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Me-to-You Transfers introduced at EQ
April 1, 2017
2:05 am
Loonie
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This is a very clever advertising approach, as well as an added convenience.

"Introducing EQ to EQ Transfers

From: EQ Bank

Message
You split the bill at lunch. Your share of the rent is due. You made a friendly wager on your favourite hockey team, and they lost badly (again).

When you need to send money, how do you do it?

With EQ to EQ Transfers, sending money to friends, colleagues or family has never been so easy.

It's a seamless process. There's no need for additional verification codes, email confirmations or frustrating wait times for funds to travel down the information superhighway.

It's also very fast. After a one-time email confirmation to set up an EQ Connection with another EQ Bank account holder, you can transfer money directly from your EQ Bank Savings Plus Account to theirs.

Best of all, it's always free.

To try this truly effortless way to send money, click the Pay & Transfer tab to make your first EQ Connection. Refer to your Account Agreement for more information.

EQ Bank"

April 1, 2017
7:00 am
fabafter50
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I'm a big fan of EQ bank. The fact that I can get a constant 2% on savings is great considering the dearth of decent GIC rates. This new feature of free ET is a bonus!

April 1, 2017
9:06 am
Koogie
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I am a fairly happy EQ customer so far and that is a good feature to offer.

I'm also happy to send any of you other posters an email and you can proceed to transfer your money into my account any time for free !! sf-winksf-laugh

April 1, 2017
9:13 am
Winnie
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I already tried a few times EQ Me-to-You Transfers, very good!

April 2, 2017
11:04 am
Doug
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This is obviously a natural extension but they should offer unlimited free EQ-to-You Transfers for to non-EQ Bank recipients like Tangerine's Email Money Transfer system where the recipient keys in their banking information and/or signs in to their external bank account's online banking for EQ Bank to verify. Alternatively, they could simply "up their game" to include unlimited free Interac e-Transfers. πŸ˜‰

They also need to remove the "maximum balance" at EQ Bank. I'm fine with them not paying interest on balances over a certain dollar amount but having that restriction is keeping me away. I'd go with Alterna Bank instead because of that, even though Alterna doesn't offer the paperless, electronic account verification and "linking" method. πŸ˜‰

Cheers,
Doug

April 2, 2017
4:30 pm
Loonie
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Why would you want to go over CDIC limits, especially with a smaller bank? Why not have both EQ and Alterna if you're so cash-rich that you need room for more than 100K?
By the way, they let you accumulate interest beyond 100K. However, I would skim it off every month if it went over the limit.

April 3, 2017
9:45 am
Doug
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Loonie said
Why would you want to go over CDIC limits, especially with a smaller bank? Why not have both EQ and Alterna if you're so cash-rich that you need room for more than 100K?
By the way, they let you accumulate interest beyond 100K. However, I would skim it off every month if it went over the limit.Β Β 

I probably wouldn't, at least in the long term but, shorter-term (i.e., less than 12 months), I'm not concerned as, truthfully, CDIC's deposit insurance regime would not likely need to be tapped - CDIC could likely easily find a suitable acquirer to take on all of its deposits and most, if not all, of its loans, for free. πŸ™‚

What I don't like about their "maximum deposit limit" is, short term, let's say 30-60 days as an example, what if I need to "park" money at a "hub" account before disbursing it to other FIs, into GICs, into registered plans or what have you?

It's an unnecessary rule. πŸ˜‰

Cheers,
Doug

April 3, 2017
5:31 pm
Loonie
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I see.
I don't think it's an unnecessary restriction from the point of view of EQ. They want to expand customer base but don't want to have people like us pulling large amounts in and out regularly.

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