EQ Bank profile, discussions, and reviews

Website: https://www.eqbank.ca
Headquarters: Toronto, Ontario
Parent company: Equitable Bank
Credit union? No
Available to Quebec residents? No
Founded in: 2016

Disclaimer: Although our best efforts are made, the information posted on this website is not guaranteed to be accurate. Please visit their website for authoritative information.

Latest discussions about EQ Bank -- view all

Forum/Topic Started Last post Posts

EQ Bank

EQ $100,000 Cap???

July 12, 2017
5:56 am by
JW
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July 13, 2017
11:59 pm by
Loonie
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8

EQ Bank

On-line Bank to On-line Bank Transfers

July 8, 2017
1:47 pm by
JW
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July 10, 2017
4:37 am by
JenE
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11

EQ Bank

EQ Bank, Too good too be true?

June 29, 2017
1:10 pm by
Halvor13
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July 3, 2017
10:17 pm by
Loonie
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24

EQ Bank

No Second Chances With EQ Bank

June 17, 2017
11:46 am by
Nehpets
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June 20, 2017
4:19 am by
jgsbrown
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6

EQ Bank

EQ Bank vs Alterna for down payment

June 19, 2017
8:01 am by
newmoney
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June 19, 2017
2:19 pm by
Loonie
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4

6 Reviews »

  1. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: 1 month

    Why do you bank with them?: Interest rate only

    What do you like about this bank / credit union?: Nothing besides there interest rate so far

    What could be improved about this bank / credit union?: everything

    General comments: Hope they get there act together as time goes on

    Review by Tony — February 18, 2016 @ 11:14 am

  2. Customer service: Rated 4 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars

    How long have you banked with them?: six weeks

    Why do you bank with them?: I love their current 3% interest rate

    What do you like about this bank / credit union?: Their high interest rate

    What could be improved about this bank / credit union?: Additional account offerings

    General comments: Pleased they've appeared on the Cdn banking scene and thus hopefully encoruaging other online banks to raise their rates

    Review by Andrew — March 20, 2016 @ 7:50 pm

  3. Customer service: Rated 1 / 5 stars

    Account features:

    Interest rates (consistency and amount):

    Fees:

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: Never got as far as banking

    Why do you bank with them?: I was attracted by their high interest rates

    What do you like about this bank / credit union?: Their IT system is completely unreliable. I would not trust them to reliably keep my hard-earned money safely.

    What could be improved about this bank / credit union?: An IT system that works

    General comments: Frist, I had to apply for the privilege of eventually opening up an account. (That alone should have been a red flag that this "financial institution" is an iffy proposition). When I finally got an "invitation" to open an account, I filled out the online form. I got side tracked during the process, and the registration process timed out. When i tried to log into my account to continue with the process, I got a message saying they were experiencing problems with their system, and to try again later. I did. Multiple times. Finally I called customer service who explained that the time-out problem was a "known issue" (if it's a known issue, they should fix it!!!). The agent told me she would as the "systems people" to reset my account, but that they only work 9 to 5 and it takes them two hours to do that, so I should try the next day after noon, which I did. Same issue. Called again, and was told they had not yet reset my account, and to try later in the day, which I did. Same error message again. So, I sent an email to customer service telling them to cancel my account. I got an email the next morning saying my account had been reset, and I should try again. (Why does it take a customer to threaten to take their business elsewhere to get IT to do their job?). To complete the registration, I had to take a picture of a check with my cell phone, which I did. I photographed the front side of the check. The app told me it was OK. Then I photographed the back of the check. The app told me it was OK. Then when I pressed "send" the app told me the photo wasn't right, and to take it again, which I did. When that was done, the app told me that this check had already been processed, and that I should use a different one. At that point, it became crystal clear that this financial institution is held together with bale wire and that I need to take my business to a more established and reputable outfit.

    Review by Rob — May 4, 2016 @ 7:02 pm

  4. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 1 / 5 stars

    Fees: Rated 1 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: 8 months

    Why do you bank with them?: Becasue of higher interest rate 3% non-promo, which was a marketing technique, now 2.25%

    What do you like about this bank / credit union?: Nothing i like , except all problems and limitations to do banking. You need iphone 5 or higher only, they don't support any other iOS devices like ipod, ipad. You must have internet access to do telephone banking as they send a code, if you are on vacation, camping, YOU MUST HAVE EMAIL ACCESS, OTHERWISE, NO TELEPHONE BANKING WITH EQ. YOU ARE STUCK. No other form of verification is there. The mobile app not working for cheque deposites, they say upgrade the iphone to latest (spending another $600-700 for new iphone) no way

    What could be improved about this bank / credit union?: you may get stuck with your money, as they like you to send cheques by canada post

    General comments: any complaint to top management ignores and hardly any response, use your wisdom before you open for just 2.25%. this is not for someone who doesn't have latest iphone with data, and internet access to do even telephone banking. All other banks like pcf, tangerine doesn't need any of these, right now tangerine giving 3.25% promo for selected customers and also new customers 2.4% for 6 months with $50 referral bonus

    Review by Thomas — August 3, 2016 @ 5:25 am

  5. Customer service: Rated 3 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars

    How long have you banked with them?: 7 months

    Why do you bank with them?: Best interest rate

    What do you like about this bank / credit union?: Interest rate. Quick transaction.

    What could be improved about this bank / credit union?: Interface. They have an ability to pay bills but i don't know why.

    General comments: Generally good. The reduction of their interest rate from 3% to 2% was a annoying but it still is the best interest rate out there. Money transfers (both ways) fairly quickly.

    Review by nik — September 24, 2016 @ 11:02 am

  6. Customer service: Rated 3 / 5 stars

    Account features: Rated 3 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars

    How long have you banked with them?: 8 months

    Why do you bank with them?: Interest rate

    What do you like about this bank / credit union?: Interest rate

    What could be improved about this bank / credit union?: Information regarding interest rate changes

    General comments: Still best rate at 2%, but rapidly reduced

    Review by David Kemp — September 29, 2016 @ 6:40 am

  7. Customer service: Rated 4 / 5 stars

    Account features: Rated 3 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars

    How long have you banked with them?: 2 years

    Why do you bank with them?: Rate

    What do you like about this bank / credit union?: Rate

    What could be improved about this bank / credit union?: App

    General comments: App sucks. For a digital bank you would think that their app would be good . 80% of the time when u do call in they don't do much. It is annoying But since it's obviously not the agents fault. They don't control things like that. To recap HIRE A GOOD DEVELOPMENT TEAM FOR YOUR APP.

    Review by Steve — February 8, 2017 @ 12:39 am

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