Upcoming change to your EQ Bank Card (ATM fee reimbursements) | EQ Bank | Discussion forum

So, the back-tracking at EQ Bank begins.....What is next? Will it be another ING (Tangerine) bank situation?

countysaver said

More likely a very small proportion of clients abusing the option with, who knows why, multi withdrawals per week. Better to spend on services most customers use and want. …

Maybe some EQ Bank clients with an ATM in their store or restaurant!

Adding to my comment, Tangerine and Alterna are both direct banks but they're also stand-alone banks, no need to open an account with another institution for deposits and withdrawals because both come with and actual bank card. With EQ bank you absolutely need an account elsewhere to deposit your money because EQ doesn't come with a completely functional card. EQ is a wannabe bank.

picassocat said
So, you are stuck with a limited no-fee withdrawal card and unable to deposit with such a card. I want a real bank.  

But you can use the EQB app to deposit cheques with no need to get to a branch or ATM ...

Cash deposits via ATM would seem to be extremely rare in recent years. I cannot remember the last time I ever did that - if ever actually. Deposits are made EFT online between FIs, or if a cheque, by mobile deposit via phone. I cannot imagine why any digital FI would even consider ATM deposit.

AltaRed said
Cash deposits via ATM would seem to be extremely rare in recent years. I cannot remember the last time I ever did that - if ever actually. Deposits are made EFT online between FIs, or if a cheque, by mobile deposit via phone. I cannot imagine why any digital FI would even consider ATM deposit.  

E.G. Scotia Bank ATM's allow TNG debit cards for withdrawals but not deposits.

AltaRed said
Cash deposits via ATM would seem to be extremely rare in recent years. I cannot remember the last time I ever did that - if ever actually. Deposits are made EFT online between FIs, or if a cheque, by mobile deposit via phone. I cannot imagine why any digital FI would even consider ATM deposit.  

Well, most ATMs don't accept deposits, you need to find one that does at a branch. I occasionally deposit at an ATM with my Alterna Bank card (any National Bank branch), it's a service that I appreciate.

RetirEd said
Huh? I deposit cash or cheques at every ATM I try.  

I have never known anyone in recent years who has deposited cash at an ATM. Where would one get the cash from in the first place for deposit? I have not received cash in my hand for longer than I can remember.

I do remember the days when a cheque would be deposited at an ATM but that was before mobile phone deposit from the comfort of one's easy chair in pajamas. I am not sure I would remember how to do it any more as I understand it is now done without sticking it in an envelope, i.e. the ATM reads it. Correct?

countysaver said
I like the 2.75% interest on my Daily Cash and Savings accounts. Haven't made a deposit in more than a decade and withdraw cash from an ATM less than once a year. Also have a bricks&mortar bank that pays 0% on the spending account and 0.2% on Savings; 1.8% if I shuffle the funds to its investment savings brokerage account. I'm not into switching FIs every ninety days chasing bonus interest rates.  

I use EQ Personal as chequing and other FI's with promotional interest rates as savings. This way I get the benefit of the better-than-typical interest rate (the EQ payroll bonus rate) on my "chequing" balance while not having to switch FI's for banking activities to get the best interest on the rest of my savings (I DD my paycheck into EQ Personal and keep approximately how much I might need to spend in a month in it (so a good balance of time that would have been required transferring funds before spending it and the interest on all the money I own)). Just some ideas as trying to keep it simple like you but trying to get more interest.