Watch Out - EQ Bank Executes EFTs Early | EQ Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Watch Out - EQ Bank Executes EFTs Early
July 4, 2016
4:36 am
dillybravo
Newbie
Members
Forum Posts: 2
Member Since:
July 4, 2016
sp_UserOfflineSmall Offline

Got a nasty surprise from EQ Bank this holiday weekend..

Logged on on July 1st to request an EFT pull from Tangerine to take place on the 4th. Went and wrote a cheque later that day so logged on again to reduce the transfer amount accordingly, only to find EQ Bank already considered the transfer executed (it was in Recent transactions).

Chatted with the CSR and apparently this is their usual policy. If there's not a one business day gap between when you request a transfer to be executed and the date you request it, they'll do it immediately, without warning! And it can't be edited even if it's days in the future.

Now I'll have an NSF on the Tangerine end but nothing to be done says EQ Bank. And on top of that they reminded me this is a free account with free EFTs, so what am I complaining about? Perhaps they don't realize most every other bank also does this for free, and also lets you change future-dated transactions, even if they're for "tomorrow."

Lesson learned: don't expect EQ Bank to honour requested execution dates. And a big thumbs down on their customer service as well.

July 4, 2016
8:44 am
Norman1
Member
Members
Forum Posts: 3275
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Would you have cleared funds currently in your EQ Bank Savings Plus account?

If so, you can avoid the NSF by sending yourself an Interac e-Transfer from EQ Bank and depositing it into the Tangerine account. That can be done within 30 minutes. Hopefully that can be done before Tangerine's end of day cutoff time and before your EFT clears tonight against the Tangerine account.

July 4, 2016
10:45 am
dillybravo
Newbie
Members
Forum Posts: 2
Member Since:
July 4, 2016
sp_UserOfflineSmall Offline

Unfortunately I don't, because I just transferred most of the Tangerine funds in and they take 5 days to clear. :)

But yes, there are a number of ways I could spend some time and effort to make sure it doesn't NSF. I'd prefer the bank waited until the day designated to finalize the transfer.

Anyway. After a couple escalations I spoke to a manager at EQ who was able to manually amend the transfer, and has an IT request in to fix this behaviour going forward. So hopefully this won't be an issue too much longer, and if it does arise the front-line people should be prepared to handle it.

July 4, 2016
10:46 pm
Loonie
Member
Members
Forum Posts: 6270
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Thanks for letting us know. And good on you for escalating it and (hopefully) getting the problem addressed.
I too am not at all keen on CS at EQ. I was told several weeks ago that my concern would be sent to the "back room" for reconsideration, and have never heard a word, and don't expect to. I had another issue with their timing-out on log-ins, and was basically told I should find another bank if I didn't like it. I have never been able to open my account because they take exception to my perfectly-valid cheques from BigBank. I managed to get BigBank to send me new cheques at no cost, but these could now be stuck in the post office indefinitely.sf-cry

Please write your comments in the forum.