New Account Agreement Terms -- Shot Across the Bow? | EQ Bank | Discussion forum

EQ Bank sent out an updated Account Agreement. One item that caught my attention (probably because I've been wondering about this) is the following:

The EQ Bank Savings Plus Account is intended for personal use only. You agree to operate your EQ Bank Savings Plus Account as a personal account and understand that if we suspect you are using your EQ Bank Savings Plus Account for business or non-personal purposes, we may close your Account.

Obviously this is just spec, but my gut tells me the "non-personal purposes" piece of this is aimed at people moving large amounts of funds in/out of their EQ account to take advantage of temporarily higher rates elsewhere (Simplii, Tang, etc.).

Even if that's the case, it wouldn't end well for EQ. They'd have to gear down to the Tang approach, which is offer lousy HISA rates (I guess it would be more of an LISA rate), and send out targeted promotions.

Or maybe it has nothing to do with the above. I guess we'll find out soon enough.