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Quite possibly worst customer service ever received
June 30, 2020
12:38 pm
Rick
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Trying to get added to my wife's joint account. Jump through all the hoops, hit submit and get a message they can't add me because I already have an account. I don't. Tried opening one back in 2016, but there was an error somewhere (probably my fault) and never received an email to confirm/open the account. The application just stagnated. Now I am blacklisted and apparently you can't open an account if you've previously closed an account. Sounds pretty dumb to me, but it's their business. So tried to chat, several times...either it's extremely busy or it doesn't work at all. Called. After 20 minutes on hold, finally got a csr. Explaining my situation, and the csr was cut off mid-sentence. Called back again. Another 20 minutes on hold. Explained it all again to another csr. 10 more minutes on hold while he looked into the situation. It was beyond his capabilities to fix, needed a supervisor who would call me back. Two days and later no call back yet. Called back them and waited another 20 minutes on hold. CSR was talking and disconnected mid sentence again. This time sure it was not my phone. Beginning to think this is a SOP. Make em wait 20 minutes on hold, then spontaneously disconnect to discourage phoning back and waiting another 20 on hold. Called back and was disconnected WHILE ON HOLD. Called back and waited another 20 before talking to someone. So after losing almost 2 hours of my life on hold, I find out "NO ACCOUNT FOR YOU" if you've had one before. Someone will call me back when they feel like it. Thinking we will close her account and move on. See what they say if/when they call back. Don't think I want to deal with them at all anymore if that's what I have to go through when there's an issue.

June 30, 2020
12:49 pm
Norman1
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That is a limitation in their banking system. EQ Bank can't re-activate a customer once he/she closes all their accounts.

Nehpets ran into that too a few years ago: No Second Chances With EQ Bank.

With that, you and your wife should give it some thought before closing her account. She won't be able to onboard again or until after EQ Bank purges her info from their system.

June 30, 2020
5:00 pm
Briguy
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@Rick Try Motive Financial for a joint bank account. Takes a while to set up but they are a good FI.

Also, never tried, but EQ Bank has a chat box on their main web page before signing in.

July 1, 2020
6:04 am
Rick
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Briguy said
@Rick Try Motive Financial for a joint bank account. Takes a while to set up but they are a good FI.

Also, never tried, but EQ Bank has a chat box on their main web page before signing in.  

Thanx Briguy. Have Motive set up already. Customer service is an important aspect in our choice of FI's, and Motive does that well.
I mentioned I did try the EQ chat first, several times. Always got the too busy, try later message. Has anyone successfully used their chat?

Norman1 said
That is a limitation in their banking system. EQ Bank can't re-activate a customer once he/she closes all their accounts.
Nehpets ran into that too a few years ago: No Second Chances With EQ Bank.
With that, you and your wife should give it some thought before closing her account. She won't be able to onboard again or until after EQ Bank purges her info from their system.

Norman...Now that you mention it, I recall that thread from Nehpets. Is there some kind of issue with people opening/closing accounts that they have to block re-applicants? Couple of CSR's told me "that's just the way the system works..can't do anything about it". Seems odd to me. Can't see any good reason why any FI would refuse deposits just because they are from an ex-customer.
Was planing to make EQ the back-up FI once we reached CDI limits at Motive, which would require them to offer TFSA accounts. Was hoping that EQ offering joint accounts was just the first step towards that. EQ was always a good choice if you just let them do their thing. Maybe this is just a reminder of what to look forward to if we expand our relationship with them and we have "issues". See what they say "if" they call back. Don't like leaving inactive accounts laying around in the hope of some future incentive. If I have to spend hours on hold with them just to get cut off, don't think I WANT to stay with them. Otherwise, guess I'll keep looking. Slim pickins out there for savers these days.

July 1, 2020
8:32 am
Norman1
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Rick said

Norman...Now that you mention it, I recall that thread from Nehpets. Is there some kind of issue with people opening/closing accounts that they have to block re-applicants? Couple of CSR's told me "that's just the way the system works..can't do anything about it". Seems odd to me. Can't see any good reason why any FI would refuse deposits just because they are from an ex-customer.

I don't think it is the opening and closing of accounts. Each EQ Bank GIC is an account that is opened on purchase and closed on maturity.

I think the issue is in the closing of a customer record. Record is marked closed but not deleted. When one tries to onboard again, the applicant's info matches the existing customer record and the onboarding is rightly refused to prevent an existing client from onboarding a second time and creating another customer record.

I suspect it wasn't by design. Something was just missed. There is no workflow to handle a former customer returning, verifying their identity again, and reusing their previous customer record.

July 1, 2020
8:41 am
Briguy
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@Rick
I've noticed Peoples Trust has good rates too, and they have CDIC protection. A long time ago they had a data breach, but they've been ok since. I have an account with them and they have given me good customer service. They let their rates slide for a long time but now they are competitive again.

July 2, 2020
1:58 pm
Rick
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Follow up:

Hi Rick,
Hope you are doing well and thank-you for your email.
Rick, I just wanted to follow-up on our earlier conversation this week and let you know that you can now visit http://www.eqbank.ca, and click on the ‘join now’ button to get started with the online application and sign-up at your convenience.
Feel free to reach out to us if you have any further inquiries or need further assistance, we do operate from 8AM to 12AM EST from Monday to Sunday by calling our toll free number 1-844-437-2265, or you can always chat with us securely at https://www.eqbank.ca/contact-us
Thank-you & Best Regards,
XXXXXX

All set up now as joint. Now we just have to get TFSAs and life will be peachy.

July 2, 2020
6:42 pm
Doug
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Rick said
Follow up:

Hi Rick,
Hope you are doing well and thank-you for your email.
Rick, I just wanted to follow-up on our earlier conversation this week and let you know that you can now visit http://www.eqbank.ca, and click on the ‘join now’ button to get started with the online application and sign-up at your convenience.
Feel free to reach out to us if you have any further inquiries or need further assistance, we do operate from 8AM to 12AM EST from Monday to Sunday by calling our toll free number 1-844-437-2265, or you can always chat with us securely at https://www.eqbank.ca/contact-us
Thank-you & Best Regards,
XXXXXX

All set up now as joint. Now we just have to get TFSAs and life will be peachy.  

Wow, EQ Bank has joint accounts now. Sounds like their automated processes are getting in the way of things again. You probably would've had better luck opening a new Joint Savings Plus Account, and transferring over the balance from your sole Savings Plus Account, closing the latter out or keeping it with a small balance (<$1,000).

As for TFSAs, that'll be a no-go. No TFSAs, RRSPs, or RRIFs from EQ Bank.

https://www.eqbank.ca/common-questions

Cheers,
Doug

July 3, 2020
9:10 am
Save2Retire@55
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I am not sure why you had to go through this pain! I never had bad experience with EQ. I actually had to contact them last night twice. I used the Chat and waited less than 1 min before someone replied.

It took them couple minutes, they escalated, I just got an email now (less than 24 hours) and issue is resolved.

July 3, 2020
12:16 pm
Rick
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Doug said
As for TFSAs, that'll be a no-go. No TFSAs, RRSPs, or RRIFs from EQ Bank.
https://www.eqbank.ca/common-questions
Cheers,
Doug  

EQ FAQ said:

Does EQ Bank offer TFSAs?

Unfortunately, we do not currently offer TFSAs.

Does that preclude them from EVER offering them? I would imagine they would expand their offerings in an effort to become a FULL service FI. I can hope. I have a year or two before I need a 2nd FI for our TFSA s. Otherwise, this has become an exercise in futility. They will only be useful until all our liquid cash is spent or turned into registered funds.... if they can compete. Time will tell.

July 3, 2020
1:00 pm
Doug
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Rick said

EQ FAQ said:

Does EQ Bank offer TFSAs?

Unfortunately, we do not currently offer TFSAs.

Does that preclude them from EVER offering them? I would imagine they would expand their offerings in an effort to become a FULL service FI. I can hope. I have a year or two before I need a 2nd FI for our TFSA s. Otherwise, this has become an exercise in futility. They will only be useful until all our liquid cash is spent or turned into registered funds.... if they can compete. Time will tell.  

No, no, you can definitely hope, but the tense of your post indicated that you and your wife were planning on setting up TFSAs in the immediate future, so just wanted to clarify that.

If you were speaking optimistically about the future longer term, absolutely. Thanks for clarifying.

For me, the biggest issues with EQ Bank are (a) their customer service quality is lacking and (b) their e-Statement and transaction history level of detail is woefully barebones and insufficient for my continued patronage over the medium to longer term.

Cheers,
Doug

July 3, 2020
1:52 pm
AltaRed
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Doug said

For me, the biggest issues with EQ Bank are (a) their customer service quality is lacking and (b) their e-Statement and transaction history level of detail is woefully barebones and insufficient for my continued patronage over the medium to longer term.

Cheers,
Doug  

Interesting. Firstly, I've never had to contact Customer Service so cannot comment. Regarding statements however, I find they are concise and clear. Tells me exactly what I have done, e.g. moved money out to GIC X, transfer in/out from Scotia, received interest, GIC X paid out at maturity, etc. I really don't know what else needs to be said.

July 3, 2020
2:03 pm
hwyc
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... downloaded my July statement of the newly joint (as one of the co-owner(s))
... got only my name and the account number on the statement.
... also the me2me transfer didn't clearly say from which owner. It can be confusing if I have several linked accounts, the primary owner also has several linked accounts.

There is definitely room to improve on the statements.

July 4, 2020
1:53 pm
RYAN
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I have been with EQ Bank for several years without any issues. I have Motive, Tangerine, Alterna, Peoples Trust and EQ accounts as well. I am very satisfied with EQ and others.

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