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Email this9:23 pm
December 29, 2018
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Policy change with EQ Bank:
«Clarify that we may, in our sole discretion, suspend or terminate your Account at any time without notice to you for any reason»
Why then would I give them my business.
Be forewarned.
9:34 pm
April 14, 2021
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Why single-out EQ for a loathsome industry-wide standard practice?
10:10 pm
April 6, 2013
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Meridian CU has done it. TD Bank has done it.
Another reported that a bank did it to him. He now suspects it was because of his numerous in-and-out transfers.
According to November 2022 OBSI case Consumer surprised when bank gives him 30 days to close his account, banks have the right to do so anyways:
Canadian law and banking regulations allow banks to end their business relationships with their consumers and do not require banks to provide a reason or notice when doing so. …
OBSI further explains such situations in Relationship ended.
9:29 am
October 27, 2013
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With family members in the banking (big banks) industry, it is not uncommon for individual branches to terminate (close) accounts on a weekly basis. From my second hand feedback from family members, it is most often due to (multiple) violations of a Term and Condition of the account agreement by the customer, abusive interactions with counter staff, or potentially suspicious use of the account for unlawful purposes. Sometimes it is just from dormancy (lack of use) or abusive use (such as high volumes of transfer ins/outs).
I have a few digital bank accounts that are mostly used for transfer ins/outs but I do keep some nominal funds in them (more than $1) and I only use the 'transfer mechanism' a few times per year. I fully expect at some point these FIs could terminate those accounts... which would be inconvenient but I have other workarounds.
10:04 am
January 12, 2019
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picassocat said
Policy change with EQ Bank:
«Clarify that we may, in our sole discretion, suspend or terminate your Account at any time without notice to you for any reason»
Why then would I give them my business.
Be forewarned.
As others have already said here ... that's ⬆ pretty much an 'Industry Standard' now.
And you can bet your last Centavo . . .
- If an account gets Terminated, it was most likely Justified !
-
Dean
" Live Long, Healthy ... And Prosper! "
11:29 am
October 27, 2013
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Not wanting to flog a horse, but account holders should also recognize financial institutions are retail stores selling products (just like an auto dealership) based on terms and conditions agreed too upon entering the contract (account opening).
They are businesses needing to generate profit on their capital invested as compared to being charitable non-profits. If an FI is NOT making some money off an account, and/or is revenue negative, there is no particular reason for that FI to continue the relationship.
1:35 pm
September 11, 2013
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I guess if they close your account you can just open another one if you want, as I believe in Canada we have a right to open a bank account.
According to Canada.ca site they can only refuse to open an account for the following reasons:
1. they have reasonable grounds to believe you plan to use the account for illegal or fraudulent purposes
2. you’ve had a history of illegal or fraudulent activity with financial service providers in the last 7 years
3. they have reasonable grounds to believe you knowingly made false statements in the information you gave
4. they have reasonable grounds to believe it’s necessary to protect their customers or employees from physical harm, harassment, or other abuse
5. the branch or point of service only offers accounts linked to an existing account with another financial institution and you don’t have one
6. you don’t allow them to take steps to verify that the identification you presented is valid
7. in the case that the bank is a federal credit union, you don’t agree to become a member if it requests you to do so
3:22 pm
April 21, 2022
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Just for fun, I'll add another to what has been rumored with EQ over the years:
.8 If you voluntarily close your account, EQ will never open another for you.
4:08 pm
October 27, 2013
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Bill said
I guess if they close your account you can just open another one if you want, as I believe in Canada we have a right to open a bank account.
I believe that is correct... at another FI. Once one violates a Term and Condition at one FI, they are not going to let that person open a new account at that same FI. And why would a person want too in any event?
4:30 pm
January 25, 2024
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JohnnyCash said
Just for fun, I'll add another to what has been rumored with EQ over the years:.8 If you voluntarily close your account, EQ will never open another for you.
9. AND they will send your personal details (SIN, name, DOB, you name it) to ALL other banks so they can proceed closing ALL your accounts.
6:36 pm
September 11, 2013
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I'm not saying you'd want to open an account at the same FI, all I'm saying is canada.ca says "You have the right to open a bank account (also called deposit or personal account) or other types of saving accounts at a bank." So it seems an FI can't turn you down, according to the government, it's a right, aside from those listed reasons.
But I suppose they could close that new one as soon as you opened it.
7:26 pm
April 6, 2013
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Bill said
I'm not saying you'd want to open an account at the same FI, all I'm saying is canada.ca says "You have the right to open a bank account (also called deposit or personal account) or other types of saving accounts at a bank." So it seems an FI can't turn you down, according to the government, it's a right, aside from those listed reasons.But I suppose they could close that new one as soon as you opened it.
That Bank Act subsection 627.17(1) right only applies at a branch or service point of the bank where one can go in-person and see another person to open the account.
That doesn't apply to EQ Bank which has no such locations.
6:49 am
February 16, 2023
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I was far more concerned with the change that states the customer will be responsible for charges even when resulting from an error by the bank. Having been a victim of a hacking of my EQ Mastercard, cancelled the card >6mo ago and still receiving notices of attempt to make purchases on the card despite EQ telling me it was cancelled....well you get the point. Doesn't instil much confidence EQ will be on the client's side in a dispute with a vendor or Mastercard.
Since the notice of change I've closed my savings, US and Mastercard accounts with EQ.
9:17 am
June 4, 2015
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Folks:
You haven't mentioned the best part.
Acceptable use of your Account
You will not include in any payment, transfer, or similar communication, content that is: (i) harmful to Equitable Bank or any individual, company, corporation, or other body corporate, government, governmental body, unincorporated body of persons or association; (ii) reasonably considered to be the personal information of an individual, unless it has been provided with the appropriate consent and in accordance with applicable privacy laws; (iii) a virus or other code or mechanism that is intended or is likely to cause damage including, but not limited to, a deceptive or malicious URL; (iv) offensive or defamatory; (v) relates to, or is used to conduct, illegal activities; or (vi) otherwise in contravention of applicable laws and rules.
--------------------------------------------------------------------
"Harmful to...etc. etc.." could mean just about anything. It's a loophole 8,000 miles wide. And I would argue that they almost certainly are currently doing business with someone who is may harm someone, but with no original malintent, such as police, military, etc.
Then there's that tiny buried comment about "offensive or defamatory". How is it any of their dang business what I write on my transfers? Do they read all of them? Scan them with an AI? This is extreme DEI and PC creepy. My family and I are considering closing all my accounts for this and going elsewhere.
That post upthread: Is it a rumour or a fact that if you close your EQ account, you can never open another one there and/or they may blacklist you with other banks.
Folks, if you don't know already, do some digging about the debanking scandal that happened in the UK.
10:57 am
April 6, 2013
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Brainer said
…
Then there's that tiny buried comment about "offensive or defamatory". How is it any of their dang business what I write on my transfers? Do they read all of them? Scan them with an AI? This is extreme DEI and PC creepy. My family and I are considering closing all my accounts for this and going elsewhere.
Other banks will be also be adding similar restrictions against e-Transfer harassment.
Sending 1¢ e-Transfers with a harassing message is something that is starting to happen more often: CBC (Feb 29, 2024): Abusers are using e-transfers to contact their victims. Who is responsible for stopping them?
4:03 pm
June 4, 2015
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Mmm...I don't think that's what those stipulations mean.
And the reason I don't think so, is because I called and spoke with a rep. at EQ Bank, and he told me (not in the words I used above) that the words meant pretty much what I thought they meant.
e.g. anything that could be construed as sexism, racism, ableism, anti-lgbtq+ sentiment, anti-immigration, swear words, insulting someone's looks, etc.
What is e-transfer harassment? Why is it harrassing to send someone a penny? Is that at thing now?
9:14 am
April 6, 2013
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It's not the 1¢ e-Transfer that the issue. It's the message that the abuser adds to the e-mail or SMS notification of the e-Transfer that Interac Corp. sends to the recipient.
One can't block the notifications without blocking notifications of all Interac e-Transfers. Interac Corp. is trying to address the issue:
Misuse of Interac e-Transfer – Status Update
Updated on August 1, 2024 | Published on June 21, 2024We are concerned about the misuse of Interac e-Transfer for harassment, and we take our responsibility to this matter seriously. Our priority is to keep Canadians safe and secure when transacting digitally.
In collaboration with Canadian financial institutions, we are actively working on enhancements to help address the misuse of our Interac e-Transfer service. After consulting with participating financial institutions and careful consideration of several options, we will be implementing new features that will give recipients more choice and control over incoming messages within Interac e-Transfer email notifications and the ability to restrict user interactions.
These new features will be available in the coming months, providing Canadians with greater control in managing their individual Interac e-Transfer notification preferences.
For information and resources on intimate partner violence and financial abuse, visit the Canadian Bankers Association’s website.
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