Personal Finance

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

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  • Mar 15th, 2024 5:33 pm
Sr. Member
Aug 20, 2015
517 posts
307 upvotes
Toronto
Nuprapture wrote: I tried searching through the help and even the omnipotent Google, but couldn't find any info on if EQ Bank is usable with mint. Has anyone been able to add it to their profile?
You need to request that Mint add EQ bank. I believe they will look to add support to it once they get enough requests.
Deal Addict
Oct 28, 2009
1314 posts
289 upvotes
Because EQ seems to have pretty long hold periods and won't allow non-cheque EFT links, I may need to transfer out via Interac e-transfer.
Can anyone tell me if it's possible to send myself an interac e-transfer? I haven't used one of those for a very long time.
If I send it FROM my email address TO my email address, will it work?
Any charges on the receiving end?
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Mar 23, 2004
47720 posts
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Markham
bluenote wrote: Because EQ seems to have pretty long hold periods and won't allow non-cheque EFT links, I may need to transfer out via Interac e-transfer.
Can anyone tell me if it's possible to send myself an interac e-transfer? I haven't used one of those for a very long time.
If I send it FROM my email address TO my email address, will it work?
Any charges on the receiving end?
Of course it will work. No charges at receiving end.
Deal Guru
Aug 5, 2006
10731 posts
7891 upvotes
Global Village
bluenote wrote: Because EQ seems to have pretty long hold periods and won't allow non-cheque EFT links, I may need to transfer out via Interac e-transfer.
Can anyone tell me if it's possible to send myself an interac e-transfer? I haven't used one of those for a very long time.
If I send it FROM my email address TO my email address, will it work?
Any charges on the receiving end?
Definitely possible and the fastest way to transfer $ out, you can interac e-transfer up to $2,500 and receive it in any other Canadian chequing account within minutes, with no receiving end charges.
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Mar 23, 2004
47720 posts
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Markham
I just tried to send myself a interac e-transfer. But for some reason i did not receive any email (it's not in junk mail either). Should I receive the email right away? Anyway, so i tried to cancel the transfer but when i go into the page i do not see any option to cancel:

Image

Can anyone help out please? Probably call them late tonight if I can't get it resolved by then (i m sure it's going to be hell waiting if I call now).
Deal Addict
Mar 28, 2008
2066 posts
893 upvotes
ON
angel_wing0 wrote: I just tried to send myself a interac e-transfer. But for some reason i did not receive any email (it's not in junk mail either). Should I receive the email right away?
How long have you waited?
With other banks it has taken up to an hour or more to receive the email
Moderator
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Mar 23, 2004
47720 posts
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Markham
sprdave wrote: How long have you waited?
With other banks it has taken up to an hour or more to receive the email
A few minutes...lol Too impatient :facepalm:

You are right, just got the email and the interac side changed as well:

Image

And I thought it was suppose to be instant. Thanks for the hint.
Deal Addict
Mar 28, 2008
2066 posts
893 upvotes
ON
angel_wing0 wrote:
And I thought it was suppose to be instant.
I typically have got them within 1/2 hour but sometimes longer... And I agree, not particularly fast
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Dec 17, 2008
2781 posts
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Winnipeg
angel_wing0 wrote: Yeah, while it's not instant, still faster than EFT's. I am going to enjoy it :lol:
Have you never sent an interac email money transfer before? Lol
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Moderator
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Mar 23, 2004
47720 posts
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Markham
Shawguy wrote: Have you never sent an interac email money transfer before? Lol
Never sent one, did receive one before though :lol:

Why would I use something that will cost me money if I can do it free on another place like Paypal?
Banned
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Jul 17, 2008
11042 posts
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scoper wrote: Definitely possible and the fastest way to transfer $ out, you can interac e-transfer up to $2,500 and receive it in any other chequing account within minutes, with no receiving end charges.
Can you interac e-transfer yourself in a broker account? Is EFT transfer out also 6/8 day hold? That would suck big time. All other banks (zag, pc, tangerine, etc) only takes 2-3 business days. The 6/8 days seems extremely excessive. What's the point
Sr. Member
User avatar
Feb 28, 2010
668 posts
339 upvotes
Flying over Canada
Messerschmitt wrote: Can you interac e-transfer yourself in a broker account? Is EFT transfer out also 6/8 day hold? That would suck big time. All other banks (zag, pc, tangerine, etc) only takes 2-3 business days. The 6/8 days seems extremely excessive. What's the point
You should be able to set your brokerage account as a bill pay recipient - TDDI [Waterhouse] is listed, for instance. There's a $5000 limit per bill payment. But if you have a linked account at the same bank as your brokerage, I doubt there'd be any sort of hold on outgoing EFT, just whatever time it takes for EQ to put it in the system and for it to be cleared and received at the destination. You'd still want to be careful as there is no guarantee that it would arrive at T+3 to settle equity purchases, but it probably would in most cases. Also make sure that you don't get hit by any hold rules at the receiving end account, but I doubt any bank/brokerage combo would have this on an internal transfer.
Deal Guru
Aug 5, 2006
10731 posts
7891 upvotes
Global Village
Hold times are listed here

https://www.eqbank.ca/general-banking/l ... nds-policy

1 would hope that as you establish a history of trust with EQ they will relax these for you but currently the maximum # of days apply.

Interac E-transfers can only be sent to a participating Canadian Bank account. If in doubt ask the intended destination financial institution if they participate.
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Oct 15, 2006
459 posts
405 upvotes
Edmonton
2 hours of waiting on the phone .. hanged up .. wonder what we will do when we want to get our money transferred out!
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Jul 17, 2008
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NorthernRaven wrote: You should be able to set your brokerage account as a bill pay recipient - TDDI [Waterhouse] is listed, for instance. There's a $5000 limit per bill payment. But if you have a linked account at the same bank as your brokerage, I doubt there'd be any sort of hold on outgoing EFT, just whatever time it takes for EQ to put it in the system and for it to be cleared and received at the destination. You'd still want to be careful as there is no guarantee that it would arrive at T+3 to settle equity purchases, but it probably would in most cases. Also make sure that you don't get hit by any hold rules at the receiving end account, but I doubt any bank/brokerage combo would have this on an internal transfer.
This is my only concern. It's very nice now with EQ that I can keep the cash in a nice 3% and when I'm ready to dive into equity at a nice entry point I can buy the equity and initiate the transfer the same day. But if it takes more than 3 days, and arrives after it settles then that sucks. As I said most online banks (zag, pc, tangerine, 2 credit unions I deal with) have the funds transferred within 2-3 business days. Would be *****ty if EQ takes longer.

Will try with 2 deposits at different times and see how long until the money shows up in my brokerage account.
Jr. Member
Jun 24, 2015
111 posts
15 upvotes
Toronto, ON
Just called EQ Bank for questions. Only waited for 10 minutes. CSR was very friendly and helpful. She told me that rule has been changed to allow $100k EFT in but still $30K out. I can call to transfer for larger amount or transfer several times in one day. No limit on tranferring money per day.
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Dec 17, 2008
2781 posts
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Winnipeg
angel_wing0 wrote: They are taking their time into linking accounts, been almost two weeks, still not linked.
Wow that is awhile. I sent additional accounts to be linked in January 22nd (before my account was activated on the 1st) and the were linked February 2nd.

I have tested out the following features:

-transfers from my linked accounts
-transfers to my linked accounts
-mobile cheque deposit (after the initial deposit)
-paying bills
-sending interac e transfers
-receiving interac e transfers

Everything seems to work as advertised.

Some things I've noticed are:
-bill payments and interac transfers seem to be processed through the BC credit union network.
-deposits are processed through TD.
-some EFTs to linked accounts show EQ Bank, others show Equitable Bank.
-interac e transfers take about 10 to 40 minutes to send the receiver their email after funds are sent from EQ bank compared to instantly with RBC (the other bank I've tried with). Interac e transfers are done on a separate website from online banking (Credit union site - which is also same website peoples trust uses for their online banking along with many other credit unions)
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