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New procedures for linking external bank accounts (and verifying identity) with EQ Bank?
April 13, 2021
11:53 am
Londonguy
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Alexandra said
I know back in 2016 when I first opened an online account with them I sent them a void cheque. However, I can't remember the procedure when I opened a TFSA with them for the first time in January of this year. I know I didn't send them a cheque.

Anybody else already have an account with them previously and then opened a TFSA this year?  

Same as Vatox -- I just opened the extra TFSA account, took something like 3 clicks and 5 seconds.

TFSA or RRSP beneficiary forms are in PDF format and need to be downloaded from the EQ site, completed by hand and then mailed back to EQ. You can find the link to the form at the bottom of the left hand side of the menu

April 13, 2021
12:42 pm
Alexandra
British Columbia
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Thanks I see that. Guess I should get it in as I think I will be purchasing more TFSA's from them in the future. Been working at getting rid of RBC & Tangerine in that regard!!sf-kiss

April 13, 2021
1:54 pm
Vatox
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Alexandra said

Thanks for that Vatox. I see I transferred in funds from Tangerine to regular savings then funded the TFSA from that. Don't think I did a beneficiary though. Did you?  

Yes, I printed and filled out the form and mailed it in. A confirmation email arrives when they have processed it.

April 19, 2021
11:40 pm
smayer97
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I have confirmed with EQ Bank that alternatives exist to link accounts, though they do not advertise them.
1. you can still call in and give the necessary linking account info and they will pass that on to their back office to create the link. This may take about 2-3 business days
2. you can fill in a form and mail in the info. Of course subject to mailing and processing time.
Maybe if enough people do this they may realize that the direct linking should at least not be the only option.

April 20, 2021
9:05 am
magicman
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smayer97
where can i find a fill in form to send to EQ in regards to a external account link?

April 20, 2021
10:39 am
smayer97
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EQ mentioned there was one but since they said over the phone was possible I did not take note of the form. Sorry.

July 18, 2021
5:09 pm
m
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I ran into this problem and it was such a frustrating and shockingly bad process that I'm looking at alternatives so I can dump EQ. I would recommend staying away from EQ.

It is so frustrating that they present you with a form to enter the bank information, but then when you do, it forces you to use a 3rd-party (Flinks) to enter your other bank's login information if it's a bank they recognize. They show that they have the ability to accept the bank information you enter, but choose to put you at risk instead. Compounding the frustration, the EQ website repeatedly logged me out due to inactivity while trying to use their site!, and their login procedure is not convenient. They choose their own convenience over your security, but enforce excess security over convenience for you.

Whether the 3rd party is trustworthy is not something people should be expected to research for themselves. It is dangerous to convince people that it is safe to give out your bank login information just because a website tells you to trust them. Encouraging people to give out their bank logins to 3rd parties normalizes it, making it easier for scammers to successfully exploit it.

As suggested in this thread, I called to ask if I could give them the info over the phone, but I was told that providing your other bank's login information was the only way. It was also suggested I could try linking from the other bank instead, and I did that. That seems a better option anyway because the login procedure and website of the other bank is a lot less frustrating!

July 18, 2021
6:23 pm
HermanH
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I love the smarmy message they include when you are asked to enter your password for the other financial institution:

'We promise not to look!'

Anyone dumb enough to believe them are prime candidates for investment opportunities with Nigerian princes. sf-yell

July 18, 2021
11:14 pm
Vatox
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There is one thing I have been mulling over for a long time now! How is using your external account login supposed to better verify your identity? It doesn’t verify squat! If someone got hold of my EQ login or hacked it, they can link their own external account, i,e not me, and siphon my EQ account. Where is the verification? I understand that any method can be compromised but at least the old method didn’t add compromising of my external login as well. So why is external account login info required at all? That needs to be justified.

August 2, 2021
4:53 pm
Rebelyouth
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The login procedure for BMO doesn't work.

They asked me to do the $1 cheque from BMO to them, but I don't have any BMO's cheques anymore ( I think the last time I used them was in 2016, and they run out, but at that point, I didn't need anymore) and I will not order cheques from BMO just for 1 cheque.

So they asked me to add the EQ account on the BMO side. I tried and doesn't work.
So I called BMO and the rep didn't know either.

In this case, EQ should be the one saying :
1) send me the Void cheque generated from the bank and I will do it for you
or
2) enable the manual option.

So at the moment, I am stuck.sf-confused

August 2, 2021
6:37 pm
HermanH
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Vatox said
If someone got hold of my EQ login or hacked it, they can link their own external account, i,e not me, and siphon my EQ account. Where is the verification?

I recently created a new EQ link out to another bank and part of the procedure was a security question to verify identity. Therefore, someone who manages to steal your EQ log-in information still needs to answer another personal question before they can create a new link from EQ to siphon your funds.

August 2, 2021
7:34 pm
topgun
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Rebelyouth said
The login procedure for BMO doesn't work.

They asked me to do the $1 cheque from BMO to them, but I don't have any BMO's cheques anymore ( I think the last time I used them was in 2016, and they run out, but at that point, I didn't need anymore) and I will not order cheques from BMO just for 1 cheque.

So they asked me to add the EQ account on the BMO side. I tried and doesn't work.
So I called BMO and the rep didn't know either.

In this case, EQ should be the one saying :
1) send me the Void cheque generated from the bank and I will do it for you
or
2) enable the manual option.

So at the moment, I am stuck.sf-confused  

I had hundreds of checks that I would never use. I trashed most of them. I kept only checks for one checking account. You can print a VOID check from your BMO account. Go to checking account. Part way down on right side it says Void Cheque. A PDF is created that you can print and send to the FI that you wish to create an external link. I never connected a BIG 5 bank to another FI with one exception at Scotiabank. I can PULL from SIMPLll checking and Tangerine savings but I cannot PUSH. I do not know how those links were created. sf-smile

Have a Great Day

August 4, 2021
9:03 am
mikee
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Regarding using Flinks to link EQ to another bank, Flinks takes no responsibility if something goes wrong. What support might EQ offer if something does goes wrong? I wanted to link a US account to EQ but not under these conditions. Ask your bank for their opinion regarding Flinks. Consider the interest for $10,000 @ 1% is only $100/year or $8.33/month. The fine print is there so the consumer cannot claim they did not know the risks. The not so fine print says "PLEASE READ THIS DOCUMENT CAREFULLY" so I did. Flinks is protected, the user is not.
https://www.financeit.io/terms_of_use_en/

1.4 Disclaimer of warranties.
You expressly understand and agree that:
(a) Your use of the Flinks Service and all information, products and other content (including that of third parties) included in or accessible from the Flinks Service is at your sole risk. The Flinks Service is provided on an “as is” and “as available” basis. Financeit and Flinks expressly disclaim all warranties and conditions of any kind as to the Flinks Service and all information, products and other content (including that of third parties) included in or accessible from the Flinks Service, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
(b) Financeit and Flinks make no warranty that (i) the Flinks Service will meet your requirements, (ii) the Flinks Service will be uninterrupted, timely, or error-free, (iii) the quality of any products, services, information, or other material purchased or obtained by you through the Flinks Service will meet your expectations, or (iv) any errors in the technology will be corrected.
(c) Any Content obtained through the use of the Flinks Service is done at your own discretion and risk and you are solely responsible for any damage to your computer system or loss of data that results from the download of any such material. No advice or information, whether oral or written, obtained by you from Financeit or Flinks through or from the Flinks Service will create any warranty not expressly stated in these terms.

1.5 Limitation of liability.
Without in any way limiting or restricting any other agreed-upon disclaimers, limitations or exclusions of liabilities as between you and Financeit as set out in the Financeit Terms and Policies, you agree that neither Financeit or Flinks nor any of their affiliates, account providers or any of their affiliates will be liable for any costs, damages, expenses or other harms, whether direct, indirect, incidental, special, consequential, exemplary, punitive or otherwise, including, but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses relating to the Flinks Service, even if Financeit or Flinks has been advised of or should reasonably be aware of the possibility of such damages, including those resulting from: (a) the use or the inability to use the Flinks Service; (b) the cost of getting substitute goods and services, (c) any products, data, information or services purchased or obtained or messages received or transactions entered into, through or from the Flinks Service; (d) unauthorized access to or alteration of your transmissions or data; (e) statements or conduct of anyone on the Flinks Service; (f) the use, inability to use, unauthorized use, performance or non-performance of any third party account provider site, even if the provider has been advised previously of the possibility of such damages; or (g) any other matter relating to the Flinks Service.

August 22, 2021
10:08 pm
HermanH
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I just initiated a link from EQ bank to my credit union and saw this requirement, "Pre-Authorized Debit Agreement Confirmation for [FI]"

I don't remember ever seeing this for my previous 9 links from EQ bank. Has anyone seen this document? I raise it because of some of the terms contained within. A user must relinquish his rights for any recourse under the Payments Canada Rules in order to create the link.

EQ-p1.jpg
and
EQ-p3.jpg

August 23, 2021
12:17 am
Loonie
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I've never seen that before. It doesn't seem like a good sign for the consumer. I will add this to my mental list of reasons why I prefer FIs that offer chequing accounts.

Is it even legal for them to opt out of Payments Canada rules? Perhaps Norman1 knows.

August 23, 2021
2:16 am
RetirEd
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I suspect this means that Flinks is not taking over any risk in acting for EQ Bank. Anyone know what EQ Bank says about their own responsibility?

Flink would need enormous capitalization to risk accepting responsibility for screw-ups when they're "just passing it through." Fintechs are generally poorly capitalized and dependent on their partners, compared to banks or credit unions. They run lean.
RetirEd

August 23, 2021
2:32 am
Loonie
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IF this is a way for everybody to deny responsibility (FIs and fintechs), then we can expect a smorgasbord of them.

I have an old toy cash register in the basement. Perhaps I can launch a fintech. It still makes a nice reassuring cha-ching sound when I deposit my monopoly money.sf-wink

August 23, 2021
7:42 am
hwyc
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Shouldn't I be able to find EQ on https://www.payments.ca/about-us/who-we-work-with/members under "Directory of Participant Financial Institutions" ?

... ok found it under 623 Equitable Bank

... I thought they are refering to the rule H1 of Payments Canada

September 4, 2021
8:27 am
Norman1
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Loonie said

Is it even legal for them to opt out of Payments Canada rules? Perhaps Norman1 knows.

As a Payments Canada member, Equitable Bank can't opt out of the rules.

It looks like they are invoking the Rule H1, section 21(a) exemption for funds transfer PADs:

21(a) Except pursuant to section 23, a Member that issues Funds Transfer PADs on behalf of a Payee is not required to offer recourse as set out in section 20(e) to a Processing Member for those PADs. Where a Member elects not to offer recourse for funds transfer PADs, the Member shall code those PADs “650” or “83” and any dispute concerning a Funds Transfer PAD coded “650” or “83” other than a dispute referenced in section 23 shall be addressed by the parties outside the Rules and such PAD shall not be returned pursuant to the Rules;

The exemption is not unreasonable for such pre-authorized debits:

5 h. “Funds Transfer PAD” means, where the Payor and the Payee are the same individual, a PAD drawn on the account of a Payor for the purpose of transferring funds from their account at one Member to their account at another Member, including, but not limited to, registered savings plan, mutual funds, segregated funds, annuities, deposit accounts, cash accounts, and investments accounts;

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