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EQ Bank referral program May-July 2019
May 9, 2019
9:54 pm
Peter
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Looks like the EQ Bank referral program is back. Here's a previous thread about it from 2017.

The current one reads as follows:

Get up to $125 for sign up referrals!

Already a customer? Having an EQ Bank Savings Plus Account just got even sweeter with our bonus for new referrals!

Earning high interest like a savings account, and doing day-to-day banking like a chequing account with no fees? It’s sublime.

But did you know you could earn a $25 bonus each time someone uses your code to sign up?

Here’s how to get your referral bonus:
1. Share your special code with friends and family
Forward this email to encourage friends and family to sign up for an EQ Bank Savings Plus Account by July 8th, 2019
2. Upon activation, they can claim their $25
Once they open an account and receive an EQ Bank welcome email, all they have to do is reply with your code by July 15th, 2019
3. They get their $25, and so do you!
We’ll credit your account, and theirs, with $25 each

In the meantime, keep making your EQ Bank Savings Plus Account work for you, by earning 2.30% everyday interest on your multitasking balance!

--------------------------------

New to EQ Bank? Get a bonus to sign up, and a whole lot more!

What if you could earn 2.30% interest like a high interest savings account, and do your day-to-day banking like a chequing account with no fees?

Welcome to the EQ Bank Savings Plus Account, where you can send money, pay bills, deposit cheques and more, all while earning 2.30% interest with zero monthly fees, and for a limited time...

...you’re eligible to cash in on our sign up bonus too!

Here’s how to get your sign up bonus:

1. Sign up for a new account by July 8th, 2019
Fill out our easy online form and you’re on your way!

2. Reply to the EQ Bank welcome email by July 15th, 2019 to claim your $25
Enter your friend’s code in the reply to let us know they referred you

3. You get your $25, and so do they!
We’ll credit your account, and theirs, with $25 each

4. Refer friends and family yourself and earn up to an additional $125
Once your account is activated, you’ll receive your own referral code and email you can forward to friends and family

--------------------------------

The footnotes mention the limit of 5 referral bonuses per customer.

Please do not post your codes on this site. As per the forum rules: Do not post referral codes or advertise that people PM or e-mail you so that you can provide them with a code. Requests for codes are allowed. In other words, you can say "please send me a code" but you cannot say "e-mail me for a code".

May 9, 2019
10:17 pm
Doug
West Kelowna
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5 total referrals, or 5 per year? That seems kinda low if a lifetime limit of 5 referrals.

What about if someone has received 5 referral bonuses, but give their code to someone who signs up? Will the person who signed up still get $25 but the person who referred won't (because they've already had 5 successful referrals)?

Does the wording mention taking into consideration previous referrals received?

And lastly, if someone wants to PM me their EQ Savings Plus Account referral code, I may sign up finally. sf-cool

Cheers,
Doug

May 9, 2019
10:34 pm
Doug
West Kelowna
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Can you post either the webpage URL or e-mail newsletter "issue" archive URL where you saw this, Peter?

They don't have it on their website, which I find odd.

Cheers,
Doug

May 9, 2019
10:56 pm
Peter
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They e-mailed it to me directly with a code, as I recently became a client. There is no wording in the e-mail about the max being lifetime vs limited timeframe.

May 9, 2019
11:03 pm
Doug
West Kelowna
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Peter said
They e-mailed it to me directly with a code, as I recently became a client. There is no wording in the e-mail about the max being lifetime vs limited timeframe.  

Ah, that makes sense. I didn't realize you only recently created an EQ Savings Plus Account. I thought maybe you'd already had an account. sf-cool

I'm not in a rush, so will wait a few weeks to see if anyone PMs me a code and, if I get no PMs, then I'll PM/DM you and you can refer me. 😉

I wonder if their "maximum balance (per customer)" applies just to the EQ Savings Plus Account, or if it includes GIC balances? Hopefully they eliminate that silly thing soon, or at least institute a tiered balance whereby a lower rate is paid on balances over $200-250,000 in their HISA. I'd also like them to implement access to deposited funds limits.

Cheers,
Doug

May 10, 2019
2:31 am
Loonie
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I don't know specifically what the balance max refers to, but I would not go over CDIC limit with this FI in particular. It's vulnerable. Remember HCG; we didn't see it coming.

The fine print in the email says:
"Referral bonus is applicable to new customers who sign up between May 9 and July 8, 2019 only. Each new customer will receive a $25 sign up bonus after the account is activated if they use a valid referral code. Each referrer will receive $25 per new account up to a maximum of $125 (5 x $25) credited to their EQ Bank Savings Plus Account. Offer not valid for existing account holders who open additional accounts."

I think it's not on the website because it's directed to account holders only. It might appear if one signs in, but I haven't checked.

May 10, 2019
5:42 am
Koogie
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Loonie said
I think it's not on the website because it's directed to account holders only. It might appear if one signs in, but I haven't checked.  

I got it by email but I saw your posting and I thought, well, let's have a look. So I signed in and... whoa.

Big EQ website redesign. It's a lot brighter, more colors, more screens/tabs and it "seems" like more functionality. Certainly more options and it seems easier to find stuff with more pulldown menus.

They pretty much are head and shoulders above the other online only entities when it comes to their digital sophistication (the client facing side anyway).

May 10, 2019
8:20 am
Doug
West Kelowna
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Loonie said
I don't know specifically what the balance max refers to, but I would not go over CDIC limit with this FI in particular. It's vulnerable. Remember HCG; we didn't see it coming.

True, but they do have a forthcoming Equitable Trust GIC issuer and, possibly, EQ Savings Plus Account issuer, too. 😉

Remember, though, while they purportedly have unlimited deposit insurance, many provincial credit unions have lower credit ratings than even Equitable or Home. There's often no guarantee that the provincial government will bail out a credit union (they probably would; just as the federal government would likely bail out uninsured deposits of a failed CDIC member, but this is still no guarantee and shouldn't be relied on).

The fine print in the email says:
"Referral bonus is applicable to new customers who sign up between May 9 and July 8, 2019 only. Each new customer will receive a $25 sign up bonus after the account is activated if they use a valid referral code. Each referrer will receive $25 per new account up to a maximum of $125 (5 x $25) credited to their EQ Bank Savings Plus Account. Offer not valid for existing account holders who open additional accounts."

I think it's not on the website because it's directed to account holders only. It might appear if one signs in, but I haven't checked.  

Thanks, Loonie. From that wording, it sounds like that (a) the referee will still receive $25 independent of whether the referrer has "capped out" by reaching their referral bonuses and that (b) the referrer can receive $125 in bonuses during the offer period. Since it's a time-limited offer, I suspect the "counter" would start fresh in any future referral bonus in subsequent years.

Cheers,
Doug

May 10, 2019
8:54 am
Doug
West Kelowna
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The referral bonuses don't work. There's no place to enter a referral code on any of the sign-up pages. I've reached out to EQ Bank via Facebook and said that I trust they'd have no issue with crediting me the $25 and, ideally, the person that referred me, in light of this unclear/complete lack of instructions in the process. Will see if they do. I trust they want to set the relationship off right. 🙂

Cheers,
Doug

May 10, 2019
9:05 am
Peter
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Step 2 from "Here’s how to get your sign up bonus:"

2. Reply to the EQ Bank welcome email by July 15th, 2019 to claim your $25
Enter your friend’s code in the reply to let us know they referred you

May 10, 2019
9:28 am
Doug
West Kelowna
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Peter said
Step 2 from "Here’s how to get your sign up bonus:"

2. Reply to the EQ Bank welcome email by July 15th, 2019 to claim your $25
Enter your friend’s code in the reply to let us know they referred you

  

Thanks, but that's not a proper way to do a referral, though, Peter, I have to admit. No other bank makes you reply, via e-mail, to get a referral credit. It should be on the sign-up form, like Tangerine, Hubert, Simplii, and others.

Nonetheless, it sounds like you can send in the reply after you've opened an account already, correct?

Cheers,
Doug

May 10, 2019
1:40 pm
Loonie
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Agreed that this is what it sounds like.

My caution about insurance limits is irrespective of what happens with MB CUs etc. If it came to that, I'd take some insurance over none (i.e. over 100K).

I too noticed their peculiar strategy on the referral bonus. My suspicious mind suggests that they are making it more difficult than necessary on purpose as it will reduce fulfillment and then they can say it's your fault for not following through, should you remember to inquire.

May 22, 2019
12:17 pm
SmallTimeBanking
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'Please send me a code' for EQ Bank. sf-smile

May 22, 2019
12:47 pm
Doug
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SmallTimeBanking said
'Please send me a code' for EQ Bank. sf-smile  

Sent Vatox' referral code to the user via PM. krwilson and Vatox both referred me, but I was only able to use krwilson's code. It seemed only fair I give Vatox this referral. 🙂

Cheers,
Doug

June 10, 2019
2:38 pm
Silver
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Hi! Please send me a referral code for EQ Bank.

June 10, 2019
3:15 pm
semi-retired
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Referral code sent.

June 26, 2019
9:52 pm
soaringfox
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June 26, 2019
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I need referral code.
Thanks.sf-laugh

June 27, 2019
6:49 am
Silver
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Referral code sent. 🙂

June 30, 2019
8:47 pm
DimeX
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Please send me a referral code. Thanks! sf-laugh

June 30, 2019
11:05 pm
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Sent! 🙂

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