New procedures for linking external bank accounts (and verifying identity) with EQ Bank? | Page 5 | EQ Bank | Discussion forum

I wouldn't touch Flinks, no matter what, until AT LEAST there is regulation of open banking, and then I'd want to study it very carefully before proceeding to use it. If that's the only option, then it's not an FI I want to deal with.

As for EQ, I do have accounts there, which were opened pre-Flinks. But I have only a dollar or so there. For me, it's a "last resort" kind of place, and the reason is primarily because of their attitude. It's been clear to me from my earliest conversations with their CSRs that serving their customers is low on the priority list. It's 'my way or the highway'. As long as they can get enough people and enough money, everyone else can go to hell as far as they are concerned.

I don't blame the big banks for refusing cooperation, although they are doing so primarily in their own interests.
As I understand it from reading elsewhere, the access that Flinks gets, however briefly, to your accounts, is comprehensive. They can scrape all your transactions in the blink of an eye. The big banks are never going to agree to that; their data is too valuable to them. While EQ may not keep the data, Flinks can. And Lord knows what they might ultimately do with all that or who might worm their way into it. The fewer opportunities for things to go wrong, the better and there is simply no need for them to have all that info.

Anyone who lets themselves be bossed around by Flinks is asking for trouble IMO. Beware of bullies spouting tales of "convenience". Just say "no"! And try to use FIs that have chequing as much as possible. You can always get your money out that way. It will take longer to clear, but it's better than having your data compromised. Wherever feasible, use FIs with bricks and mortar where you can do all the banking you require without restrictions.
Keep chequing and cash alive - by using them! Millions of Canadians found out this past weekend just how important cash can be when virtually all Rogers systems went down, and it didn't matter if you were a Rogers customer or not because you still couldn't pay by debit or CC.

It may seem like I'm going off topic, but these issues are all connected. There is a relentless push going on towards everything being electronic with relatively little consideration of the pitfalls. It's "efficient", "convenient", they say, the call of the new carney barker. When you hear those words, think twice; what am I giving up? what can go wrong here?

Loonie: Obviously, I'm with you on keeping chequing and cash alive by using them. And that means at both ends - if you have a no-cheque-fee account, issue a cheque now and then, with is usually no problem at merchants with a good relationship with you.

I'm still supporting Broadcast TV, but it appears that battle has been lost.
RetirEd

So you want me to believe that because things worked for you by workarounds, that this was the norm. I didn't say everyone was equally affected but even you apparently couldn't reach the internet at home. I'll take the news reports over your personal anecdote.

I wouldn't touch FIs that don't offer alternatives to Flinks either! (As I've inquired through my various "Funds Transfer Options" threads on this website recently.)

I wish the owner of this website adds a "Funds Transfer Options" column to all the already-great FI information pages here! Especially mentioning Flinks and the likes. (I believe, in this day and age of online finances and all the risks with it, a good FI is only as good as its fund transfer capabilities!)

Flinks IMHO is a blatant breach of one of your most valuable secrets: that is your credentials (your keys!) to your finances! Why do people so easily, so carelessly, and so unassumingly hand it over to a problematic, below-the-radar third party?

Vatox said

Y
Edit: perhaps they didn’t like losing revenue from all those micro deposits! I never gave back the 11 cents from each link.  

No worries, Vatox. They're likely paying Flinks a lot more!

fv said

Vatox said
You are allowed to send a cheque for linking.(...)

Care to point out where did you get this information?

Last time I tried to link an account (a couple months ago) there was no such option. See https://www.highinterestsavings.ca/forum/eq-bank/new-procedures-for-verifying-identity-with-eq-bank/page-4/#p71091  

I called in and told them I won’t use Flinks for linking new accounts. They said I can send a cheque as long as you alert them about it, so it’s clear.

Edit: I would put in a detailed letter/note of intention to link the cheque to your savings account, with the account number as well.

Ah, no, I'm not misinterpreting anything and you have no evidence for that accusation. Monday night's CBC news report was very clear about the "millions" (their word) who were affected. Nobody said they were all affected the same way.

Your individual/local stories are not relevant to the point. I could easily tell a string of contradictory ones, but they would not be the point either.

This is really not worth arguing about. I have no idea why you chose to pick a fight over it.