Transfers Initiated from another Bank | EQ Bank | Discussion forum

According to one of their Common Questions, direct deposit is not supported yet:

Is direct deposit available?

Direct deposit is not yet available. We are working on the ability to offer direct deposits and are aiming to have this available in the future.

I suspect pre-authorized debits (PAD's) are not either.

JenE said

I've successfully transferred money from TD to EQ Bank and vice versa. I was very pleasantly surprised to see that the transfer from EQ to TD was completed the next day. That's never been the case with any other transfer I've made using other FI's and TD.

Did you actually initiated a transfer from TD?
If yes, did you used bank ID number 004 and a transit number 01402 to link your EQ bank account with your TD bank account?
01402 - 004 - EQ Account number (9 digits)

JenE said

Winnie, the transfer was initiated at EQ - both to get money from TD sent to EQ, and to send money from EQ to TD.

This topic is for "Transfers Initiated from another Bank"

I called Eq about this. You can only initiate at Eq end, they do not have a bank number or transit number so as to set up with another bank

Can anyone definitely confirm using the following works from another bank:

EQ Bank Transit number 80002
EQ Bank Institution number 623
EQ Bank account number xxxxxxxxx (9 digits)

Norman1 said
Personalized account info for direct deposits and preauthorized payments is available from EQ Bank's online banking site:

Norman1 said
… Under "Pay & Transfer", there is a new item: Pre-authorized Transfers. It brings up a page that has transit number, institution number, and account number "to set up direct deposits into your bank account or authorize payments from your account to billers."

Looks like EQ Bank now supports direct deposits and pre-authorized debits.

  

I was going to say...I believe EQ Bank added "direct deposit" functionality when they added paperless electronic linking of external bank accounts via the "micro deposits" method. 🙂

The one word of caution I'd add is to double-check which transit number your account is assigned to as, potentially, utilizing the wrong transit/branch number may cause a returned EFT payment or to have your direct deposit go into the wrong account - and direct deposits, unlike pre-authorized payments, cannot be recalled if funds aren't available in the recipient's account.

They do say they have a "maximum account balance" of between $100,000 and $500,000, depending on when your account was opened, so just keep that in mind when making transfers. I'd be curious to know what happens if your account balance is exceeded? Has anyone tried? Do they return the direct deposit or pre-authorized payment or do they allow the excess funds to stay but essentially not pay you any interest on the portion above your maximum balance and then prohibit new transfers in until you've brought your balance below the threshold?

Cheers,
Doug