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EQ $100,000 Cap???
July 12, 2017
5:56 am
JW
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Tried moving $100K to EQ ... EQ system would not accept ... so I tried $99900 and it was accepted. What happens when my balance moves over $100K once interest is added? Will EQ let me have a balance greater than $100K? Could I do multiple transfers of less than $100K and have the EQ system accept? I know there is the $100K CDIC cap issue for personal protection but lets ignore that issue for this discussion. Just would like to know how EQ treats its customers with greater than $100K.

July 12, 2017
6:41 am
Norman1
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This is from the EQ Bank Savings Plus Account Fees & Features page:

Electronic Funds Transfers [EFT] $30,000 outbound to linked external bank, and $100,000 limit for inbound from external bank account per transaction.
Maximum Number of Linked Accounts 10
Maximum Balance Held Per Customer For accounts opened before February 21, 2016, the maximum balance per customer is $500,000 (plus accrued interest)
For accounts opened on or after February 21, 2016, the maximum balance per customer is $100,000 (plus accrued interest)
July 12, 2017
2:54 pm
Doug
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This is one of the reasons why I am still not (a) opening an account with EQ Bank nor (b) recommending them to friends, family members or fellow users on forums like "highinterestsavings.ca" and "RedFlagDeals.com". 🙂

I feel this is fundamentally wrong, the limit is too arbitrarily low and what they should've done instead is to limit the posted rate of interest and any "promotional rates of interest" to balances up to, say, $250,000 or $500,000 like Tangerine and any balances over that threshold, whatever it may be, gets paid nothing, to encourage people to "lock in" in to a GIC term instead. 🙂

For this reason, I'm highly recommending Oaken Financial these days. 🙂

Otherwise, I like that you can link new external bank accounts electronically with EQ Bank.

Cheers,
Doug

July 12, 2017
5:22 pm
JW
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Thanks Norman1 and Doug. I was one of those customers who had to wait to enroll when EQ put enrollments on HOLD. I fall under the after Feb 21, 2016 terms $100K Max Balance. That sucks! I will go to EQ for the 2.3% for as much as I can deposit. Any overage will go to PCF at 2.0% until 8/31/2017 as Tangerine only made a 1.6% offer.

July 12, 2017
6:00 pm
Bill
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For my $100,000 I'd rather get 2.3% than 1.75% so I'd take EQ over Oaken for the extra (pre-tax) $550 or so per year.

July 13, 2017
4:29 am
threeoakwest
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Why wouldn't people go to Alterna and get 1.90% rather that Oaken at 1.75%.
Just curious, is there something wrong with Alterna that I don't know about?

July 13, 2017
6:12 pm
Bill
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I like Alterna but its daily, weekly and monthly transfer out limits might be an issue if you want to move large amounts quickly.

July 13, 2017
11:59 pm
Loonie
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I agree with Bill. I use it for my most fluid funds. The limits haven't been an issue for me but I make sure I don't keep money thre that I would need to get out in large amounts.
I keep larger amounts in FIs that pay more. I see no point in a savings account at 1.75 except for convenience in receiving GIC funds etc.

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