Personal Finance

The EQ Bank Savings Account thread

  • Last Updated:
  • Oct 13th, 2019 3:57 pm
Member
Feb 28, 2011
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233 upvotes
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Deal Fanatic
Oct 7, 2007
5078 posts
1767 upvotes
Shawguy wrote:
Nov 7th, 2018 6:22 pm
In my experience it has only been 5 business days... Is there a longer hold for newer customers now?
My 5 day hold period feels like a month because with the stat holiday in there I am still waiting for the funds to be investable. :(
Member
Feb 10, 2018
344 posts
138 upvotes
Snuupy wrote:
Nov 14th, 2018 10:34 am
EQ Bank and Mint integration has been restored!
It worked for awhile now.

I have been locked out of my account because of suspicious activity. Suspicious activity meant Mint signing into my account.
Member
Apr 13, 2017
480 posts
133 upvotes
Hello. I did a push from simplii to eq. It was credited and subsequently reversed because of name mismatch.

When will this reversal post in simplii ?
Member
Apr 13, 2017
480 posts
133 upvotes
Conundrum1911 wrote:
Nov 7th, 2018 11:06 am
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.
Hello . When reversal happened, I hope you received the money back in your simplii account. When was the money credited ?

Thanks.
Deal Addict
Apr 2, 2010
1636 posts
860 upvotes
GTA
Snuupy wrote:
Nov 14th, 2018 10:34 am
EQ Bank and Mint integration has been restored!
Yes, started for me today morning as well.
Sr. Member
User avatar
Jul 29, 2013
802 posts
430 upvotes
choclover wrote:
Nov 14th, 2018 10:56 am
My 5 day hold period feels like a month because with the stat holiday in there I am still waiting for the funds to be investable. :(
I did the same thing pulling to Simplii from BMO last Friday. Will be available on Saturday. As you said the wait seems like forever.
I feel your pain.
Member
Apr 13, 2017
480 posts
133 upvotes
I honestly feel EQ customer care is mediocre. They are not able to explain why transaction from simplii was reversed for name mismatch even though both accounts have same name.

Searching the thread , I see many issues reported for transfers between EQ and simplii. I'm going to stay away from EQ as I dont forsee a resolution.
Deal Fanatic
Oct 7, 2007
5078 posts
1767 upvotes
headleygrange wrote:
Nov 14th, 2018 10:50 pm
I honestly feel EQ customer care is mediocre. They are not able to explain why transaction from simplii was reversed for name mismatch even though both accounts have same name.

Searching the thread , I see many issues reported for transfers between EQ and simplii. I'm going to stay away from EQ as I dont forsee a resolution.
EQ Bank seems a bit like a wannabe bank. They have good intentions and funny commercials but they are not full-scale professional as we expect from our other banks. This hold business with deposits where people want to buy GIC's is a bit ridiculous, if you ask me.
Deal Expert
Jan 7, 2002
16406 posts
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Waterloo, ON
choclover wrote:
Nov 15th, 2018 11:01 am
EQ Bank seems a bit like a wannabe bank. They have good intentions and funny commercials but they are not full-scale professional as we expect from our other banks. This hold business with deposits where people want to buy GIC's is a bit ridiculous, if you ask me.
It is. And more than just a bit. What were they thinking (or not)?

Much better to let the GIC purchase go through immediately. Then, in the very unlikely event the deposit proves to be bogus, cancel the GIC. That way you don't piss off 99.9% of your customers in order to catch the 0.01%.
veni, vidi, Visa
Sr. Member
User avatar
Dec 21, 2007
604 posts
145 upvotes
Scarborough
headleygrange wrote:
Nov 14th, 2018 2:20 pm
Hello . When reversal happened, I hope you received the money back in your simplii account. When was the money credited ?

Thanks.
What reversal? Never had that happen to me.
I am the Stig's brother's cousin's friend's former roommate.
Jr. Member
Nov 9, 2016
154 posts
62 upvotes
Created an account a couple weeks ago and slowly getting money into my account. Going to get the 3-month GIC when all my transfers in are complete. Overall, I'm pretty satisfied with EQ. Every time I have called them they were quick to answer and really down to earth and knowledgeable. The site is simple and easy to use.

Initiated a transfer last week and it took about a full week to get the money available in EQ because of the Remembrance Day holiday they said
Member
Apr 13, 2017
480 posts
133 upvotes
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
Hello. Did you resolve this matter with EQ/ Simplii ?

My transfers from simplii was reversed. 2nd time, I got a call from a supervisor to verify my info. I just dont want my money in a limbo.
Jr. Member
Oct 21, 2018
131 posts
39 upvotes
kevdanga wrote:
Nov 1st, 2018 12:10 am
With BoC rate hikes being a likely possibility going forward isn't it a good idea to not lock into a GIC as banks should be increasing their rates in the near term as well?
Gic rates should already reflect expectations of rate hikes. Rising boc reduces inflation expectations. This assumes gic rates are set in logical way like bonds are.

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