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

Transfer money between EQ, Tangerine, and Simplii

January 11, 2018
10:48 pm by
Yutaka
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January 11, 2018
10:48 pm by
Yutaka
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1

EQ Bank

New Account Agreement Terms -- Shot Across the Bow?

December 21, 2017
12:14 pm by
lostmyusername
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December 21, 2017
1:38 pm by
Doug
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2

EQ Bank

Still hiccups with EQ new account application

November 20, 2017
11:49 am by
Oosogood
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November 20, 2017
11:49 am by
Oosogood
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1

EQ Bank

CEO Andrew Moor speech at SIT Interchange 2015

November 11, 2017
2:28 pm by
Norman1
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November 12, 2017
6:11 pm by
MG
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6

EQ Bank

Equitable Bank applying for Equitable Trust subsidiary

November 5, 2017
9:57 am by
Doug
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November 10, 2017
1:04 pm by
Loonie
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8

19 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

  8. 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?: 2 weeks

    Why do you bank with them?: I don't anymore

    What do you like about this bank / credit union?: Nothing

    What could be improved about this bank / credit union?: I've been attempting for 2 weeks to open an account. First, their app doesn't work, so you can't submit a cheque. I managed to create a login, and receive their two verification deposits. I emailed them a bank statement as they asked for an ID/statement to verify my account. After a week a heard nothing and tried to log back in. It asked me to re-confirm that I had submitted a verification document. It then didn't let me proceed beyond that step. I wouldn't trust these guys with my money.

    General comments: None

    Review by Sal — August 1, 2017 @ 1:55 pm

  9. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount):

    Fees:

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

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

    Why do you bank with them?: I wanted to for the interest rate

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

    What could be improved about this bank / credit union?: Better customer service, better online application process

    General comments: I tried signing up for an account, i received a message saying they were not able to validate my personal information, i should contact transunion. i called customer service and was told rudely that i could not have possibly seen that page and i should try again and call back if i received the same message. i was talked down to at every turn with this customer service rep. fast foward 35 minutes later after trying to apply again i received the same message, the customer service rep was worse than the first, she was rude and totally contradicted what the first customer service rep said. she kept talking and would not listen for the info i was trying to give her, i unfortunately had to abruptly end our conversation. i am totally turned off by poor customer service especially at the beginning stage. i would not want to encounter future problem when i am already all in

    Review by Maria — August 4, 2017 @ 12:08 pm

  10. 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?: I haven't - I couldn't even get past the enrollment form due to issues with verification by Trans Union. They even post the wrong phone to Trans Union on their website - the number given is for US customers only.

    Why do you bank with them?: I don't and I won't

    What do you like about this bank / credit union?: Nothing

    What could be improved about this bank / credit union?: Make the enrollment process better and provide some basic customer service

    General comments: Never had to work so hard to try and GIVE money to a bank. Not worth the effort

    Review by Gary — September 18, 2017 @ 6:53 am

  11. Customer service: Rated 5 / 5 stars

    Account features: Rated 5 / 5 stars

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

    Fees: Rated 5 / 5 stars

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

    How long have you banked with them?: Since inception.

    Why do you bank with them?: Highest interest rate in Canada, easy access to my money.

    What do you like about this bank / credit union?: Does everything it advertises.

    What could be improved about this bank / credit union?: I would like to see joint accounts become available.

    General comments: I am enjoying the monthly interest 'cheques.'

    Review by Frank Scott — September 23, 2017 @ 10:09 am

  12. Customer service: Rated 4 / 5 stars

    Account features: Rated 5 / 5 stars

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

    Fees: Rated 5 / 5 stars

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

    How long have you banked with them?: 18 months

    Why do you bank with them?: High interest rate...easy interface

    What do you like about this bank / credit union?: Same as above

    What could be improved about this bank / credit union?: I'd like iOS app to go back further than 3 months

    General comments: Good high interest low touch bank...I'm glad we have this option for cash

    Review by Gary Simon — September 23, 2017 @ 2:29 pm

  13. Customer service: Rated 1 / 5 stars

    Account features: Rated 2 / 5 stars

    Interest rates (consistency and amount):

    Fees:

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

    How long have you banked with them?: 5 days

    Why do you bank with them?: I don't - not anymore

    What do you like about this bank / credit union?: nothing

    What could be improved about this bank / credit union?: service improvement consultation fees are extra

    General comments: The technology seems better suited for 1995. Created an account and completed the verification process, and after my first transfer of funds it locked me out of my account. The guy who answers the phone (calling them customer service would be a disservice to those actually in the business) could not explain why my account was locked. Spent more time on the phone unlocking my account than I had invested in doing business with them at that point. The reason why I prefer online tools is to avoid spending time on the phone with dotards. Way too many solid online options to have to bother with EQs nonsense. Needless to say - account closed.

    Review by Alex — October 5, 2017 @ 9:49 am

  14. Customer service: Rated 5 / 5 stars

    Account features: Rated 3 / 5 stars

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

    Fees: Rated 5 / 5 stars

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

    How long have you banked with them?: 1 month

    Why do you bank with them?: high interest rate, I need it to pay monthly bills

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

    What could be improved about this bank / credit union?: improved, fancier website

    General comments: easy to set up, very straight forward --great customer service, they answer the phones immediately unlike other sites where you are put on old for long periods of time

    Review by steve — October 12, 2017 @ 10:58 am

  15. Customer service: Rated 5 / 5 stars

    Account features: Rated 5 / 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?: 1 week

    Why do you bank with them?: Attracted by their hi interest rate of 2.30%, 5 free e-transfers, easy to transfer money in and out of the account.

    What do you like about this bank / credit union?: Mostly the high interest rate. It was simple enough to create an account, then only had to wait 1 business day before they deposited a few pennies in my linked account, and I used that amount to verify my EQ account. The bank is also compatible with Mint for budgeting.

    What could be improved about this bank / credit union?: The app is a little on the slow side. I can't rate their customer phone, email or online chat features as I haven't had to use it.

    General comments: Simple enough, straight forward, best rate. No complaints yet.

    Review by Matt — October 25, 2017 @ 8:24 pm

  16. Customer service: Rated 2 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount):

    Fees:

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

    How long have you banked with them?: 6 months

    Why do you bank with them?: High interest

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

    What could be improved about this bank / credit union?: Their computer system is one of the worse in their field

    General comments: Hope they hire some better computer staff

    Review by P L — November 17, 2017 @ 4:51 pm

  17. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 3 / 5 stars

    Fees: Rated 1 / 5 stars

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

    How long have you banked with them?: Too long

    Why do you bank with them?: High interest rate. Otherwise, would have left long ago.

    What do you like about this bank / credit union?: Nothing

    What could be improved about this bank / credit union?: Get rid of snotty, righteous client service

    General comments: Horrible bank. Treat clients like dirt

    Review by AS — December 12, 2017 @ 4:25 pm

  18. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

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

    Fees: Rated 5 / 5 stars

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

    How long have you banked with them?: 6 days

    Why do you bank with them?: interest rates

    What do you like about this bank / credit union?: nothing, I am leaving them

    What could be improved about this bank / credit union?: hold on 5 business days is farce, arrogant customer service reps

    General comments: I opened the account on 12th, send money via direct deposit on 13th and have them on hold until tomorrow as per their.... policy of EQ Bank to keep the funds on hold for 5 business days to be assured the funds transfer correctly. The hold policy is part of your EQ Bank agreement..." as it was explained to me by rather condescending customer chat person.

    Review by Hana — December 19, 2017 @ 2:32 pm

  19. Customer service:

    Account features:

    Interest rates (consistency and amount):

    Fees:

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

    How long have you banked with them?: 6 weeks

    Why do you bank with them?: High interest rate, on-line convenience.

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

    What could be improved about this bank / credit union?: I have read all the user comments and some of them made me nervous regarding the safety of my money and their customer service, Then I realized that most comments are quite old.

    General comments: I had only a small problem on opening an account and called customer service. The representative was polite and knowledgeable and gave me an immediate answer. I made one additional transfer that went without a hitch. Having worked in IT I realize that system bugs cannot be fixed immediately on demand. It seems that their systems have improved over the last year.

    Review by Wib — January 10, 2018 @ 5:15 am

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