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Email this10:04 am
July 7, 2015
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I used their IOS App to take a pic of my cheque and deposit it. However as the App closed I thought I might have seen some kind of message flash on the screen. But when I went back into the App I saw nothing unusual. Now 3 days have passed and so far the cheque has not cleared my CIBC account.
So I called in to find out if EQ can see that my App deposit was good but they told me they had no way to tell if the deposit was good and I will have to wait 5 to 10!! days to be sure.
When I go back into the App I see at the top of the screen "Confirmation". Then below that is a "Thanks (my name), you're almost there". Then it gives my 9 digit account number. Then below that is a green check-mark beside "Your email has been verified".
Then below that are instructions on making the deposit but (even though I think I followed them) I see nothing in the app that indicates I was successful (e.g., like another green check-mark beside the deposit instructions).
Can someone who has used the app to deposit tell me did you get any kind of indication in the app that the deposit was successful?
10:22 am
February 14, 2014
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edarte said
Can someone who has used the app to deposit tell me did you get any kind of indication in the app that the deposit was successful?
I opened my account on Wednesday; 3 days ago. My app says "You're almost there; email has been verified; your cheque has been received".
I _think_ it got to this state the same day I applied and deposited the cheque. I don't remember what message if any I saw immediately after depositing the cheque but I was not at all suspicious that it may have failed (so it probably gave some sort of feed back).
However, it should be easy. My app now will not let me deposit another cheque or see anything until it's activated. If your still offers to let you deposit a cheque, then clearly your first attempt failed.
10:29 am
February 14, 2014
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I mentioned above that I asked EQ yesterday at 11am about when the interest starts after depositing a cheque. I asked the question generally, and not specifically about the initial deposit to open an account (where most people only send a few dollars anyway). The reply came just after midnight last night.
The EQ Bank Savings Plus Account is an online personal bank account and operates in Canadian currency. The EQ Bank Savings Plus Account will earn interest daily based on the closing balance, and interest will be paid monthly. There is no minimum balance requirement.
The cheque does start earning interest when it's posted to the account. So, you will be earning the interest while your cheque is on hold.
That is good feedback - to place when interest begins to be earned on the website, so I have submitted it for review.
Thank you so much for your questions, and great feedback.
10:32 am
July 7, 2015
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Just used their online chat and got a better response - basically I should see a green check mark as well after the cheque submission.
So the online chat people are good. The phone people would have had me waste 10 days waiting for a deposit to clear that they never got.
PS - I saw no way to invoke the online chat in the app - it just popped open automatically when I clicked on a few of the "deposit" buttons in the app and then just left it open.
10:42 am
July 7, 2015
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RicksBank said
edarte said
Can someone who has used the app to deposit tell me did you get any kind of indication in the app that the deposit was successful?I opened my account on Wednesday; 3 days ago. My app says "You're almost there; email has been verified; your cheque has been received".
Thanks Rick just saw your post after my last one. I have redone my deposit and it looks like I am making progress.
6:29 am
November 11, 2015
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Quick review of app : Had a chance to really try out the app yest . Overall a pleasant and simple experience although there are some things that def need improvement. It's a bit slow and the interac e transfer menus need some work. I was able set up bill payments and create different accounts for bills and savings pretty quickly. Will report back in a week once some transactions have gone through.
9:16 am
December 29, 2015
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Looks like they are overwhelmed. I called and was waiting on hold, but hung up when I saw this message from the front page:
EQ Bank is hard at work opening all your new accounts
We've experienced an overwhelming response over the past few weeks. Unfortunately that has led to delays as we securely bring on all our new customers. If you've opened a Savings Plus account please bear with us - you'll receive your welcome email soon.
10:04 am
January 20, 2016
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RicksBank said
I mentioned above that I asked EQ yesterday at 11am about when the interest starts after depositing a cheque. I asked the question generally, and not specifically about the initial deposit to open an account (where most people only send a few dollars anyway). The reply came just after midnight last night.
The EQ Bank Savings Plus Account is an online personal bank account and operates in Canadian currency. The EQ Bank Savings Plus Account will earn interest daily based on the closing balance, and interest will be paid monthly. There is no minimum balance requirement.
The cheque does start earning interest when it's posted to the account. So, you will be earning the interest while your cheque is on hold.
That is good feedback - to place when interest begins to be earned on the website, so I have submitted it for review.
Thank you so much for your questions, and great feedback.
I am quite sure the initial deposit cheque will not be posted (and the account would not be activated) until they get the money, meaning that our 'other' bank responded to their transfer request... after that, everything should go smooth according to their answer.
10:05 am
January 20, 2016
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Actually we have to wait until the cheque is cleared from our bank before making any inquiry 
8:03 pm
October 21, 2013
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reality said
Norman1 said
mechone said
Question , would you deposit more then the CDIC limit ? It is a bank and must pass government stress test right?
Equitable Bank currently has a DBRS credit rating of BBB(low). I think the answer depends on how one feels about investing money into something with that rating.
Is there a way I could get ratings for Canadian banks along with explanations? I have been following these boards for years but just finally registered tonight. I was going to park a lot more than 100K in EQ and would appreciate rating info and such.
Something that you might want to consider with reference to banks which don't have the highest tier ratings is not just whether they are CDIC insured and staying within those limits but also how urgently you might need this money.
If CDIC ever had to return your money, you should assume it will take several months. That's how long it took with the bank failures of the 1980s etc. So it would be best to use such an account for money you do not expect to need any time soon.
6:03 am
October 18, 2014
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I signed up on 14th. Initial cheque finally cleared my other bank this morning. No e-mail from EQ yet. Hoping its not 5 days from today but I guess I've waited this long, what's another week? I have short memory so I likely won't hold the delay against them and will only be as loyal to them as they are with their rate.
8:18 am
January 20, 2016
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GoJetsGo said
I signed up on 14th. Initial cheque finally cleared my other bank this morning. No e-mail from EQ yet.
wow, I send the cheque on 20th... so I can relax 
8:24 am
January 20, 2016
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GoJetsGo said
Hoping its not 5 days from today but I guess I've waited this long, what's another week? I have short memory so I likely won't hold the delay against them and will only be as loyal to them as they are with their rate.
Actually they said 5 days after they deposit the cheque...
8:53 am
January 18, 2016
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This "bank" and I use the term loosely is a joke. I also made a deposit the morning of the 14th and it still hasn't cleared yet. These guys are all hype and the phone staff are overwhelmed by people calling to find out what's happening and why things aren't working. The last one I talked to was ready to jump ship. I for one have written them off at least for now. If and when the accounts are opened I'll bet the rate sinks faster than the Titanic.
9:00 am
January 20, 2016
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Then, they have to hire more people to close so many accounts 
4:36 am
August 1, 2015
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EFT transfer in is not particularly fast in comparison to Tangerine. Did two transfers in from Tangerine on the 22nd. Was pulled out of my Tangerine this morning. I would have expected it to happen yesterday instead.
Am now trying an EFT transfer out.
4:39 am
January 17, 2016
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Issues with EQ bank - this morning, I tried to transfer $40000 but was advised it was over the $30000 limit - I guess I missed that there was a daily deposit limit. I knocked it down to $25000 and while it was accepted, I had to answer a verifying question before the deposit was accepted. It was subsequently accepted and after the screen refreshed, I saw that the total deposit was added to the funds immediately available - obviously, this should not be the case as there is a hold period but regardless, it did show all funds available until I logged out and logged back in to see that the deposit was indeed on hold - so it seems there are some issues with the set up including what appears to be long hold periods unlike my experience with tangerine which seems to clear deposits much more quickly - hopefully this is simply the result of growing pains
5:17 am
January 20, 2016
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file said
EFT transfer in is not particularly fast in comparison to Tangerine. Did two transfers in from Tangerine on the 22nd. Was pulled out of my Tangerine this morning. I would have expected it to happen yesterday instead.
Am now trying an EFT transfer out.
Did you transfer the funds on 22nd before 12 pm? The funds should be taken out Saturday morning...
5:20 am
January 20, 2016
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netpi said
Issues with EQ bank - this morning, I tried to transfer $40000 but was advised it was over the $30000 limit - I guess I missed that there was a daily deposit limit. I knocked it down to $25000 and while it was accepted, I had to answer a verifying question before the deposit was accepted. It was subsequently accepted and after the screen refreshed, I saw that the total deposit was added to the funds immediately available - obviously, this should not be the case as there is a hold period but regardless, it did show all funds available until I logged out and logged back in to see that the deposit was indeed on hold - so it seems there are some issues with the set up including what appears to be long hold periods unlike my experience with tangerine which seems to clear deposits much more quickly - hopefully this is simply the result of growing pains
The big question is: are the moneys making interest right away?
6:49 am
February 14, 2014
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Miron said
The big question is: are the moneys making interest right away?
I posted the answer to that question a couple of days ago. My question was about cheques but surely it applies to EFTs as well?
The cheque does start earning interest when it's posted to the account. So, you will be earning the interest while your cheque is on hold.
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