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EQ rate change
May 9, 2016
1:30 pm
CherishedCrusades
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FYI, I received an invitation email today to open an account with EQBank. I'm disappointed that the rate was dropped to 2.25% vs. Tangerine's 2.40%, I might actually open an account with the latter.

May 11, 2016
2:53 pm
RicksBank
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I just noticed today that they dropped the rate a month ago. I see this on their "Reserve Now" page:

We’re not like other banks. With a high everyday interest rate, 5 free Interac e-Transfers® per month and no monthly fees, we want to help our customers reach their savings goals faster. We also want to provide our customers with the best possible service, but so far, we haven’t done that. We underestimated the response from Canadians, and this led to long customer service wait times and delays in account activations.

Over the next few weeks, we will be focused on bringing on new customer service staff, improving sign-up processes and making sure we are meeting every customer’s expectations. In order to deliver on this promise, we will temporarily invite a select number of new customers to sign up each week. Please fill out the fields below to reserve your spot and you’ll be notified as soon as we’re ready to welcome you to EQ Bank.

Thank you for your understanding and interest in EQ Bank.

May 11, 2016
7:03 pm
Norman1
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CherishedCrusades said

FYI, I received an invitation email today to open an account with EQBank. I'm disappointed that the rate was dropped to 2.25% vs. Tangerine's 2.40%, I might actually open an account with the latter.

I'd consider opening an account with both. Just in case Tangerine doesn't give a competitive special offer after their new client 2.40% offer expires in six months.

May 11, 2016
7:11 pm
dougjp
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Tangerine is very temporary and EQ STILL doesn't have joint accounts (I'm not going to see my money trapped forever at an online bank with my spouse unable to access it if something happens to me). And its May 11 and Alterna still can't do fast EFT transfers to and from the linked A bank account? Zag has no joint accounts unless the to be two joint account holders also have a joint chequing account at an A bank with both names showing on their cheque...

Where to go next?

May 12, 2016
12:12 am
Rick
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dougjp said
Where to go next?

Good question. LMK if you find somewhere with free checking, overdraft or LOC, decent interest rates, TFSA accounts, Hi Interest savings, and RIFs. So far...not having much luck. CDF fits MOST of the criteria (no RIFs), but the new system is suffering from growing pains.

May 12, 2016
3:55 am
dougjp
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dougjp said

Tangerine is very temporary and EQ STILL doesn't have joint accounts (I'm not going to see my money trapped forever at an online bank with my spouse unable to access it if something happens to me). And its May 11 and Alterna still can't do fast EFT transfers to and from the linked A bank account? Zag has no joint accounts unless the to be two joint account holders also have a joint chequing account at an A bank with both names showing on their cheque...

Where to go next?

To be clear, my focus was only on high interest savings, and I guess my point is that each one of these could do much better and get much more business relatively (in some cases, very) easily by solving their respective shortcomings! So, get at it!

May 12, 2016
5:19 am
NorthernRaven
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There's a story in the Star where EQ's CEO indicates they hit $800 million and 17,000 customers ($47K average), as opposed to a $200 million one-year target. That would have been a huge unanticipated interest cost to keep the 3% rate.

May 12, 2016
6:48 am
Winnie
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dougjp said

Tangerine is very temporary and EQ STILL doesn't have joint accounts (I'm not going to see my money trapped forever at an online bank with my spouse unable to access it if something happens to me). And its May 11 and Alterna still can't do fast EFT transfers to and from the linked A bank account? Zag has no joint accounts unless the to be two joint account holders also have a joint chequing account at an A bank with both names showing on their cheque...

Where to go next?

You can open Zag joint account without a joint chequing account at an A bank with both names showing on their cheque. In fact, there is no need for a joint chequing account at an A bank at all.
I opened 3 separate Zag joint accounts with other people.
To be able to open a joint account at Zag, two customers must have separate regular savings accounts at Zag. That is it. No need for a joint chequing account at an A bank with both names showing on their cheque.

May 12, 2016
7:00 am
dougjp
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Winnie said

dougjp said

Tangerine is very temporary and EQ STILL doesn't have joint accounts (I'm not going to see my money trapped forever at an online bank with my spouse unable to access it if something happens to me). And its May 11 and Alterna still can't do fast EFT transfers to and from the linked A bank account? Zag has no joint accounts unless the to be two joint account holders also have a joint chequing account at an A bank with both names showing on their cheque...

Where to go next?

You can open Zag joint account without a joint chequing account at an A bank with both names showing on their cheque. In fact, there is no need for a joint chequing account at an A bank at all.
I opened 3 separate Zag joint accounts with other people.
To be able to open a joint account at Zag, two customers must have separate regular savings accounts at Zag. That is it. No need for a joint chequing account at an A bank with both names showing on their cheque.

I'm not making it up re: Zag. I went through it and spent many hours. First I opened a joint account and it failed because of not being able to give them a cheque with both names printed on it. The first contact said there was no workaround. The second attempt got someone who explained the overly complex process of each opening individual accounts and then somehow later merging. So I decided to spend even more time on it. Opened my account, then my wife tried to open her individual account, which was impossible because their database had her with the joint account which was awaiting a deposit not yet received! And, can't close the joint account caught in limbo either! Classic Catch 22. Further, they were going to get someone up the line to sort it out and promised to get in touch with me. They never did. Of course by this time the aggravation was over the top. Buyer beware.

May 16, 2016
12:18 pm
jojo
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How is this bank to deal with

May 16, 2016
8:22 pm
Loonie
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jojo said

How is this bank to deal with

Which one? EQ or Zag?

If it's EQ, I am so frustrated dealing with them that I am about to call it quits.

You can't talk to them on the phone without them sending you an email to confirm who you are, although other banks have figured out how to do this. You then have to open the email and read off the magic number that they send you. I had to do this 4 times in the course of one conversation.

Similarly, if you are online with them, they automatically shut down the connection after a few minutes and you have to start all over again.

In addition, they won't accept the cheque I sent them. They say it's "expired". How can it be expired? It's not stale-dated. No other bank has ever rejected these cheques, and I have used them to open other accounts. The only reason they don't like them is that they were printed before the TD-Canada Trust merger. But they are valid cheques, still drawn on the entity whose name is printed on the cheque. I still have half a box of them and have no intentions of paying for new ones just to please EQ. They were supposed to be sending this problem to "the back room" (literally, that's what they called it) for reconsideration, but I have never heard a word back from them after several weeks if not longer. Not very impressed.

I expect that within the year (or less) EQ's rates will not be any better than those of the usual suspects. As I find their procedures the most annoying of any bank I have dealt with, I will probably choose not to deal with them. I have an account with no money in it at the moment. They didn't even have the courtesy to send the cheque back. Whatever you do, don't send them a cheque for a large amount in the first instance. Just make it a dollar, and see if you like the service; then decide.

May 17, 2016
7:54 pm
Norman1
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Loonie said

In addition, they won't accept the cheque I sent them. They say it's "expired". How can it be expired? It's not stale-dated. No other bank has ever rejected these cheques, and I have used them to open other accounts. The only reason they don't like them is that they were printed before the TD-Canada Trust merger. But they are valid cheques, still drawn on the entity whose name is printed on the cheque. I still have half a box of them and have no intentions of paying for new ones just to please EQ. They were supposed to be sending this problem to "the back room" (literally, that's what they called it) for reconsideration, but I have never heard a word back from them after several weeks if not longer. Not very impressed.

Perhaps, contact EQ Bank and see what happened?

The TD-Canada Trust merger happened around 2000 - 2001. I suspect the cheque you sent them was an old-style cheque that predated the current CPA Standard 006, that took effect in 2005.

Those old-style cheques had a date line of ________ 20__.

Their backroom systems may not have anticipated having to handle an old-style cheque.

May 18, 2016
12:06 am
Loonie
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Yes, that's probably what their problem is.
It doesn't make them sound very professional to me, especially considering their choice of the word "expired", which is not valid, plus the fact that they could not explain the issue. They phoned me when they didn't like the cheque, but are not phoning to tell me what they have done about the issue which they said was referred to the back room.
If I phone, I'll have to go through this runaround with the email again, which I don't look forward to. I have no reason to think that they are interested in fixing the problem.

Does anyone know if they will accept a cheque drawn on a joint account?

May 18, 2016
11:11 am
Norman1
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I suspect the past months have been a learning experience for the EQ Bank staff, as well as for us customers.

Apparently, the online onboarding process didn't anticipate that some of us would review the agreements before acknowledging them. Not enough time was given and the online session timed out. That left the account in an funny state.

When I tried to use the invitation again, their web site said the invitation had already been used. When I tried to sign on with my e-mail address and password, the web site said there was an error and ask that I try again in a few minutes. Subsequent attempts kept returning the same error and to try again in a few minutes.

I had to call them and a request had to be made to their IT team to fix the issue so that I would be able to continue the onboarding process.

That "expired" term is probably what their computer system showed to the customer service agent. There was probably no background provided about the old-style cheques for the agent to provide a good explanation.

The e-mail authentication token, good for only the next five minutes, is probably enhanced security. Just knowing a customer's SIN, birthdate, and other info on a credit bureau report would not be enough. It could be used to ensure that none of their regular staff can casually access a customer's information unless the customer calls in.

May 18, 2016
12:33 pm
Loonie
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I don't think they care much about the customer experience. They are not doing anything to even acknowledge the problems, let alone fix them.
I have a disability which means that it takes me a bit longer than average to do things online. When I told her this, and said I might have to just quit EQ because of their inflexibility, she just agreed with me, didn't seem to care at all. Perhaps my $1 cheque did not inspire them, but I'm glad I didn't send any more, especially since they have neither returned it to me nor cashed it.
There should be an option to extend the window beyond 5 minutes. That would not compromise security. Anyone who wants to close it can do so.

May 18, 2016
6:37 pm
MG
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Loonie said

Does anyone know if they will accept a cheque drawn on a joint account?

Hi Loonie,
Yes, I deposited a $1 cheque that was drawn on a joint account.

MG

May 18, 2016
6:50 pm
Norman1
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For sure, EQ Bank can probably increase the validity period of their one-time e-mail tokens past the current five minutes. That's likely something their IT staff in the "backroom" has to change and not their frontline telephone agents.

EQ Bank is quite new. There's still some roughness around the edges. Reminds me of how Zag Bank was last year.sf-laugh

Even getting my account out of its funny state took EQ Bank a while. First agent I spoke with said a request to the IT staff was submitted. It should be fixed by noon the next day. Two days later, the problem was still there.

Second agent I spoke with apologized. It was the weekend and the IT staff doesn't normally work weekends. First agent should have told me noon, next business day. Just in case, the second agent added a note to the original request. It was another two business days before I could continue the online onboarding process.

Both agents I spoke said many others also ended up in the same state, as the result of reading the agreements before agreeing to them.

Maybe one day EQ Bank will either change their software or inform people in the invitation e-mail to read the two agreements before they click on the link to accept the invitation.

May 18, 2016
8:53 pm
Loonie
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MG said

Loonie said

Does anyone know if they will accept a cheque drawn on a joint account?

Hi Loonie,
Yes, I deposited a $1 cheque that was drawn on a joint account.

MG

Thanks, MG. I'm going to try that, as I don't think they will ever acknowledge my other cheque.

I must say, I'm frankly surprised at how many start-up issues these new banks are having.
And what kind of 24/7 online bank doesn't have IT people available on the weekends?? It seems like a skimpy operation all-round, but I'll give it a shot until something better comes along, I suppose.

May 19, 2016
9:06 pm
Norman1
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It would be good to ask EQ Bank about that old-style cheque. Maybe now they will have a workflow in place to handle them, like the big banks.

Your account could be in a funny state with the unexpected old-style cheque rejected!

I'm sure EQ Bank does have IT staff on call should something urgent come up during the weekends. I could wait until Monday to resume the online onboarding.

May 19, 2016
11:37 pm
Loonie
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When I log in, it just tells me to send them a cheque, as if I never had sent one.
I have zero confidence that they will sort this out. I don't think they want to.

My best bet is to link it to the joint account probably. I don't move money so often that it makes a lot of difference.
I am also going to ask TD who get me some new fully functional cheques, and I don't intend to pay for them. Wish me luck!sf-wink

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