Personal Finance

The EQ Bank Savings Account thread

  • Last Updated:
  • Oct 13th, 2019 3:57 pm
Newbie
Sep 13, 2018
11 posts
3 upvotes
Snuupy wrote:
Nov 7th, 2018 9:18 am
Anyone able to set up Simplii push to EQ? My transaction was reversed - EQ told me sender name didn't match, Simplii said the correct legal name was on file. Investigation pending and they told me to call back Friday.
Yes, I tried. Called both EQ and simplii to try and resolve this. If I remember correctly, EQ claims when they receive the push, the name that appears as "invalid". The simplii person I spoke with seemed aware that EQ might have a formatting issue and said I was not the only one expediency this problem.

I have given up on trying to get this resolved. Calling multiple times to both banks seemed to get me nowhere

EQ bank also told me that I shouldn't have an issue if I tried to push an amount less than $1000. I had one go through without reversal, but my second attempt ended with a reversal
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Feb 28, 2011
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YYZ/YOW/SFO
redmintgold wrote:
Nov 7th, 2018 9:26 am
Yes, I tried. Called both EQ and simplii to try and resolve this. If I remember correctly, EQ claims when they receive the push, the name that appears as "invalid". The simplii person I spoke with seemed aware that EQ might have a formatting issue and said I was not the only one expediency this problem.

I have given up on trying to get this resolved. Calling multiple times to both banks seemed to get me nowhere

EQ bank also told me that I shouldn't have an issue if I tried to push an amount less than $1000. I had one go through without reversal, but my second attempt ended with a reversal
I tried $0.10, that worked. I tried $900, did not work (reversal).
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Dec 21, 2007
604 posts
145 upvotes
Scarborough
I can push from EQ to Simplii, but not the other way around. For EQ, I just did the confirmation of transactions online to establish the link, but for Simplii, they wanted a real cheque (which EQ doesn't do), or a certified/signed letter from EQ Bank, which also isn't something I can get from them.
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Oct 7, 2007
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bylo wrote:
Nov 6th, 2018 11:02 pm
No, it's $100k per account holder, as always for CDIC. No idea why EQB has a $100k limit per GIC, but it's not because of CDIC.
My understanding is that CDIC is up to $100k but INCLUDING any accrued interest. Just in case it matters.
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Oct 7, 2007
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Due to Murphy's Law or bad timing, I ended up moving all of my money out of EQ on Monday just before they announced the 3.33% offer. Now, I am in the process of moving the funds back to EQ but was told that I have to wait their 5-day holding period before I can purchase the GIC. I thought that was odd because normally financial institutions allow one to buy GIC's even though the funds may not have cleared because there is no risk to the financial institution as the funds are essentially locked in. Anyways, now I just have to wait the 5 days. Sigh.
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Jan 7, 2002
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choclover wrote:
Nov 7th, 2018 11:09 am
My understanding is that CDIC is up to $100k but INCLUDING any accrued interest. Just in case it matters.
Correct. The chance of EQB going bust in the next 3 months is rather small as is the potential loss of interest. But for those who need 100% of their money insured, buy a ~$98,900 GIC instead ;)
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Deal Addict
Sep 19, 2009
1389 posts
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Toronto
Snuupy wrote:
Nov 7th, 2018 9:18 am
Anyone able to set up Simplii push to EQ? My transaction was reversed - EQ told me sender name didn't match, Simplii said the correct legal name was on file. Investigation pending and they told me to call back Friday.
This was reported multiple times one year ago on Simplii's thread. EQ never finished any "investigation pending" but it is most-likely Simplii's problem. Let us know if you get any updates.
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Feb 28, 2011
400 posts
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YYZ/YOW/SFO
andrew4321 wrote:
Nov 7th, 2018 11:39 am
This was reported multiple times one year ago on Simplii's thread. EQ never finished any "investigation pending" but it is most-likely Simplii's problem. Let us know if you get any updates.
The investigation is on Simplii's side.
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Snuupy wrote:
Nov 7th, 2018 11:40 am
The investigation is on Simplii's side.
why not do a pull from eq side ... i think your fund earn interest right away ...
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Feb 28, 2011
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VH99 wrote:
Nov 7th, 2018 12:23 pm
why not do a pull from eq side ... i think your fund earn interest right away ...
2 week hold
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Dec 17, 2008
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Snuupy wrote:
Nov 7th, 2018 6:09 pm
2 week hold
In my experience it has only been 5 business days... Is there a longer hold for newer customers now?
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Jan 30, 2012
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Snuupy wrote:
Nov 7th, 2018 6:09 pm
2 week hold
oh ... but why would you transfer yr fund when you know you gonna need to use it?
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Aug 9, 2010
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As a workaround, why not just etransfer yourself $$? I do it all the time because it's free and basically instant, although it's for amounts less than $1000.
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bylo wrote:
Nov 7th, 2018 11:22 am
Correct. The chance of EQB going bust in the next 3 months is rather small as is the potential loss of interest. But for those who need 100% of their money insured, buy a ~$98,900 GIC instead ;)
~$99,170 ... @ 3.33% in 3 months you should get ~$99,995
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Feb 28, 2011
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PressureBoom wrote:
Nov 7th, 2018 7:13 pm
As a workaround, why not just etransfer yourself $$? I do it all the time because it's free and basically instant, although it's for amounts less than $1000.
3k cap/day
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