Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this5:59 am
January 28, 2016
Offline
Just opened another account with EQ. Noticed that the cheque that I deposited to my EQ account through the online EQ app was processed and stamped as deposited to an account that EQ Bank holds at a TD Bank branch.
You read right, the back of the cheque was stamped:
"For Deposit Only
TD BANK
Equitable Bank
19682-004-5307977"
I find it interesting that EQ uses TD Bank to manage their funds, so I thought I'd share this info with the forum.
1:38 pm
April 6, 2013
Offline
About a dozen financial institutions are a direct clearer or a group clearer in the Canadian payment system. Rest of the institutions clear their paper cheques and EFT's through them.
Payments Canada document Rule D4 - Institution Numbers and Clearing Agency/Representative Arrangements has the full details.
The entry for Equitable Bank (Institution 623) lists their clearing agent for items (paper and automatic) as Institution 004 (The Toronto-Dominion Bank). Notes 276 and 345 provide some history:
276 Effective November 29, 2007, Equitable Trust Company became a member of the Association and was assigned institution #623. The Toronto-Dominion Bank (#004) became its clearing agent, effective April 1, 2008.
345 Effective July 1, 2013, the Office of the Superintendent of Financial Institutions issued Letters Patent of Continuance to the Equitable Trust company (#623), continuing it as a Bank under the name Equitable Bank (#623).
Interestingly, Tangerine Bank (614) still clears through 003 (Royal Bank of Canada) instead of their current owner 002 (The Bank of Nova Scotia).
Please write your comments in the forum.