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Email this10:21 am
August 4, 2010
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Any sort of bail-in would be a procedure to prevent the bank from failing, by calling on the bail-in bonds or whatever other capital conversion mechanism is in place. If the bank actually did fail, CDIC would still be liable, no change there as far as I know. And CDIC appears to be a crown agent and its liabilities would seem to be implicitly guaranteed by the federal government.
In any case, I suspect it would be highly improbable that a big5 bank could go insolvent, and effectively impossible for a government to permit retail deposit liabilities to fail.
10:27 am
January 17, 2016
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You are correct with respect to the bail-in provisions and the CDIC is a Crown Corporation and implicitly guaranteed by the GOC but the insurance limit is $100k and while I agree it's highly unlikely one of the big 5 would ever fail, the same cannot be said about lesser banks (as we have seen from experience) and hence the importance of adhering to the $100k maximum since that's all the guarantee covers - I don't agree that it would be effectively impossible to allow retail deposit liabilities "above" 100k to fail - that is the law and I would not want to put it to the test
2:42 pm
February 14, 2014
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Well that was easy. I did the online application via a desktop web browser, clicked on the Google app link to install it on my mobile and photo-deposited a cheque for the maximum $25k. I have to wait a few days for the account to be activated to deposit another cheque, but that's OK.
3:33 pm
January 18, 2016
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Yeah well just a heads up folks, I was one of the first on Jan. 14th to open an account. The rep I spoke to initially wasn't too knowledgeable but she got me all the answers I needed and was helpful. The app worked well and I transferred 200K to my non interest bearing account awaiting transfer to EQ. I was told max 5 business days so I called today at the end of the 5th day.
Call #1 the rep couldn't figure out how to turn on her headset or something says she can't hear me and hung up... 15 minutes wasted. Call #2 I get the same CSR and she says she still can't hear me and hangs up... only 13 minutes wasted this time. Call #3 SAME CSR GRRRRRRRRRR after a bit of prodding guess what she can hear me but guess what... her English is shall we say less than perfect. She tries to bring up my account but after about 10 minutes of trying to slowly phonetically give her the info I get frustrated and ask for her supervisor. Well now she is giving me information and apologizing and... I still want her supervisor. She tells me they are busy and I will have to wait I said "no problem I'm already into this 3rd call with you for 18 minutes".... Thirteen minutes on hold and I got a supervisor and explained the CSR issues and everything else. I await an answer on who is going to reimburse me for the 3% interest on 200K for waiting for them to get their act together and why is such a new bank lying to new customers about the time (5 days) to activate the account, which by the way for anyone setting up now they are telling me it's 5-10 business days. Total time on call #3 45 minutes.
3:42 pm
February 14, 2014
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@reality
The web site (today) states that the hold for a cheque deposit is a maximum of 5 business days "after the day of deposit" for a deposit of up to $1500, or 8 business days "after the day of deposit" if greater. Today is only the 4th business day after your deposit (which I assume was by cheque?).
https://www.eqbank.ca/general-banking/legal/hold-funds-policy
3:46 pm
January 9, 2011
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RicksBank said
@reality
The web site (today) states that the hold for a cheque deposit is a maximum of 5 business days "after the day of deposit" for a deposit of up to $1500, or 8 business days "after the day of deposit" if greater. Today is only the 4th business day after your deposit (which I assume was by cheque?).
https://www.eqbank.ca/general-banking/legal/hold-funds-policy
You misread. His/her post had nothing to do with hold funds!
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
4:01 pm
February 14, 2014
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Well, the hold funds refers to a cheque deposit, and you open a new account with a cheque deposit. I'm assuming the hold period is the same for an initial deposit too.
I suppose it's possible they really do mean that the account can and will be activated before the cheque deposit hold is lifted? IOW, that the act of opening and activating an account is entirely separate form the hold on the initial cheque deposit? I might be able to verify this somewhat since my cheque was well over $1500. I'll watch to see if my deposit is still held when my account is activated.
The application process says:
Your account will be activated 5 days after we deposit your cheque.
We’ll e-mail you when your account is activated.
Still, by my count today is only 4 business days after @reality's cheque was deposited on the 14th...
4:31 pm
January 18, 2016
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You are correct dougjp. Below is a direct quote of what it says on their website right now, not what it said last Thursday. By the way RicksBank this is not my first rodeo, by last count I have 11 of these so called "high interest" accounts. I was one of ING's first customers back in 03 so trust me when I tell you I know what questions to ask and I did ask them and yes they were recorded on their end and yes they said "Thursday is day 1, Friday is day 2, Monday is day 3, Tuesday is day 4, Wednesday is day 5 and finally yes it was a supervisor I talked to. Satisfied? You know what they say about the word ASSUME!
"I have filled out the online application, how long before my account is active and ready to use?
You're almost there! After submitting the application, please complete the sign-up process by writing a cheque for at least one dollar, payable to yourself and mailed to the following address:
EQ Bank - Digital Banking,
30 St. Clair Avenue West, Suite 700,
Toronto ON
M4V 3A1
This allows us to validate your identity via your signature, address and external bank account information. Once this cheque clears your Linked Account, your EQ Bank Savings Plus Account will be active. The period between completing the sign-up process and account activation is typically 5 business days from the time we receive the cheque."
5:27 pm
February 14, 2014
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@reality,
I see your frustration then! You know what they say about the word ASSUME! Indeed! I never assume a customer service supervisor knows what they're talking about either. 
Early adoption has bitten me many times, from kittens to technology. I try to avoid it but decided to take a chance and jump on the 3% with some of the money I pulled from Tangerine.
With the addition of EQBank, I too have 11 of the high-interest accounts on this website, but in my case I didn't deposit more funds after the initial $10 or so for several weeks or even months after opening the accounts. I had the "luxury" of not caring how long it took to open the accounts. I had no problems, but without ever having to call customer service (other than trying to get 2% from Tangerine last month) I haven't learned much either. Thanks for taking the time to explain.
5:31 pm
August 28, 2013
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Instead of worrying for bank rates, oil and stock market, etc., get your money and go buy decent luxury car and enjoy while world is falling apart.
How many of you have REAL car like latest Mercedes, Volvo, BMW or similar?
Upcoming Mercedes E class and Volvo S90 are worth every penny. Loaded with latest safety technology, powerful, luxurious, head turning vehicles. Well, maybe not MB but Volvo S90 for sure.
Screw the worry about money. Live NOW.
5:46 pm
September 11, 2013
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It says "typically 5 business days" so I take that to mean that's what's usual, not an absolute guarantee. I would guess that starting up, what with opening lots of accounts and training new staff, that right now is not a "typical" time for EQ Bank. I agree, RicksBank - I've found giving a bit of leeway when opening an account is usually a good idea with these ebanks. Over the years whenever I give it a bit more time it invariably works out fine, no wasted time on the phone or aggravation to reduce my life expectancy!
5:51 pm
February 14, 2014
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JustMe said
How many of you have REAL car like latest Mercedes, Volvo, BMW or similar?
Oh my, now I have to admit that I drive a 7-year-old minivan, written off due to hail damage 18 months ago. But I have a nice sailboat! Does that count? 
6:09 pm
January 28, 2015
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netpi said
Bank ratings and CDIC insurance are not as comforting as they may on the surface seem - only some smaller Cdn banks have ever gone under (Northland Bank comes to mind as an example and it was taken over I believe by Royal) but the simple fact is that in the event one of the major Cdn banks went under, conditions would be such that there would not be enough money within the CDIC to pay out depositors - the question then becomes whether the Gov't of Canada would come to the rescue and that is not clear. It used to be thought that there was a more or less implicit guarantee the GOC would bail out a bank but recent changes in legislation including in particular the new "bail-in" provisions call into question what support the GOC would provide - so I kid myself in thinking that the $100k guarantee is my guarantee of safety and I never have more on deposit at any one bank but I often wonder if push came to shove whether that guarantee would be worth anything or if so, how much
Actually 3 banks and 40 trust companies have gone under since 1970 . My dad had a 60 grand in Confederation Trust and waited almost a year for CDIC to pay I believe 60 was the top amount then later moved to 100 ,it should be 200 now
5:23 am
October 21, 2013
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I agree, 200K would be more realistic, especially in these perilous times!
My dad too had an account with a trust company that went bust, but he was careful to stay within CDIC limits and got his money back in due course without having to lift a finger. The downside was that it was a 5yr GIC and rates were going down, so he lost out on the term and had to reinvest elsewhere at lower rate.
5:28 am
October 21, 2013
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RicksBank said </s
Early adoption has bitten me many times, from kittens to technology.
They're so cute when they're babies,
but then they turn out to be high-maintenance!
5:39 am
October 21, 2013
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Maybe we should run a contest for who has the most "hi-interest" savings accounts! 
I'd lose though. 11 is impressive!
7:40 am
October 11, 2015
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Wow--11 online banks!! Do share--with rates, if possible!!
I called CDIC yesterday and EQ is covered for the 100K.
I downloaded the app but don't seem to be able to upload both sides of my cheque--but this could be a function of my iphone 4S being overloaded. I live around the corner from EQ (40 St. Clair, so might walk the cheque over tomorrow.)
They do say that it takes 10 days or so to start the account--so i'm just giving a $1 cheque to let them get everything set up.
The extra interest is still worth the hassles--in my opinion.
Hopefully transferring money will be simple.
Just wondering how long they will keep this introductory rate?? Their GIC rates are not great. Of course i'd rather "lock in" the 3% rate!!
Any suggestions for high GIC rates??
9:51 am
January 17, 2016
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Fiscal agents provides up to date information on a wide variety of GIC rates, updated daily
http://www.fiscalagents.com/ra.....sort.shtml
10:21 am
August 4, 2010
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You may want to check the Globe's GIC rate page, or another CANNEX source - I think Fiscal Agents' page only shows ones they sell, and doesn't show things like Oaken, Peoples Trust, or the Manitoba CUs, all of which may have higher rates.
10:35 am
January 20, 2016
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I opened an account last night and it was still showing 5 business days to activate.
I don't see any reason to send a deposit check of more than $1 in order to connect the 2 banks. This way there is no need to keep any money in no interest accounts! I just have $1.2 in my checking waiting to be taken
I downloaded the app and after a few errors, I did successfully send the check!
Please write your comments in the forum.