EQ Bank has released its card product today. | Page 3 | EQ Bank | Discussion forum

Thank you for ordering the EQ Bank Card. We know you're excited to get your card, and we’re very sorry that you’ve had to wait to receive it. This delay is not in line with the customer experience we strive for but due to the high demand, we’ve been experiencing longer production and delivery times with our initial orders. Our team is working hard behind the scenes to get your card to you as soon as possible.

As a thank you for your patience, we’ll be issuing you a one-time $5 credit that will be deposited into your Savings Plus Account within the next 7 days. It’s our way of saying sorry for the wait.

Sincerely,

EQ Bank

Canadianbull said
Thank you for ordering the EQ Bank Card. We know you're excited to get your card, and we’re very sorry that you’ve had to wait to receive it. This delay is not in line with the customer experience we strive for but due to the high demand, we’ve been experiencing longer production and delivery times with our initial orders. Our team is working hard behind the scenes to get your card to you as soon as possible.

As a thank you for your patience, we’ll be issuing you a one-time $5 credit that will be deposited into your Savings Plus Account within the next 7 days. It’s our way of saying sorry for the wait.

Sincerely,

EQ Bank  

Got that email, too, even with card already in my possession. I wonder if I'll get $5, too.

Applied Jan. 13, got it today Feb. 3 so that's 15 business days.

I got an email 2 days ago about what to do when I receive my card, and I also got the $5 email.

The cardboard pullout, temporary card holder was a nice touch. I won't spoil the magic, but it did put a smile on my face, once the yellow EQ card appeared.

Ready, set, spend.

Has anyone actually tried to use a random Canadian ABM for a cash withdrawal, to see if EQ actually refunds that fee?
That does not seem sustainable, as using bank machines that are not your bank can cost a few dollars, and generic ones probably are double that fee?
So EQ is going to refund the fee of some Gen-Zer who is withdrawing $20 every couple of days from a random bank machine?
Makes no sense.

I did a small WTD at a credit union ABM, and I don't see any charges on the EQ card.

Just signed up for an EQ bank as the first step to getting the card. The process was good except they are 2FA happy. Even though I chose the option to trust my device, I had to enter 3 2FA codes to setup the account, and one more to order the EQ Bank Card (I was already logged in).

Merchant Fees Question.
The EQ Bank website and FAQ are not clear in answering whether the new card is a debit or credit card from the perspective of the merchant or service provider and the fee charged the merchant. Typically, when making a card transaction the merchant will ask "debit or credit?" and set-up the terminal accordingly. I think we all know the fee charged the merchant is much lower for a debit [Interact] transaction than for a credit card; pennies vs >2%. With large national chains, I don't care much if the merchant is charged 2% or more but for small local businesses and services [my independent drug store, barber, etc] I've been paying by Interact debit to help them reduce their costs, especially in these challenging times.

The new Mastercard debit cards are a bit confusing. My partner paid the drug store with a new Simplii Mastercard [which replaced the former Interac clientcard] and it was debited from our joint account; just the way we wanted but I don't know what fee the pharmacist was charged. The EQ Mastercard is different again in that it seems more like a prepaid credit card. I will be hesitant about using it if my barber is getting dinged 2.5%. A bit of an insult if the bank is taking a commission on his tip!

I posed the question to EQ on Twitter but have not had a response. If anyone can shed more light on this it would be appreciated.

Unrelated, things I like about the EQ card are the absence of foreign transaction fees, no end-of-month bills to pay and my money earning interest until the moment it's spent, unlike the cushion balance in a traditional checking account.

Norman1 said
The EQ Bank Card is a prepaid MasterCard. When the merchant asks "credit or debit?" one is supposed to reply "credit" so that the charge is not sent through the Interac network.

It should return a declined message of some sort if sent through the Interac network.

Interchange on Canadian prepaid MasterCards is like the interchange on the MasterCard credit cards.

In-person electronic charge on a prepaid MasterCard earns the issuer 1.44%. In-person contactless charge on a MasterCard credit card earns the issuer 0.87%, 1.16%, or 1.48% depending on whether the credit card is a regular MasterCard, World MasterCard, or World Elite MasterCard.

In-person electronic charge on a MasterCard debit card would be 0.25% + 5¢.  

Interac Corp. also has a 100% monopoly on physical debit card transactions, so it's very easy for them to charge a lower interchange fee when they bring in 100% of the revenues, but a 100% monopoly is never a good thing and stifles competition and innovation in the space.

Cheers,
Doug

Got my card in the mail, and activated it online. Tried it at A&W. It worked without a PIN when I inserted in the reader.

nerdralph said
Tried it at A&W. It worked without a PIN when I inserted in the reader.  

I had the same experience at the grocery store today, but while I was leaving they ran after me and said I need to provide a signature. Which I did to their satisfaction.

If you happened to be in same situation, ask cashier to check if signature is required to complete transaction.