Personal Finance

The EQ Bank Savings Account thread - 2017 T5 available!

  • Last Updated:
  • Feb 3rd, 2018 10:17 pm
Deal Expert
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Aug 18, 2005
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GTA West
angel_wing0 wrote:
Nov 4th, 2017 2:10 pm
Doesnt seem like the EFT functions is fixed nor can their csr access the customer's accounts, there is probably something really wrong fundamentally in their DB which is the reason it took them so long just to fix the access initially, and even though we can login now, it's still quite slow in terms of website speed. Definitely need to avoid in the short-term.
I initiated an EFT out of EQ last night ... no error message.
Newbie
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Oct 15, 2006
74 posts
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Toronto
covergirl wrote:
Nov 3rd, 2017 10:36 am
Is the chat available? Did anyone see a transferred out money in their external account?
I see my money has been transferred out and confirmed its arrival into my external account. Everything looks good. Guys, do not worry with these negative posts. It is all good now.
Sr. Member
Sep 19, 2009
922 posts
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Toronto
covergirl wrote:
Nov 5th, 2017 3:23 pm
I see my money has been transferred out and confirmed its arrival into my external account. Everything looks good. Guys, do not worry with these negative posts. It is all good now.
I doubt that "everything looks good". EQ to EQ Transfers and linking of external accounts still don't work. CSRs have no idea when / if these services will be available and https://eqbankstatus.ca/ has not been updated for 3 days. I think angel_wing0's recommendation is a wise one.
Last edited by andrew4321 on Nov 5th, 2017 3:35 pm, edited 1 time in total.
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Jucius Maximus wrote:
Nov 5th, 2017 1:08 pm
I initiated an EFT out of EQ last night ... no error message.
my bad, I actually mean add new external accounts for eft, I fail orz
「もし、奇跡を起こせたら……」
Sr. Member
Sep 19, 2009
922 posts
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Toronto
new update, still no services:
Update at 8:37 AM ET, Monday, November 6th: All users should now be able to sign in through eqbank.ca or their mobile app. The team continues to work on restoring EQ to EQ Transfers, the linking of external accounts, and the ability to sign up for a new account. The Customer Care Team continues to experience longer than usual wait times due to increased call volume.
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Well not being able to sign up for a new account is a HUGE fail on EQ. It's really funny they make no mention of that on the homepage.
「もし、奇跡を起こせたら……」
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May 7, 2017
347 posts
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how long does it take for me to see my money in tangerine. I thought I usually see it next business day.
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BeanFinn wrote:
Nov 6th, 2017 12:29 pm
how long does it take for me to see my money in tangerine. I thought I usually see it next business day.
2-3 business days usually. And those banks usually update at the end or early business day.
「もし、奇跡を起こせたら……」
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Apr 9, 2006
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The Tangerine 2.75% promo couldn't have come at a better time... glad I moved my money out before this technical outage.

When your business relies on your web portal being up 24/7; this is an epic failure no doubt.

I think EFT PULLS still work though, if you managed to link to EQ externally.
I just like to collect things! ¯\_(ツ)_/¯
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Jr. Member
Nov 28, 2011
143 posts
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SCARBOROUGH
To be honest, I don't think people should've been using EQ Bank solely for their deposit needs anyway. Having a base account with one of the big banks with a wide branch & atm network makes sense when you need that cash withdrawal now and then.

I look at EQ's savings account as purely for savings.
Deal Guru
Jan 7, 2002
11574 posts
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Waterloo, ON
peregrine01 wrote:
Nov 6th, 2017 1:50 pm
To be honest, I don't think people should've been using EQ Bank solely for their deposit needs anyway. Having a base account with one of the big banks with a wide branch & atm network makes sense when you need that cash withdrawal now and then.

I look at EQ's savings account as purely for savings.
Me too, but I'm not a millenial ;)

Old-fashioned bricks and mortar banks are still useful, not only for ATMs but also to deposit/withdraw coins, make large deposits/withdrawals, certify cheques, do FX transactions, rent a safe deposit box, etc. Not everyone needs all of this but most people need some of this at least from time to time.

And of course having accounts with more than one institution provides added options in the event of an EQB-like outage, if your primary bank erroneously freezes your accounts, etc.
veni, vidi, Visa
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Dec 16, 2005
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So here is a real example of how badly EQ bank failed.

Due to the EQ fiasco, I went to BMO to switch my mortage PADs (my mortgage is with BMO) from EQ to Tangerine. Turns out BMO online banking is completely down. Also affecting In branch systems. With EQ, the response is "nothing we can do". At least with BMO, transactions were still going through on back end systems. They were at least still able to service customers. The front end system couldn't pull up my mortgage but they found it through the back end and was able to change the funding account. I was in and out within 25 mins including the waiting in line due to online being down.

I think that highlights the difference between EQ and an established bank.

Moral of the story. Use EQ for savings only. But, they become irrelevant to someone like me as I have no savings. Any extra money goes into my mortgage. An avoidance of 2.7% interest compared to a taxable 2.3% works out to about 1.2% difference for me (assuming 35% taxes).
Deal Fanatic
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Jul 17, 2008
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With EQ not being able to link accounts, does anyone know if I transfer from eq to simplii chequing, then simplii chequing to savings, will I still be eligible for the 3% promo?
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Apr 16, 2009
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mech9t5 wrote:
Nov 6th, 2017 2:45 pm
So here is a real example of how badly EQ bank failed.

Due to the EQ fiasco, I went to BMO to switch my mortage PADs (my mortgage is with BMO) from EQ to Tangerine. Turns out BMO online banking is completely down. Also affecting In branch systems. With EQ, the response is "nothing we can do". At least with BMO, transactions were still going through on back end systems. They were at least still able to service customers. The front end system couldn't pull up my mortgage but they found it through the back end and was able to change the funding account. I was in and out within 25 mins including the waiting in line due to online being down.

I think that highlights the difference between EQ and an established bank.

Moral of the story. Use EQ for savings only. But, they become irrelevant to someone like me as I have no savings. Any extra money goes into my mortgage. An avoidance of 2.7% interest compared to a taxable 2.3% works out to about 1.2% difference for me (assuming 35% taxes).
So no emergency fund whatsoever eh?

I'm all for paying down a mortgage/investing properly, but if shit hits the fan, you're SOL and will regret not having one.

And no, an LoC is not an emergency fund, despite people thinking they are. But hey, it's your money :).
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DefconZero wrote:
Nov 6th, 2017 3:47 pm
So no emergency fund whatsoever eh?

I'm all for paying down a mortgage/investing properly, but if shit hits the fan, you're SOL and will regret not having one.

And no, an LoC is not an emergency fund, despite people thinking they are. But hey, it's your money :).
+1, a LOC is an emergency fund if you have 0 accessable cash that you need say...within 1 hour.
「もし、奇跡を起こせたら……」

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