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EQ Bank - 3.33 % for 3 month GIC
December 16, 2018
11:03 am
Norman1
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yalewon said

Initiated an online chat with EQ bank and the representative was very helpful. He said he would make a one-time exception for me since the fund was transferred in before the promotion ended. He asked me to purchase 3-month GIC at the current rate (2.35%), and put a note on my account. He promised the rate will be revised to 3.33% by a week or so. I screenshot all the conversation as a record.

I suggest you do the same once your fund is cleared.  

Thanks for the suggestion. sf-smile

I did that and received a slightly different resolution. Rate would remain 2.35% on the 3-month GIC. But, within five days, I would receive a cash bonus to my savings account that would be the difference between 3.33% and 2.35% for three months on the GIC amount.

December 16, 2018
6:24 pm
Norman1
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I thought the 3.33% rate was extended when I saw this ad just now in the right sidebar of this site:

Stale3.33ad.PNG

Unfortunately, the ad is stale. If one clicks on the ad, one sees the 3-month EQ Bank GIC listed now as 2.35%.

December 17, 2018
8:55 am
Vatox
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Just saw that ad today as well. EQ and Ratehub need to pull that, otherwise it's false advertising. We all know that 3.33% for 3 months was from EQ.

December 17, 2018
9:38 am
Vatox
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December 17, 2018
9:52 am
Top It Up
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From the RateHub.ca website

Users are strongly encouraged to use common sense and discretion and to do their own research before relying on any of the information provided by the Website, and to consult an independent competent professional (such as, without limitation, an accountant, real estate agent, mortgage broker, insurance broker, or lawyer) before transacting with any Vendor for any Financial Product.

December 17, 2018
11:39 am
Vatox
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Lol, that may cover them, but it doesn't stop them from looking unprofessional and having poor attention to detail.

December 18, 2018
11:54 am
ertyu
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Got the same offer as Norman, buy existing GIC, difference credited to account within a week because the money was transferred in before the rate changed.

December 20, 2018
10:25 am
stingray
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Hello, I transferred a fair amount of money, december 5, was told by EQ to wait till dec 13 in order for funds to clear and then transfer funds after clearance to 3 mth gic at 3.33% ..Dec 14..I began the transfer to the gic..only to find EQ changed rate overnight to 2.35%..(after waiting 8 days for initial deposit to clear)..Dec 14 ..I called to complain..they refused to accommodate me..I pulled funds..Lost this customer..very unprofessional company..beware..

December 20, 2018
12:04 pm
hwyc
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Stingray, I understand the frustration. However, did you sign-on EQ to check on Dec 13 and see funds still on hold? According to their policy, the normal length of time they will hold funds is 5 business days after the date of deposit.

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

I wasn't sure when I made the deposit back on Nov 7th. So I checked daily, only to see the funds freed on Nov 16th [sixth business days after the date of deposit]

December 20, 2018
12:49 pm
Norman1
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hwyc said
…I wasn't sure when I made the deposit back on Nov 7th. So I checked daily, only to see the funds freed on Nov 16th [sixth business days after the date of deposit]  

That is a five business day hold because Remembrance Day was on Sunday this year. So, Monday, November 12 was not a business day for federally regulated businesses, like the chartered banks.

Your November 7 deposit was held for these five business days:

  1. Thursday, November 8
  2. Friday, November 9
  3. Tuesday, November 13
  4. Wednesday, November 14
  5. Thursday, November 15
December 20, 2018
1:03 pm
Norman1
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stingray said
Hello, I transferred a fair amount of money, december 5, was told by EQ to wait till dec 13 in order for funds to clear and then transfer funds after clearance to 3 mth gic at 3.33% ..Dec 14..I began the transfer to the gic..only to find EQ changed rate overnight to 2.35%..(after waiting 8 days for initial deposit to clear)..Dec 14 ..I called to complain..they refused to accommodate me..I pulled funds..Lost this customer..very unprofessional company..beware..

Don't know what happened there.

My funds were still on hold on December 14. But, some days after your hold ended, the hold on my funds ended and I tried to buy the 3-month GIC. I, too, saw that the rate was no longer 3.33%.

When I contacted them to see if anything could be done for me, the agent verified that my funds were transferred in earlier and had a hold until now. I was asked to buy the 3-month GIC at the current rate. EQ Bank would then credit my savings account with the difference between that rate and 3.33%.

December 20, 2018
5:39 pm
Loonie
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I transferred-in two sums, on Dec 5 and 6. I transferred in another, larger, sum on Dec 11. My intention was to wrap all 3 together into one GIC. Who needs the proliferation of three of them to keep track of?

Silly me.

On Dec 18, I chatted with an EQ CSR who informed me that only the Dec 11 transfer could count for the reimbursement. It did not clear until the 19th. On the 20th I bought the GIC. I then phoned and spoke to another CSR who tried to tell me that I would automatically get the reimbursement for the difference on that larger sum because I had contacted them earlier, but when I pushed her to check her records, she saw that the chat I had on Dec 18 had not been noted.

I believe it has all been cleared up now. She said I would get the reimbursement in five days. However, again, when I pushed and pointed out that would be Dec 25, a holiday, she agreed it wouldn't likely come then, and added that weekends don't count. We finally agreed it should come by the 28th. Fingers crossed!

So, I will get only half of the bonus interest that I expected to get. As soon as it has been posted, I will withdraw the money that had been destined to be added to the GIC.

I am disappointed in EQ for giving me such a runaround and making it difficult. I had to listen to their gawdawful LOUD music while waiting for the CSR as well, then go through that routine where they send you an email and you have to open it before you can talk to them about your account. Their phone line was not clear - even the prerecorded announcement was unclear. The person I spoke with was polite and pleasant but I found her accent difficult to understand and had to ask her to repeat herself several times. It was all time-consuming and a nuisance. The least they could have done was give me the reimbursement on all 3 sums.

I much prefer Oaken's system, where they give you fair notice of rate changes.

To reduce confusion, it would be realistic to consider that EQ's "hold" period is 8 days plus any stat holidays.

Another reason not to love EQ.

December 29, 2018
2:07 pm
Canadianbull
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rhvic said
Yes, this rate looks really good for a short term deal. I just transferred from another FI to EQ today but their policy is a five day hold period before it can be used to buy the GIC. In a chat with an EQ rep, they could not guarantee the offer would last very long - hence it may expire by the time my funds are available! That would not be optimal of course, and would then just make me transfer it back to the other FI where the normal HISA rate is better than EQ's. EQ would not currently guarantee I could get this GIC rate.

For those who have bought the GIC, can you tell us what maturity options you were given? Can the funds go to cash, or do they try to automatically rollover into another GIC?  

It's actually total 6 business day hold (Including Saturday and Sunday 8 days)

December 30, 2018
1:00 am
Loonie
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Follow-up to #52 above.

Well, Dec 28 has come and gone and I still have not received the reimbursement promised on the 20th. Poor show, EQ.

December 30, 2018
8:49 am
Norman1
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Loonie said
Follow-up to #52 above.

Well, Dec 28 has come and gone and I still have not received the reimbursement promised on the 20th. Poor show, EQ.  

I received my "Goodwill Gesture" credit five business days after the effective date of the GIC.

I would give them another day. Five business days from Thursday, December 20 is actually tomorrow Monday, December 31 because December 25 and 26 were not business days for the banks.

December 31, 2018
10:04 pm
Loonie
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It's now Jan 1 in Toronto, where EQ is headquartered, and my "Goodwill Gesture" money has still not been deposited, although my December interest has been.
That's 12 days since I talked to the last CSR and opened the GIC.
They seem to be able to post the interest on stat holidays just fine. - even my GIC reflects up-to-the-minute interest.

January 1, 2019
9:22 am
ertyu
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Is that normal for them, the almost daily (only weekdays and non-holiday) interest payments on the GICs?

January 1, 2019
4:13 pm
Loonie
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Sorry for the confusion.
The interest that was posted on Dec 31 is for my savings account.
The payment I am looking for form them is a one-time reimbursement for lost interes on the GIC.

January 2, 2019
5:41 am
Norman1
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ertyu said
Is that normal for them, the almost daily (only weekdays and non-holiday) interest payments on the GICs?

EQ Bank doesn't actually pay interest daily on their GIC's.

What is shown on their online banking web site for the value of the GIC includes accrued, unpaid interest. That value is updated daily.

January 2, 2019
5:45 am
Norman1
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Loonie said
It's now Jan 1 in Toronto, where EQ is headquartered, and my "Goodwill Gesture" money has still not been deposited, although my December interest has been.
That's 12 days since I talked to the last CSR and opened the GIC.
They seem to be able to post the interest on stat holidays just fine. - even my GIC reflects up-to-the-minute interest.  

The "Goodwill Gesture" payment is special and January 1 is not a business day.

Today, January 2 is however a business day. Another call is in order if it hasn't arrived yet after six business days.

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