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Maybe some action soon?
June 27, 2020
5:42 am
pwm
Headingley MB
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Also EQ will send the T5 to the primary account holder.

June 27, 2020
6:19 am
hwyc
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Peter said
I just set up an EQ Bank joint account within a few minutes. It was about as straightforward as I remember it being with Tangerine. I documented the process with screenshots (after editing all the personal information in my browser) in case it's useful for someone who wants to see it before actually doing it.  

Thank you Peter, these screenshots are excellent resources sf-smile
Will it be added eventually to the EQ Banks profile ?
... ok I see it is also found under the "Articles" tab

June 27, 2020
7:24 am
Koogie
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smayer97 said
If it is a PUSH from another bank, the max is just the max that EQ allows for an account. They used to have a max of $100K per account. I am not sure if that is still in effect, vs $500K or $1M at some banks.
If it is a pull, I think the max per transaction is $100K. I have moved up to $80K with no issues.  

It is 500K. Says so on the Joint Accounts page under "Joint Account Perks"

$500,000
Maximum Balance (Per Customer)

And I have done a 100K PULL into EQ from TDCT before. Not sure if larger is possible.

Note: I would hesitate to have more than the allowable CDIC limit PER ACCOUNT held at EQ. I came close to getting burned by Oaken during their troubles. Not an experience I would wish to repeat with these smaller CDIC institutions.

June 27, 2020
7:40 am
Peter
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Alexandre said

I do not see in these screenshots where bank asks for co-signer Social Insurance Number.
As I plan to have co-signer pay taxes on interest, that is of interest to me.  

Sorry about that! It's further down the page titled "We'd like to know you better..." but of course I didn't capture the whole page. If anybody goes through the process and can take a screenshot of the rest of the form, I'd be happy to post it.

hwyc said

Thank you Peter, these screenshots are excellent resources sf-smile
Will it be added eventually to the EQ Banks profile ?
... ok I see it is also found under the "Articles" tab  

Yes, that's a good idea to add them to the profile page as well.

June 27, 2020
1:04 pm
AltaRed
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Disappointing from my selfish perspective. With a flood of new deposits, they are likely to cut their HISA rate soon. Why pay more than they have to in order to attract deposits?

June 27, 2020
1:08 pm
smayer97
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Peter said

Sorry about that! It's further down the page titled "We'd like to know you better..." but of course I didn't capture the whole page. If anybody goes through the process and can take a screenshot of the rest of the form, I'd be happy to post it.

hwyc said

Thank you Peter, these screenshots are excellent resources sf-smile
Will it be added eventually to the EQ Banks profile ?
... ok I see it is also found under the "Articles" tab  

Yes, that's a good idea to add them to the profile page as well.  

I FULLY agree about staying within ANY bank insured programs. We live in VERY UNCERTAIN times so you do not want to be caught off guard, i.e. no access to your money.

That said, the CDIC rules are a little more complex...it is $100K PER PERSON PER ACCOUNT TYPE PER INSTITUTION. Not complicated but read the rules to be properly educated and protected. See here:
https://www.cdic.ca/your-coverage/protecting-your-deposit/
and here:
https://www.cdic.ca/your-coverage/how-deposit-insurance-works/

Note that as of Apr 30, 2020, CDIC covers more types than it used to.

June 27, 2020
3:29 pm
dougjp
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Thanks for the CDIC refresher, with links. Those of us here in this EQ joint account thread are now able to effectively increase CDIC coverage via additional accounts in individual names if we wish.

June 28, 2020
5:33 am
Alexandre
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This would be my first time opening joint accounts, so I wonder if CDIC insures each of those up to $100k.

Example:

Individual account on my name with EQ: $100k
Joint account #1 on my name and person A, with EQ: $100k
Joint account #2 on my name and person B, with EQ: $100k

Does it mean I now have $300k insured by CDIC, with EQ?

That is on top of extra bonus of having interest on joint accounts #1 and #2 reported by low income persons A and B, thus saving on taxes.

Is it that good, or is it too good to be true?

June 28, 2020
7:37 am
GR
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Alexandre,

EACH of the three accounts would be separately insured up to $100k principal and interest. BUT interest earned on joint accounts must be reported for income tax purposes in the proportion that each of the joint tenants contributed to the principal amount. You are required to split the amount on the T5 accordingly. BUT, if the principal was all yours, you would have to pay tax on the full amount on the T5, even if more than one name appears on the T5.

June 29, 2020
5:31 am
Alexandre
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So, I tried opening two joint accounts with EQ, and must say, when it works - the process is seamless.

Opening joint account #1 on my name and person A went smoothly. Except, EQ bank emails sent to person A ended in Spam folder. Took few minutes to realize why there is nothing in Inbox.
Not a big deal, but, hey: it is a bank, why does it let itself flagged as spammers?

Opening joint account #2 on my name and person B failed. EQ Bank could not verify person B identity. Mind you, that person is Canadian citizen, has valid SIN which I submitted to EQ Bank, files taxes every year and even gets money back in government assistance.
Still, for some reason EQ Bank can't figure, through automated verification procedures they have, that person B is real.

EQ bank offered two options: upload to them two documents from their three lists of acceptable documents, or visit postal office in person to verify identity there.
It so happens, person B has only one document EQ Bank could accept as a proof of identity. Visiting postal office in person is not an option, because person B is a senior citizen very much concerned of coronavirus.

So, for now I decided to put opening joint account #2 on hold.

Not blaming EQ bank for being very careful, just sharing my experience here.

June 29, 2020
5:44 am
Norman1
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EQ Bank doesn't use CRA records to confirm identity. EQ Bank is probably trying to confirm the identity of person B using his/her credit record with Equifax or TransUnion.

Something is likely not right with the credit record or there is no credit record.

June 29, 2020
7:23 am
Peter
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Peter said

Sorry about that! It's further down the page titled "We'd like to know you better..." but of course I didn't capture the whole page. If anybody goes through the process and can take a screenshot of the rest of the form, I'd be happy to post it.

With thanks to Rick, I have now added a picture of the full form titled "We'd like to know you better...", which shows where EQ asks for the Social Insurance Number. (Article with joint account opening process screenshots here.)

June 29, 2020
8:32 am
pwm
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Norman1 said
EQ Bank doesn't use CRA records to confirm identity. EQ Bank is probably trying to confirm the identity of person B using his/her credit record with Equifax or TransUnion.

Something is likely not right with the credit record or there is no credit record.  

You're probably correct with the credit score check. They added my wife to my account with no problem. Just out of curiosity, I went to Borrowell and signed her up to see her credit score. She showed an 843. She has a Mastercard in her name, everything else is joint with me so the credit card may have been the significant factor.

June 29, 2020
9:11 am
Norman1
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It is not necessarily the credit score that EQ Bank is interested in.

Under money laundering rules, EQ Bank has to somehow confirm the applicant's name, date of birth, and address. An established record, with matching details for that person, at Equifax or TransUnion, can be used to do so.

Sometimes, there is an issue with the record. One person found his record had his last name wrong. Somehow, his record had his wife's surname as his surname!

Another found his address was wrong on his record. For some reason, it had been changed to his parents' address.

June 29, 2020
10:07 am
pwm
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When I signed my wife up at Borrowell they started out with name and address and phone #. Then after a short wait the process asked to pick the correct answer from a list to verify her identity. They obviously had found a record for her and plugged in the right answers in the various lists of questions so you are correct Norman1, that whatever database Borrowell uses, already had a record for her. I would assume that EQ queries the same database.

June 29, 2020
11:35 am
smayer97
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Norman1 said
It is not necessarily the credit score that EQ Bank is interested in.

Under money laundering rules, EQ Bank has to somehow confirm the applicant's name, date of birth, and address. An established record, with matching details for that person, at Equifax or TransUnion, can be used to do so.

Sometimes, there is an issue with the record. One person found his record had his last name wrong. Somehow, his record had his wife's surname as his surname!

Another found his address was wrong on his record. For some reason, it had been changed to his parents' address.  

Yes, I have found Equifax records to be unreliable because they make so many mistakes like creating more than one record for my name even though both have the same SIN, name and some similar addresses BUT different D.o.B, each with different address, employment and credit histories (all belonging to me). You unfortunately have to stay on top of this organization.

June 29, 2020
12:00 pm
maxb
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We had problems recently getting a Credit Card... Found that Equifax did not match TransUnion in that the address was different. One of them had our old address from 20 years ago... They couldn't explain why or when it happened. Weird....

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