Personal Finance

The EQ Bank Personal Account thread - 2.50% (+1.50% direct deposit) - USD account is out: 3.00%

  • Last Updated:
  • Mar 27th, 2024 4:11 pm
Deal Guru
Jan 30, 2012
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angel_wing0 wrote: not this prepaid stuff again, wish they could give us a competitive credit card.
just give me higher rate ...
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Dec 17, 2008
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Guess people's trust will be issuing another prepaid card as a partnership with EQ? Lol
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Jun 23, 2017
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angel_wing0 wrote: not this prepaid stuff again, wish they could give us a competitive credit card.
agreed,
i don't need another pre-paid gift card in my wallet to potentially lose or misplace and never use .. to my detriment. yes, credit card with decent rewards / perks, please.
Deal Expert
Jan 7, 2002
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905P4N6 wrote: i don't need another pre-paid gift card in my wallet to potentially lose or misplace and never use .. to my detriment. yes, credit card with decent rewards / perks, please.
These types of cards, be they prepaid "credit" cards or gift cards, also lack the basic features of regular credit cards like the ability to do chargebacks, various insurance, etc.

In effect we loan money interest-free to the card issuer without any benefit that we'd get automatically even from a no-annual-fee regular credit card. The 0.5% cash back barely begins to compensate for that loss of benefits.

EQ must be desperate to consider such a weak offering. Even if one has a need for a prepaid credit card there are much better alternatives, e.g. STACK with free ATM cash withdrawals and 0% FX worldwide.
veni, vidi, Visa
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Sep 6, 2018
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I dunno guys, people who enjoy a debit card experience over a credit card might find their niche with this product IF it's essentially debit card access to an EQ Savings Plus account that uses a "prepaid" Visa/MC as the vehicle while the balance continues to earn interest. Not to mention the crowd that is already using Scotia debit to collect Scene/Scotia rewards, this offering would provide straight cashback on "debit" purchases.

I for one am interested simply to have the occasional ATM access to my EQ Savings.
Last edited by aweawea on Apr 23rd, 2020 12:13 pm, edited 1 time in total.
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Jun 23, 2017
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aweawea wrote: I for one am interested simply to have the occasional ATM access to my EQ Savings.
i'd be interested to see which ATM's close to my home or work that i'd be able to use FREE-OF-CHARGE/LEVY. i've just started scoping out the fee-free one's for use with my motive financial accounts and am pleasantly surprised to find convenient places i've simply over-looked in the past. Smiling Face With Open Mouth
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Jan 7, 2002
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aweawea wrote: if it's essentially debit card access to an EQ Savings Plus account that uses a "prepaid" Visa/MC as the vehicle while the balance continues to earn interest
If that was the intended usage model then I'd have expected them to say so explicitly and tout it as a novel feature. With a conventional prepaid card loaded cash earns nothing and there's no cash back. So this combination of 2% on idle cash plus 0.5% when you spend it would be a significant competitive advantage.
I for one am interested simply to have the occasional ATM access to my EQ Savings.
That's no different from a conventional debit card.
veni, vidi, Visa
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Mar 23, 2004
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aweawea wrote: I dunno guys, people who enjoy a debit card experience over a credit card might find their niche with this product if it's essentially debit card access to an EQ Savings Plus account that uses a "prepaid" Visa/MC as the vehicle while the balance continues to earn interest. Not to mention the crowd that is already using Scotia debit to collect Scene/Scotia rewards, this offering would provide straight cashback on "debit" purchases.

I for one am interested simply to have the occasional ATM access to my EQ Savings.
905P4N6 wrote: i'd be interested to see which ATM's close to my home or work that i'd be able to use FREE-OF-CHARGE/LEVY...
the only place they can really hitch a ride on is the Exchange Network...so yeah, no thanks for me.
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Jun 23, 2017
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angel_wing0 wrote: the only place they can really hitch a ride on is the Exchange Network...so yeah, no thanks for me.
ok.. so the same as Motive Financial's no-fee ATM choices ... that works for me OK if I really need to get cash out.
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Mar 14, 2014
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905P4N6 wrote: ok.. so the same as Motive Financial's no-fee ATM choices ... that works for me OK if I really need to get cash out.
The Motive Cha Ching chequing account has two free non-Exchange ATM withdrawals per month. For as many cash withdrawals most people do these days, I would say it would cover most instances where access to an Exchange ATM were not possible.
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Jun 23, 2017
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flyjazz wrote: The Motive Cha Ching chequing account has two free non-Exchange ATM withdrawals per month. For as many cash withdrawals most people do these days, I would say it would cover most instances where access to an Exchange ATM were not possible.
good point!.. i was not aware of that. makes it even more convenient
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Jul 7, 2013
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Digital Gulag
Anyone else having trouble with EQ bank right now? May 5th 2020.
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Dec 16, 2012
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xblackrainbow wrote: Anyone else having trouble with EQ bank right now? May 5th 2020.
yes, I been getting it this over the last few days, I guess their site can't handle the traffic anymore.
Sr. Member
Apr 14, 2017
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xblackrainbow wrote: Anyone else having trouble with EQ bank right now? May 5th 2020.
They had a processing error on my account today, and customer service said more accounts were affected, so I imagine more people than usual are trying to access them now.
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Jan 30, 2012
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pny128 wrote: They had a processing error on my account today, and customer service said more accounts were affected, so I imagine more people than usual are trying to access them now.
Any details on the kind of error?
This is worrysome if it is widespread ...
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Jan 30, 2012
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angel_wing0 wrote: yip, looks widespread:
Is the error specific to login, or actual error in processing transactions?

I am more worry if someone else's find get processed and deposited into my account ... login error i can always wait it out since I have diversified a bit ...

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