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be careful when deposit $$$ using edeposit
January 18, 2022
8:03 am
savemoresaveoften
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Had the nasty experience that it did not accept a edeposit cheque (high 5-figure) and decline the deposit WITHOUT informing me until 5 biz days later. Called and was told cuz back was not endorsed (which I never did and never had issues with other banks anyway.) Tried it again and same thing. They can not explain whats wrong and again no notice at all. Did the same thing with CIBC and other banks and never had an issue. Cost me a total of 2 weeks of interest at the end.

Think they just err on the safe side and declined any decent size edeposit.. The thing is I can see the money left my chequing writing account the next day, only to see the whole process failed without warning a few days later

January 18, 2022
8:29 am
Kidd
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i thought that was the idea behind a "HOLD" on deposits?

if the receiving institution has questions or concerns, the hold placed on a deposit gives them the time to figure things out.

January 18, 2022
8:56 am
Norman1
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There is no need endorse a cheque that is deposited to a personal account in the exact name of the payee of the cheque. This is from Payments Canada Rule A3 (Endorsement of Paper Items):

3. b. A Payee’s Endorsement is not a “necessary Endorsement” where a Cheque is deposited to the credit of a person’s account and that person is the same person as the named and intended Payee on the Cheque.

Was it EQ Bank that declined the deposit? If EQ Bank did, why were the funds removed from the account the cheque was written against? That means the cheque was submitted by EQ Bank into the Payments Canada clearing system.

January 18, 2022
10:02 am
Loonie
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This sounds like a very poor show on the part of EQ.
I have not found them strong on customer service when it requires a human being to intervene.

January 18, 2022
11:17 am
savemoresaveoften
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Norman1 said
There is no need endorse a cheque that is deposited to a personal account in the exact name of the payee of the cheque. This is from Payments Canada Rule A3 (Endorsement of Paper Items):

3. b. A Payee’s Endorsement is not a “necessary Endorsement” where a Cheque is deposited to the credit of a person’s account and that person is the same person as the named and intended Payee on the Cheque.

Was it EQ Bank that declined the deposit? If EQ Bank did, why were the funds removed from the account the cheque was written against? That means the cheque was submitted by EQ Bank into the Payments Canada clearing system.  

EQ claimed it was not them when both cheques were declined and funds went back to the withdrawal bank. But when I did it a third time but deposit into CIBC instead, there is no issue at all (On the same day, I had another cheque double the EQ one from the same withdrawal bank to CIBC and no issue either.) This is the first time I ran into issue and it is EQ somehow.
EQ just gave me the go around the first time claiming it was declined cuz I did not endorse the back. When it got declined a second time, they then said it was the withdrawal bank and NOT them. I said its from my OWN account from another bank into my OWN account at EQ, so what is the big fuss....
I can see clearly the funds came out of the withdrawal bank account the next day on both occasions, only to be deposit back few days later.

January 16, 2023
1:10 pm
butterflycharm
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savemoresaveoften said

EQ claimed it was not them when both cheques were declined and funds went back to the withdrawal bank. But when I did it a third time but deposit into CIBC instead, there is no issue at all (On the same day, I had another cheque double the EQ one from the same withdrawal bank to CIBC and no issue either.) This is the first time I ran into issue and it is EQ somehow.
EQ just gave me the go around the first time claiming it was declined cuz I did not endorse the back. When it got declined a second time, they then said it was the withdrawal bank and NOT them. I said its from my OWN account from another bank into my OWN account at EQ, so what is the big fuss....
I can see clearly the funds came out of the withdrawal bank account the next day on both occasions, only to be deposit back few days later.  

Tangerine asked for IDs for an EFT deposit they initiated...seems the banks are becoming like crypto exchanges asking for a lot IDs etc and probably eventually pictures holding passports...this is bad practice but it seems we are going towards that bad service from all the FIs. It is probably illegal for them to not accept big deposits but since they don't want to take the risk they give the runaround. Tangerine rep said send us ANYTHING you can and tried to say it is better to send more. That is a stupid statement and the less sent the better it is probably.

January 16, 2023
5:57 pm
HermanH
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butterflycharm said
seems the banks are becoming like crypto exchanges asking for a lot IDs etc and probably eventually pictures holding passports

Picture ID / video is exactly what Tang demanded from me, when I tried to create a new eLink. I told them that I had already authenticated when I created my accounts, but they insisted that I enter my DLicence or a video of me holding it. I refused and thus can no longer create new eLinks from Tang. I am not going to give them copies of my ID and have switched to Hubert to push/pull money to them.

January 16, 2023
8:15 pm
butterflycharm
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HermanH said

butterflycharm said
seems the banks are becoming like crypto exchanges asking for a lot IDs etc and probably eventually pictures holding passports

Picture ID / video is exactly what Tang demanded from me, when I tried to create a new eLink. I told them that I had already authenticated when I created my accounts, but they insisted that I enter my DLicence or a video of me holding it. I refused and thus can no longer create new eLinks from Tang. I am not going to give them copies of my ID and have switched to Hubert to push/pull money to them.  

Interesting; Video...

I had a guy who wasn't speaking proper English. He was suspicious himself. They said they delete the documents from email once entered into their system. Who knows who will see them...

I think they won't hold the funds if one insists on leaving them because they can get sued but this makes them a bad bank. They can cause interest loss, identity theft...

January 17, 2023
7:12 am
JPenterprise
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I wrote the following comment down on one of my notes about 2, 3 years ago: "*Do NOT do mobile deposit to EQ…might run into error after 5 BD later".

January 17, 2023
5:37 pm
BlueSky
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HermanH said

butterflycharm said
seems the banks are becoming like crypto exchanges asking for a lot IDs etc and probably eventually pictures holding passports

Picture ID / video is exactly what Tang demanded from me, when I tried to create a new eLink.

Related to that, I was approved for a Brim CC a while back. But as part of the "authentication" process, I was required to get a mugshot with an ID. I declined their card.

January 17, 2023
7:18 pm
butterflycharm
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BlueSky said

HermanH said

butterflycharm said
seems the banks are becoming like crypto exchanges asking for a lot IDs etc and probably eventually pictures holding passports

Picture ID / video is exactly what Tang demanded from me, when I tried to create a new eLink.

Related to that, I was approved for a Brim CC a while back. But as part of the "authentication" process, I was required to get a mugshot with an ID. I declined their card.  

After some years we might all do this regardless because they will all ask. In Europe for a SIM card activation they do video face to face and make people move hand over ID card and do some other things to show it is real video etc...

January 18, 2023
5:58 am
savemoresaveoften
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Since EQ has the mandatory hold on funds and wont budge, I stop using them completely, its not like they offer me any superior rates anyway.

January 18, 2023
10:56 pm
butterflycharm
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savemoresaveoften said
Since EQ has the mandatory hold on funds and wont budge, I stop using them completely, its not like they offer me any superior rates anyway.  

They don't offer good rates when rates are up and everyone else is offering good rates. They offer high rates when rates are low and no one else can beat them. This is interesting and I don't know why. Their investing strategies might be very different from others.

January 19, 2023
3:59 pm
HermanH
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I think that a simple explanation is that they are leaders. When the rates are low, they are the highest. When rates are high, they are the first to anticipate rates dropping. So, they are the first out of the gate for dropping rates.

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