EQ Bank Launched - 3% Interest Rate (For now?) | Page 10 | EQ Bank | Discussion forum

Somebody posted that EQ has stated that due to overwhelming response, they are flooded with new account applications and it will take longer than 5 days to open new accounts.

I view this as very good news. I wouldn't want to put money into a bank that has few customers.

Miron said

reality said

Well...14 days or 10 business days and the bank of broken promises still hasn't opened my account or replied even though they are the ones who set the times and dates. I'll let you folks draw your own conclusions about this bank but it doesn't look good on them.

I am in no hurry... I keep anyway $1 in my checking account so no damage done

I will let you know how ZAG Bank is keeping it's promises

For me it's not so much the hurry as it is deceiving potential customers.

I have had great success with Zag and best of all everything their CSRs and supervisors told me was true no broken promises

Joined the fray on Jan. 27
Registration was quick. Had a bit of a problem with EQ app sending cheque. Now the wait begins for activation. Not concerned since I only sent in one whole loonie.

EQ Bank is a new spin-off (digital eBank) of Equitable Bank, I imagine with their great (for now) interest rate they are going to be inundated and over-whelmed. Therefore, growing pains are to be expected.

However the company is well established and funded as can be seen below:

Company Profile
Equitable Bank is a federally regulated Schedule I bank with total assets under management of approximately $14.4 billion, over 400 skilled employees and proven capabilities in lending and deposit-taking. The Company’s integrated operations are organized according to specialty.

Within Equitable Bank’s Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada, while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.

Equitable’s Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing (“CMHC”) administered National Housing Act.

Equitable Bank also offers a range of deposit products including short-term, long-term and Cashable GICs, available in non-registered or Tax Free Savings Account (“TFSA”) across Canada. And it offers a High Interest Savings Account, available from authorized investment advisors through the FundServ network.

Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group. It was founded in 1970 as The Equitable Trust Company.

Equitable Group’s common and preferred shares are traded on the Toronto Stock Exchange under the symbols EQB and EQB.PR.C.

reality said
Because of the various problems I've dealt with I was extra cautious doing my initial large deposit earlier this evening. I won't go into details but lets just say there were some very serious issues that the CSR described as a glitch. All I'm saying is use caution and your own judgement.

Your post is interesting but not helpful. You seem to exercise caution and good judgment and still hit serious issues. Without knowing what to watch out for, your warning doesn't do much good.

RicksBank said

reality said
Because of the various problems I've dealt with I was extra cautious doing my initial large deposit earlier this evening. I won't go into details but lets just say there were some very serious issues that the CSR described as a glitch. All I'm saying is use caution and your own judgement.

Your post is interesting but not helpful. You seem to exercise caution and good judgment and still hit serious issues. Without knowing what to watch out for, your warning doesn't do much good.

Still rated as a BBB bank in earlier post, which is not far above junk. I'm not going into detail (some were dealt with in earlier posts by myself and others) about their deceptive practises and personal experiences because it would be too lengthy but in summary I suggest caution. I was going to deposit a very large sum but in the end decided to only deposit 100K because I refuse to exceed CDIC limit with this bank. In the long run proceed however you like it's your money not mine.

reality said

I have had great success with Zag and best of all everything their CSRs and supervisors told me was true no broken promises

The opening of ZAG account went flying! 24 hours after application and $25 cheque were submitted, the account was activated!

The money are still in my 'other' bank... but after activating the on line banking on their website, I had a surprise: instead of 25 they posted 2x25 = $50

I called them today and the CSR did not understand what I wanted: why 50 and would they take 25 or 50... I need to know how much to keep in my other account.
She said: nobody is taking your money, they are yours!

I reformulated: how much money would be transferred? She asked someone around and said that I posted my cheque twice in the same day which is not true... and even if it was a software glitch and my cheque was uploaded twice, how can they transfer the same cheque twice? The fact that both me and my wife signed the cheque, still does not make sense to me, to be transferred twice the amount of it!

I gave up and I will keep there $50 just to make sure there are enough funds!

Meanwhile, EQ is still waiting for the buck to be taken

theodor said

Tried to phone as the sign-up process did not go as planned. Been on hold for 35 minutes before hanging up. If this is the way they treat prospective clients good luck once you have signed up. Not me!

You must understand: they can not hire more people for a few weeks until everybody is signed in and then get rid of them... they are clearly flooded with hungry clients like us

Took a cheque personally to EQ bank last Friday--the app wouldn't take a photo of my cheque--and I live 2 minutes from their St. Clair/Yonge location.
Today (1 week later=5 business days), I received the email from EQ stating that they are very busy and it will be another 5 business days:(

Somehow lost track of dates (this is a problem juggling so many on-line accounts with different expiry dates); moved money out of PC on Wednesday night-->arrived in my CIBC account today (1.75); i'll move some to EQ when they finally set it up. Am also going to open ZAG. And will max out the PC account 2.35.

Just checked the CDIC website. I'm a bit confused:
1. if you add family members to an account, then each account with a different combination of accountholders has a separate $100K protection?? or if you name is on multiple accounts, are you only covered for $100K?

2. it looks like your RRSP $100K limit is separate from other accounts, so you can have $200K in 1 bank (plus TFSA is another category=$300(if you had $300) in a TFSA!)

can someone let me know!! thank you

Somebody posted on rfd that interest for January has already been deposited