Maybe some action soon? | Page 3 | EQ Bank | Discussion forum

Peter said
I just set up an EQ Bank joint account within a few minutes. It was about as straightforward as I remember it being with Tangerine. I documented the process with screenshots (after editing all the personal information in my browser) in case it's useful for someone who wants to see it before actually doing it.  

Thank you Peter, these screenshots are excellent resources
Will it be added eventually to the EQ Banks profile ?
... ok I see it is also found under the "Articles" tab

Peter said

Sorry about that! It's further down the page titled "We'd like to know you better..." but of course I didn't capture the whole page. If anybody goes through the process and can take a screenshot of the rest of the form, I'd be happy to post it.

hwyc said

Thank you Peter, these screenshots are excellent resources
Will it be added eventually to the EQ Banks profile ?
... ok I see it is also found under the "Articles" tab  

Yes, that's a good idea to add them to the profile page as well.  

I FULLY agree about staying within ANY bank insured programs. We live in VERY UNCERTAIN times so you do not want to be caught off guard, i.e. no access to your money.

That said, the CDIC rules are a little more complex...it is $100K PER PERSON PER ACCOUNT TYPE PER INSTITUTION. Not complicated but read the rules to be properly educated and protected. See here:
https://www.cdic.ca/your-coverage/protecting-your-deposit/
and here:
https://www.cdic.ca/your-coverage/how-deposit-insurance-works/

Note that as of Apr 30, 2020, CDIC covers more types than it used to.

This would be my first time opening joint accounts, so I wonder if CDIC insures each of those up to $100k.

Example:

Individual account on my name with EQ: $100k
Joint account #1 on my name and person A, with EQ: $100k
Joint account #2 on my name and person B, with EQ: $100k

Does it mean I now have $300k insured by CDIC, with EQ?

That is on top of extra bonus of having interest on joint accounts #1 and #2 reported by low income persons A and B, thus saving on taxes.

Is it that good, or is it too good to be true?

So, I tried opening two joint accounts with EQ, and must say, when it works - the process is seamless.

Opening joint account #1 on my name and person A went smoothly. Except, EQ bank emails sent to person A ended in Spam folder. Took few minutes to realize why there is nothing in Inbox.
Not a big deal, but, hey: it is a bank, why does it let itself flagged as spammers?

Opening joint account #2 on my name and person B failed. EQ Bank could not verify person B identity. Mind you, that person is Canadian citizen, has valid SIN which I submitted to EQ Bank, files taxes every year and even gets money back in government assistance.
Still, for some reason EQ Bank can't figure, through automated verification procedures they have, that person B is real.

EQ bank offered two options: upload to them two documents from their three lists of acceptable documents, or visit postal office in person to verify identity there.
It so happens, person B has only one document EQ Bank could accept as a proof of identity. Visiting postal office in person is not an option, because person B is a senior citizen very much concerned of coronavirus.

So, for now I decided to put opening joint account #2 on hold.

Not blaming EQ bank for being very careful, just sharing my experience here.

It is not necessarily the credit score that EQ Bank is interested in.

Under money laundering rules, EQ Bank has to somehow confirm the applicant's name, date of birth, and address. An established record, with matching details for that person, at Equifax or TransUnion, can be used to do so.

Sometimes, there is an issue with the record. One person found his record had his last name wrong. Somehow, his record had his wife's surname as his surname!

Another found his address was wrong on his record. For some reason, it had been changed to his parents' address.

Norman1 said
It is not necessarily the credit score that EQ Bank is interested in.

Under money laundering rules, EQ Bank has to somehow confirm the applicant's name, date of birth, and address. An established record, with matching details for that person, at Equifax or TransUnion, can be used to do so.

Sometimes, there is an issue with the record. One person found his record had his last name wrong. Somehow, his record had his wife's surname as his surname!

Another found his address was wrong on his record. For some reason, it had been changed to his parents' address.  

Yes, I have found Equifax records to be unreliable because they make so many mistakes like creating more than one record for my name even though both have the same SIN, name and some similar addresses BUT different D.o.B, each with different address, employment and credit histories (all belonging to me). You unfortunately have to stay on top of this organization.