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USD savings account coming?
June 3, 2021
12:01 pm
rodeworthy
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Same old problem, EQ requesting the password for my existing RBC US$ account.

We successfully got past that when we set up our $C accounts without revealing passwords. Now working on doing the same for the $US version.

EQ rep has been understanding and helpful. Current request is to send EQ a cheque drawn on the RBC account. We do not have cheques for that account. Will find a way. Will be good to see a better interest rate for this money that has been virtually dormant for some time.

Not good news the account cannot be joint. I advised that was my expectation when I emailed them this morning. No comment from EQ on that.

June 3, 2021
12:03 pm
implode
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This message when I was about to transfer between a linked USD account to the EQ Bank USD account:

"Just so you know...
USD currency transfers can only be made once and instantly."

Only one USD currency transfer allowed?!?

June 3, 2021
2:52 pm
andied20
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I do not understand that message :"USD currency transfers can only be made once and instantly".
From the EQ US dollar webpage: "Make as many USD to USD transfers within Canada as you need to—it will always be convenient, and it’ll never cost a thing.

June 3, 2021
4:10 pm
implode
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I don't understand too, but that's the message I see when I want to initiate a USD transfer from a linked USD account.EQ-Bank-USD-Transfer.png

June 3, 2021
4:34 pm
Peter
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Their exchange rate spread is not great, but it's OK. Here are the rates I see:

200 CAD = 165.18 USD or 0.8259 (current mid-rate)
200 CAD = 163.03 USD or 0.8152 (Wise, formerly TransferWise)
200 CAD = 162.78 USD or 0.8139 (EQ Bank)

So EQ Bank's spread is about 1.5% off the mid-rate. I included the Wise rate just for comparison, since EQ Bank is integrated with Wise, although I don't know if you can do a CAD-USD transfer within Canada using Wise.

June 3, 2021
6:15 pm
christinad
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Has anyone received the message when they try to open a US account that they already have 5 accounts and it won't let me open one? I'm going to contact them but having trouble with chat.

June 3, 2021
7:20 pm
AltaRed
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In the list of questions, there is this answer

You can open up to four Savings Plus Accounts, in addition to your main account, for a total of five Savings Plus Accounts. In addition, you can open one TFSA Savings Account and one RSP Savings Account.

IOW, you are limited to 5 non-registered accounts.

June 4, 2021
2:12 am
smayer97
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rodeworthy said
Same old problem, EQ requesting the password for my existing RBC US$ account.

We successfully got past that when we set up our $C accounts without revealing passwords. Now working on doing the same for the $US version.

EQ rep has been understanding and helpful. Current request is to send EQ a cheque drawn on the RBC account. We do not have cheques for that account. Will find a way. Will be good to see a better interest rate for this money that has been virtually dormant for some time.

Not good news the account cannot be joint. I advised that was my expectation when I emailed them this morning. No comment from EQ on that.  

My concern too. Let us know if you find a work-around. Maybe a Direct Deposit form from RBC (not sure they have one for US$ acct)... Same problem in trying to link ANY US$ acct from other banks, e.g. Tangerine, ICICI Bank, Hubert...

June 4, 2021
5:48 am
JPenterprise
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I open the USD account this morning. Try to link to TD at least 5 times without success. Then, I try to link Tangerine with instant success. I log out and log in again and try for the 6th time with the link to TD, and did link successfully. My account do allow to have max. of 10 external accounts. I don't know what were the problem for the first 5 failures!

June 4, 2021
8:29 am
HermanH
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implode said
I don't understand too, but that's the message I see when I want to initiate a USD transfer from a linked USD account.EQ-Bank-USD-Transfer.png  

I think that is a dashboard glitch. I get the same type of restrictive message when I try a TFSA transfer.TFSA.jpg

June 9, 2021
8:50 am
jgclghrn
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implode said
This message when I was about to transfer between a linked USD account to the EQ Bank USD account:

"Just so you know...
USD currency transfers can only be made once and instantly."

Only one USD currency transfer allowed?!?  

I talked to a representative yesterday and the message, although confusing, means there are no post dated or recurring transfers allowed for this type of account. You can do as many single manual transfers as you like.

June 9, 2021
10:29 am
annie
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EQ USD account linking RBC USD account is simple and fast~ I have successfully transferred the moneysf-cool

June 9, 2021
12:26 pm
rhvic
Victoria, BC
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I had no problem linking my Hubert US$ account to EQ, so I will push/pull funds via Hubert.

No way I am giving EQ my log-in info to my various US$ (or CAD$ for that matter) accounts at other institutions!

June 9, 2021
12:34 pm
HermanH
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rhvic said
No way I am giving EQ my log-in info to my various US$ (or CAD$ for that matter) accounts at other institutions!  

I, too, am not willing for one institution to share/know the registration information of another financial institution. To me, that is almost the same thing as using the identical password for multiple sites.

June 10, 2021
12:40 am
smayer97
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rhvic said
I had no problem linking my Hubert US$ account to EQ, so I will push/pull funds via Hubert.

No way I am giving EQ my log-in info to my various US$ (or CAD$ for that matter) accounts at other institutions!  

I, like others, refuse to provide login info as I see it violating the rules from other FIs, on top of the added risks (passing info via 3rd party, etc).

how did you link Hubert to EQ US$ acct? Via Direct Deposit form for US$ acct at Hubert?

June 10, 2021
3:50 pm
rhvic
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smayer97 said

I, like others, refuse to provide login info as I see it violating the rules from other FIs, on top of the added risks (passing info via 3rd party, etc).

how did you link Hubert to EQ US$ acct? Via Direct Deposit form for US$ acct at Hubert?  

I simply used the normal technique at Hubert - gave them the coordinates for my US$ account at EQ, and they put a micro-deposit in which I had to confirm. Now I can pass cash between my EQ and Hubert US$ accounts, from Hubert.

June 10, 2021
5:02 pm
smayer97
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rhvic said

I simply used the normal technique at Hubert - gave them the coordinates for my US$ account at EQ, and they put a micro-deposit in which I had to confirm. Now I can pass cash between my EQ and Hubert US$ accounts, from Hubert.  

OK so you linked it only from the Hubert side... I thought maybe you had tried from the EQ side. Thanks for clarifying.

June 11, 2021
5:10 am
Rip VanWink
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To everyone concerned about giving EQ your login info at another bank:

On the sign up page there is a popup in red saying "Safe and Secure" which reads:
"Your banking information is 100% secure and encrypted. EQ Bank does NOT retain or store any login or password credentials."

They use the login info just to grab the account number and routing info and establish the link, which is needed for any transfer. It is not used for every transfer. If you don't believe them, there is a simple solution. Change your username (if you can) and password at the other bank before creating the link at EQ. Then change them again after the link is created. Transfers still work. I have tested this.

If you like your old password at the other bank and want to change back to it but they don't allow recycling recent passwords, go through several (3-5) password changes before going back to the original. Most websites that restrict recycling passwords only check for the past few passwords and don't use a date based check. I have used this trick on many websites, not just banks.

June 11, 2021
5:28 am
savemoresaveoften
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Rip VanWink said
To everyone concerned about giving EQ your login info at another bank:

On the sign up page there is a popup in red saying "Safe and Secure" which reads:
"Your banking information is 100% secure and encrypted. EQ Bank does NOT retain or store any login or password credentials."

They use the login info just to grab the account number and routing info and establish the link, which is needed for any transfer. It is not used for every transfer. If you don't believe them, there is a simple solution. Change your username (if you can) and password at the other bank before creating the link at EQ. Then change them again after the link is created. Transfers still work. I have tested this.

If you like your old password at the other bank and want to change back to it but they don't allow recycling recent passwords, go through several (3-5) password changes before going back to the original. Most websites that restrict recycling passwords only check for the past few passwords and don't use a date based check. I have used this trick on many websites, not just banks.  

yes I believe its the same technology used by CRA, Paypal, Ampli and other fintech to "link" accounts. They dont store the login credentials nor do they see it at all.

June 11, 2021
7:04 am
HermanH
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Rip VanWink said
To everyone concerned about giving EQ your login info at another bank:

On the sign up page there is a popup in red saying "Safe and Secure" which reads:
"Your banking information is 100% secure and encrypted. EQ Bank does NOT retain or store any login or password credentials."

They use the login info just to grab the account number and routing info and establish the link, which is needed for any transfer. It is not used for every transfer. If you don't believe them, there is a simple solution. Change your username (if you can) and password at the other bank before creating the link at EQ. Then change them again after the link is created. Transfers still work. I have tested this.

If that were absolutely true, why not just ask for those details instead of forcing users to employ another bank's log-in procedure? For example, Tangerine is quite fine with letting me fill in the details, myself.

If EQ wants to help users automatically connect, then allowing the option of manually entering account information should also be permitted. As of now, there is no way to do this. (There was one forumite who claimed to have been able to download a form for manual entry/link creation, but I do not remember that the details were revealed.)

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