EQ Bank - no ID or transit numbers! | EQ Bank | Discussion forum

I am using them for strictly savings until the 3% non-promo "promo" ends. I'm thinking that will be the end of our relationship.... we'll see what they have to offer. So far not impressed with the time it is taking getting my account up and running. Applied on the 18th and on the 25th my account is still not active. As for transferring...I prefer to "push" funds out to avoid the hold on the receiving end when you "pull" them out anyway, so not an issue here. Since I can't have my paycheck deposited, (I assume you need transit number for that), I see no reason to set up bill paying with them.

Correct ...I got them long time ago directly from EQ and used them to set up transfers, no problem there..

Save2Retire@55 said
Not sure if anyone updated this but they do have it now.

The transit is 80002
and the institution 623

For the account just put your account # without the -  

You should, though, double-check with the financial institution before setting up a link instead of relying solely on Payments Canada's information. For instance, your accounts could be assigned under a different transit number. 🙂

They don't have a direct clearing arrangement with Payments Canada and clear through TD Canada Trust. Observe:

062300012 19682-004 30 St. Clair Ave W. Ste 700, Toronto, ON M4V 3A1
062370002 19682-004 30 ST. Clair Ave W. Ste 700, Toronto, ON M4V 3A1
062380002 19682-004 700-30 St. Clair Avenue West, Toronto, ON M4V 3A1

Their institution number is 623 for electronically-cleared payments (i.e., bill payments, electronic funds transfers, etc.) but for paper cheques, they clear through a special virtual transit number that TD Canada Trust (004) has set up for them. Tangerine Bank operates in a similar way, though they have their own transit number for cheques and stuff. They can accept clearing items and provide their own chargeback processing and that sort of thing but still use RBC Royal Bank to clear things through the clearing system, hence why the one extra day delay in clearing (it used to be two days but they can clear through the Vancouver and Toronto data centres same-day now). 🙂

Cheers,
Doug

It worked for me too ... no glitch there.

That's fine, but you should still ask as, often, the EFTs are processed on a manual basis when the transit number is incorrect and that could change at any time. They typically show up on some sort of daily EFT exception report for many FIs whereby that FI's back-office has to manually look up & credit accounts from the central bank G/L account that received those funds automatically as a result of the error. 🙂

Cheers,
Doug

Paranormal said
Just a note that it just worked for me too. Thanks very much for sharing the transit/institution #'s for EQ Bank. As soon as I added the account to Tangerine it immediately recognized it as Equitable Bank.

  

That last part is because they use the publicly-available branch database from Payments Canada, the national cheque and EFT clearing association.

Still, it's best to ask for your transit numbers - some banks have to manually process transactions set up using the wrong transit number and they may stop that practice in future-leaving you with returned funds. 🙂

To future posters, please don't do a "me too" post saying it worked; it probably will but it's non-standard and may stop in future. We should not be actively encouraging this practice of "assuming" transit number. 🙁

Thanks!

Cheers,
Doug