Maximum account balance | EQ Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Maximum account balance
July 1, 2016
7:13 am
Rick
Member
Members
Forum Posts: 1110
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

Not that it affects me, but noticed this on their "features" page -

For accounts opened before February 21, 2016, the maximum balance per customer is $500,000 (plus accrued interest)

For accounts opened on or after February 21, 2016, the maximum balance per customer is $100,000 (plus accrued interest)

So I guess they are happy with current deposit base and capped new accounts to the CDIC limit.

July 1, 2016
3:38 pm
Norman1
Member
Members
Forum Posts: 6676
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Rick said

So I guess they are happy with current deposit base and capped new accounts to the CDIC limit.

Perhaps, as Loonie suggested, EQ Bank is more interested now in increasing the number of clients than the amount of funds deposited.

According to Toronto Star (May 11, 2016): EQ Bank’s 3% rate gone in 96 days, EQ Bank was hoping to attract $200 million in their first year. Instead, they ended up with $800 million in less than six months.sf-laugh

July 2, 2016
5:48 am
rfdm4g4g9
Member
Members
Forum Posts: 252
Member Since:
June 15, 2016
sp_UserOfflineSmall Offline

Norman1 said

Rick said

So I guess they are happy with current deposit base and capped new accounts to the CDIC limit.

Perhaps, as Loonie suggested, EQ Bank is more interested now in increasing the number of clients than the amount of funds deposited.

According to Toronto Star (May 11, 2016): EQ Bank’s 3% rate gone in 96 days, EQ Bank was hoping to attract $200 million in their first year. Instead, they ended up with $800 million in less than six months.sf-laugh

Wouldn't be surprised if they are at $ 1 Billion right now and 20,000 customer's sf-cool

They were only expecting $ 200 Million and 10,000 customer's or at least that's what their Target was.

Please write your comments in the forum.