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EQ Bank Launched - 3% Interest Rate (For now?)
January 27, 2016
7:06 am
Miron
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RicksBank said

My question was about cheques but surely it applies to EFTs as well?

Let's hope it is...

January 27, 2016
7:18 am
netpi
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It would be unusual if % was not applied as of the receipt of the check or eft, regardless of any hold period - if they applied a 5 day hold with no interest, it would amount to approx $41 for a $100k deposit - all the other online banks credit interest upon receipt so I will assume for now that EQ will as well

January 27, 2016
8:20 am
file
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Miron said

file said

EFT transfer in is not particularly fast in comparison to Tangerine. Did two transfers in from Tangerine on the 22nd. Was pulled out of my Tangerine this morning. I would have expected it to happen yesterday instead.

Am now trying an EFT transfer out.

Did you transfer the funds on 22nd before 12 pm? The funds should be taken out Saturday morning...

I don't remember when, but in the banking world nothing between institutions moves on the weekend as far as I know. Even within institutions some stuff is pushed out to business day, despite being automated. It's silly.

What expected is EQ Bank to upload the EFT data on Monday morning during the batch and Tangerine to reflect it Tuesday morning (or heck - evening if lucky).

January 27, 2016
8:29 am
dougjp
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file said

Miron said

file said

EFT transfer in is not particularly fast in comparison to Tangerine. Did two transfers in from Tangerine on the 22nd. Was pulled out of my Tangerine this morning. I would have expected it to happen yesterday instead.

Am now trying an EFT transfer out.

Did you transfer the funds on 22nd before 12 pm? The funds should be taken out Saturday morning...

I don't remember when, but in the banking world nothing between institutions moves on the weekend as far as I know. Even within institutions some stuff is pushed out to business day, despite being automated. It's silly.

What expected is EQ Bank to upload the EFT data on Monday morning during the batch and Tangerine to reflect it Tuesday morning (or heck - evening if lucky).

Just to be clear about what happened, did the funds transferred in appear online in your EQ account same day, if so you would be earning interest from that day regardless of the number of Business Days it took to debit Tangerine. With other banks I find the withdrawal varies from 1 to 2 business days after, depending on the time of day you initiated the transfer. It will be interesting to see how many business days it takes to get the money when you transfer out. I suspect if you are transferring to a major bank chequing account it may be faster than direct from one 'online bank' to another. We need to get lots of examples, everybody please post your experiences :)

January 27, 2016
9:08 am
christinad
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I just checked and they have a security guarantee:

https://www.eqbank.ca/general-banking/legal/security-guarantee

January 27, 2016
9:18 am
file
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dougjp said

file said

Miron said

file said

EFT transfer in is not particularly fast in comparison to Tangerine. Did two transfers in from Tangerine on the 22nd. Was pulled out of my Tangerine this morning. I would have expected it to happen yesterday instead.

Am now trying an EFT transfer out.

Did you transfer the funds on 22nd before 12 pm? The funds should be taken out Saturday morning...

I don't remember when, but in the banking world nothing between institutions moves on the weekend as far as I know. Even within institutions some stuff is pushed out to business day, despite being automated. It's silly.

What expected is EQ Bank to upload the EFT data on Monday morning during the batch and Tangerine to reflect it Tuesday morning (or heck - evening if lucky).

Just to be clear about what happened, did the funds transferred in appear online in your EQ account same day, if so you would be earning interest from that day regardless of the number of Business Days it took to debit Tangerine. With other banks I find the withdrawal varies from 1 to 2 business days after, depending on the time of day you initiated the transfer. It will be interesting to see how many business days it takes to get the money when you transfer out. I suspect if you are transferring to a major bank chequing account it may be faster than direct from one 'online bank' to another. We need to get lots of examples, everybody please post your experiences :)

Funds apparently instantly in EQ Bank. The actual withdraw from Tangerine is what took time.

January 27, 2016
9:18 am
netpi
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Notice that they, along with all the other financial organisations, require that passwords NOT be written down - if there were to be a breach of your account and if you admitted that you had recorded your password in written form (as most people do) you would technically be in breach of the requirements for their security guarantee - I do not write down any passwords, just hints that would mean nothing to anyone else but me - do not write down passwords anywhere otherwise you might get a surprise if your account is ever compromised

January 27, 2016
11:16 am
Miron
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netpi said

Notice that they, along with all the other financial organisations, require that passwords NOT be written down - if there were to be a breach of your account and if you admitted that you had recorded your password in written form (as most people do) you would technically be in breach of the requirements for their security guarantee - I do not write down any passwords, just hints that would mean nothing to anyone else but me - do not write down passwords anywhere otherwise you might get a surprise if your account is ever compromised

Well, if I write it on a piece of paper is it OK? What if I write it with missing letters/numbers replaced by some *** ? sf-cool

January 27, 2016
11:24 am
netpi
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According to a strict interpretation of the terms, it is not ok if written down in "full" - your suggestion of interspersing spaces or characters would be ok - I have used that system as well as using hints - some have suggested using password managers which are good unless and until their site gets hacked or goes down in which case you are locked out until they resolve their situation

January 27, 2016
11:24 am
Miron
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file said

Funds apparently instantly in EQ Bank. The actual withdraw from Tangerine is what took time.

That is how it should be... still, some banks, if you do the EFT after 12 pm (others after 2 pm) it would be considered a scheduled transfer and the transfer would be done next morning.

If you do an outgoing EFT Friday morning before 12 pm, the money would arrive Saturday morning into the other account.
If you do an outgoing EFT Friday afternoon after 12 pm (others after 2 pm) the money would arrive Tuesday morning into the other account.

January 27, 2016
11:32 am
Miron
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netpi said

According to a strict interpretation of the terms, it is not ok if written down in "full" - your suggestion of interspersing spaces or characters would be ok - I have used that system as well as using hints - some have suggested using password managers which are good unless and until their site gets hacked or goes down in which case you are locked out until they resolve their situation

No, I would not keep my 'financial' passwords on some website... a paper notebook is the best :) Once i was writing them in a book and then noted somewhere else at which page.

Nobody can hack it sf-cool

January 27, 2016
4:54 pm
JustMe
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Miron said No, I would not keep my 'financial' passwords on some website... a paper notebook is the best :) Once i was writing them in a book and then noted somewhere else at which page.

Nobody can hack it sf-cool

I would NEVER keep ANYTHING on stinking cloud or similar. But I still prefer android app 1password with encryption than paper. Flood, fire, dog eat it, you name it and passwords are gone. Of course, you can lose a phone but passwords are still encrypted. And if you manage to lose a phone, you deserve to be punished...

January 27, 2016
6:53 pm
Miron
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JustMe said

I would NEVER keep ANYTHING on stinking cloud or similar. But I still prefer android app 1password with encryption than paper. Flood, fire, dog eat it, you name it and passwords are gone. Of course, you can lose a phone but passwords are still encrypted. And if you manage to lose a phone, you deserve to be punished...

That is funny sf-smile but I think that for most people, the chance to lose the phone are higher than for the dog to eat my book sf-surprised

BTW, I have a cat, not a dog sf-laugh

January 27, 2016
6:54 pm
Miron
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Let's not forget that any password can be recovered or reset... if it is lost!

January 28, 2016
4:43 am
file
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The process for linking another account is to write a cheque to yourself and mail it in. Another area they should work on.

January 28, 2016
4:54 am
dougjp
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file said

The process for linking another account is to write a cheque to yourself and mail it in. Another area they should work on.

? Totally confused by this comment.

That's how all the online banks work, it's how they confirm name and signature at the external bank and get all the encoding, which is on the cheque, to link. Explain how you think they should "work on" that?

January 28, 2016
5:05 am
file
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Not all of them work like that. Tangerine, for example, deposits (and withdraws) a small amount to establish a link. No cheque required. I believe Zenbanx does similar.

If they truly need a cheque they could allow the deposit via mobile, just like they did for initial signup.

Requiring me to physically mail it in can definitely be worked on.

January 28, 2016
5:53 am
Miron
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I opened an account with ZAG Bank and they want a cheque addressed to them, not to myself.

They gave me a link to an website that, when is accessed by a mobile, will give you the possibility to send pics of the cheque... min. amount is $25

I could not access that website using Firefox and they said to mail it!

I tried again using Chrome and it worked perfect! They should educate themselves sf-smile

January 28, 2016
5:56 am
Miron
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file said

Not all of them work like that. Tangerine, for example, deposits (and withdraws) a small amount to establish a link. No cheque required. I believe Zenbanx does similar.

The same way as PayPal works to verify your bank account and your Credit card sf-wink

January 28, 2016
10:38 am
reality
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Well...14 days or 10 business days and the bank of broken promises still hasn't opened my account or replied even though they are the ones who set the times and dates. I'll let you folks draw your own conclusions about this bank but it doesn't look good on them.

Please write your comments in the forum.