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Email this9:23 pm
December 29, 2018
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Policy change with EQ Bank:
«Clarify that we may, in our sole discretion, suspend or terminate your Account at any time without notice to you for any reason»
Why then would I give them my business.
Be forewarned.
9:34 pm
April 14, 2021
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Why single-out EQ for a loathsome industry-wide standard practice?
10:10 pm
April 6, 2013
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Meridian CU has done it. TD Bank has done it.
Another reported that a bank did it to him. He now suspects it was because of his numerous in-and-out transfers.
According to November 2022 OBSI case Consumer surprised when bank gives him 30 days to close his account, banks have the right to do so anyways:
Canadian law and banking regulations allow banks to end their business relationships with their consumers and do not require banks to provide a reason or notice when doing so. …
OBSI further explains such situations in Relationship ended.
9:29 am
October 27, 2013
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With family members in the banking (big banks) industry, it is not uncommon for individual branches to terminate (close) accounts on a weekly basis. From my second hand feedback from family members, it is most often due to (multiple) violations of a Term and Condition of the account agreement by the customer, abusive interactions with counter staff, or potentially suspicious use of the account for unlawful purposes. Sometimes it is just from dormancy (lack of use) or abusive use (such as high volumes of transfer ins/outs).
I have a few digital bank accounts that are mostly used for transfer ins/outs but I do keep some nominal funds in them (more than $1) and I only use the 'transfer mechanism' a few times per year. I fully expect at some point these FIs could terminate those accounts... which would be inconvenient but I have other workarounds.
10:04 am
January 12, 2019
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picassocat said
Policy change with EQ Bank:
«Clarify that we may, in our sole discretion, suspend or terminate your Account at any time without notice to you for any reason»
Why then would I give them my business.
Be forewarned.
As others have already said here ... that's ⬆ pretty much an 'Industry Standard' now.
And you can bet your last Centavo . . .
- If an account gets Terminated, it was most likely Justified !
-
Dean
" Live Long, Healthy ... And Prosper! "
11:29 am
October 27, 2013
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Not wanting to flog a horse, but account holders should also recognize financial institutions are retail stores selling products (just like an auto dealership) based on terms and conditions agreed too upon entering the contract (account opening).
They are businesses needing to generate profit on their capital invested as compared to being charitable non-profits. If an FI is NOT making some money off an account, and/or is revenue negative, there is no particular reason for that FI to continue the relationship.
1:35 pm
September 11, 2013
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I guess if they close your account you can just open another one if you want, as I believe in Canada we have a right to open a bank account.
According to Canada.ca site they can only refuse to open an account for the following reasons:
1. they have reasonable grounds to believe you plan to use the account for illegal or fraudulent purposes
2. you’ve had a history of illegal or fraudulent activity with financial service providers in the last 7 years
3. they have reasonable grounds to believe you knowingly made false statements in the information you gave
4. they have reasonable grounds to believe it’s necessary to protect their customers or employees from physical harm, harassment, or other abuse
5. the branch or point of service only offers accounts linked to an existing account with another financial institution and you don’t have one
6. you don’t allow them to take steps to verify that the identification you presented is valid
7. in the case that the bank is a federal credit union, you don’t agree to become a member if it requests you to do so
3:22 pm
April 21, 2022
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Just for fun, I'll add another to what has been rumored with EQ over the years:
.8 If you voluntarily close your account, EQ will never open another for you.
4:08 pm
October 27, 2013
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Bill said
I guess if they close your account you can just open another one if you want, as I believe in Canada we have a right to open a bank account.
I believe that is correct... at another FI. Once one violates a Term and Condition at one FI, they are not going to let that person open a new account at that same FI. And why would a person want too in any event?
4:30 pm
January 25, 2024
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JohnnyCash said
Just for fun, I'll add another to what has been rumored with EQ over the years:.8 If you voluntarily close your account, EQ will never open another for you.
9. AND they will send your personal details (SIN, name, DOB, you name it) to ALL other banks so they can proceed closing ALL your accounts.
6:36 pm
September 11, 2013
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I'm not saying you'd want to open an account at the same FI, all I'm saying is canada.ca says "You have the right to open a bank account (also called deposit or personal account) or other types of saving accounts at a bank." So it seems an FI can't turn you down, according to the government, it's a right, aside from those listed reasons.
But I suppose they could close that new one as soon as you opened it.
7:26 pm
April 6, 2013
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Bill said
I'm not saying you'd want to open an account at the same FI, all I'm saying is canada.ca says "You have the right to open a bank account (also called deposit or personal account) or other types of saving accounts at a bank." So it seems an FI can't turn you down, according to the government, it's a right, aside from those listed reasons.But I suppose they could close that new one as soon as you opened it.
That Bank Act subsection 627.17(1) right only applies at a branch or service point of the bank where one can go in-person and see another person to open the account.
That doesn't apply to EQ Bank which has no such locations.
6:49 am
February 16, 2023
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I was far more concerned with the change that states the customer will be responsible for charges even when resulting from an error by the bank. Having been a victim of a hacking of my EQ Mastercard, cancelled the card >6mo ago and still receiving notices of attempt to make purchases on the card despite EQ telling me it was cancelled....well you get the point. Doesn't instil much confidence EQ will be on the client's side in a dispute with a vendor or Mastercard.
Since the notice of change I've closed my savings, US and Mastercard accounts with EQ.
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