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Email this12:24 pm
May 28, 2013
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Now that my EQ account is active, I tried to move 98K from my linked external chequing account to EQ, by pulling it in from EQ.
To start, EQ claims a limit of 30K per transaction. Allright, what I did then is to initiate four transfers, all on the same day: 30K, 29K, 28K, and 11K. The EQ system seems to be fine with that, so I do not think that their limit is 30K per day, just 30K per transaction.
By doing four transactions in differing amounts, I can also track each of them individually in case something goes sideways.
Hopefully the deposits show up in the next five days. EQ already lists the 98K as being in my account balance, so hopefully it is already generating interest.
3:48 pm
January 18, 2016
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rhvic said
Now that my EQ account is active, I tried to move 98K from my linked external chequing account to EQ, by pulling it in from EQ.
To start, EQ claims a limit of 30K per transaction. Allright, what I did then is to initiate four transfers, all on the same day: 30K, 29K, 28K, and 11K. The EQ system seems to be fine with that, so I do not think that their limit is 30K per day, just 30K per transaction.
By doing four transactions in differing amounts, I can also track each of them individually in case something goes sideways.
Hopefully the deposits show up in the next five days. EQ already lists the 98K as being in my account balance, so hopefully it is already generating interest.
I did a full 100K by phone. I think they have a daily limit. They also told me you can do a cheque for as much as you want up to their 500K account limit and yes I believe it does collect interest immediately unless the transactions get reversed.
10:16 am
October 15, 2015
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I'm not sure if my topic quite fits here but here goes. My EQ bank account should be set up mid February. Right now I have my money (2.5%) at tangerine. Would it be better to leave it in until the end of February and transfer to EQ bank at that time or would I still earn interest if I pull the money out of Tangerine mid month?
10:28 am
May 28, 2013
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christinad said
I'm not sure if my topic quite fits here but here goes. My EQ bank account should be set up mid February. Right now I have my money (2.5%) at tangerine. Would it be better to leave it in until the end of February and transfer to EQ bank at that time or would I still earn interest if I pull the money out of Tangerine mid month?
My understanding is that interest at both institutions is calculated daily, so moving money mid month should make no difference.
12:07 pm
February 24, 2015
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christinad said
I'm not sure if my topic quite fits here but here goes. My EQ bank account should be set up mid February. Right now I have my money (2.5%) at tangerine. Would it be better to leave it in until the end of February and transfer to EQ bank at that time or would I still earn interest if I pull the money out of Tangerine mid month?
If you had $10,000 on February 1, you could transfer only $10,000 mid month and you would have about $10 left at Tangerine after the interest paid at the end of the month. If you wait until after the March 1 interest was paid, you could transfer out about $10,020. You will of course be ahead if you earn 3% earlier, but it will need a second transfer.
9:20 am
February 6, 2016
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Here's the straight dope from EQ: on initial account setup with the photo cheque, you can write any amount (but not a void cheque) up to EQ's account deposit limit of $500K. Subsequent photo cheque deposit is $25k maximum, but without a daily limit. Each EFT in or out of the EQ account is $30k maximum, but without a daily limit. You can call EQ to transfer any amount you want, up to the $500k account limit.
10:12 am
December 8, 2015
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StewieG said
Here's the straight dope from EQ: on initial account setup with the photo cheque, you can write any amount (but not a void cheque) up to EQ's account deposit limit of $500K. Subsequent photo cheque deposit is $25k maximum, but without a daily limit. Each EFT in or out of the EQ account is $30k maximum, but without a daily limit. You can call EQ to transfer any amount you want, up to the $500k account limit.
I wish they wouldn't have these 25k and 30k transaction limits. If 500k is the account maximum then that should be the transaction maximum. It is a pain in the neck to initiate multiple transactions.
11:45 am
January 28, 2016
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I hope that EQ Bank is efficient and timely when receiving requests to move money. The reason I say that is because of my personal experience.
I signed up and photographed my cheque on Jan. 27, at which time I was told that my cheque was received. On Feb. 2 my cheque cleared and was posted in my external account.
Their website states the following, and I quote: “ Once this cheque clears your Linked Account, your EQ Bank Savings Plus Account will be active. The period between completing the sign-up process and account activation is typically 5 business days from the time we receive the cheque.”
Therefore I was surprised to receive the following email on Friday, Feb. 5:
Dear LP,
Your cheque has been processed and you will receive your welcome email in 5 business days.
We truly appreciate your business and we look forward to helping you reach your savings goals.
Sincerely,
EQ Bank
As you can see, it took a total of 8 business days just to receive the email above, and now I'm told that it will take an additional 5 business day just to receive my "welcome email".
That's not too encouraging to say the least, since according to what their website states, and since my cheque "cleared" on Feb. 2, my account should have been activated on that day.
I hope that the way my account registration/activation is being handled isn't indicative of what one can expect when trying to move one's money.
Another concern I have is that the back of my cheque has the following stamped on it 01402-004 TD Bank/Equitable Bank.
If you check the link below and search for the transit/routing number 01402-004, you'll see that it belongs to: TDC-Management CPO, 325 Front Street 4th Floor, Toronto, ON M5V 2Y1.
https://www.cdnpay.ca/imis15/pdf/pdfs_directory/MBRBNKSN.pdf
All of the above makes me apprehensive and I will proceed slowly and with caution before I deposit/transfer a sizeable amount of funds into EQ Bank
2:03 pm
August 4, 2010
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EQ's emails may not be timed exactly with the actual activities, so the 5 day clock may have started before the email was sent on the 5th. And some people have had activated accounts before getting the welcome email. You may want to try logging in to the account on various days before next Friday to see when it activates.
EQ is likely contracting TD to do cheque-clearing for them - presumably a branchless operation would find it inefficient to set up their own clearing operation. I'm not sure what skullduggery might be suspected from this.
5:30 pm
January 28, 2016
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NorthernRaven said
EQ's emails may not be timed exactly with the actual activities, so the 5 day clock may have started before the email was sent on the 5th. And some people have had activated accounts before getting the welcome email. You may want to try logging in to the account on various days before next Friday to see when it activates.
If the email isn't timely, then it's pointless. EQ should just send an email to notify of the activation of the account. The fact that it was send illustrates either their inefficiency or lack of ability to provide adequate first rate services.
NorthernRaven said
EQ is likely contracting TD to do cheque-clearing for them - presumably a branchless operation would find it inefficient to set up their own clearing operation. I'm not sure what skullduggery might be suspected from this.
Although EQ Bank is branchless, how about their parent company Equitable Bank. Do they not have a routing/transit number? Although using another FI for their clearing operation, doesn't indicate that there might be skullduggery, it does add another layer which might explain the delay in processing their transactions.
As a client of a FI, I expect timely and efficient service, when it comes time to move my money. In my opinion, EQ Bank still has to prove that they are capable of providing such service. That's why I said I'll be acting with caution. Perhaps there is no cause for concern, only time will tell. In the meantime it's better to be safe than sorry.
9:34 am
April 6, 2013
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LP said
...
Although EQ Bank is branchless, how about their parent company Equitable Bank. Do they not have a routing/transit number? Although using another FI for their clearing operation, doesn't indicate that there might be skullduggery, it does add another layer which might explain the delay in processing their transactions.....
EQ Bank is a just a service provided by Equitable Bank, institution 623.
According to ACSS Rule D4 (Institution Numbers and Clearing Agency/Representative Arrangements), Equitable Bank is neither a direct clearer nor a group clearer. The document says that all its paper and AFT items are cleared through institution 004, which is the direct clearer Toronto-Dominion Bank.
Only about a dozen financial institutions in Canada are direct clearers or group clearers. The rest clear their items through them. Tangerine Bank (institution 614) is not a direct clearer either. Tangerine clears through institution 003, the direct clearer Royal Bank of Canada.
5:29 pm
October 21, 2013
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Wouldn't you think Tangerine would use Scotia? It doesn't matter to me, but just seems odd.
3:25 pm
October 15, 2015
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This is really weird. I transferred money from td to eq bank and it was virtually instantaneous. It was my first transfer too.
4:19 pm
October 15, 2015
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It must be because td is the clearing house. Cool.
10:30 pm
April 6, 2013
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christinad said
This is really weird. I transferred money from td to eq bank and it was virtually instantaneous. It was my first transfer too.
christinad said
It must be because td is the clearing house. Cool.
That could very well be.
As Equitable Bank's direct clearer, TD Bank likely has a direct channel with them, that does not involve another direct clearer or group clearer institution.
10:39 pm
April 6, 2013
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Loonie said
Wouldn't you think Tangerine would use Scotia? It doesn't matter to me, but just seems odd.
I was surprised as well.
I believe Royal Bank was ING Bank of Canada's direct clearer. Perhaps, ING Bank of Canada signed a long-term clearing services contract with Royal Bank way back, before ScotiaBank bought them?
According to footnote #355, ING Bank of Canada wasn't dissolved after Scotiabank bought them. It was just renamed. So, any contracts signed by ING Bank of Canada are still in effect:
355 The Superintendent of the Office of the Superintendent of Financial Institutions issued Letters Patent to amend the incorporating instrument of ING Bank of Canada (#614) by changing its name to Tangerine Bank (#614), effective May 9, 2014.
6:02 am
September 11, 2013
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My experience: Have made 4 transfers - when transfer to EQ, shows up immediately in my EQ balance, takes at least 3 business days to leave my TD Trust account.
9:04 pm
October 21, 2013
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Norman1 said
Loonie said
Wouldn't you think Tangerine would use Scotia? It doesn't matter to me, but just seems odd.
I was surprised as well.
I believe Royal Bank was ING Bank of Canada's direct clearer. Perhaps, ING Bank of Canada signed a long-term clearing services contract with Royal Bank way back, before ScotiaBank bought them?
According to footnote #355, ING Bank of Canada wasn't dissolved after Scotiabank bought them. It was just renamed. So, any contracts signed by ING Bank of Canada are still in effect:
355 The Superintendent of the Office of the Superintendent of Financial Institutions issued Letters Patent to amend the incorporating instrument of ING Bank of Canada (#614) by changing its name to Tangerine Bank (#614), effective May 9, 2014.
But, then, I would expect them to be using RBC, not TD.
I wonder if there is some kind of tendering process when RBC contract expired, and Scotia was more expensive than TD - bizarre as this may sound. But I really don't know anything about how these things work.
7:21 am
October 11, 2015
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Finally got the notice that my EQ was active--it took about 2 weeks.
Like an idiot I set up the wrong bank where is do not have the funds! rather than waiting another 2 weeks to set up a new account, i thought that i would try their app again, which hadn't worked for me 2 weeks ago. The app had an update, and voila, it worked!! I didn't know that there was a limit on deposits, so i had to do multiples of $25K (their limit is $25K).
So far, so good.
I'm counting on someone here on the forum to update the group if/when the rates go down and we can strategize on the next place to move the money!
Christinad: depending on how much you have and what rate you are getting at tangerine, i would probably keep your money at tanga until your promotional rate ends. When it drops back to 0.8%, then move to EQ. It is difficult with these high interest institutions. Sometimes they offer to keep the rate at the end of the promotion, but usually they do not and they drop you back down to the 0.8%. So, like everyone else here, i keep moving from PC to tanga, now eQ, and just waiting for the activation of ZAG!
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