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EQ rate change
September 15, 2016
11:44 pm
Loonie
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I don't know if Tang accepts old cheques because I have been with ING since before the new cheques were invented and have never had occasion to send them another one. It would be rare for me to deposit an old cheque as it's only my own personal cheques that seem to be old; everyone else seems to have new ones!

However, I can say that no other FI with which I have done business in recent years has had a problem with them and I think it unlikely this problem would occur elsewhere, at least not yet.

September 16, 2016
8:02 am
Doug
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Hard to determine what you mean by "old style cheques". The cheque rule from Payments Canada you're referring to was introduced over 8 years ago now. It just means that the cheques now have a certain "date format".

However, all cheques with MICR encoding, including those with a blank line for the "date" are still consider valid and regular clearing items. If EQ Bank isn't accepting these via mobile deposit, that's their "faux pas," or limitation.

They're doing all the right things in terms of marketing but, technically, they're fundamentally lacking in the ways mentioned and I'm staying away/not recommending them till rectified. :)

Rate is not impressive either.

Cheers,
Doug

September 16, 2016
2:49 pm
Loonie
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As I said earlier (#59), I did not use the mobile app; I mailed in the cheque.
Everyone else accepts them. I just used a couple yesterday to open new GICs elsewhere.

I find them very rigid, difficult to deal with. I hate this set-up they have where you can't access your account without running to retrieve a number from email. And then they only allow you a few minutes before shutting it all down again, at which point you have to start all over.

I think 2% is a pretty good "every day" rate. You don't have to beg for it or go through fine print hassles. But if it goes any lower, they will not get much consideration from me, as I fundamentally don't like them. I took more than half of my deposit out the other day already and put it where it will do me more good.sf-smile

September 16, 2016
3:18 pm
toto
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I agree, Eq always has computer software problems that waste a lot of my time. I'm using Alterna and Meridian instead of Eq now

September 16, 2016
4:41 pm
Loonie
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In the current environment, where all rates are at historic lows there is little real competition in terms of rates among the alternative institutions. It doesn't seem to have occurred to a lot of these FIs that, in such circumstances, the experience of banking with them can actually count for quite a bit in consumers' decisions about which FIs they will patronize.

I, for example, have so far avoided PC completely, even though its rates are sometimes a bit better than others, because I don't like all the fine print.

September 16, 2016
7:26 pm
Norman1
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Doug said

Hard to determine what you mean by "old style cheques". The cheque rule from Payments Canada you're referring to was introduced over 8 years ago now. It just means that the cheques now have a certain "date format".

However, all cheques with MICR encoding, including those with a blank line for the "date" are still consider valid and regular clearing items. If EQ Bank isn't accepting these via mobile deposit, that's their "faux pas," or limitation.

There's more to the recent cheque standard than the date format requirement. There were changes to allow for automated optical character recognition of the information on cheques.

Older cheques definitely don't have the BACK, VERSO, or BACK/VERSO marker on the back to indicate the back side of the cheque.

Some older cheques contain a dark patterned border that goes right into the area where the MICR encoding is. That will throw off optical cheque scanners which are not blind to regular, non-magnetic ink.

Financial institutions can chose to accept non-conforming cheques. Such cheques may be older format cheques. They may also be coffee-stained newer format cheques!sf-laugh

A clearing replacement document (CRD) is created from such cheques and submitted for clearing. The CRD contains an image of the original cheque with a new, conforming MICR line derived from the original line.

I think that is a workflow issue. EQ Bank may have decided to not bother and just reject older-format cheques and coffee-stained ones as well.

May 4, 2017
4:06 am
Saver-Mom
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Looks like EQ rate has risen to 2.3%

Wonder if this is to attract HCG funds or an attempt to stem outflow from nervous depositors...

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