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EQ Bank now offers unlimited Interac e-Transfers
March 11, 2019
7:26 am
Peter
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Looks like there is no more limited on the number of Interac e-Transfers per month (previously 5) on the EQ Bank Savings Plus Account.

March 11, 2019
8:09 am
Doug
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Thanks for posting the update, Peter. sf-cool

It's funny, I was just checking out the EQ Bank website and reviewing their parent company's 2018 audited financial statements & MD&A this weekend, and noticed they still only provided five (5) free Interac e-Transfers. With Alterna Bank, Simplii Financial, Motus Bank, and Motive Financial now all offering unlimited, free Interac e-Transfers, it seemed like the natural, easy next step. In fact, I had sort of predicted they would do this - the timing is just coincidental. sf-cool

Additionally, it's also worth noting that, as far as I know, the "Big 5" banks all offer unlimited free Interac e-Transfers now, though they don't offer a free chequing account to each person-yet. They're resisting that - it'd be nice to know exactly how much they derive from personal banking chequing account monthly fees each year. I suspect it's a very modest sum relative to their annual revenues of ~$40 billion (albeit still probably in the $50-100 million range). HSBC Bank Canada also added unlimited free Interac e-Transfers a couple years ago, but last year lowered the qualification criteria to its HSBC Advance banking proposition to a mere $5,000 in deposits or investments, which effectively makes it competitive with free chequing accounts.

Is it just me or did EQ Bank slightly change their website, or at least their home page, a bit? The navigation menu looks different and the white space around the logo, perhaps the logo size, also look different.

Cheers,
Doug

March 11, 2019
8:20 am
Doug
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No news release or blog post of the change; only a subtle update to the banner on the home page and this Facebook post. sf-cool

Figure 1: Facebook post from EQ Bank page
Figure 1: Facebook post from EQ Bank page

Cheers,
Doug

March 11, 2019
5:51 pm
AltaRed
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Doug said
Additionally, it's also worth noting that, as far as I know, the "Big 5" banks all offer unlimited free Interac e-Transfers now, though they don't offer a free chequing account to each person-yet.
Doug  

It depends on the type of accounts one has. I have a joint chequing account with Scotia with my spouse that pays a bit of daily interest and there is a $1 charge for every Interac e-transfer. I also have a personal chequing account at Scotia that pays no interest and has free Interac e-transfers. Neither of these accounts have monthly fees but that may because of other factors, e.g. seniors, amount of investments with Scotia companies, etc.

March 11, 2019
6:01 pm
Doug
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AltaRed said
It depends on the type of accounts one has. I have a joint chequing account with Scotia with my spouse that pays a bit of daily interest and there is a $1 charge for every Interac e-transfer. I also have a personal chequing account at Scotia that pays no interest and has free Interac e-transfers. Neither of these accounts have monthly fees but that may because of other factors, e.g. seniors, amount of investments with Scotia companies, etc.  

That's very true, AltaRed. In my post, I was just generalizing and didn't differentiate by specific accounts whether Interac e-Transfers were included. The Scotia account that charges a fee for Interac e-Transfers sounds like either a grandfathered account or a savings account of some type. What's the one that has no monthly fees and includes free Interac e-Transfers? Is it either the grandfathered Scotia Plus account for those 59+, or the Scotia basic chequing account with the $4.00 Seniors Discount that effectively makes the account free?

Cheers,
Doug

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