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Equitable Bank Continues to Grow with Plans to Move its Headquarters in Toronto
February 27, 2020
9:27 am
Canadianbull
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February 27, 2020
10:14 am
Loonie
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thanks for the info

Odd location. I wouldn't call it close to Union Station myself. A long miserable walk on a day like today. Or take a slow-moving street car and still have some walking to do.

Funny how they can do all this and STILL not offer a simple joint account!sf-confused

February 27, 2020
10:46 am
AltaRed
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Technically, EQ only needs what deposits they need to match their lending business. JTWROS accounts, other than between spouses, come with all sorts of potentially complicated baggage for exclusively online banks. I dont blame them for being hesitant.

February 27, 2020
10:59 am
Loonie
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Funny how other online-only banks don't seem to see this as such a difficult problem.

No matter. I only use EQ as a n occasional stop-gap any more.

February 27, 2020
11:27 am
AltaRed
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It is obviously a business call so far. A few quick potential problems with JTWROS accounts:
1. Elderly person is talked into JTWROS account with a relative to make it easier for that relative to manage the elder's affairs. Relative bleeds elder's finances. EQ gets taken to court because they should have seen it coming though no fault of it's own. Waste of EQ's time.
2. The thread here where the mother wanted son to open JTWROS account so mother could get capital out of China. Not saying this one is an issue but wouldn't surprise me if a lot of these kinds of accounts are used for money laundering in the lower mainland. BC has a notorious record of money laundering.

Just saying it could be a business decision to stay clear of potential problems. Personally I am happy with the way things are at EQ. A couple can still have $200k there with full coverage. I'd even hold more on a HISA only basis since it can be yanked at the first sign of trouble.

February 27, 2020
4:28 pm
Loonie
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These issues come with the territory of operating a bank, and as far as I know, all other banks just deal with them.

Yes, it's a "business decision". And so is mine. I took my business elsewhere.It's not that difficult to find higher rates AND a joint account.

You can always find some cases of abuse, but I don't think most of us would consider that a reason not to offer joint accounts.

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