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Maybe some action soon?
April 23, 2020
2:00 pm
Rick
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Took their survey today. Looks like the are pondering turning into a real bank.untitled1-2.jpg
GIC that pays at the beginning of the term?? Sounds intriguing.

April 23, 2020
2:26 pm
krwilson
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Here's to hoping something good comes from it. I took the survey today too, even though I stated a while back I don't do surveys any more. This one hopefully will amount to something and I have used EQ since its inception. The survey was quite long so let's see if they are fishing or have a real plan. Once again there was the classic question about joint accounts which has never materialized in a VERY long time though they always said it was coming...

I see there were questions about the pseudo debit card idea that sounds a lot like what President's Choice was asking about too.

April 23, 2020
6:20 pm
Canadianbull
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Have you guys received survey link via email?

April 23, 2020
6:29 pm
MG
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Canadianbull said
Have you guys received survey link via email?  

Yes !

April 23, 2020
8:42 pm
krwilson
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yes

April 23, 2020
9:46 pm
Loonie
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In this survey, joint accounts are just one item in a long list of possibilities.
This tells me they have never had any serious previous plan to open joint accounts.
That tells me they are liars.

Thx for posting, Rick. Apparently they're no longer interested in hearing my opinions.

April 24, 2020
7:00 am
Alexandre
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This is similar to survey they sent last year. Just like last year, I stated I am very interested in debit card and in joint accounts.

It were disappointing to see that they've changed "debit card" definition from generic debit card one can use everywhere, to some sort of "pre-paid debit card" with one free withdrawal monthly. Hopefully they'll reconsider and issue simple generic debit card one could use for small purchases and ATM withdrawals, with no fee.

April 24, 2020
2:06 pm
Loonie
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Aren't ALL debit cards prepaid by virtue of the fact that the money comes straight out of your bank account?

This sounds like more "funny business". Maybe they intend to sequester part of your money for debit card use - and pay lower interest there. This is known as a chequing account elsewhere.

EQ has always had difficulty with the concept of chequing accounts and they frequently proclaim in advertising that they offer chequing when they don't. Sounds like another workaround attempt to me, by creating a hybrid de ig card.

April 24, 2020
2:53 pm
AltaRed
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I responded to the survey as well. My take is EQ would like to be 'almost' a full service bank in a fintech sense, but avoiding anything to do with administrative heavy processes such as chequing and yes, even joint accounts.

I have never been a banker but intuitively I would want to avoid pretty much all the headaches brick and mortar branches have. No cheques, no ATMs, no stop cheque nonsense, no quarrels with joint ownership, no in trust accounts and so on. And why not avoid that shite if one can? I sure do not want any of those things either.

All the power to EQ if they can be a new era digital bank without traditional baggage.

April 24, 2020
3:24 pm
Doug
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AltaRed said
I responded to the survey as well. My take is EQ would like to be 'almost' a full service bank in a fintech sense, but avoiding anything to do with administrative heavy processes such as chequing and yes, even joint accounts.

I have never been a banker but intuitively I would want to avoid pretty much all the headaches brick and mortar branches have. No cheques, no ATMs, no stop cheque nonsense, no quarrels with joint ownership, no in trust accounts and so on. And why not avoid that shite if one can? I sure do not want any of those things either.

All the power to EQ if they can be a new era digital bank without traditional baggage.  

True. Joint accounts aren't on the top of my EQ Bank wish list. They're nice, but not essential. If you're not stashing large sums of money with EQ Bank, it's not critical. What is critical, though, is that you and your spouse share your usernames and passwords, so the survivor or executor can transfer the funds out to a brick-and-mortar bank. Dealing with virtual banks will definitely be more problematic, as they will likely want notary-certified true copies of wills and death certificates, whereas in branch, you can take the originals to the branch to photocopy and certify as true.

Also, be sure that you and/or your spouse die quietly and in unassuming ways, the sort of thing that won't attract any press coverage. This gives your survivor or executor at least a week or two before the obituary is published in print to transfer your EQ Bank funds out before they get wind of your death(s) and freeze your accounts. sf-cool

Cheers,
Doug

April 24, 2020
3:27 pm
Loonie
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They can have whatever business model they want, and customers will decide if it meets their needs.
They are clearly rying to find out what, at a minimum, they must offer to retain customers.

It's the lies that put me off as much as anything - saying they will offer a service by a certain date (repeatedly) but not doing it; saying they offer chequing when they don't; etc.

April 24, 2020
4:11 pm
AltaRed
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Agreed. They offer transaction processing as in Bill Pay, e-transfers, international transfers, direct deposit and similar. They need to use better labels.

That is mostly all I think millenials and those of the digital age really want. Maybe a POS card? I really have not fully investigated their current offerings.

April 26, 2020
8:37 am
dougjp
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I looked at the subject title of this thread, and that gave me the best laugh I've had in weeks. sf-cool

Many thanks! sf-laugh

April 26, 2020
9:18 am
Bill
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I've been generally quite happy with EQ as a HISA, found no issues and they're regularly near the top part of the rate list. Their lack of a joint account is a bit puzzling but, oh well, no big deal, tons of other choices out there. It's clearly not a priority to them, they can always legitimately say they're looking at it, hopefully soon, etc, as I'm sure it's somewhere on their eventual to-do list, so I'd say if it's big deal to you then clearly they've signalled not to hold your breath & you're better off elsewhere. And if it comes it'll be a nice surprise!

April 26, 2020
2:27 pm
canadian.100
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Loonie said
They can have whatever business model they want, and customers will decide if it meets their needs.
They are clearly rying to find out what, at a minimum, they must offer to retain customers.

It's the lies that put me off as much as anything - saying they will offer a service by a certain date (repeatedly) but not doing it; saying they offer chequing when they don't; etc.  

I think EQ offers a very good product. Yes, their use of the word Chequing is misleading but on the other hand by having the bill payment function, easy linking to multiple external accounts, free interac e-transfers and a competitive interest rate (2% so far), this is a progressive account and contributes significantly to the no need for paper cheques.
I would also say just use another FI if you don't like them and let EQ do what they do for the clients who are very satisfied with their offerings. I did not like archaic Meridian CU for various reasons, so I choose not to use them, but I see there are some here who think Meridian is great.

April 26, 2020
3:36 pm
dougjp
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Yes of course give them the benefit of other things, no problem with that and I learned years ago not to hold my breath or expect anything. I should have been more descriptive in my post.

When a bank tells me in writing, over four years ago, that they have already been working on making joint accounts available and aiming to have them available soon, and numerous comments since then even more specific as to timing, then I find after this much time has elapsed that they are a joke and their word can't be trusted. To me that's just common sense. I was not referring to any of their other products at all, just their (lack of) actions.

That's why I found the title " Maybe some action soon? " hilarious.

April 26, 2020
9:47 pm
Rick
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Would be quite happy to use EQ for all investments going over the CDIC 100K limit, which will be our next TFSA contribution in January. Looking for a FI NOT based in Manitoba (big enough chunk already invested in MB) and pays a decent rate (which pretty much eliminates any BC based FIs). They have until November to come up with:
A: TFSA (#1 priority)
B: RSPs
C: Joint accounts
If they introduce all 3 criteria, they would probably get a fairly hefty deposit between the spouse and I (me???). If not, will just continue keeping it open with minimal funds and look elsewhere. Already using Motive, so, according to the comparison chart, looks like Motus (why .25% lower on HISA than TFSA HISA??), Peoples, (been there...closed that), or Wealth One....none of which inspire any enthusiasm to engage with.

June 4, 2020
8:20 am
dougjp
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I just got an e-mail announcing an upcoming service disruption, stating that it is to get ready for joint accounts being made available this summer! Finally something specific.

June 4, 2020
11:16 am
Peter
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Here's the full text:

Something big is on the way, but getting it ready means a small interruption to your banking for the greater service good:

Online and mobile banking
will be unavailable on Sunday, June 7th
from 7:00AM to 5:00PM, Eastern Time.

During this time, our team will be hard at work laying the foundation for our Joint Accounts which are launching this summer.

Things to note during the maintenance window:

* Bill payments and Interac e-Transfers® will be unavailable
* Future-dated and recurring transactions will still go through as scheduled
* If you need to transfer funds or pay a bill, you can do so before 7:00AM on June 7th

We apologize for this inconvenience, but we’re looking forward to giving you even more ways to bank better.

June 4, 2020
12:42 pm
cruzinalong
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Rick said
Took their survey today. Looks like the are pondering turning into a real bank.untitled1-2.jpg
GIC that pays at the beginning of the term?? Sounds intriguing.  

They discount the GIC. Say 1 year 2%. Pay $1,000. You get $19.61 interest now. After 1 year you get the principle $980.39 back. Different strokes for different folks. I could be corrected on how they determine how much interest you get upfront.

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