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EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25%
April 17, 2021
9:41 am
Vatox
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Here is my view. Don’t transfer TFSA accounts unless it’s a massive amount that will gain you a bigger difference in interest than the fee. Forget trying to figure how to get the FI to report the withdrawal. Even if they say they will report it, so you can redeposit it, it may not turn out that way and you will find yourself over contributed later down the road. It’s not worth fooling with. If the current location stinks, just withdraw to non-registered or transfer the TFSA and throw out that fee. Being in non-compliance with the CRA is not cool and a fee isn’t worth the headache.

April 24, 2021
11:36 am
annie
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I applied for TSFA and RRSP to transfer EQ from other banks on March 4th. All the documents were completed on March 15th. The transferring bank also sent two check on March 15th.. The problem is here. EQ until not have received the check ~ what should I do?sf-crysf-crysf-cry

April 24, 2021
12:14 pm
HermanH
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I don't think that there is anything you can do. At least your process has started. I sent three requests and only got this from EQ:

Unfortunately, we are facing delays in processing transfers from Scotiabank. Our management team is currently working with Scotiabank to clear these roadblocks and we will keep you updated on the status. We appreciate your patience as we coordinate processes with your other financial institution.

April 24, 2021
12:52 pm
annie
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HermanH said
I don't think that there is anything you can do. At least your process has started. I sent three requests and only got this from EQ:

Unfortunately, we are facing delays in processing transfers from Scotiabank. Our management team is currently working with Scotiabank to clear these roadblocks and we will keep you updated on the status. We appreciate your patience as we coordinate processes with your other financial institution.

  

My check sent from cibc is lost~ now I need a certificate from the EQ bank did not receive the check~ CIBC will send it out by registered mail~ but the EQ will not cooperate~ What should I do?sf-crysf-crysf-cry

April 24, 2021
3:14 pm
HermanH
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annie said

My check sent from cibc is lost~ now I need a certificate from the EQ bank did not receive the check~ CIBC will send it out by registered mail~ but the EQ will not cooperate~ What should I do?

Holy crapdoodle, that sounds like one messed up situation. If EQ is uncooperative, could you ask CIBC to put a Stop Payment on the cheque and then proceed to submit a new transfer request (preferably to an FI more helpful than EQ)?

April 24, 2021
3:55 pm
annie
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HermanH said

annie said

My check sent from cibc is lost~ now I need a certificate from the EQ bank did not receive the check~ CIBC will send it out by registered mail~ but the EQ will not cooperate~ What should I do?

Holy crapdoodle, that sounds like one messed up situation. If EQ is uncooperative, could you ask CIBC to put a Stop Payment on the cheque and then proceed to submit a new transfer request (preferably to an FI more helpful than EQ)?  

No. So I have a headache.. EQ bank still hasn't given me the supporting documents~ so CIBC cannot cancel the old check.. Send a new check..sf-crysf-crysf-cry

April 24, 2021
4:17 pm
James
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annie said
No. So I have a headache.. EQ bank still hasn't given me the supporting documents~ so CIBC cannot cancel the old check.. Send a new check..sf-crysf-crysf-cry  

Hi Annie,

Are you talking to a manager at CIBC? If not, ask them to escalate it immediately when you call in and when you have the manager on the line, call EQ. Tell them it's their jobs to work this out. EQ can fax something.

April 24, 2021
6:35 pm
annie
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James said

Hi Annie,

Are you talking to a manager at CIBC? If not, ask them to escalate it immediately when you call in and when you have the manager on the line, call EQ. Tell them it's their jobs to work this out. EQ can fax something.  

I have made more than 10 calls and asked EQ customer service to show me how to contact the manager, but all of them said that there is no way! Only give me customer service E-MAIL.. It doesn’t work at all~ The CIBC manager is happy to help me contact EQ Bank Phone call and E-MAIL.. But the days have passed for 2 weeks~ EQ Bank still didn't reply~ You said what should I do?sf-crysf-crysf-cry

April 27, 2021
6:12 am
Jim Sherat
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Vatox said

From the time of mailing to email confirmation wasn’t long. Maybe a week or possibly two. I didn’t track the time but it didn’t feel like an eternity.  

Wife and I just got emails yesterday that our Successor Holder requests are received and profiles updated.

Immediately transferred from Savings Plus joint acct the $6K 2021 contribution limits plus another $50K approx of TFSA funds withdrawn late Dec 2020, to make it worthwhile, imo, to get the 2.3% till Aug 24th approx, (incl GIC purchases late May). After that will reevaluate.

One disappointment I discovered with EQ: discovered that buying GICs from our New Joint Savings plus a/c could only be done in one person's name, therefore presenting a succession planning risk. Had planned to put much of it in the 3mth 1.5% version.
A call to EQ, and CSR admitted they have been getting lots of requests for Joint GICs. I mentioned Simplii as an example, where we sill have some, and asked that she add my request to the many and push it up the chain of command. Not holding my breath in the short term.

April 30, 2021
12:04 am
HermanH
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I am trying to help my mother move her TFSA to EQ to take advantage of the 2.3% promotion rate. Her GIC matured on Apr 9, so we uploaded a transfer request on the 8th.

Apr 13 - request declined. "The transfer form is an illegible copy. "

Apr 14 - a) re-submitted the Exact Same image with a new request
b) printed and scanned a second form and then submitted 2nd request
c) sent print copy via Canada Post
d) tried to send fax transmission, but received "Transmit Error." (Fax machine was tested and successfully sent to various other business fax machines with no error.)

Contacted EQ and told them that their machine might be out of toner or, more likely, paper due to the high volumes. CSR said that no one was in the office and could only send a general message to check the machine. (EQ was called and told to check the Fax several more times over the next weeks.)

Received e-mail confirmation:

"Thank you for your registered product transfer to EQ Bank. Unfortunately, we are facing delays in processing transfers from Scotiabank. Our management team is currently working with Scotiabank to clear these roadblocks and we will keep you updated on the status. We appreciate your patience as we coordinate processes with your other financial institution."

Apr 19: same confirmation response received

Apr 29: same confirmation response received

Also:

"Thank you for your registered product transfer request to EQ Bank. Unfortunately, we are facing longer than anticipated delays in coordinating our transfer process with Scotiabank. While our management team is currently working with Scotiabank to clear these roadblocks, we would suggest that you initiate your transfer-out request directly with Scotiabank for faster resolution. We appreciate your patience as we coordinate with your other financial institution."

Apr 29: We called Scotiabank and asked about it. BNS said that there were no notes regarding problems on the acct. (i.e. improper signature) and that there really wasn't anything an account holder could do to 'initiate' a transfer. BNS couldn't start one. It has to come from EQ and then it is out of my hands.

BNS gave me a phone number for their transfer department, but said that they would not even talk to anyone who was not a bank. They told me to give it to EQ's transfer department.

I called EQ and they said that all 3 requests had been closed because BNS refused to reply. I told them that I had contacted BNS and they denied any problems. EQ said that they could do nothing and all I could do was try to another request. I asked, if EQ rejected the first four times, what makes you think that a fifth time would work?

I am at a loss as to what to do. If it were not for the attractive rate, I would have moved it elsewhere. I wanted the short-term 2.3% and the ability to transfer it free of charge away from EQ. The money languishes at BNS for 0%, meanwhile.

I re-submitted five transfer requests and will call the corporate office to lodge a complaint tomorrow.

Anyone have any useful suggestions on how to get this done?

I am totally flabbergasted. Here is a customer trying to give them money and they do virtually everything possible to reject the business.

April 30, 2021
9:12 am
Bill
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"I asked, if EQ rejected the first four times....." Sounds like it's BNS that is the problem, HermanH, did you mean BNS here?

"I wanted the short-term 2.3% and the ability to transfer it free of charge away from EQ." Just wondering, have you had past behaviour pattern with EQ that indicates they might suspect or know that?

April 30, 2021
9:19 am
HermanH
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Bill said
"I asked, if EQ rejected the first four times....." Sounds like it's BNS that is the problem, HermanH, did you mean BNS here?

It may be more accurate if I had said, "EQ cancelled/closed the four previous transfer requests..."

EQ said that BNS either did not reply or refused the transfer, but we called BNS and were told that they had no record of any problem on the TFSA account. BNS said that if there was a problem such as improperly signed forms, a note would have been added to the file citing such and the financial advisor would have conducted a follow-up inquiry. No notes were found on the file.

BNS then gave me the transfer department # and told me to give it to EQ, because the department would not accept any calls from the public and would only deal with another bank.

Bill said "I wanted the short-term 2.3% and the ability to transfer it free of charge away from EQ." Just wondering, have you had past behaviour pattern with EQ that indicates they might suspect or know that?  

I don't see how that is possible, since EQ only offered the 2.3% promo rate at the beginning of the year, with the introduction of their TFSA accounts. This is the first period for it to be offered and we registered as soon as it was possible.

April 30, 2021
11:42 am
Vatox
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HermanH, the short term 3 month TFSA GIC at 2.3% is available till May 25. I think that’s right. Someone can correct that if I have it wrong.

April 30, 2021
11:44 am
rodeworthy
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HermanH said

I don't see how that is possible, since EQ only offered the 2.3% promo rate at the beginning of the year, with the introduction of their TFSA accounts. This is the first period for it to be offered and we registered as soon as it was possible.  

EQB still offering TFSA 3-month GIC 2.3% rate:

EQB-3-mo-rates.gif

-----------------------------------------------------------------------------------------
We renewed our January 2.3% TFSA GICs at the same rate April 6/21.
At this point cannot answer the question re transfer out charges.

May 1, 2021
12:15 pm
Norman1
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EQ Bank wrote in an April 13 e-mail that the 2.3% rate on their registered 3-month GIC's is available until May 26:

To help you earn as much as possible on your hard-earned money, you can lock in 2.30% on a 3-month TFSA or RSP GIC, as long as you purchase your GIC before May 26th, 2021.

No commitment for the 1½% rate on their non-registered 3-month GIC. But, that rate is still available today.

May 1, 2021
12:40 pm
smayer97
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Norman1 said
EQ Bank wrote in an April 13 e-mail that the 2.3% rate on their registered 3-month GIC's is available until May 26: 

NOT "...until May 26"

... before May 26th, 2021.

May 2, 2021
6:29 pm
annie
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HermanH said
I am trying to help my mother move her TFSA to EQ to take advantage of the 2.3% promotion rate. Her GIC matured on Apr 9, so we uploaded a transfer request on the 8th.

Apr 13 - request declined. "The transfer form is an illegible copy. "

Apr 14 - a) re-submitted the Exact Same image with a new request
b) printed and scanned a second form and then submitted 2nd request
c) sent print copy via Canada Post
d) tried to send fax transmission, but received "Transmit Error." (Fax machine was tested and successfully sent to various other business fax machines with no error.)

Contacted EQ and told them that their machine might be out of toner or, more likely, paper due to the high volumes. CSR said that no one was in the office and could only send a general message to check the machine. (EQ was called and told to check the Fax several more times over the next weeks.)

Received e-mail confirmation:

"Thank you for your registered product transfer to EQ Bank. Unfortunately, we are facing delays in processing transfers from Scotiabank. Our management team is currently working with Scotiabank to clear these roadblocks and we will keep you updated on the status. We appreciate your patience as we coordinate processes with your other financial institution."

Apr 19: same confirmation response received

Apr 29: same confirmation response received

Also:

"Thank you for your registered product transfer request to EQ Bank. Unfortunately, we are facing longer than anticipated delays in coordinating our transfer process with Scotiabank. While our management team is currently working with Scotiabank to clear these roadblocks, we would suggest that you initiate your transfer-out request directly with Scotiabank for faster resolution. We appreciate your patience as we coordinate with your other financial institution."

Apr 29: We called Scotiabank and asked about it. BNS said that there were no notes regarding problems on the acct. (i.e. improper signature) and that there really wasn't anything an account holder could do to 'initiate' a transfer. BNS couldn't start one. It has to come from EQ and then it is out of my hands.

BNS gave me a phone number for their transfer department, but said that they would not even talk to anyone who was not a bank. They told me to give it to EQ's transfer department.

I called EQ and they said that all 3 requests had been closed because BNS refused to reply. I told them that I had contacted BNS and they denied any problems. EQ said that they could do nothing and all I could do was try to another request. I asked, if EQ rejected the first four times, what makes you think that a fifth time would work?

I am at a loss as to what to do. If it were not for the attractive rate, I would have moved it elsewhere. I wanted the short-term 2.3% and the ability to transfer it free of charge away from EQ. The money languishes at BNS for 0%, meanwhile.

I re-submitted five transfer requests and will call the corporate office to lodge a complaint tomorrow.

Anyone have any useful suggestions on how to get this done?

I am totally flabbergasted. Here is a customer trying to give them money and they do virtually everything possible to reject the business.  

I agree with your point of view ~ EQ Bank gives me the feeling that I don't want to receive new deposits.. I have applied for the transfer service for 2 months ~ not yet completed!

May 3, 2021
2:35 am
Loonie
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Sorry to hear of your difficulties, Herman. It's like dealing with a computer problem where hardware blames software and vice versa, or phones. Customer left in the middle.

I think I'd cut my losses and move on to next best option. Time is ticking away and you've already lost almost a month of the value of that 3 month GIC. It could easily take another month or more, given their apparent backlog, making it not worthwhile, even if the technical problem is solved.

But if you want to continue to pursue it, you should certainly contact the Ombudspersons from both financial institutions. They can sort it out with each other.

FWIW, I didn't have any issues transferring out of Tang a few years ago. I did have ludicrous delays in simply closing a LIF at BNS; they told me they couldn't even do the paper work without waiting 6-8 weeks! Come to think of it, I should have called the ombudsman on that latter problem. It ended up messing up my tax planning because I had to wait until the next calendar year to get the money out.

Thanks for posting your experiences.

May 4, 2021
10:09 am
HermanH
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Bad news, but at least I got a definitive answer. I called the EQ customer complaint resolution line and actually managed to speak with a person. She followed up and here is the final answer:

Our Registered Product team has confirmed that unfortunately, at this time, we are not able to process any transfer in requests from Scotiabank. Apparently, we have gotten a lot of rejections from the Scotiabank team. The Scotiabank’s Operations team is not cooperating with EQ Bank and has not provided us with a work-around to resolve the issue. Hence, our Registered Product team has stopped processing any transfer in requests from Scotiabank.

Thanks to everyone for their suggestions. Looks like we'll just have to go with another bank. 🙁

May 4, 2021
12:41 pm
Loonie
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I'd contact Scotia ombudsman anyway. You could request compensation for lost interest plus tax at EQ at a minimum, now that you have a clear message from EQ.

But, yes, you will need to transfer somewhere else as it's unlikely Scotia will get their system fixed in time.

There is a rule somewhere that they must accept legitimate transfer requests from other banks, and in a timely fashion. I just don't know where it resides.

It seems the left hand doesn't know what the right hand is doing over there, as they seem to think they never received the request. It's likely that they are missing a code for EQ or something like that as EQ was not previously a provider of registered plans. Pretty lame of EQ to just sit there and say OK, we won't send the request. It's hard to know for sure where the fault lies. Did EQ somehow fail to file some necessary info or did Scotia fail to incorporate it? A conversation at a higher level needs to take place between EQ and Scotia, and an ombudsman can facilitate that.
I don't know if the "complaints" dept at EQ is the same as their ombudsman, but I woud ensure that their ombudsman has received your complaint. Then, if no satisfaction from either FI, go to the next ombuds level.

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