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Email this3:05 pm
February 6, 2019
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Does anyone know if EQ Bank notifies us in advance when they change/lower rates? Hubert does it, one day in advance.
3:31 pm
October 21, 2013
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I don't recall ever receiving such a notification from EQ.
I get them from Hubert, Oaken and Meridian.
5:23 am
May 20, 2016
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The fund is still not in my EQ account. I checked with Hubert, and they told me they mailed out the cheque on Jan. 6, so it's EQ who slows down the process. I chatted with an EQ representative online, and she is not helpful at all.
6:47 am
December 25, 2020
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Not necessarily EQ's tardy behaviour.
Hubert is in Churchill Manitoba. All mail is flown in and out of Churchill. I've had mail take at least 2-3 weeks, especially in the winter months.
10:34 am
September 11, 2013
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I'm not clear why people transfer TFSA accounts, seems like it would be much easier just to withdraw, get some regular high interest account interest for the rest of the year and then recontribute next year where you want to be. With rates today how much worse or better off are you either way?
Particularly with these smaller institutions, sounds like pulling teeth sometimes. The other day I was at TD branch, considering transferring an investment account from RBC Dir Inv to TD Dir Inv, and she said the big banks have an agreement/commitment among themselves (at least during normal, non-Wuhan/UK variant/South Africa variant/etc virus times) to do these transfers within 15 days.
10:44 am
April 6, 2013
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Hubert is not as far north as Churchill.
They are in Selkirk, about 20 km northeast of Winnipeg. Selkirk is a small city with a population around 10,000. Catfish Capital of the World!
It will be a day or so longer than the four business days standard for Canada Post letter mail between major cities in different provinces.
If they were mailed by Hubert on January 6, the cheque and documents will be arriving at EQ Bank in Toronto around the end of this week.
2:30 pm
April 2, 2018
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Bill said
I'm not clear why people transfer TFSA accounts, seems like it would be much easier just to withdraw,
I agree with your comment. I believe people transferring from Hubert to EQ are 'rate chasers'. Most likely they calculated that transfer fee (if any) from EQ back to Hubert or somewhere else is covered by interest earned for 3 months + leaves extra $.
If I had to change FI for my TFSA, I would withdraw at the end of Dec and deposit in Jan.
3:10 pm
May 20, 2016
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pooreva said
Bill said
I'm not clear why people transfer TFSA accounts, seems like it would be much easier just to withdraw,I agree with your comment. I believe people transferring from Hubert to EQ are 'rate chasers'. Most likely they calculated that transfer fee (if any) from EQ back to Hubert or somewhere else is covered by interest earned for 3 months + leaves extra $.
If I had to change FI for my TFSA, I would withdraw at the end of Dec and deposit in Jan.
There is no fee for transfer from Hubert to EQ and my GIC matured on Jan 2, so I couldn't withdraw fund in the end of December.
9:07 am
October 14, 2014
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Assuming we are transferring $50,000 from Hubert to EQ, the interest for each day is around $3.15 (2.3% interest). Since the transfer time is around 6 to 8 weeks (42 days to 56 days), we will be loosing around $132.3 to $176.4 in interest 
. Hopefully, they will not lower the rate for more than 6 months.
12:21 pm
November 8, 2018
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techno said
Assuming we are transferring $50,000 from Hubert to EQ, the interest for each day is around $3.15 (2.3% interest). Since the transfer time is around 6 to 8 weeks (42 days to 56 days), we will be loosing around $132.3 to $176.4 in interest
I am transferring RRSP from RBC: their Savings rate is 0.050%, which means waiting 8 weeks for $50K transfer to complete will make me lose just $4 in RBC interest.
7:21 pm
October 14, 2014
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Alexandre said
I am transferring RRSP from RBC: their Savings rate is 0.050%, which means waiting 8 weeks for $50K transfer to complete will make me lose just $4 in RBC interest.
Hope you did not park your money too long at 0.05% rate.
12:28 am
February 17, 2013
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Alexandre said
I am transferring RRSP from RBC: their Savings rate is 0.050%, which means waiting 8 weeks for $50K transfer to complete will make me lose just $4 in RBC interest.
But you're losing out on $175 you could be getting at EQ while it is in limbo between RBC & EQ. Like your perspective though.
pooreva said
I believe people transferring from Hubert to EQ are 'rate chasers'.
You say that like it's a bad thing. I would hazard a guess that most of the people that hang around here do so specifically for that reason.
5:28 am
October 21, 2013
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There is no earthly reason why this needs to take 8 weeks - especially when they are charging you somewhere between $50 and $130 for the "service".
The only reason it might take this long is because there is nothing to speed them up.
The excuse is likely that they are really busy during "RSP season". The answer to that, as every tax preparer knows, is to hire more staff, but they are too cheap to do that.
I once had a plan transferred from Oaken that arrived in less than a week - and they didn't charge a penny. They can all do better if they want to.
I think I might prefer the term "rate finder". Finders are keepers after all, as we all learned on the playground.
3:43 pm
May 20, 2016
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The fund is still not in my EQ account. Seems nothing I can do but waiting. The phone call, chat and email to EQ didn't help. Hubert told me by email that they mailed out the cheque on Jan. 6. I asked EQ to check with Hubert, but EQ seemed not willing to do so.
4:20 pm
November 8, 2018
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davidgeorge said
The fund is still not in my EQ account. Seems nothing I can do but waiting. The phone call, chat and email to EQ didn't help. Hubert told me by email that they mailed out the cheque on Jan. 6. I asked EQ to check with Hubert, but EQ seemed not willing to do so.
This will not comfort you, but: RBC mailed my RRSP funds to EQ a week earlier, still nothing.
8:36 pm
April 6, 2013
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Not a good sign. Mail processing at EQ Bank could be backed up.
At one point, one of my insurance companies was running four weeks behind on anything mailed in, including cheques to pay premiums, because of COVID related issues.
9:02 pm
October 21, 2013
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It's easy to blame covid for poor planning. Covid has been around for a year now, and EQ chose to launch registered plans right in the middle of it.
4:39 pm
November 8, 2018
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My RRSP transfer from RBC to EQ bank just arrived, was posted to my EQ account on Saturday late afternoon.
Requested from EQ to initiate transfer: November 29
RBC executed transfer and closed my RRSP account with them: December 31
EQ bank posted funds to my RRSP account: January 23
I have not received notification from EQ that funds were deposited, just decided to check account out of boredom, not expecting to see anything on Saturday. Well, proved myself wrong.
5:20 pm
May 20, 2016
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Thank you for the detailed update. I can expect my fund shown up on my EQ account next week if the timeline of my transfer is same as yours.
Alexandre said
My RRSP transfer from RBC to EQ bank just arrived, was posted to my EQ account on Saturday late afternoon.Requested from EQ to initiate transfer: November 29
RBC executed transfer and closed my RRSP account with them: December 31
EQ bank posted funds to my RRSP account: January 23I have not received notification from EQ that funds were deposited, just decided to check account out of boredom, not expecting to see anything on Saturday. Well, proved myself wrong.
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