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EQ Bank Launched - 3% Interest Rate (For now?)
January 31, 2016
6:06 pm
Miron
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RicksBank said

I think I'm not alone in believing that processes don't make any progress at banks over weekends. I received an email notice from AcceleRate at 6:31am this morning (Sunday) saying that my $25k cheque to EQ was withdrawn from my account today (Sun, Jan 31).

No cheque is withdrawn during the weekend and even if it would be, your balance would remain unchanged until Tuesday.

I imagine this means that I continued to get interest from AcceleRate on the $25k until today?

It would be paid until Monday inclusive... Tuesday night your balance will change!

I guess we don't know what "processed" means. Some people think it means when EQ acknowledges the photo check deposit (usually the day you opened the account), others when it clears the source bank which in my case is 11 days later.

I think that first deposit cheque might have a different path then the 'regular' ones!

January 31, 2016
6:59 pm
RicksBank
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Miron said
No cheque is withdrawn during the weekend and even if it would be, your balance would remain unchanged until Tuesday.

I imagine this means that I continued to get interest from AcceleRate on the $25k until today?

It would be paid until Monday inclusive... Tuesday night your balance will change!

Interesting, but doesn't add up so I checked my AcceleRate account just now (Sunday) and it shows that the $25k was indeed withdrawn with today's date on it. I looked at the cheque image online and it shows various computer date stamps on it for Jan 27. Maybe that's why what happened doesn't match what you wrote? At any rate, at least the account activity matches the notification email that I received saying that it was withdrawn today, on Sunday. None of this really proves when the interest will stop on those funds at AcceleRate, but I'm not worried about it.

Miron said

I guess we don't know what "processed" means. Some people think it means when EQ acknowledges the photo check deposit (usually the day you opened the account), others when it clears the source bank which in my case is 11 days later.

I think that first deposit cheque might have a different path then the 'regular' ones!

Exactly!

January 31, 2016
8:22 pm
LP
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Miron said

JustMe said

What is the point of this miserable interest chase? Get 500K into one of Manitoba CUs and enjoy. Stop ambulance car chase... Get life. Duh...

I just want to believe you are kidding! Do you really think I would open an account to deposit there $1 only? Why would I use more for an initial deposit!? Most wise people do exactly that!
Why would I keep more than $1 in my checking account waiting who knows how long to be transferred? i can transfer more later after the 2 FI are connected!

I'm with you Miron, as I too have only written a check for $1. No point letting any substantial amount of money sit in limbo while waiting for the new account to be activated. EQ will not get any more of my money until they activate my account and prove they are deserving of it. In the meanwhile I will take advantage of the ensuing stock price increase that EQB will inevitably enjoy due to the influx of new money flowing into the Equitable Group coffers. Come Monday morning will see me adding to my position in their stock, hoping to see another 2.54% one day return as I've seen this Friday past.

February 1, 2016
3:54 am
dougjp
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LP said

Miron said

JustMe said

What is the point of this miserable interest chase? Get 500K into one of Manitoba CUs and enjoy. Stop ambulance car chase... Get life. Duh...

I just want to believe you are kidding! Do you really think I would open an account to deposit there $1 only? Why would I use more for an initial deposit!? Most wise people do exactly that!
Why would I keep more than $1 in my checking account waiting who knows how long to be transferred? i can transfer more later after the 2 FI are connected!

I'm with you Miron, as I too have only written a check for $1. No point letting any substantial amount of money sit in limbo while waiting for the new account to be activated. EQ will not get any more of my money until they activate my account and prove they are deserving of it. In the meanwhile I will take advantage of the ensuing stock price increase that EQB will inevitably enjoy due to the influx of new money flowing into the Equitable Group coffers. Come Monday morning will see me adding to my position in their stock, hoping to see another 2.54% one day return as I've seen this Friday past.

Good luck to you, but as this is stock promotion and someone might actually decide to chase the dream thinking its as easy as you portray, here are some facts from Thursday close through Friday. You can check graphs anywhere to confirm, eg; Google finance or a myriad of other places online.

EQB gained

    0.99%

on Friday from Thursday's close. The share price started

    dropping in value around 10:20 AM and stayed below Thursday value through the day until around 3:45 PM

, all the gain was at the end of the day. Meanwhile the whole finance sector gained on Friday, on average more than EQB. Here are some examples of Friday.
BNS 57.39
+0.99 (1.76%)
BMO 75.22
+0.65 (0.87%)
RY 72.55
+1.50 (2.11%)
CM 91.24
+1.02 (1.13%)
TD 53.15
+0.40 (0.76%)
PWF 32.33
+0.72 (2.28%)

Therefore caution, do your own research and make your own decisions.

February 1, 2016
7:08 am
LP
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Dougjp your facts are correct, and I agree, one must exercise due diligence when it comes to the stock market. Some stocks are buy and hold, while others should be day traded. On Friday, when EQB dipped below the previous day close of $51.48, I saw an opportunity and purchased it at $50.60. Not having a crystal ball it's impossible to predict the absolute bottom, and I saw it dip within 20 minutes even further, but I had a hunch that it would ultimately close higher than it opened. It did indeed, and I received a return of $1.39 per share when I sold it at $51.99. With the uncertainty and volatility of the present market there's no doubt that there'll be fluctuations, and I personally see EQB as a stock that will undoubtedly fluctuate, but ultimately uptrend.

February 1, 2016
8:26 am
ertyu
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After the initial batch have any more accounts been opened? I've been waiting more than 2 weeks and nothing yet. I've not seen any posts about new accounts being opened either.

February 1, 2016
9:33 am
reality
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ertyu said

After the initial batch have any more accounts been opened? I've been waiting more than 2 weeks and nothing yet. I've not seen any posts about new accounts being opened either.

Yes mine finally opened. I set it up on Jan/14 and I was able to initiate a transfer Jan/29. But I'm still urging caution, I wouldn't go over CDIC coverage. You can't trust a word anyone at this bank says. I've had that proven to me on several occasions.

February 1, 2016
9:41 am
RicksBank
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I applied on Jan 20 and my initial deposit cheque was just withdrawn yesterday the 31st. I imagine my EQ account should go live "within 5 days" from now.

February 1, 2016
9:47 am
Miron
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RicksBank said

Interesting, but doesn't add up so I checked my AcceleRate account just now (Sunday) and it shows that the $25k was indeed withdrawn with today's date on it. I looked at the cheque image online and it shows various computer date stamps on it for Jan 27. Maybe that's why what happened doesn't match what you wrote? At any rate, at least the account activity matches the notification email that I received saying that it was withdrawn today, on Sunday. None of this really proves when the interest will stop on those funds at AcceleRate, but I'm not worried about it.

That is quite interesting, it never happened to me... any operations done in the weekend, including transfers between accounts at the same FI, will show with Monday's date.

Let me clarify: if your check shows stamps on January 27 (Wednesday) that means they already had it processed... so the money could come out at any time but if Saturday before midnight the money was still in your account, they could not go out until Tuesday... unless they have a totally different way to do it for the first deposit and this is would be a 'manual' procedure!

Something similar just happened to me with ZAG :) By mistake they posted my initial deposit twice last week... today they realized that and took off the extra $25 after giving me the interest of 2 cents... so now I can see $25.02 in my account.

Unfortunately, after ZAG opened my account very fast, and emailed me that is active, the link between the 2 banks is not on the website yet, they told me to wait another few days or do it over the phone!

February 1, 2016
9:51 am
Miron
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RicksBank said

I applied on Jan 20 and my initial deposit cheque was just withdrawn yesterday the 31st. I imagine my EQ account should go live "within 5 days" from now.

Ahaaaa... another withdrawal on a Sunday :) OK, it is official, they are working overtime sf-laugh

February 1, 2016
2:49 pm
RicksBank
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Accelerate deposited my January interest yesterday, a Sunday. I wrote a quick post last night but didn't click enter!

I did the math and the interest paid by AcceleRate was right up until yesterday when the initial deposit cheque (written Jan 20) was debited. So, no interest lost so far. I suspect the EQ statement will show interest paid starting today and no interest lost whatsoever.

February 2, 2016
10:53 am
rhvic
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EQ Bank cashed my cheque from the external account on Jan 26. I have not yet had an email from EQ stating the account is open, but when I logged in this morning to EQ, the account was set up and I could see the balance, transaction, etc. They even gave me one cent interest.

So it looks like I am up and running at EQ. Now the tedious method of first moving money from a savings account at one institution to the chequing account at another so that I can transfer to EQ and top up the EQ account to just below the CDIC limit.

It will be much better once EQ has become civilized and has operational bank ID and transit numbers!

And of course my money will only stay at EQ as long as their interest rate stays high!

February 2, 2016
2:25 pm
Wiiliam
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Does anybody know if there is a transaction limit on how much I can transfer out with Tangerine ? Will transfer out into my EQ account.

February 2, 2016
3:21 pm
Keith1
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I believe the limit by internet is 25,000 per day for Tangerine. If you want to do more you have to do it by phone.

February 2, 2016
3:43 pm
Taxpayer717
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Keith1 said

I believe the limit by internet is 25,000 per day for Tangerine. If you want to do more you have to do it by phone.

Last December I was able to move out by EFT from Tangarine 100 000.00. I think this is the limit. But you can move the money only from your chequing account set up with them.

February 2, 2016
4:29 pm
LP
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Taxpayer717 said

Keith1 said

I believe the limit by internet is 25,000 per day for Tangerine. If you want to do more you have to do it by phone.

Last December I was able to move out by EFT from Tangarine 100 000.00. I think this is the limit. But you can move the money only from your chequing account set up with them.

Last December I also transferred out more than $25K, via EFT, but had to phone to do so. Otherwise $25,000 is the limit, and it can be transferred out from any non-registered account, not just a chequing account.

February 2, 2016
4:34 pm
Norman1
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Someone reported in discussion EFT Transfer limit of having a $25,000 daily withdrawal limit at Tangerine Bank.

Someone else reported that they had a $50,000 limit per withdrawal at Tangerine, but could do two separate $49,995 transfers in one day!

February 2, 2016
5:14 pm
JustMe
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Taxpayer717 said

Keith1 said

I believe the limit by internet is 25,000 per day for Tangerine. If you want to do more you have to do it by phone.

Last December I was able to move out by EFT from Tangarine 100 000.00. I think this is the limit. But you can move the money only from your chequing account set up with them.

I am not aware of any limit. After promotion of 3% ended, I moved >200K in one shoot...

February 2, 2016
5:19 pm
JustMe
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Miron said

JustMe said

What is the point of this miserable interest chase? Get 500K into one of Manitoba CUs and enjoy. Stop ambulance car chase... Get life. Duh...

I just want to believe you are kidding! Do you really think I would open an account to deposit there $1 only? Why would I use more for an initial deposit!? Most wise people do exactly that!
Why would I keep more than $1 in my checking account waiting who knows how long to be transferred? i can transfer more later after the 2 FI are connected!

You did not get the point of my message or you do not understand English.

Point is that it is very dumb to have accounts at 999 banks and move money every few weeks as soon as some come with some 'promotion'. Unless you are moving millions, those few bucks you are going to earn (before tax) as difference between 1.75, 1.85 or 1.851% are not worth the trouble.
You better use extra money to pay a mortgage or similar instead of doing bank jumping...

February 2, 2016
6:13 pm
Rick
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JustMe said

Taxpayer717 said

Keith1 said

I believe the limit by internet is 25,000 per day for Tangerine. If you want to do more you have to do it by phone.

Last December I was able to move out by EFT from Tangarine 100 000.00. I think this is the limit. But you can move the money only from your chequing account set up with them.

I am not aware of any limit. After promotion of 3% ended, I moved >200K in one shoot...

Didn't someone mention in another thread that it depends if you are "pushing" or "pulling" the money out. If you push it out of Tang there is a limit. If you pull it from the other bank , there is no limit. I believe the quote was something like "it would be like putting a limit on the amount of a cheque."

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