New procedures for linking external bank accounts (and verifying identity) with EQ Bank? | Page 3 | EQ Bank | Discussion forum

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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.

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