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EQ Joint Accounts Coming
March 26, 2019
4:08 am
threeoakwest
Ontario, Canada
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I don't know what it is, but I still have an unsure feeling about EQ, probably unfounded, and it's not because they lowered their rates after a lot of us went to them. I didn't think it would last, as I'm sure nobody else thought it would either.

March 27, 2019
10:40 am
Doug
West Kelowna
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Rick said

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.  

+1, thank you, Rick! sf-cool

Wow, Loonie wasn't kidding when he (going to go out on a limb here and assume gender; perhaps dangerous in this day and age? sf-cool) said there was no fluff or "advertising of any kind". I believe it was something that he liked about EQ Bank's statements.

It is a nice, easy to read, and simple e-Statement in terms of organization and format. My only "wishes" would be to have:
(a) a small logo in the top right or top left;
(b) the "In" and "Out" changed to "Credit" and "Debit," but I guess the more plain English verbiage is consistent with their simplicity; and,
(c) Perhaps the EFT reference number in the transaction narrative.

Beyond that, a solid statement!

Cheers,
Doug

March 27, 2019
10:45 am
Doug
West Kelowna
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Bill said
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.  

Maybe so and, in a contested estate, this would be problematic. Not sure it would give rise to anything criminal, but could well be subject to civil penalties and/or liability from other heirs. In an uncontested situation, though, such as one's spouse moving assets out of a sole account into a joint one, it's unlikely to raise any eyebrows and turn up anyone's noses. So long as the deceased properly pays all taxes owing on any interest income received until the estate is finalized, it doesn't really matter (there's no tax on gifts of money - the recipient now just assumes the funds and pays the taxes). 🙂

I guess I just take a bigger picture view her and am more pragmatic about it. If the surviving spouse is to ultimately receive all funds, there's no harm here (short of a provincial government receiving an extra few hundred to a couple thousand bucks in probate fees, which wouldn't have been paid in a joint account). The only reason the funds were likely in a sole account is to arbitrage the CDIC deposit insurance limit. sf-cool

Cheers,
Doug

July 10, 2019
9:03 am
dougjp
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Anything further about the subject (joint accounts)? I gave up writing to them or phoning them about this, as over the years the same old "script reply" got tedious to hear. sf-frown

July 10, 2019
9:34 am
Bill
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dougjp, I happened to call them yesterday about their Power of Attorney process and mentioned I wouldn't need to do all this POA stuff if they offered joint accounts but that my understanding is they keep telling people they're coming when in fact they're not coming anytime soon, can he give me the real scoop? He said the next thing to come is TFSAs, maybe by fall, and then joint accounts are next on their to-do list.

July 10, 2019
1:57 pm
Loonie
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There at least seems to be some consistency in the message that they ARE c o m i n g . . .

I need a joint account much more than I need another TFSA option.

July 11, 2019
10:48 am
dougjp
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Loonie said
There at least seems to be some consistency in the message that they ARE c o m i n g . . .

I need a joint account much more than I need another TFSA option.  

As I'm sure most of us do. And perhaps it took them 8 months or more ? to finalize how to launch their promotion, where they gave away free money for referral of a new account with what, an average balance somewhat less than the money they gave away?! Brilliant. And imagine working at a place where this kind of speed of work productivity was acceptable!

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