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EQ Bank maintenance Oct 11 to 14, 2019
October 8, 2019
11:33 am
Shawguy
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Just got this via email...

We want to remind you that starting on Friday, October 11th at 10:00 p.m. EST, our online and mobile banking platforms will be unavailable, estimated to last until Monday, October 14th at 10pm EST.

During this time, our team will be working hard making changes “under the hood,” so we can continue to make banking even better for you.

In this maintenance window, your EQ Bank account (including Interac e-Transfer® and bill payments) will be inaccessible. If you need to transfer funds or pay a bill, please sign in to your account to do so before Friday, October 11th.

Rest assured that any scheduled or recurring transactions set up prior to the maintenance period will go through as scheduled.

We apologize for any inconvenience our tune-up may cause. On the bright side, we’ll be back up and running better than ever. We appreciate your patience and understanding during this time. As always, if you have any questions, please don’t hesitate to contact us.

Thank you,

Your EQ Bank Team

October 8, 2019
5:19 pm
Loonie
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I don't like that word "estimated" on the up-and-running projection, although it may be prudent.
I have GICs maturing on Oct 11 and 15 and was intending to transfer both out on 15th.

Dos anyone know what time of day the GICs are likely to be redeemed?
Maybe, if it's early enough, on I can (on the 11th) schedule a transfer for the 15th for the first redemption. I don't want to transfer it on the 11th because its's going (temporarily) to a non-interest-bearing account and I don't want it stuck there over th long weekend.

October 8, 2019
8:53 pm
Jon
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Loonie, maybe you can call EQ to seek some type of special arrangement.

On a side note, I am told by an agent that they are offering joint account after the update....
I will keep people posted.

October 9, 2019
3:48 am
krwilson
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Loonie said
Dos anyone know what time of day the GICs are likely to be redeemed?
  

I have had a number of GICs mature with EQ over the past week. Each one has sent me an email between 4-4:30AM EST (Ontario) when it is transferred to my account.

Hope this helps.

October 9, 2019
3:54 am
Loonie
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Thanks for the info, Jon and kwilson. It is helpful.

I believe it was last January when one of their CSRs assured me that joint accounts would be available sometime this year, unspecified. There is a thread about that somewhere. Maybe he really knew what he was talking about - I hope!
If that's their reason for shutting down for 3 whole days, then perhaps I'll forgive them.

October 12, 2019
2:28 am
Loonie
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I was able to schedule my transfer-out for Oct 15 before the site went down.sf-smile It's nice to have it out of the way.

I noticed that revised T & C were in the Message box, effective Oct 14 2019 but found no reference therein to joint accounts - and no changes that i found significant.

I did notice this on another page: "For accounts opened on or after February 21, 2016, the maximum balance per customer is $200,000." It used to be $100,000 + interest. I don't know when it changed. However, I wouldn't go over 100K due to insurance limits.

October 14, 2019
3:00 am
Loonie
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I was able to log in to my EQ account a few minutes ago, so perhaps they are finished their updates.
However, the transfer-out that I scheduled for Tuesday the 15th has already been deducted from my EQ account.

Under "Transactions", it gives the date of transfer as Oct 15, just as if it was behind us already, but it is still ahead of us. The Balance makes it clear the money has already been deducted.

If I had wanted to transfer it BEFORE the 15th, I would have done so. The reason I DIDN'T transfer it on Friday the 11th was to ensure it would stay in the EQ account over the long weekend and earn interest there.

It's quite possible they deducted this money from my account on Friday, but I didn't notice as I had no reason to suspect it.

There is nothing listed under "Pending Transactions".

I am not used to doing scheduled transfers.
Has anyone else had this kind of experience? If so, how did you understand it? Can I assume I will still get the interest over the weekend from EQ because the transaction is postdated?

October 14, 2019
5:47 am
Bill
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I see no tabs re "Transactions", my screens just show references to "Transfers", so I can't say.

You will get your weekend interest, after October 11 EQ is operating as if it's October 15 so unless you have a Balance or anything else that indicates as of October 11 the money is transferred out you're fine.

October 14, 2019
8:16 am
Norman1
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Their weekend changes may not be done yet.

I logged in and noticed some missing information. List of "Previously purchased GICs" is empty. As well, credits from matured GIC's are now described as just "Transfer from Account" instead transfer from a GIC account number.

October 14, 2019
11:59 am
Loonie
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It's true there is no tab called "Transactions". I was referring to the list of Transactions that appears when you click on your savings account.

Thanks for the reassurance. I trust this is based on experience.

My GIC redemptions during the last year show in Transactions as Transfer from Account, so this may not be new, but perhaps they show differently in the Statements? I didn't check.

October 14, 2019
12:28 pm
Loonie
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UPDATE:
Just received this email from EQ, sent at 3:21pm today (14th):
"An Electronic Funds Transfer withdrawal has been debited from account ending in XXXX. For more information, please sign in to your account to view transaction details. If you believe this withdrawal was made in error, please call us immediately at 1-844-4EQ-BANK (1-844-437-2265)."

Today is Monday the 14th. The transfer was scheduled for Tuesday the 15th. Why are they doing this a day early? Does this mean I will lose a day's interest? Their communications are, at best, confusing.

October 15, 2019
3:18 pm
Loonie
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As of 5pm Oct 15, funds still have not arrived at external bank. That's more than 24 hours. I suppose I will lose 2 days' interest.

I don't know what their lengthy updates consisted of, but I didn't notice any references to TFSAs or joint accounts. It all looks the same to me.

October 15, 2019
5:04 pm
Norman1
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Loonie said

Today is Monday the 14th. The transfer was scheduled for Tuesday the 15th. Why are they doing this a day early? Does this mean I will lose a day's interest? Their communications are, at best, confusing.

Sign into EQ Bank's site and check the date on the transaction. Is it October 14 or October 15?

I did a bill payment on Monday, October 14 (Thanksgiving Day) scheduled for Tuesday, October 15. Payment was posted to my account immediately but dated October 15.

October 15, 2019
11:55 pm
Loonie
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As I indicated upthread, the funds were removed from my EQ account on the afternoon of the 14th (not a "business day", and not even a fully functional day) and had still not appeared in external account after bankers' hours on the 15th.

The transfer was scheduled for 15th.
Although it was not an issue in this case, if I schedule a transfer out for the 15th, I don't anticipate that I need to have the funds in place and cleared by the 13th, which seems to be the case. And I expect greater clarity on when interest will cease to be paid.

October 16, 2019
6:38 am
Norman1
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Posting date is not always the same as the effective date for interest calculations.

In my case too, the transaction was posted to and the funds removed from my EQ Bank savings account on October 14, Thanksgiving Day, that wasn't a business day. But, the transaction was dated the next business day, October 15. So, I would still receive interest on the funds for October 14.

As well, there are now three exchange times for electronic funds transfers according to Rule F1: 9:30 am, 4:30 pm, and 9 pm Eastern time. A transfer dated October 15 may not actually sent into the clearing system until 9 pm Eastern time on October 15.

Some financial institutions will debit the account on a business day and not actually sent the funds until the next business day!

October 16, 2019
9:38 am
NorthernRaven
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Norman1 said
Their weekend changes may not be done yet.

I logged in and noticed some missing information. List of "Previously purchased GICs" is empty. As well, credits from matured GIC's are now described as just "Transfer from Account" instead transfer from a GIC account number.  

The "Previously Purchased GICs" history is now available again. A newly generated statement for a previous month shows "Transfer from Account" for a GIC redemption; I don't have any statements generated before the upgrades to know whether that phrase ever specifically indicated the GIC#.

October 16, 2019
6:58 pm
Loonie
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What is Rule F1? Is this something specific to EQ?

I had earlier GICs with EQ that also said "Transfer from Account". Would have to check on dates if you need the info.

October 16, 2019
9:08 pm
Norman1
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Rule F1 is Rule F1 (Rules applicable to Automated Funds Transfer (AFT) Transactions) for the Payments Canada ACSS system, used to clear cheques and funds transfers between financial institutions.

October 16, 2019
9:12 pm
Norman1
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I checked my older monthly statements generated before the site upgrade.

GIC transactions are shown as either "GIC paid out at maturity from ░░░░░░░░░░" or "GIC purchase to ░░░░░░░░░░" mentioning the GIC's account number.

October 16, 2019
9:55 pm
Loonie
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My records are actually the same as Norman's. The wording has been changed retroactively, on the bank statements to the less informative version. Grrr.
Will they be changing the numbers next time around?
Can't help but wonder.

And still no joint accounts.

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