's active! I set up the extra security questions and saw my balance:

The $25k cheque was posted on my EQ account on Jan 27, the day of the date stamps on the initial deposit cheque, not Sunday the day it was reported as debited by AcceleRate. Not only that, but EQ posted my January interest on Fri the 29 "(Value as of 31 Jan 16)". The interest calculates to a full 5 days of interest, Jan 27 to Jan 31.

So not only did I not lose even 1 day's interest in opening and transferring the $25k cheque from AcceleRate to EQ, but I earned double interest for 5 full days amounting to over $10 from EQ.

It seems to me there's a lot of FUD posted in the old thread. I have no idea if my case is different because of how AcceleRate operates compared to other banks, but if my case is the norm people should be happy in the end.

Now I can move the rest of the money earmarked for EQ.

February 5, 2016
7:36 pm
Rick
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Downloaded the app and uploaded a cheque on Jan 18
Cheque cleared bank on Jan 25th
Account activated on Feb 1 when I checked on line
Completed registration and logged in around 6:00 PM
Shows cheque deposited on Jan 22 and paid interest for the month
Got an email at 8:00 PM from EQ saying my account is now active
Initiated a transfer into EQ on Feb 1, transfer showed immediately
Funds withdrawn from originating bank on Feb 3 (double interest for 2 days?)

Sign up / initializing account took longer than I would like, but write that off to masses signing up after going live. Otherwise, no complaints,

February 6, 2016
5:51 pm
LP
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I signed up and photographed my cheque on Jan. 27, at which time I was told that my cheque was received. On Feb. 2 my cheque cleared and was posted in my external account.

Their website states the following, and I quote: “ Once this cheque clears your Linked Account, your EQ Bank Savings Plus Account will be active. The period between completing the sign-up process and account activation is typically 5 business days from the time we receive the cheque.”

Therefore I was surprised to receive the following email on Friday, Feb. 5:
Dear LP,
Your cheque has been processed and you will receive your welcome email in 5 business days.
We truly appreciate your business and we look forward to helping you reach your savings goals.
Sincerely,
EQ Bank

As you can see, it took a total of 8 business days just to receive the email above, and now I'm told that it will take an additional 5 business day just to receive my "welcome email".
That's not too encouraging to say the least, since according to what their website states, and since my cheque "cleared" on Feb. 2, my account should have been activated on that day.

I hope that the way my account registration/activation is being handled isn't indicative of what one can expect when trying to move one's money.

Another concern I have is that the back of my cheque has the following stamped on it 01402-004 TD Bank/Equitable Bank.

If you check the link below and search for the transit/routing number 01402-004, you'll see that it belongs to: TDC-Management CPO, 325 Front Street 4th Floor, Toronto, ON M5V 2Y1.

https://www.cdnpay.ca/imis15/pdf/pdfs_directory/MBRBNKSN.pdf

It appears that they are using and depending on TD Bank to do their clearing for them, which might explain the delays.

According to the posts above, hopefully this is only part of their roll out pains.

February 8, 2016
5:15 am
fabafter50
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Not holding out a lot of hope for this disorganized and unprepared bank. I mailed my cheque over 3 weeks ago. It got cashed last Monday the 1st, and my account is still not opened.
I spent almost an hour on hold and then someone answered and cut me off. Tried again without success. Sent an email and got a generic, stupid response. Sticking with Zag, these guys are useless amateurs.

February 8, 2016
6:17 am
SlowPoke
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So far a similar experience to LP, Signed up and used app to deposit cheque Jan 26th,

On Jan 28th received this email

"Dear SlowPoke,

"Over the last few weeks, we’ve received an overwhelming response to the launch of EQ Bank and the EQ Bank Savings Plus Account. You and many other Canadians have trusted us with your business, and we truly value and appreciate it.

The EQ Bank team is working hard to get your account activated and you will receive your welcome email 5 business days after your initial cheque has been processed. We apologize for any inconvenience and we plan to have you onboard very soon.

We look forward to helping you and many other Canadians reach their savings goals."

The Cheque cleared my bank Feb 2nd, yet it was Feb 5th that I received the "Your cheque has been processed and you will receive your welcome email in 5 business days." email

Seems they really underestimated the demand, the front of their web page has the following message in bold

"EQ Bank is hard at work opening all your new accounts

We've experienced an overwhelming response over the past few weeks. Unfortunately that has led to delays as we securely bring on all our new customers. If you've opened a Savings Plus account please bear with us - ‎you'll receive your welcome email soon‎."

It sure does make one wonder the future of this bank, and if demand is so overwhelming how long can they afford to keep up the higher introductory interest rate

February 8, 2016
7:16 am
Deb
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This was my experience with the time frame. Photo deposited initial cheque Jan 15 (Friday night). Withdrawn from my external account Jan 26th, 7 business days later. Showed up in EQ Feb 2nd and account opened that day, 5 days after funds withdrawn from my external account. Their January statement did show interest for the full 2 weeks in January.
I subsequently phoned them Feb 2nd (long time on hold) to transfer a larger amount in than their $30 000 online limit. That transaction went through in just a few days and showed up in my EQ account Feb 5th.
Now all appears functional, and it's encouraging that the second transaction after the account was set up went through smoothly and relatively quickly.
Patience, folks!

February 8, 2016
7:45 am
fabafter50
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Deb, your experience offers some hope :)
As far as keeping the rates, the fact that they are that busy and getting such a large onslaught of cash, I would certainly expect that the rate should stay up. That would only be my common sense observance, not necessarily a Banks. Scotiabank is making money hand over fist and has the worst rates and poorest service of all, so it's probably wishful thinking on my part.
General question: how long does the transfer take from your main bank to the online EQ?

February 8, 2016
10:02 am
christinad
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I actually found they opened my account in the 2 weeks specified. I even received the email from them on a sunday. Maybe they've added more staff. So far i like the recurring transfers and rename accounts feature. If they keep their rates up they'll be a replacement for peoples trust for short term savings goals.

February 8, 2016
10:07 am
RicksBank
Alberta
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I mentioned above that I discovered on Friday evening that my account was active. The official "Congratulations" email notification arrived two days later, on Sunday evening.

February 8, 2016
5:45 pm
threeoakwest1
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No problems for me! I sent three $1.00 cheques from different institutions and they were cashed on Feb. 1 and 2. I was able to open the account today and transfer from a credit union into EQ. I expect I'll get the welcome email tomorrow. It is now in the holding stage. I hope they keep up the good service.

I would be surprised if they lowered the rate more that a half point. Their deposits would become withdrawals quickly if they did.

February 9, 2016
4:13 am
Save2Retire@55
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I uploaded the check using their application on Jan 18th and no account as of today. Every time I contact them, they send me the same template so I stopped doing that. Let's see.

February 9, 2016
4:32 am
fabafter50
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Can anyone tell me once you have your account active, how many days it takes to transfer funds in from your bank that your cheque was from?
Thanks in advance :)

February 9, 2016
9:21 am
rhvic
Victoria, BC
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fabafter50 said

Can anyone tell me once you have your account active, how many days it takes to transfer funds in from your bank that your cheque was from?
Thanks in advance :)

I pulled $98K (in four lots) on Feb 4 from my external chequing account to EQ. The amounts showed up immediately in my EQ account (so I presume interest is now being paid on that amount). Today the amounts still show as in transit and not as 'available', but it has only been two full business days.

February 9, 2016
10:25 am
Deb
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Fabafter50, mine went through on the third business day. Initiated transfer Feb 2nd. Money showed up in my EQ account on Feb 5th.

February 9, 2016
1:15 pm
LP
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Registered on Jan. 27, see my post above for details.

Additional info and update: Still did not receive welcome email, however my account was activated this afternoon. Initial cheque (eDeposit) dated on Jan.27 for $1 which was used to open my account cleared my external bank Feb. 2. It shows on EQ as deposited on Feb. 1. Today, Feb. 9, I transferred $1000.00 via EFT from external bank, it was posted immediately, but is on hold. Then I wrote a cheque for $1 from another external bank to link it. I had one heck of a time trying to make the eDeposit, app crashed several times. Finally it went through, and got confirmation; I checked my account balance via both mobile app and laptop. Both showed cheque as a deposit and not on hold. I guess they'll trust me for the loonie sf-laugh

I wonder what the minimum amount is that they will not place on hold, either via cheque or EFT.

February 9, 2016
1:27 pm
RicksBank
Alberta
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@LP,

Please explain what you did to set things up such that a photo-deposited cheque from a 2nd bank will trigger a new external bank link for your EQ account.

February 9, 2016
2:33 pm
reality
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LP said

Registered on Jan. 27, see my post above for details.

Additional info and update: Still did not receive welcome email, however my account was activated this afternoon. Initial cheque (eDeposit) dated on Jan.27 for $1 which was used to open my account cleared my external bank Feb. 2. It shows on EQ as deposited on Feb. 1. Today, Feb. 9, I transferred $1000.00 via EFT from external bank, it was posted immediately, but is on hold. Then I wrote a cheque for $1 from another external bank to link it. I had one heck of a time trying to make the eDeposit, app crashed several times. Finally it went through, and got confirmation; I checked my account balance via both mobile app and laptop. Both showed cheque as a deposit and not on hold. I guess they'll trust me for the loonie sf-laugh

I wonder what the minimum amount is that they will not place on hold, either via cheque or EFT.

I transferred 100K and was shocked to see no hold...

There seems to be no rhyme nor reason to what they do.

February 9, 2016
3:10 pm
2of3aintbad
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"I transferred 100K and was shocked to see no hold...

There seems to be no rhyme nor reason to what they do"

was it from TD? I've read it may be handled differently.

February 9, 2016
3:57 pm
LP
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RicksBank said

@LP,

Please explain what you did to set things up such that a photo-deposited cheque from a 2nd bank will trigger a new external bank link for your EQ account.

I did the same thing as with the first cheque, i.e. made it payable to myself, put my account number in the memo and sign it front and back. Then used mobile app to deposit it. I assume that they will link the external bank that the cheque is coming from.

EDIT: Just got off phone with CSR, RE: linking the above cheque. Was told that it would not have been linked, because I should have written "Link to Acct. # xxx-xxx-xxx" in the memo area.
CSR put in the request for me, so it should / will be linked. Just have to see how long that will take.

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