Personal Finance

The EQ Bank Savings Account thread [Online banking is working now]

  • Last Updated:
  • Nov 22nd, 2017 10:09 am
Deal Addict
Jan 21, 2014
2153 posts
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Messerschmitt wrote:
Nov 6th, 2017 3:40 pm
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?
of course as I don't see any other choice. new money has to go into chequing and then transferred to Interest Plus (or HISA) account for the promotion
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Jul 17, 2008
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mkl38s wrote:
Nov 6th, 2017 3:53 pm
of course as I don't see any other choice. new money has to go into chequing and then transferred to Interest Plus (or HISA) account for the promotion
Well theoretically if I link the savings account directly I can deposit it straight like with tangerine. But it makes sense, not sure why I'm asking this. Probably because all this time with tangerine I kept depositing straight into savings since that's what I have linked.
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Dec 16, 2005
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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 :).
And how is having money in EQ bank good for an emergency? They don't have branches and EMT is limited to $3000 per day. It takes 2 business days to transfer to another bank

Loc is significantly more versitile as an emergency source of cash. It is available instantly.

In my case, as I said, it cost me 1.2% to keep money in a 2.3% interest account. Let's say I keep $10k emergency fund. That emergency fund would cost me $120 per year and it would not be available for at least 2 business days.

Why not use a loc that is free and you only pay interest when you use it? Even at 6%, $10k over a week is only $11.54. I don't see what I will regret.

My mortgage at bmo has a feature called "mortgage cash account". Any extra payments are tracked and available within 2 business days. I currently have over $100k available to be withdrawn (penalty free)

You plan your finances the way you want. Don't need to judge other's when you don't know what is best for their situation.
Deal Addict
Oct 7, 2007
3036 posts
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I am curious to see whether EQ Bank offers something to its customers (i.e. a higher rate of interest or flat cash) to restore goodwill after this fiasco. A bank that cares about its reputation would but it may be that there problems aren't completely solved yet.
[OP]
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Mar 23, 2004
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Markham
choclover wrote:
Nov 7th, 2017 10:27 am
I am curious to see whether EQ Bank offers something to its customers (i.e. a higher rate of interest or flat cash) to restore goodwill after this fiasco. A bank that cares about its reputation would but it may be that there problems aren't completely solved yet.
So far nothing, and from the sound of their Digital Officer, nothing is going to come.
「もし、奇跡を起こせたら……」
Sr. Member
Sep 19, 2009
820 posts
171 upvotes
Toronto
choclover wrote:
Nov 7th, 2017 10:27 am
I am curious to see whether EQ Bank offers something to its customers (i.e. a higher rate of interest or flat cash) to restore goodwill after this fiasco. A bank that cares about its reputation would but it may be that there problems aren't completely solved yet.
I am trying to move my money out since Nov 1st and I still cannot do it as new links still cannot be established. Yesterday I made a formal request to be compensated for the interest differential and they are looking into it.

So, if you incurred any measurable financial loss due to their incompetence, you should ask for compensations.
Sr. Member
Sep 19, 2009
820 posts
171 upvotes
Toronto
New update, still degraded services after seven days.
Update at 2:37 PM ET, Tuesday, November 7th: 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.
Anyone volunteering to help them? :)
Member
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Jun 23, 2017
243 posts
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Toronto, ON
andrew4321 wrote:
Nov 7th, 2017 11:07 am
I am trying to move my money out since Nov 1st and I still cannot do it as new links still cannot be established. Yesterday I made a formal request to be compensated for the interest differential and they are looking into it.

So, if you incurred any measurable financial loss due to their incompetence, you should ask for compensations.
Do let us know how EQB responds to your request for compensation. Did you give them a specific dollar amount you are seeking?
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Jan 30, 2012
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Ottawa
905P4N6 wrote:
Nov 7th, 2017 3:24 pm
Do let us know how EQB responds to your request for compensation. Did you give them a specific dollar amount you are seeking?
m pretty sure a class action is in the work ... anyone else agree?
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Sr. Member
Sep 19, 2009
820 posts
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Toronto
905P4N6 wrote:
Nov 7th, 2017 3:24 pm
Do let us know how EQB responds to your request for compensation. Did you give them a specific dollar amount you are seeking?
I won't the amount until they fix the problem but it is basically 0.7% applied to the balance of the account for the number of days (7 and counting). I was on the phone with them again trying to find a solution and the CSR told me that it will be another 2-3 business days until they fix the application.
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andrew4321 wrote:
Nov 7th, 2017 2:57 pm
New update, still degraded services after seven days.
Anyone volunteering to help them? :)
Fail.

They need more hamsters :lol:
「もし、奇跡を起こせたら……」
Sr. Member
Sep 19, 2009
820 posts
171 upvotes
Toronto
New update. Some good news.
Update at 4:30 PM ET, Tuesday, November 7th: Linking of external bank accounts and new account sign up is expected to be available on Wednesday, November 8th at 6:30 AM ET.
[OP]
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andrew4321 wrote:
Nov 7th, 2017 5:12 pm
New update. Some good news.
Nice, at least they have an ETA. I dont know if they will meet it though...:lol:
「もし、奇跡を起こせたら……」
Deal Addict
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Jan 4, 2009
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on the links
My EQ connections look like they're back to normal.
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Sauerkraut wrote:
Nov 8th, 2017 6:19 am
My EQ connections look like they're back to normal.
Great to hear, can you link new external accounts?>
「もし、奇跡を起こせたら……」

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