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EQ rate change
May 20, 2016
6:56 pm
Norman1
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Looks like EQ Bank just needs a cheque from the account to link to.

Good luck! I hope you can get some free cheques from TD that conform to the latest CPA Standard 006.

Brace for some price sticker shock if you haven't had to pay for preprinted cheques in a while. sf-surprised I certainly was shocked.

May 20, 2016
10:30 pm
Loonie
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I know they're very expensive. That's why I think they should pay for them! If it was the old prices, I might not care.
There are alternative cheque printing companies that apparently charge about half the price and have a satisfaction guarantee. I have no intention of buying any at my expense at this time though. My cheques are accepted everywhere except at EQ - not that I use them very often.

I wouldn't be surprised if it costs less to print banknotes than these overpriced cheques!sf-frown

May 22, 2016
11:35 pm
dentgal
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I think that PC gives free cheques. Maybe tangarine--i forget! Sometimes CIBC will if you are a good customer. Otherwise, you're on your own!!!

May 23, 2016
7:58 am
Norman1
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PC Financial has free cheques for their chequing account.

Tangerine Bank provides the first book of 50 cheques for free. Subsequent books are $12.50.

May 23, 2016
8:20 am
Norman1
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Loonie said

My cheques are accepted everywhere except at EQ - not that I use them very often.

I wouldn't be surprised if it costs less to print banknotes than these overpriced cheques!sf-frown

I had a look at clearing images of the initial cheque I mailed to EQ Bank. The back image of the cheque does not match the actual back of the cheque.

It looks like EQ Bank didn't submit images of the original cheque for clearing. Instead, they created a clearing replacement document (CRD) of the cheque and submitted that for clearing.

The bottom MICR line of the document looks like the MICR line of the cheque. But, it has a "4" between the cheque number and transit number to indicate the item is a CRD. A sample CRD can be seen at For clients of financial institutions - Clearing replacement documents.

Don't know if EQ Bank had always cleared cheques this way. If they clear a CRD of the original cheque, then the exact format of the original cheque may not be that important now.

May 23, 2016
11:22 am
Loonie
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I guess I'll have to go run the gauntlet over at TD sometimes this week. I hate dealing with this kind of stuff.sf-frown

Good negotiating point that PC doesn't charge.
And I am still a "good customer", so they owe me!

August 18, 2016
10:06 am
jgclghrn
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I just got this from EQ, "Please note that on August 25th, 2016, the EQ Bank Savings Plus Account annual interest rate will change to 2.00%*"sf-frown

August 18, 2016
10:58 am
Loonie
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It figures. I finally got my account going with them last week after some problems.sf-frown

August 18, 2016
6:45 pm
Rick
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Getting close to the point that the difference in interest rates makes it not worth managing accounts at two different banks...and EQ loses out in that scenario. They were surprised when so many people took them up on their 3% initial offering. If they drop rates any further. they may be surprised at the exodus of funds. "Not a Promo rate" my A$$.

August 18, 2016
8:49 pm
Loonie
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Alterna is looking pretty good, all things considered - for now.

August 20, 2016
11:10 am
2of3aintbad
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jgclghrn said

I just got this from EQ, "Please note that on August 25th, 2016, the EQ Bank Savings Plus Account annual interest rate will change to 2.00%*"sf-frown

I didn't get an email, but it was in the 'Message Centre' when I signed in after seeing your post. Did anyone get an email?

August 20, 2016
1:48 pm
Loonie
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Mine was hidden in the Message Centre too. No email.
It's good that they are sending advance notification, but they could be more upfront about it - like putting it on their website or at least sending an email to account-holders.

August 20, 2016
2:26 pm
2of3aintbad
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Loonie said

Mine was hidden in the Message Centre too. No email.
It's good that they are sending advance notification, but they could be more upfront about it - like putting it on their website or at least sending an email to account-holders.

Yes, that's what I was getting at. Oaken sends you an email for rate changes. If not for the above post, I would probably not have realized the rate drop until the next I went to check the interest deposited.

August 20, 2016
2:46 pm
Loonie
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Yes, I think Oaken is the winner when it comes to communication.
I also find their staff more courteous and better informed, for what it's worth.
I don't really like doing business with EQ but will probably put up with them on a temporary basis. I can be just as temporary as their not-a-promo rates!sf-wink

August 21, 2016
3:58 am
threeoakwest
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I agree with Loonie, Alterna does look good. I've been with them for a few months now and no problems at all. Hope they keep us interested!

September 6, 2016
1:33 pm
Doug
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Norman1 said

Looks like EQ Bank just needs a cheque from the account to link to.

Good luck! I hope you can get some free cheques from TD that conform to the latest CPA Standard 006.

Brace for some price sticker shock if you haven't had to pay for preprinted cheques in a while. sf-surprised I certainly was shocked.

Old cheques not bearing the new date format will still work. Not sure if they'll work with the mobile deposit feature but they should and, if not, you can always mail the cheque in to them. :)

Also, the "new" cheque standard has actually been in place since around 2005-2006 so not that "new" exactly.

And, like someone else said, Tangerine only charges $12.50 all in for a book of 50 cheques and they use D+H. You can also use, "asap-cheques.com," probably the best non-D+H printer, that many of the credit unions in Canada use. If you buy their biggest quantity (i.e., 100-200 cheques), it works out to about $15 per chequebook - pretty cheap, in my opinion.

Also, EQ Bank will accept a bank stamped Direct Deposit Form or VOID Cheque Form to link additional bank accounts if you don't have cheques. You just need to approach them manually about alternate verification methods. (That said, I don't bank with them for other reasons.)

Cheers,
Doug

September 10, 2016
1:55 am
Loonie
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If anyone is following this story, I did get TD to provide me with one book of new-style cheques for free. The manager had to give an OK.

I have opened a few accounts in the last couple of years with the old cheques and never had a problem, so my conclusion is that it's EQ's issue.

Meridian gives free cheques and free chequing.

September 14, 2016
1:45 pm
Doug
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Loonie said

If anyone is following this story, I did get TD to provide me with one book of new-style cheques for free. The manager had to give an OK.

I have opened a few accounts in the last couple of years with the old cheques and never had a problem, so my conclusion is that it's EQ's issue.

Meridian gives free cheques and free chequing.

You can also mail in your "old style" cheque to EQ Bank and it'll work just fine. If anything, it's an issue with their mobile app. :)

Meridian doesn't give free chequing to all users, perhaps only seniors. For that reason, I recommend FirstOntario Credit Union or DUCA Financial Credit Union to Ontario residents.

Cheers,
Doug

September 14, 2016
2:00 pm
Loonie
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No, the old-style cheque didn't work with EQ when mailed in. That's what I did, and they refused it. I discussed it with them on the phone and they absolutely refused and even went so far as to suggest I might bank elsewhere if I didn't like that rule.

Yes, Meridian only free cheques and chequing to seniors and people under age 30. I realized that after I wrote the above, but couldn't find the post again to update.

September 15, 2016
2:18 pm
Doug
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Loonie said

No, the old-style cheque didn't work with EQ when mailed in. That's what I did, and they refused it. I discussed it with them on the phone and they absolutely refused and even went so far as to suggest I might bank elsewhere if I didn't like that rule.

Yes, Meridian only free cheques and chequing to seniors and people under age 30. I realized that after I wrote the above, but couldn't find the post again to update.

Hrm, that's definitely an issue with EQ Bank then and this solidifies my intention to stay from them until they:

* allow mailed in cheques to be deposited by them through a better banking system or allow older style cheques to be deposited via the mobile app (Tangerine has no problems with this, no?);
* become an indirect clearer instead of, essentially, a chartered bank that uses a centralized TD Canada Trust account and transit to clear payments and, thus, would then allow pension/payroll/inbound EFT direct deposits and/or pre-authorized payments;
* issue a debit card and partner with a major financial institution's surcharge-free ABM network or The Exchange ATM Network to allow deposits/withdrawals;
* and, finally, while I don't need chequebooks on their account, they do need to add to an "access to deposited funds" or "cashback" limits like some credit unions and the "Big 5" banks as well as Tangerine Bank.

Cheers,
Doug

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