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Email this12:06 pm
February 10, 2023
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I just noticed that joint accounts where I am the secondary account holder have dropped to 1.0% from the 2.75% rate in January.
My $2000/month payroll deposit has not changed. The interest that was posted in these joint accounts in early February (for January) was bang on 2.75%. Now when I look at my accounts, two of the joint ones show an interest rate of 1.0% yet a third joint account still shows 2.75%.
Was there some sort of policy or T&C change that was made but not communicated?
Anyone else seeing the same for their account?
12:32 pm
November 8, 2018
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I am primary account holder for two joint accounts, for which secondary holders receive $2,000+ monthly deposits. I just checked: both accounts report 2.75% interest rate.
Nothing changed for me.
4:41 pm
November 9, 2025
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Our accounts are all showing 2.75
5:53 am
February 18, 2026
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I very recently transitioned from direct paycheque deposit to direct RIF deposit and lost the 2.75% on all accounts joint or otherwise even though the monthly RIF deposit is large enough to qualify. I have yet to receive a satisfactory explanation as to why my RIF deposit does not qualify.
6:24 am
August 4, 2010
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You are doing $2K/month in RIF deposits? Was there a calendar month where there wasn't $2K total between the direct and RIF deposits - that would probably make your bonus rate reset and might take a month to restart.
EQ has a list of specific deposit codes for the bonus interest promo. 273 "Retirement Income Fund" is one of them, but you will probably want to check with EQ and your RIF institution as to what deposit code is being used - if it isn't that one (or another on the list) the RIF deposits won't trigger the promo. As fas as I can tell EQ provides no way for clients to check the deposit code for a particular deposit, but with a little luck CSRs might have a more detailed screen that would show it.
10:06 am
April 6, 2013
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The text or abbreviation may be shown instead of the three-digit transaction code. See Appendix I of Payments Canada Standard 007 for the table of codes, texts, and abbreviations.
RBC will show, for example, the text "Misc Payment" instead of 450 in its statements.
11:05 am
August 4, 2010
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EQ shows the same phrase "Direct deposit from..." for both a payroll deposit (probably 200) for me, and a federal civil-service pension deposit (presumably 230/231) for a family member, on the online transaction list and the monthly statements. So they may not have a distinctive phrase for the RIF code, assuming it is being used.
10:07 pm
April 6, 2013
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That's not a good sign.
EQ Bank doesn't show anything at all then if every direct deposit is "Direct deposit from ..." instead of "Payroll from …", "Misc Payment from …", or "RIF Payment from …". 
11:49 am
February 7, 2019
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wilbur said
I very recently transitioned from direct paycheque deposit to direct RIF deposit and lost the 2.75% on all accounts joint or otherwise even though the monthly RIF deposit is large enough to qualify. I have yet to receive a satisfactory explanation as to why my RIF deposit does not qualify.
If you call EQ half way thru the month following the first RIF redemption, they'll be able to tell you the Pac code attached to the deposit. RIF's should be coded 272. Mine were incorrectly code 260 for investment withdrawal. I'm trying to get it fixed.
The link below shows the PAC codes that qualify.
| CGO |
4:37 pm
April 6, 2013
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Unfortunately, the transaction codes are not always accurately applied and cause issues with offers based on them.
Scotia iTRADE seems to use "Investment" (code 260) for their preauthorized debits and direct deposits. I did a contribution to an iTRADE RRSP account, pulling funds from an external chequing account. The pre-authorized debit was coded with "Investment" (code 260) instead of "RSP Contribution" for code 271.
6:04 pm
February 7, 2019
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Norman1 said
Unfortunately, the transaction codes are not always accurately applied and cause issues with offers based on them.Scotia iTRADE seems to use "Investment" (code 260) for their preauthorized debits and direct deposits. I did a contribution to an iTRADE RRSP account, pulling funds from an external chequing account. The pre-authorized debit was coded with "Investment" (code 260) instead of "RSP Contribution" for code 271.
Investment firms always insist we go by the book but they often fail to do so themselves...
| CGO |
8:27 am
February 7, 2019
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Norman1 said
Unfortunately, the transaction codes are not always accurately applied and cause issues with offers based on them.Scotia iTRADE seems to use "Investment" (code 260) for their preauthorized debits and direct deposits. I did a contribution to an iTRADE RRSP account, pulling funds from an external chequing account. The pre-authorized debit was coded with "Investment" (code 260) instead of "RSP Contribution" for code 271.
Do you know whether there are rules or industry standards on the use of PAC codes. The fact that codes exist suggests to me that there should at least be standard or best practices ...
P.S. I get a ick out of "Math Required - What is the sum of: 1+1" ...
| CGO |
10:15 pm
April 6, 2013
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I don't know of many rules about the use of the transaction codes.
Payments Canada Standard 007 gives the full list of transaction codes. Only those listed codes are allowed. Some of those codes listed are restricted to items orginating from a government.
Rule H1 (Preauthorized Debits), section 20 has some general restrictions:
20. PADs must be Exchanged and processed as follows:
a. In accordance with the “F” Rules and Standard 007, PADs effected through the Automated Funds Transfer (AFT) system must be identified in the dedicated transaction code element (ISO AFT) or field (Standard 005) as follows:
i. Business PADs, transaction type “700” to “749”;
ii. Cash Management PADs, transaction type “420” or “717”;
iii. Funds Transfer PADs where the Member Payee or Sponsoring Member has opted not to provide recourse other than pursuant to section 24, transaction type “650”; and
iv. all other PADs including, without limitation, any commingled PADs (i.e. a PAD of which any portion includes a Personal PAD or Funds Transfer PAD as well as a Business PAD or Cash Management PAD), transaction types “260” to “272”, “323” or “330” to “599” inclusive.
…
I don't know of any rule that would require direct deposits for RIF withdrawals to be coded as 272 (Retirement Income Fund) instead of something less precise, like 450 (Misc. Payments).
11:37 pm
February 7, 2019
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Thanks Norman ...
| CGO |
5:58 am
August 4, 2010
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The RIF institution's systems may internally be doing two separate steps, something like "withdraw and deregister funds from RIF", and then "send this money out through the PAD system". The PAD sending portion might just see unregistered funds and uses a general PAD code; the fact that they started in the RIF may not be conveyed throught the RIF institutions systems all the way to the sending part.
7:25 am
February 7, 2019
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NorthernRaven said
The RIF institution's systems may internally be doing two separate steps, something like "withdraw and deregister funds from RIF", and then "send this money out through the PAD system". The PAD sending portion might just sees unregistered funds and uses a general PAD code; the fact that they started in the RIF may not be conveyed throught the RIF institutions systems all the way to the sending part.
Thanks for that. Interesting ...
| CGO |
