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Email this12:34 pm
September 11, 2013
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I don't see any GICs on the EQ Bank site, just the savings account.
12:37 pm
December 23, 2011
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Bill said
I don't see any GICs on the EQ Bank site, just the savings account.
https://www.eqbank.ca/company/mortgages-and-deposits/deposits
12:40 pm
January 14, 2016
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Dennis said
Does anyone succeed depositing cheque with their mobile app? It seems not working with all my devices (ipod touch and android 2.3). Maybe mines too old? Still I could instill to both.
Yes, here is what you need to do :
a) Hold the camera around the cheque borders, click on the auto-focus button on the app, wait for it to register and the click the Tick Mark.
If you click the Tick Mark before it has registered, it will keep giving you an error.
1:17 pm
October 21, 2013
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The GICs that they offer are not part of the online banking division.
I think you would need to buy them through "advisors" (but why would you?), who probably need to take a cut, hence low rates.
While it's all the same for CDIC purposes, it is not the same organizationally. The online bank only offers the savings account.
1:19 pm
May 28, 2013
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Since their one-year GIC on offer only pays 1.45%, I suspect that once the honeymoon is over and they have a lot of customers, the daily savings rate could drop from 3% to a value closer to that of this GIC. After all, why offer a daily savings rate far superior to a GIC?
Also interesting that they claim they do not have a bank transit number - so does this mean one could not say link from Hubert to EQ?
I'll put some money into them for now, but if the rates tank, I'm outta there!
1:31 pm
December 23, 2011
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Loonie said
The GICs that they offer are not part of the online banking division.
I think you would need to buy them through "advisors" (but why would you?), who probably need to take a cut, hence low rates.While it's all the same for CDIC purposes, it is not the same organizationally. The online bank only offers the savings account.
But...but.....It is on their website...EQ Bank...Company....Mortgages and Deposits....Deposits.
1:36 pm
December 23, 2011
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rhvic said
Since their one-year GIC on offer only pays 1.45%, I suspect that once the honeymoon is over and they have a lot of customers, the daily savings rate could drop from 3% to a value closer to that of this GIC. After all, why offer a daily savings rate far superior to a GIC?
Also interesting that they claim they do not have a bank transit number - so does this mean one could not say link from Hubert to EQ?
I'll put some money into them for now, but if the rates tank, I'm outta there!
I agree in comparison to GIC rates they are saying they cannot sustain the 3% rate.
The norm for the advisors cut of a GIC is 1/4%
Right the transit....there has to be one.
Although we cannot see on Hubert ....they will give it to you.
New bank....green people? Dont seem to be as orgainzied as Oaken.
Still ask.....can you assign beneficiary or successor to the non-joint account?
1:52 pm
May 28, 2013
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Just got this from EQ Bank by email:
"Welcome to EQ Bank. We really appreciate your business.
Unfortunately, as of now EQ Bank doesn't have a bank ID or transit number.
We apologize for your inconvenience. "
Say what?? Very odd indeed. Will they get one??
1:55 pm
December 23, 2011
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rhvic said
Just got this from EQ Bank by email:
"Welcome to EQ Bank. We really appreciate your business.
Unfortunately, as of now EQ Bank doesn't have a bank ID or transit number.
We apologize for your inconvenience. "
Say what?? Very odd indeed. Will they get one??
Odd for sure.....don't they need transit numbers for both the "push" and "pull" set up?
3:07 pm
December 3, 2014
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rhvic said
Just got this from EQ Bank by email:
"Welcome to EQ Bank. We really appreciate your business.
Unfortunately, as of now EQ Bank doesn't have a bank ID or transit number.
We apologize for your inconvenience. "
Say what?? Very odd indeed. Will they get one??
They told me the same thing.
They said it was because they did not offer cheques or debit cards.
So unless they cough up some numbers,I guess all bank links will need to be setup on their end.
3:21 pm
January 14, 2016
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I checked with Tangerine to see if they can come anywhere close to matching this (they most recently had offered me 2% for 6 months). I was on hold for 40 minutes before getting through, explained the 3% offer from EQ, was put on hold again, and was told they could not match the 3% and that I already had a 2% promotion.
Has anyone else checked with Tangerine or PC Financial to see if they will try to be even remotely competitive?
4:15 pm
January 23, 2013
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leadpathfinder said
Dennis said
Does anyone succeed depositing cheque with their mobile app? It seems not working with all my devices (ipod touch and android 2.3). Maybe mines too old? Still I could instill to both.
Yes, here is what you need to do :
a) Hold the camera around the cheque borders, click on the auto-focus button on the app, wait for it to register and the click the Tick Mark.
If you click the Tick Mark before it has registered, it will keep giving you an error.
Thanks. It worked this time. It still stopped working without giving me confirmation but it seems they received cheque this time.
4:40 pm
October 21, 2013
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I don't see how you can designate a beneficiary in a non-registered account. Wouldn't it have to come through your will of administration of your estate? - in which case subject to probate tax? With registered accounts, the government intends that probate can be dealt with differently.
4:46 pm
December 8, 2015
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Thanks for the info on this new bank.
Just deposited my cheque using Android app.
Was a little tricky but finally got it to work.
4:48 pm
December 23, 2011
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Loonie said
I don't see how you can designate a beneficiary in a non-registered account. Wouldn't it have to come through your will of administration of your estate? - in which case subject to probate tax? With registered accounts, the government intends that probate can be dealt with differently.
Never thought of beneficiary being due to registered or non registered. A beneficiary form allows you to bypass probate. If that is the case JOINT that they don't offer is more of a "must have". I am beginning to think before you fly you need good engines.....and they don't have good engines yet.
6:59 pm
April 6, 2013
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kanaka said
Loonie said
The GICs that they offer are not part of the online banking division.
I think you would need to buy them through "advisors" (but why would you?), who probably need to take a cut, hence low rates.While it's all the same for CDIC purposes, it is not the same organizationally. The online bank only offers the savings account.
But...but.....It is on their website...EQ Bank...Company....Mortgages and Deposits....Deposits.
Those are the Equitable Bank Guaranteed Investment Certificates.
According to the Mortgages & Deposits > Introduction, those Equitable Bank deposit products are not available through their EQ Bank service:
Equitable Bank Deposits
If you are looking to invest in your future, our safe and secure deposit products can prove to be a valuable option. We offer competitive rates on a range of products including short and long-term non-redeemable GICs, as well as cashable GICs, available in non-registered or Tax Free Savings Accounts (TFSA). Equitable Bank deposit products are available through a deposit broker or your investment advisor.
7:08 pm
December 23, 2011
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Sanity check......
T.EQB | 17 hours ago
Equitable Bank launches EQ Bank
Canada NewsWire
TORONTO, Jan. 14, 2016
New digital bank offers EQ Bank Savings Plus Account with high 3.00% interest rate and flexibility to pay bills and easily transfer money
TORONTO, Jan. 14, 2016 /CNW/ - Equitable Bank, a subsidiary of Equitable Group Inc. (TSX: EQB and EQB.PR.C), today announced the launch of EQ Bank, a new completely digital way of banking. EQ Bank offers a seamless online and mobile banking experience, and will help Canadians reach their savings goals faster.
EQ Bank's first product, the EQ Bank Savings Plus Account, allows customers to pay bills, transfer money to friends and family, and also earn a competitive interest rate – all from one account.
"This is an exciting new chapter for Equitable Bank as we launch EQ Bank and bring convenient everyday banking right to the fingertips of our customers," said Andrew Moor, President and CEO, Equitable Bank. "Each year, Canadians are leaving billions of dollars of interest on the table. Our goal is to ensure they get the most out of their hard-earned money. Without the cost of traditional branches, we can focus on our customers first, helping them achieve their savings goals faster."
EQ Bank's entry into the digital banking space comes on the heels of a growing shift towards fintech innovation and digital banking in Canada, where 55 per cent of the population choose to do most of their banking online, according to a report released by the Canadian Bankers Association.
The EQ Bank Savings Plus Account offers:
An everyday interest rate of 3.00% – with no teaser promo periods that have an expiry date
Interest earned on every dollar, without the hassle of transferring money between a chequing and savings account
No monthly fees
Unlimited day-to-day transactions
No minimum balance requirements
Five (5) free Interac e-Transfers® per month
Savings goals feature to help save towards that new car, vacation or home
No complicated terms or unreasonable conditions
Safe and secure banking from your desktop or mobile – Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), therefore deposits in the EQ Bank Savings Plus account are insured up to applicable limits
"The EQ Bank Savings Plus Account will help Canadians earn more money, while still being flexible to meet life's everyday needs – with no surprises," said Dan Dickinson, Vice President, Digital Banking, Equitable Bank. "With our innovative branchless model, we have removed unreasonable and complicated monthly fees, bundles and minimum balances from the banking equation so that we can offer our customers more value. Working with an experienced team at EQ Bank and leading Canadian fintech partners, we are now able to offer Canadians an easy, secure and better savings option."
To sign up or learn more on how EQ Bank is helping Canadians reach their savings goals faster, visit eqbank.ca or download the EQ Bank mobile app (available on the App Store and Google Play).
EQ Bank is brought to Canadian customers by, and is a trademark of Equitable Bank, and offers a branchless, completely digital banking experience. Features of the EQ Bank Savings Plus Account, including the interest rate, are subject to change. Visit eqbank.ca for the latest details.
About Equitable Bank
Equitable Bank is Canada's ninth largest independent Schedule I bank and offers a diverse suite of residential lending, commercial lending and savings solutions to Canadians. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $17 billion of assets under management. Most recently, Equitable Bank launched a digital banking operation, EQ Bank, along with its flagship product the EQ Bank Savings Plus Account. Equitable Bank currently employs over 500 employees across the country, and was named one of Canada's best employers for 2016 by Aon. For more information about Equitable Bank and its products, please visit equitablebank.ca
SOURCE Equitable Group Inc.
image: http://rt.newswire.ca/rt.gif?N.....d=20160114
Media Contact: Bryan Dinh, Director, Marketing, EQ Bank, 647-600-2160, bdinh@eqbank.ca; Natasha Boeck, Environics Communications, 416-969-2724, nboeck@environicspr.comCopyright CNW Group 2016
Canada Newswire
January 14, 2016 - 5:00 AM EST
Tags: FINANCIAL SERVICES SPECIALTY FINANCE
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7:13 pm
April 6, 2013
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kanaka said
rhvic said
Just got this from EQ Bank by email:
"Welcome to EQ Bank. We really appreciate your business.
Unfortunately, as of now EQ Bank doesn't have a bank ID or transit number.
We apologize for your inconvenience. "
Say what?? Very odd indeed. Will they get one??
Odd for sure.....don't they need transit numbers for both the "push" and "pull" set up?
EQ Bank is not a legal entity that can get a CPA institution number. EQ Bank is the name of an online banking service from Equitable Bank.
Any future CPA clearing of direct deposits and pre-authorized debits would likely be done through Equitable Bank's institution number 623. Same with the currently offered "push" and "pull" services.
8:05 pm
April 6, 2013
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kanaka said
Loonie said
I don't see how you can designate a beneficiary in a non-registered account. Wouldn't it have to come through your will of administration of your estate? - in which case subject to probate tax? With registered accounts, the government intends that probate can be dealt with differently.
Never thought of beneficiary being due to registered or non registered. A beneficiary form allows you to bypass probate. If that is the case JOINT that they don't offer is more of a "must have". I am beginning to think before you fly you need good engines.....and they don't have good engines yet.
The beneficiary designation on the accounts are special to RRSP, RRIF, and TFSA accounts. Special provincial legislation was required.
The article National Post: The trouble with TFSAs discusses the issues when TFSA's were created.
10:42 pm
October 21, 2013
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Norman1's understanding agrees with my own.
If one could designate a tax-free beneficiary for every bank account, an awful lot of estates would never have to pay probate and everyone would be in a hurry to liquidate their assets to move to savings accounts as they aged or faced a terminal diagnosis. The only way around it as far as I know is joint account or registered account, neither of which is offered by Eq Bank yet. I think that's a fair decision on their part.
They are just offering one very simple product online - a savings account in only one person's name with very few frills and a high interest rate. As long as they do that competently, I would endorse them. There is a place for this niche, although I doubt they will confine themselves to it in the long run. They will want to grow, offer more products, probably reduce interest rates, and hope to either be bought out by the big guys or grow big enough to join them!
I think kanaka is right though to point out this limitation in the Eq Bank savings account, especially for older couples. As it stands, when the owner of the account dies, the asset must go to probate, and tax paid, before the spouse (or anyone else) can inherit, assuming he/she is entitled to inherit it.
Hopefully that will be the first improvement they make.
In the interim, as an alternative, in such cases, one can carry life insurance which will offset probate costs. Many potential customers will already have it in place.
Please write your comments in the forum.