Falling behind the competition? | Page 3 | EQ Bank | Discussion forum

Fogoguy said

Well, applying for an account at Meridian was a total waste of time. Not even close to the simple experience I had with EQ. First thing Meridian says is that I must go to the nearest branch, (there are no branches in my neck of the woods) or go to the post office to confirm my ID. (I am bedridden with a permanent spinal injury, so no, I'm not going to the post office) So I'll ask again... is there any other online bank whose application process will be similar to the experience I had when applying for an EQ account?  

Hi Fogoguy. Sorry to hear about your health circumstances. The only other easy online bank application is Tangerine and they may or may not be worth your while. I would like to mention that my mother was in a wheelchair and I tried to set her up with an online bank account with Tangerine and had to go to the post office to confirm ID. I understand that the reason was because she did not have any recent credit history - I guess most things (like credit cards and utility bills) were in my father's name and after he passed, my mother was on her own. So I am wondering if something similar happened when Meridian tried to verify your identity, likely through one of the credit reporting agencies. It may be worth your while to call Meridian - they should be able to assist someone who is physically challenged. Good luck!

EQ also has 3, 6 and 9 month gics paying more than their HISA.

Fogoguy said

Yes, but I'm fairly certain that EQ has to be getting close to raising their HISA rate, and that it will quite likely be higher than a 3-month GIC...

It would be good idea to have a second plan in mind. There are signs that EQ Bank could have more short term deposits than they need and don't wish to encourage more of such deposits.

TD Bank is offering 1-year GIC's, cashable after 30 days, at 2%. I saw short-term bankers' acceptances, around 30 days term, at BMO InvestorLine paying over 2%. CIBC is paying 3% on their CIBC 1-year Flexible GIC that's cashable with accrued interest after 29 days.

Yet, EQ Bank is offering only 1.85% for a commitment of 3 months.

So, I feel as though it's time for me to bail from my EQ HISA's, seeing as how their rates are so outdated/ridiculously low, but in recent days I have failed to snag an account at both Meridian and Motive, with no reason given from either bank. And yes, I have an excellent credit rating, and a ton of money to deposit, but it seems that no one wants any of it. Go figure. Very frustrating, to say the least!

Norman1 said
They aren't really interested in the credit rating. They are interested in verifying identity with the credit bureau file. They are looking to match name, address, and date of birth in the application with the same on a file that's at least three years old and sourced from more than one source to satisfy FINTRAC requirements.

You may wish to check your credit record at Equifax and TransUnion.

If one is trying to use a different mailing address or mistyped the name or date of birth, then the credit file verification method will be a fail.  

This ^ ! I've read so many posts from folks all bent out of shape for getting their applications rejected and insisting they have fantastic credit scores. The online applications are not reviewed by humans, rather it's an automated cross referencing to the applicants credit report. Calling in to have a rejected application reviewed is not going to help as the humans don't have access to the credit report, probably for good reason.

Bill said
So will Equifax &TU send you the personal data they have onfile for you so you can make sure to match when you apply for accounts?  

Yes, personally I would try to do it online first. The catch though with the online credit reports from TransUnion and Equifax if you need to sign up first, is you'll have to answer a number of questions that are tied to the information on your credit report. Answering them incorrectly will cause a rejection and you'll have to call in to request a report be mailed.

https://secure-ocs.transunion.ca/secureocs/home.html

https://my.equifax.ca/consumer-registration/?lang=en

Both of the above have free versions, no need to pay. It's somewhat comical to think you cannot get your online reports without answering the signup questions correctly, just as you can't open online bank accounts without having your answers match the credit report. So if you fail on the credit report signups, it should be a clue that you might also fail on the online banking signups.

JohnnyCash said

This ^ ! I've read so many posts from folks all bent out of shape for getting their applications rejected and insisting they have fantastic credit scores. The online applications are not reviewed by humans, rather it's an automated cross referencing to the applicants credit report. Calling in to have a rejected application reviewed is not going to help as the humans don't have access to the credit report, probably for good reason.  

Want a hand down off that high horse? I've had this happen to me with Motive. And I'm not insisting I have high credit scores, I HAVE high credit scores. In the end, I could not identify any issues with my credit reports...addresses or otherwise. The number of people who complain about this indicates it's a stupid and needless problem for FIs. The solution? Have some human contact. Case in point: my 87 year old mother was recently rejected by Tangerine based on a minor discrepancy with her credit report. Tangerine handled this efficiently via an understanding CSI, who quickly resolved the issue with their back office. The result? A new client with deposits approaching seven figures. Don't defend stupidity by FIs.

pooreva said

JohnnyCash said
https://secure-ocs.transunion.ca/secureocs/home.html
https://my.equifax.ca/consumer-registration/?lang=en
 

Did anybody actually tried this on-line credit report?
I am interested to sign up but will this on-line report be Exactly as printed copy sent to you the old way?  

I have both. The TransUnion online access allows you to view, print, or download a PDF copy of the report as often as you like. Equifax displays all the same information, but does not offer the ability to download or print the report. I suppose you could print off each section as you display it. Equifax also provides a free credit score with the report, whereas it's only free to Quebec residents with a TransUnion account.
The TransUnion account also gives you the ability to Dispute information of your Consumer Disclosure, meaning if your street address in incorrect, you can have it updated, I've used the feature personally. It will also allow you add, modify, or remove Potential Fraud Alerts.
Equifax reports refresh every 30 days (monthly), whereas each time you access TransUnion, it will display the latest changes, if any.

It could be if multiple GIC issuers find that five-year money comes in much faster than they can lend it out when their five year GIC rate is at 5%.

cgouimet said
They've done it again ...

2Yr: 4.65%->4.40%
3Yr: 4.65%->4.45%
4Yr: 4.70%->4.50%
5Yr: 4.80%->4.65%  

Yes - rates have gone "flat" - yesterday, I noted Treasury Bill / GOC bond rates also moved "more flat" - in fact rates higher rates for the shorter terms compared to the the longer terms.