EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25% | Page 5 | EQ Bank | Discussion forum

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EQ Bank savings accounts, TFSA, and RRSP rates dropping to 1.25%
May 4, 2021
12:48 pm
Vatox
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HermanH said
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. 🙁  

If BNS is the root of the issue, why would a transfer to a different bank have a better result?

May 4, 2021
3:51 pm
HermanH
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Loonie said
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.

Thanks, I'll try to contact the ombudsman.

Vatox said If BNS is the root of the issue, why would a transfer to a different bank have a better result?

That may be true, but I think that the breakdown is between EQ and Scotiabank. I have had far more problems with EQ than I have ever experienced with any other bank, so I am giving Scotiabank the benefit of the doubt, for the time being.

Of course, you may be proven right and our transfer attempt to CanTire TFSA may fail, too. At that point, I will just take the money out and sacrifice the rest of the shielded interest for the balance of the year and re-deposit in 2022. At 0.1% TFSA interest at Scotiabank, she won't be losing out on much, except she won't be able to expand her deposit limit. 🙁

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