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Equitable Bank applying for Equitable Trust subsidiary
November 5, 2017
9:57 am
Doug
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Equitable Bank, which operates as online bank EQ Bank, has applied to the Office of the Superintendent of Financial Institutions, or Canada's lead banking industry regulator, for approval to incorporate a wholly-owned subsidiary under the federal Trust and Loan Companies Act called Equitable Trust (in English). This would seem to be a likely move to have a separate CDIC member issuer of short- and long-term GICs, as well as potentially HISAs, that would quite likely also be available to existing customers from within their existing EQ Bank online banking profile whereby they simply choose their CDIC "issuer" and EQ Bank's banking platform makes a notation of the CDIC issuer through internal product coding. sf-cool

Details here, courtesy of the federal Canada Gazette:
http://www.gazette.gc.ca/rp-pr.....ng.php#ml1

Cheers,
Doug

November 5, 2017
10:02 am
Save2Retire@55
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Thanks for sharing this. I think after people moved out their money, EQ realized the need to have GICs to lock the money. Let's see if their rates will be interesting.

November 5, 2017
2:43 pm
Loonie
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Could it be like Oaken - i.e. having two entities equally insrured? I don't know enough about banking lingo to know the answer.

I note, however, that it would take them far less effort to offer joint accounts, which we do want. They are being very obstinate about this, not responsive to consumer demand.

November 6, 2017
10:16 am
Doug
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Loonie said
Could it be like Oaken - i.e. having two entities equally insrured? I don't know enough about banking lingo to know the answer.

I note, however, that it would take them far less effort to offer joint accounts, which we do want. They are being very obstinate about this, not responsive to consumer demand.  

Oh, they don't do joint accounts? I wasn't aware of that, glad I didn't recommend them to my mom & dad and instead recommended Hubert Financial (for when Tangerine doesn't offer any or any good promos).

That, combined with the really low "maximum balance limit" per account might almost be enough to warrant its exclusion from the regular Chart.
🙁

And yes, like Equity Financial Trust Company, they aren't saying this is to compete with Oaken but I suspect it is. I'm a bit surprised to the degree to which Oaken has cut rates, below that of even EQ Bank and other more mainstream competitors like Coast Capital Savings and Prospera in terms of GIC rates.

Cheers,
Doug

November 9, 2017
3:01 pm
AltaRed
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Not directly related to the proposed Trust Company, but this link is an interesting read vis-a-vis their digital EQ bank.

http://www.canadianbusiness.co.....n=cb_daily

November 9, 2017
3:53 pm
Bill
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Interesting article, AltaRed. They've also distinguished themselves from the other e or real banks, in their short history, by botching the account opening process when they first started (due to grossly underestimating the demand caused by an unrealistically high and seemingly arbitrarily determined - but I guess 3% was a nice, shiny number- interest rate) and by being completely offline and unavailable last week for over a day. At this point this is a bank I don't keep a lot of money in, but I am very glad they're all having so much fun at work - apparently that's very important these days.

November 9, 2017
4:38 pm
Save2Retire@55
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AltaRed said
Not directly related to the proposed Trust Company, but this link is an interesting read vis-a-vis their digital EQ bank.

http://www.canadianbusiness.co....._daily  

Great article which I enjoyed reading. I always hope I be strong enough to support locally rather than the big banks and it feels like EQ is a local bank with all employees residing in Canada. I was one of the first who opened the account with them and ran down with them from 3% to 2.2% and then 2.4% if I remember the %s correctly. Now moved it all to Simplii till end of Feb and will probably move it back to EQ unless I can get a good rate somewhere else.

November 10, 2017
1:04 pm
Loonie
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Comparing the article to experience, it seems that working there is a better deal than being a customer.

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