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Account opening experiences
February 9, 2016
4:22 pm
RicksBank
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LP said
I assume that they will link the external bank that the cheque is coming from.

I wouldn't assume that. The website, under Pay&Transfer/Linked Accounts, says:

To link another bank account please contact us (eqbank.ca/contact-us).

Somebody else here initiated additional linked accounts. Hopefully (s)he'll chime in with the details.

February 9, 2016
4:53 pm
reality
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2of3aintbad said

"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.

Scotiabank.

February 9, 2016
5:57 pm
SlowPoke
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Still no email to say the account is active but when I tried to log in today, it was good to go

So pretty much 2 weeks from the initial deposit Jan 26th date

It would be nice it they used the old Ally's method to link new accounts

February 9, 2016
6:21 pm
rhvic
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SlowPoke said

It would be nice it they used the old Ally's method to link new accounts

They cannot. EQ does not have bank ID or transit numbers, which are essential to having such a link established from the external institution, such as Hubert or Tangerine. We'll just have to wait until EQ grows up and obtains a pair (of such numbers).

February 9, 2016
6:26 pm
SlowPoke
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Yes I just noticed Tang added that feature

Yup hopefully in time EQ will be able to initiate the link like they do

February 10, 2016
7:19 am
LP
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SlowPoke said

Yes I just noticed Tang added that feature

Yup hopefully in time EQ will be able to initiate the link like they do

When I called last night, I mentioned, to the CSR, the online method Tangerine uses and suggested it's something that EQ should consider in the future.

February 10, 2016
9:06 am
toto
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My account got opened and it took 2 weeks. I wanted to also link to another bank so phoned in and they took details of the new bank and then said to go ahead and take a photo of cheque.
It has not been linked yet and it's been 3 days. The wait time on phone is really long, so will be happy when everything is linked up.
I don't think they have much help with customer service as I have made 3 calls to EQ so far in setting everything up, and got the same employee!

February 10, 2016
5:12 pm
SlowPoke
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Having an adverse reaction to waiting on hold I used their secure email to inquire about linking account last night and received this response when I logged in to check today

"Thank you for contacting us.Yes you can deposit the cheque via EQ Bank app to link your external chequing account. You will have to send us a cheque from that chequing account payable to yourself, for an amount ranging from $1 to $25,000, with memo field addressed as "Link to [9 digit EQ Bank account number]". Please make sure you sign at the front and the back of the cheque. Please contact us via secure chat or give us a call, or send us the Institution name, account number and the amount from the cheque you are going to deposit, and we will send a request for linking your account as you deposit the cheque via the EQ Bank app or send itvia mail, otherwise, the cheque will be deposited in your account without linking the account in the absence of a link request"

February 10, 2016
6:01 pm
christinad
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I'm not sure if their hold policy has been posted

https://www.eqbank.ca/general-banking/legal/hold-funds-policy

8 days seems a long time if over 1500

February 11, 2016
8:54 am
RicksBank
Alberta
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SlowPoke said
"Thank you for contacting us.Yes you can deposit the cheque via EQ Bank app to link your external chequing account. You will have to send us a cheque from that chequing account payable to yourself..."

Can you clarify this? It says you can photo-deposit the cheque, than it says you "have to send us a cheque". Does the cheque really have to be sent via snail-mail, or does the photo deposit take care of it all?

February 11, 2016
9:06 am
toto
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I did the photo cheque with 9 digit account and link request on the front of cheque and had phoned in to give bank details. The cheque has cleared but no link has been set up yet.
It's been 6 days.

February 12, 2016
12:54 pm
yuj
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Anyone know if Family Day affects overnight processing at either EQ Bk or Tangerine this weekend ?

February 13, 2016
4:16 am
Youzit
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Aaarghhh! I am trying to open an account for 2 days and everything went fine until I got the front and back of the cheque snapped via the app. At that point there appear to be network connection issues...! It's no good waiting on the phone - no one seems to be answering the phone. Have they shut down access for new customers because they can't handle the demand? If so, they really shouldn't have run a credit check on my profile before shutting me out - the number of credit checks on your account is looked at by other financial institutions when you are setting up something new, and They downgrade you if there have been a number done over a short period. FRUSTRATED!

February 15, 2016
12:34 pm
Taxpayer717
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yuj said

Anyone know if Family Day affects overnight processing at either EQ Bk or Tangerine this weekend ?

Pasted below is from my chat today with EQ Rep:
Q. Is this the business day for EQ bank?
A. For banking, it is not a business day, today. However, we are available 24/7 to help you.

February 16, 2016
4:28 am
Save2Retire@55
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Still waiting since Jan 18th. Someone from EQ called me 2 weeks ago asking to acknowledge the terms online which I did the same day but nothing since then. Same experience I had with Peoples Trust when I opened a TFSA years ago with 3% interest at that time. Terrible!!

February 22, 2016
12:05 pm
SuperSaver
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I signed up on line prior to January 23rd and mailed my cheque for $1. I am still waiting for my cheque to be cashed and my account to be activated. On February 8th, I decided to call and see if it was possible to link my EQ account to a second external account while waiting for my cheque to be cashed. I was told that I just had to mail my cheque in and that I didn't have to call. I pointed out that this totally contradicts their website but I mailed my cheque for $1, requesting that they link my EQ account to this 2nd external account. So far, neither cheque has been cashed. I am so glad that I left my funds at ZAG. Will this bank ever get their act together?

February 24, 2016
9:46 am
jgclghrn
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I've tried to link an additional external account twice. The second time was successful but the whole process was very painful. First of all their web site says you have to contact them to link an additional account. I had to wait almost an 1.5 hours to talk to someone. They said to make it out to myself and put a note in the memo field to link it to my account. I did this and using their mobile application (after many attempts - more pain and time) was able to submit it on Feb. 3. The money came out of my external account on Feb. 5. However no linking occurred. I waited until Feb. 8 to contact them again. I was on the phone for 2 hours before I decided to give up and send them an e-mail. I still got no reply and tried a few more times to phone but again I had to give up. On Feb. 17 I stayed on the line and in about an hour I got a person only to be told they could no longer link the account because too much time had passed and I would have to send in another cheque.

So I sent in another cheque via mobile app. on Feb. 19 (after many attempts - more pain and time). The money came out of my external account on Feb. 23. Again the external account was not linked. So I called again (1.5 hours on hold) and was told the link request was somehow closed before it got to whoever was supposed to do it....sf-yell). I was told it had been escalated and it would be linked by the end of the day....which thank God it was.

I'm not going to link anything else. Hopefully EFTs go more smoothly.

February 24, 2016
11:15 am
Barb.
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jgclghrn - that's been my experience as well. I finally gave up trying to link my credit union account digitally and just mailed the darned thing in. I've got better things to do than spend hours trying to capture a cheque on their app and being on hold waiting to talk to a CSR. I've been trying now for over a week to link my CU account. Their app won't accept my cheque, they haven't replied to my secure email - do they not want my money? By the time my cheque reaches Toronto, it'll be 2 weeks! In the meantime, I just used EFT to shift the $$ from my CU to my bank to EQ. After all this aggravation, they'd better not lower their interest rate any time soon!sf-frown

February 24, 2016
1:32 pm
toto
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I also gave up on my second link as it was too frustrating after phone calls and emails that never got answered.
I just routed everything on an electronic milk run through first link. I lost a little interest but eq did post the transaction immediately.
If the rate stays as long as it takes them to get everyone's accounts and links set up, we could see months of 3 percent!!

February 24, 2016
7:38 pm
Loonie
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toto said

If the rate stays as long as it takes them to get everyone's accounts and links set up, we could see months of 3 percent!!

...perhaps years!!sf-laughsf-laughsf-laugh

I think the message is that you put your money in, to the only account they offer, plain and simple, linking one account, and you leave it there. It's a no-frills operation.

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