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EQ Joint Accounts Coming
December 18, 2018
10:23 pm
Loonie
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I was told by an EQ CSR yesterday that joint accounts will be coming sometime in 2019.

December 19, 2018
11:37 am
Vatox
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You have been waiting for a long time for that.sf-cool

December 19, 2018
2:44 pm
Save2Retire@55
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Woohoo. Let's hope.

December 20, 2018
7:43 am
pwm
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I just moved $60k from EQ to Achieva last month because I had no expectation they would add joint accounts any time soon. I left a small amount there to keep the account open. I hope they move ahead on this.

Thanks for the update.

March 2, 2019
3:56 pm
uniQChick
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That is a good news! sf-surprised

March 2, 2019
7:40 pm
Vatox
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TFSA too please.

March 4, 2019
4:45 am
dougjp
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Sorry to say, don't hold your breath. I could show you correspondence I had with them about every 6-9 months since they started, and got basically the same responses. Sometimes the responses were the same script from the last time, and the time before.

If they were going to have them, it would have happened years ago, this is not rocket science.

March 4, 2019
10:54 am
Bill
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I tend to agree, dougjp. Everybody offers joint accounts so this is not just an oversight, they must have specific reasons for not offering something basic that everybody else does.

March 4, 2019
9:22 pm
Loonie
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Eventually, they will do it. We just don't know when. It wasn't part of their strategy for the initial phase or so.

Most of the young people they have gone after will eventually partner up, have kids, etc., and will need joint accounts.

The fellow I spoke to did not hesitate in his answer, which surprised me. I didn't ask "if"; I asked "when".

We'll see.

March 24, 2019
4:49 am
pwm
Headingley MB
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I chatted with a CSR named Luke last week. I asked how to close my account. I said I'd been waiting for three years for joint accounts and was done waiting. He didn't answer my question about how to close, but said that there would be no problem leaving a zero balance indefinitely and encouraged me to do so because "joint accounts were coming soon". I'm sceptical. Also the rates are much better at Achieva now (my other HISA/GIC account), so I will now move the remaining cash at EQ over to Achieva starting today. There's a $30k max transfer limit, so will do $30k now and the last transfer after April 01 interest deposit, so as to leave a zero balance. I'm done with EQ.

March 24, 2019
8:14 am
Doug
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I agree that joint accounts are likely...eventually. However, with the incorporation of their trust company subsidiary, I am now expecting that EQ Bank will launch registered plans (RRSPs, TFSAs, RESPs, and possibly, RRIFs) before joint accounts and likely by the end of 2019. In investor presentations and their Q4 2018 and annual results presentations, their executives mentioned that the reason they went with a trust company instead of incorporating another bank subsidiary is that it provided them additional legal tools that a duplicate bank subsidiary didn't provide. Yes, they are planning on having dual issuer (i.e., Bank and Trust company subsidiaries) HISAs and GICs and will likely implement these in early to mid 2019, I suspect - they're just waiting on a few provincial approvals for Equitable Trust (trust companies, even federally incorporated ones, still have some provincial regulation); however, I took that to mean they want to be able to have Equitable Trust serve as trustee and custodian of future registered plan assets. sf-cool

While they don't address it, I wouldn't be at all surprised to see EQ Bank launch a credit card product, probably in 2020. I think they'll continue adding features to their savings account to make it an all-in-one account as best they can, increase maximum customer balance allowances, etc. So, I wouldn't expect joint accounts before 2021-22, at the earliest.

Cheers,
Doug

March 24, 2019
8:36 am
dougjp
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Interesting info and, based on that, you are probably right.

Bottom line is, its in their DNA for years now, they always ignore the obvious and have no desire to attract additional deposit balances! Creating joint accounts would open a floodgate for new money that they have studiously kept closed. They wouldn't want that! sf-surprised

March 24, 2019
3:26 pm
Loonie
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If they are opening a second route for investment through a trust company, then it's clear they DO want more investment.

Some of us are removing our funds due to lack of joint accounts.

Seems to me there is a reason for them to consider joint accounts.

It may not be wise to close your account with them unless you are absolutely certain you will never deal with them again. Another forum member found that they refused to allow him to re-open.

It would be interesting to know if "Luke" was the same person I spoke to. I didn't get his name as it wasn't important in that conversation.

It's hard for me to imagine that staff would be allowed to say this if there weren't something in the works, even if it gets delayed.

That said, their rates are falling like stones, I don't like dealing with their staff, and I can't stand the way their website locks you out so quickly. I won't be rushing there, but it's would be nice to have the option of joint accounts when the occasional worthwhile deal rolls around.

March 24, 2019
7:16 pm
Doug
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Loonie said
If they are opening a second route for investment through a trust company, then it's clear they DO want more investment.

Some of us are removing our funds due to lack of joint accounts.

Seems to me there is a reason for them to consider joint accounts.

It may not be wise to close your account with them unless you are absolutely certain you will never deal with them again. Another forum member found that they refused to allow him to re-open.

It would be interesting to know if "Luke" was the same person I spoke to. I didn't get his name as it wasn't important in that conversation.

It's hard for me to imagine that staff would be allowed to say this if there weren't something in the works, even if it gets delayed.

That said, their rates are falling like stones, I don't like dealing with their staff, and I can't stand the way their website locks you out so quickly. I won't be rushing there, but it's would be nice to have the option of joint accounts when the occasional worthwhile deal rolls around.  

It's interesting you mentioned that, Loonie, that EQ Bank prohibits people from either re-opening closed accounts or opening a new account using the same or different customer profile? I'm not even sure how they're on side with Access to Basic Banking Regulations...I can totally see them not re-opening a closed account number, but certainly they should be able to either (a) let you open a new account under the existing customer profile or (b) let you open a new account under a new customer profile. This is worth investigating and I'd like to get this clarified.

EQ Bank is doing a lot of things right (i.e., unlimited and free Interac e-Transfers, bank-to-bank transfers, and online bill payments) that could make this account be someone's day-to-day banking account (if you don't need cash or use cheques, which is likely) so I'm not totally ruling them out in the future even if Hubert might be higher HISA and GIC rates. Depending on how things shake out with Coast Capital Savings, this could be sooner rather than later. sf-wink

But I agree with you that they've got a few oddities - this being one of them, and the other being their "maximum customer balance". Why not just only pay interest on balances up to like Motive Financial does (or used to)?

Does EQ Bank produce monthly PDF e-Statements and what do they look like? Wonder if someone would share a heavily redacted version of one. sf-cool

I think eventually they'll add joint accounts - it could even be next year, but probably not before that. In the meantime, as long as you've got external bank accounts linked on the EQ Bank side, you could leave explicit instructions to your spouse that they transfer out, immediately, any funds in your EQ Bank account in the event of your untimely death. It's highly unlikely EQ Bank has the staffing to monitor every daily and community newspaper for obituaries to put account blocks on. So, unless you're the victim of a highly publicized death or you're a high profile celebrity or politician whose death would be publicized almost immediately, at a minimum...you've got at least a week or two before any blocks get put on your accounts. Make sure you tell your contact to "push" funds out from EQ Bank side, though, so you know there's no blocks on the account. sf-cool

(I realize that your untimely death may necessitate a flurry of emotions, though, and as such, transferring funds to an external linked joint account may not be the highest of priorities, particularly for your grieving spouse.)

Cheers,
Doug

March 25, 2019
2:50 am
Loonie
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If only there were a computer feature that sensed when life was ebbing away and automatically transferred out all your single accounts! lol

However, once you've passed three score years and ten, as I have, I don't think death can be "untimely" any more.

It would be beyond my talents to paste in a redacted statement, but they are very plain, simple, devoid of advertising,and easy to read. They come out monthly. That is one thing I do like about EQ. And they only use one page when one page is all that is needed.

My recollection of the person who was unable to re-open an account was that he had thoroughly closed his account. However, I think he no longer wanted to do business with them after the way he was treated. You have a good point though.

I have no problem with the 100K limit. It helps keep people at least close to the 100K CDIC limit. That said, the latter is long overdue for an increase.

March 25, 2019
3:29 am
threeoakwest
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Seems to me that Alterna is already offering everything that EQ says they will have. (Free interact, TFSA,etc.}. As well, they have a slightly higher interest rate.

Am I missing something?

March 25, 2019
4:01 am
Loonie
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Good point, threeoakwest.
Alterna has been a bit of a sleeper in some ways because its daily rate lagged EQ for some time until recently. They are not quite as easy to deal with because they haven't ironed out the problem that has arisen because they have both online and in-person offerings, which are different and can be confusing, and a lack of branches, not to be confused further with Alterna CU branches. They will need to develop a cleaner website in order to ultimately compete with EQ - and perhaps improve their competitiveness on GICs.
EQ has quite an efficient operation, with 24/7 phone service. I don't think Alterna has that, but am willing to be corrected.
BUT... Alterna has one key advantage which EQ has never promised in writing: joint accounts!sf-smile

March 25, 2019
10:19 am
Bill
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Alterna, though, has daily and weekly transfer out limits, might impact if you have large balances that you want to move quickly.

By the way, isn't it illegal (maybe too strong a term) to transfer money out of someone's account after the moment of death? i.e. the deceased's assets are immediately frozen until someone presents themselves as executor, is my understanding.

March 25, 2019
5:28 pm
Loonie
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Right on both counts, Bill.

March 25, 2019
7:46 pm
Rick
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Doug said

Does EQ Bank produce monthly PDF e-Statements and what do they look like? Wonder if someone would share a heavily redacted version of one. sf-cool
 

EQ.png

Here's one from last Aug when we were still using them.
Pretty straight forward and simple.

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