Welcome to EQ Bank!  The information included below contains important details about your online EQ Bank Savings Plus Account.

By opening and operating your EQ Bank Savings Plus Account, you accept and agree to be bound by the following terms and conditions governing your EQ Bank Savings Plus Account. You confirm you received our disclosure Documents and agree to be bound by the terms of these Documents including any periodic changes or replacements made by us.

Please ensure you review this Account Agreement and all other related or referenced agreements carefully as they affect your rights and set out certain obligations and expectations on your part.  If you have any questions related to the agreements, please contact us.

Please retain a copy of this Account Agreement for your records.

EQ Bank Savings Plus Account

The EQ Bank Savings Plus Account is an online personal bank account and operates in Canadian currency. The EQ Bank Savings Plus Account will earn interest daily based on the closing balance, and interest will be paid monthly. There is no minimum balance requirement.

The EQ Bank Savings Plus Account is intended for personal use only. You agree to operate your EQ Bank Savings Plus Account as a personal account and understand that if we suspect you are using your EQ Bank Savings Plus Account for business or non-personal purposes, we may close your account.

By signing up for an EQ Bank Savings Plus Account with us, you agree to receive all communication and documents related to your EQ Bank Savings Plus Account in electronic format.

Definitions in This Agreement

Account”, “Bank Account” or “High Interest Savings Account” means your online EQ Bank Savings Plus Account;

Account Terms” means the terms, conditions and other agreements, including the Account Agreement, between you and us, with respect to Services offered by us, as may be amended from time to time, and which were delivered to you when you opened your account. This also includes notifications, our Privacy Agreement and any other document that is available on our website or mobile and online banking applications;

Account Agreement” means this EQ Bank Savings Plus Account Agreement;

Alert Messages” means the automated security alert messages and opt-in alert messages that we may send to you securely to the Message Center accessible within mobile or online banking services or by regular email to your primary email address or by text (SMS) message to your mobile phone number;

Biller”, “Third Party Biller” means a business or organization to which you owe for a service or product that was provided.  For example, telecommunications companies or utilities;

Documents” means the Interest, Fees, Privacy and/or Complaint-related disclosure documents you receive(d) electronically when you opened your account, and including those outlined below in Section 1 under Consent for Delivery of Electronic Documents

“EFT” means electronic funds transfers, including transfers between your Accounts or transfers between your Account(s) and Linked Accounts.

Electronic Communication means any communication by telephone, email, Message Centre, text (SMS), social media chat, fax, or other method of telecommunication or electronic transmission;

Electronic Device”: means any electronic device that we allow you to use to access our Services (for example, certain personal computers, cellular phones, telephones, smart phones, tablets or other similar devices);

Electronic Identification” or “Login ID” is your email address (registered to your profile at time of application) and is used in combination with your password used to sign on to our Services;

Electronic Transaction” means transactions with respect to an Account, including deposits and withdrawals, which include payments (including bill payments and preauthorized debits), transaction cancellation Instructions, Interac® e-Transfers, and other transactions with respect to an Account that we may permit through our Services;

EQ Bank”, “the Bank”, “Bank”, “our”, “we” or “us” means Equitable Bank;

External Account” means an account that you hold with another financial institution;“includes” or “including means includes or including, as applicable, but not limited to;

Instrument” can mean, a mobile cheque deposit, bill payment, electronic debit or credit or other payment instrument such as Interac® e-Transfer;

“Instruction” means an instruction by you that is electronically communicated to us after electronic identification and/or security question authentication through our mobile, online or telephone banking;

Linked Account” means the external account that is linked to your EQ Bank Savings Plus Account;  

Message Centre” means a secure messaging inbox, accessible through EQ Bank online or mobile banking;

Mobile Cheque Deposit is the method used for depositing a cheque into your account remotely using your mobile device;

Mobile Banking” means the mobile application, specifically designed by us or a Third Party Service Provider, through which you may sign on to the Services for use through an electronic device;

"PAD" means a pre-authorized debit, which is a withdrawal from your Account that is carried out by an organization or another financial institution that has your authorization to do so;

Sender” means a person who instructs a financial institution to send a transfer;

Statements” means the online monthly account statement accessible through mobile or online banking;

Service(s)” means mobile, online and telephone banking which can be accessed by an electronic device;

Third Party Service Provider” means a party retained by us to act on our behalf to provide or to assist us in providing our Services;

Website” means eqbank.ca;

you”, “your”, “Account Holder” and “Client” refers to each owner of the personal online account.

Customer Eligibility

To be eligible to open and maintain an EQ Bank Savings Plus Account with us, you must be a Canadian resident with a permanent Canadian address, and you must be 19 years of age or older. Please note that our Services are currently unavailable in the province of Quebec.

You are responsible for maintaining a valid email address as part of your profile with us and are responsible for notifying us of any changes to your email address or any other personal information.

Identity Verification and Account Opening Requirements

We are required by federal law to obtain, verify and record information that identifies each person who opens an account. When you open an account, you will be asked to provide information to help identify you, including your name, street address, and date of birth. We may also require additional proof of your identity if it cannot be verified online.

To open your EQ Bank Savings Plus Account, you must provide a personal cheque, made out to yourself, drawn from a Canadian financial institution. The cheque must be signed by you and the signature we obtain from your cheque will be retained as a record of your signature.  The dollar amount you deposit into your new EQ Bank Savings Plus Account will become accessible once your Account is activated.  Your Account will become active once we have verified your identity and that the funds are available from the other financial institution to pay the deposit. Once this process is complete you will be notified that your Account is active.

You agree and consent to us verifying your identity as required or permitted by law and agree to provide any documentation we believe necessary to help in this regard. As such, your new Account cannot be opened, no interest payments will be made and no other benefit derived from your new Account will apply until all such requirements are satisfied.

There may be cases where we need to contact third party credit reporting agencies to help us identify you. You agree and consent to us verifying information provided by you using credit bureaus, credit reporting agencies or similar third parties. You agree to provide any records that may be required for the opening of your Account with us, and its continued operation under federal and/or provincial law, including but not limited to, those necessary under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including any related regulations and/or guidelines, or such other similar legislation as the case may be. If you provided us with your Social Insurance Number (SIN), you agree that we may share it with the credit reporting agencies as an aid to us in helping identify you.  Your Social Insurance Number (SIN) is required to open an account, for tax reporting purposes. 

Should you fail to satisfy any of our account opening requirements, we reserve the right to not open your Account.

Privacy Agreement

By initiating the account opening process with us, you consent to the collection, use and disclosure of your personal information in accordance with EQ Bank's Privacy Agreement. The Privacy Agreement may be amended or replaced from time to time

The Privacy Agreement forms part of the Account Agreement, and your acceptance of these terms indicates that you also agree to the terms of the EQ Bank Privacy Agreement.  When you open an Account, a copy of our Privacy Agreement will be made available to you.  It is important that you review our Privacy Agreement carefully.

We reserve the right to comply with any third party demand which have been issued under federal or provincial legislation, or any court order we receive in respect of your Account. You agree that we will not be liable to you in any way for complying with any such third party demands or court orders issued on or against your Account.

Electronic Identification (Login ID and Password)

Once your Account is created, your Login ID and password will be required anytime you want to access your Account. You are responsible for the safe keeping of your Login ID and password and for not sharing either with anyone.  Please ensure they are kept private and strictly confidential.


You acknowledge that interest rates and interest calculation methods may change at any time and without prior notice.  We will advise you by posting the new rate and any interest calculation changes on the secure Message Centre and on our Website.

Interest begins to accrue on every dollar the day your Account becomes active. Interest is calculated daily on the total closing balance and at the rates per annum, as offered.  Interest is payable monthly.


The Account has no monthly maintenance fee.  A listing of the fees that may be charged by us in connection with this Account are outlined in the EQ Bank Savings Plus Account Fees & Features.  You authorize us to charge any incurred additional fees to your Account. If a fee is increased or a new account fee is introduced, we will provide notice of any such change in writing to you through electronic means, which may include posting a notice on the Message Centre or on the Website or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.

Online Account Transaction Records

Monthly account statements and ongoing account transactions and balances are available online in electronic format and can be accessed directly from Mobile Banking, online banking, or both.

You understand and agree that paper copies of your account statement will not be provided by us.

You Agree to Notify EQ Bank

You agree to review your transaction history carefully and at least once every 30 days to ensure that:

  • All transactions and balances are correct;
  • All instruments paid from the Account are valid and duly authorized;
  • All amounts charged to your Account are correct;

Should you notice any errors, omissions, irregularities or discrepancies you must notify us within 30 days of the transaction record, otherwise we will consider your Account records to be accurate. You will be bound by this section even if you do not use Mobile Banking or online banking to review your account entries and balances at least once every 30 days.

If we mistakenly credit an amount to your Account, we can correct that error at any time.

Mobile Cheque Deposit

1. Summary

Through the Mobile Cheque Deposit feature, you can deposit cheques to your EQ Bank Savings Plus Account without sending in the physical cheque. You take a picture of the front and back of the cheque with your Electronic Device and send the image to us using Mobile Banking.

2. Agent

You acknowledge and agree that when you create an image using Mobile Cheque Deposit, you are acting as our agent for the purpose of creating the image, and that any image that you create in this way will be treated for legal purposes just as if we had created the image itself.    We appoint you as our agent to act on our behalf in the creation and transmission of images to us. You may not further delegate the role as agent.

3. Download Requirement

To use Mobile Cheque Deposit you need to first download the EQ Bank Mobile Banking app available through our Website onto your mobile device.  Please refer to our Questions page for current hardware and software specifications. We are not responsible for any third party hardware or software or expenses you may need to use Mobile Cheque Deposit. Any such hardware or software is accepted by you as is and is subject to the terms and conditions of use you enter into directly with the third party provider at time of download and/or installation.

4. Cheque Parameters and Eligible Items

You agree to the following whenever you use Mobile Cheque Deposit to deposit a cheque;

  • Only paper cheques that are made payable solely to you can be deposited using Mobile Cheque Deposit. Items payable jointly or payable to someone else and endorsed to you will not be accepted;
  • Each cheque must be in the standard format approved by the Canadian Payments Association. The date, drawee institution, payee, amount in words and figures, signature of the Payor and magnetic ink character recognition information must be clearly legible;
  • Each image captured through Mobile Cheque Deposit must be a picture of the original paper cheque, front and back, and not of a photocopy, PDF or printout;
  • Cheques must not be post-dated or dated more than 6 months prior to the date of deposit;
  • Cheques must be drawn on a Canadian financial institution and payable in Canadian dollars;
  • Cheques must not be drawn from a credit card or line of credit; and 
  • The cheque has not already been deposited by any means whatsoever.

We reserve the right to reject a cheque for deposit if the image does not meet any of the above requirements.

5. Duplicate Deposits

After you have deposited a cheque through Mobile Cheque Deposit, you must not deposit or attempt to deposit (either physically or electronically) or cash the same cheque anywhere else. The same cheque may not be deposited through any other remote cheque deposit service or transferred to any other person or company. You must also not use Mobile Cheque Deposit to deposit or attempt to deposit any cheque that you have already deposited remotely using any other remote cheque deposit service. You will be liable for any returned cheque charges if you breach any of these provisions (whether intentionally or inadvertently) and as a result a cheque is returned to us. These charges may be debited from any of your accounts with us.

6. Alterations

You may not alter or cover up anything on either the front or back of a cheque to be submitted for remote deposit using Mobile Cheque Deposit.

7. Destruction of Paper Cheque

After you have deposited a cheque remotely using Mobile Cheque Deposit, do not send us the paper cheque. You must keep the paper cheque in a safe and secure place for 14 days, after which it must be torn up, shredded, or otherwise permanently destroyed.  You agree to follow any other procedure and instructions for use of Mobile Cheque Deposit as we may establish from time to time.

8. Representations and Warranties

With each use of the Mobile Cheque Deposit feature, you are deemed to give us the following representations and warranties:

  • You will only transmit eligible items;
  • Each image is an accurate image of an original paper cheque and not of a photocopy, PDF, or printout of an electronic copy;
  • The cheque has not been altered or defaced in any way, including but not limited to raising the amount or changing the payee, either physically or electronically;
  • You have not already deposited or attempted to deposit or cashed the cheque anywhere else or by any other means;
  • You will not re-deposit or re-present the original item; and
  • You have not created any images or copies of the cheque other than the image submitted through Mobile Cheque Deposit or if you have done so, you have deleted or destroyed the other image or copy.

9.  Availability of Funds

The day we receive the image will be deemed the day of deposit. Funds will be credited to your Account immediately upon receipt of the image but availability and access to the funds will be subject to our Hold Funds Policy.

We may establish limits on the dollar amount of items and/or number of items which can be deposited.  These limits may change from time to time without prior notice to you.  If you attempt a transaction that is in excess of these limits, we may reject the transaction. Please refer to our EQ Bank Account Fees & Features for further information on deposit limits.

Deposits made after 11:59pm EST/EDT will have a transaction date of the next business day and will be processed on the next business day.  Saturdays, Sundays and statutory holidays are not considered business days.

10.  Errors in Transmission

By using Mobile Cheque Deposit, you accept the risk that an item may be intercepted or misdirected during transmission. You acknowledge we have no liability to you or others for any such intercepted or misdirected item or information disclosed through such errors.

11. Indemnification

You agree to indemnify us for any losses or liabilities we may suffer or incur as a result of your use of Mobile Cheque Deposit without complying with the requirements in the paragraphs above and below. You acknowledge that we will not be liable for any losses or liabilities that you may suffer as a result of your use of these features, including if the feature is not available for any reason.

12.  Termination

We may terminate your access to Mobile Cheque Deposit at any time and for any reason including if you breach any term of the Account Agreement, if you use Mobile Cheque Deposit for any unauthorized or illegal purposes or you use Mobile Cheque Deposit in a manner inconsistent with any procedures or instructions, in which case the Account Agreement will continue to apply in respect of your past access.

13.  Receipt of Items

We reserve the right to reject any item transmitted through Mobile Cheque Deposit, at our discretion. An item may be returned to us by the paying financial institution because, among other reasons, the paying financial institution determines that the item cannot be processed, is illegible, or is otherwise unacceptable. We are not responsible for items we do not receive or for images that are corrupted or not fully received during transmission. We may charge back to your Account at any time, any item that we subsequently determine was not eligible for deposit. If the deposit amount does not match the amount of the image, we may adjust your Account to reflect the amount on the image received. You agree that we are not liable for any loss, costs, or fees you may incur as a result of our charge back or adjustment.

14. Cooperation with Investigations

You agree to cooperate with us in the investigation of unusual transactions, poor quality transmissions, and resolution of customer claims, including by providing, upon request and without further cost, any originals or copies of items deposited though Mobile Cheque Deposit in your possession and your records relating to such items and transmissions.

15. Further Obligations

You agree to take full responsibility for your Electronic Device and anybody using it.  Please review the EQ Bank Mobile and Online Banking Terms and Conditions in its entirety. You agree to comply with any further obligations that may be required in order to ensure that Mobile Cheque Deposit functions correctly and efficiently. We may at any time suspend, terminate or discontinue the Mobile Cheque Deposit feature, at our own discretion, without notice to you.

Electronic Transactions

You are responsible for ensuring that there are enough funds in your Account required to cover any Electronic Transactions you may initiate.  You will be accountable for any transaction that is not processed due to insufficient funds.

Electronic Transaction requests may be made through Mobile or Online Banking, or telephone to our Customer Care Centre, and by other methods made possible by us, from time to time. Our Customer Care Centre is capable of processing EFT and bill payments for you but it cannot initiate Interac® e-Transfers.

EFT initiated by you via mobile or online banking, or telephone will be processed upon your request to or from your Linked Accounts.  If processing via telephone, before acting on your request, you will be asked to provide information to help verify your identity.

It typically takes one to two business days for funds to arrive in your Account or to your External account after the EFT request is made.  Funds transfer arrival dates are not promised or guaranteed. Note that even after funds have arrived in your Account they may be subject to a hold period, including funds which have arrived via direct deposit. Please see the ‘Holds on Your Account’ section below for further information.

In cases where EFTs cannot be processed with an External Account, the transaction request will be reversed. We will not accept cash for deposit and will not be responsible for funds lost in transit or in standard mail. Traveller’s cheques will not be accepted for deposit.

We will not accept cheques payable in U.S. dollars or other foreign currencies.

We will not accept wire transfer deposits.

We, in our sole discretion, may deem a deposit or withdrawal to be fraudulent or counterfeit.  If this occurs, the transaction request will not be processed and, as applicable, funds will not be returned to you.

We may establish dollar amount limits and/or limit the number of transactions.  These limits may change at any time and without prior notice to you.  If you attempt a transaction that is in excess of these limits, we may reject the transaction. Please refer to our EQ Bank Savings Plus Account Fees & Features for further information on dollar amount limits for various transactions.

Interac® e-Transfer

Interac® e-Transfer services can be used to send money electronically to a recipient who has a bank account at any Canadian financial institution.  To send an Interac® e-Transfer via mobile or online banking you must provide the email address of the recipient, the amount to be sent, and a security question and answer needed by the recipient to authenticate the funds transfer.  In order for the recipient to receive the Interac® e-Transfer they must correctly answer the security question. Only the instructions for retrieving the money are transferred by email or text; the funds are transferred directly between accounts or financial institutions. As the originator of the Interac® e-Transfer, you agree that it is your responsibility to:

  1. provide the accurate email address of the recipient;
  2. use an effective security question and answer that is only known by you and the recipient;
  3. keep the answer to all security questions confidential and only disclose them to the recipient of the transfer, and not use email or any optional message that may accompany the transfer to send the recipient the answer to the security question.

You agree and understand that we are obligated to pay the transfer to anyone who claims it, providing they are able to correctly answer the security question even if the person was not the intended recipient of the transfer.

If you are the recipient of a transfer, you agree to keep the answer to the security question confidential and disclose it only as required to claim the Interac® e-Transfer.

We will not be liable for any losses as a result of the sender or recipient’s misuse of, or improper communication or disclosure of the answer to a security question.

When you initiate an Interac® e-Transfer, we will immediately withdraw the amount of the transfer from your Account and within 30 minutes the recipient is notified of the transaction.  We will hold the transfer amount until we are advised that the recipient has claimed or declined the transfer, or you advise to stop the payment on the transfer, whichever occurs first.

The recipient has 30 days from the date the transfer was initiated to claim the funds.  After 30 days the transfer will expire and, if unclaimed, the money will be deposited back into your Account (minus any applicable charges).

Transfers can only be made in Canadian dollars.

Electronic Bill Payments

By using our bill payment services and by providing Instruction to process payments to third parties, you authorize us to withdraw funds from your Account to pay the third-party bills/invoices.  Payment transaction types can include one-time payments or recurring payments.   Withdrawals will take place on the date the Instructions are given or, on specified dates provided by you for post-dated and/or recurring payments.  You understand and agree that the third-party Billers may not acknowledge payments as being received on the date(s) the Instruction is given, therefore it is your responsibility to ensure your obligations will be paid on time. You should allow for several (3 to 6) business days for your payment to be effective.  You assume full responsibility for late payments, charges or actions that may be imposed by the third party as a result of late payment. 

It is your responsibility to ensure that the billing information (e.g. Biller name and billing account number) you provide to us is accurate and up-to-date at all times and the amount of the bill payment is correct. You consent to us exchanging billing information with your Billers to ensure that your billing information is accurate and up-to-date. We have no obligation to seek updates to your billing information from any Billers and we are not liable to you for any loss or claim that may arise as a result of us not having obtained or received your accurate and up-to-date billing information.

We will not process payments if the required transaction information is not complete, sufficient funds are not available, the billing account number is inaccurate, or there is a change in the status of the third-party Biller.

We are not responsible for any losses as a result of issues or disputes with a third-party Biller.  You agree to settle any dispute directly with the third party.  We will not be accountable for delays or failures of any third party to act on your Instruction or for any costs or penalties that may result from a third-party Biller’s failure or delay.

Scheduled and Recurring Transfers to/from External Accounts

Scheduled and recurring transfers can be made between your Account and your linked External account(s).  By initiating a scheduled or recurring transfer, you authorize us and your other financial institution(s) to transfer funds between your Account(s) and your External accounts according to your Instructions.  Changes to your payment schedule can be made at any time based on your direction. Timing of the changes may not be guaranteed depending on when the changes were made.

Holds on Your Account

When you deposit funds with us by cheque, EFT, or Mobile Cheque Deposit we may place a hold on all or a portion of your deposit until we have verified that the funds will be available from the other financial institution to cover the deposit.

Although the deposit will be reflected in your account balance immediately, your ability to access the entire amount of your deposit will be limited until the hold period has expired.  You will be unable to withdraw, transfer (via EFTs or Interac® e-Transfer) or pay bills using funds that are being held. The time period for deposits being held ranges from 5 to 8 business days, and depends on the amount and nature of the deposit.

There may be circumstances where the hold period is extended.  For more detail on this and for information on cheque returns, please refer to our Hold Funds Policy.


We will accept Instructions for the Account directly from the account holder only. We may act in accordance with Instructions from your legal representative(s) (such as an Executor), if such person demonstrates legal authority to act on your behalf.

Clearing, Settlement and Payment

We may make available instruments such as, EFT, Interac® e-Transfer, payment features or Mobile Cheque Deposit tools which are used for payment, clearing, collection, receiving, or otherwise through Third Party Service Providers.  We will not be responsible should any errors occur during the performance of these third party services nor will we be responsible for any loss, theft, destruction or delay in delivery of any instrument while in process or in the possession of another bank or third party. If instruments for payments presented on your behalf by us or third party to another financial institution are refused, or if the other financial institution does not provide payment, you will remain responsible to us for the amount of the instrument deposited with us.

Rights of Set-Off

We have the right under the law (called “Set-Off”) and under this Agreement to use funds in your Account(s) to pay any outstanding debts or other obligations you owe to us, such as a withdrawal resulting in a dishonored payment.  You understand and agree to allow us to use some or all of the money in your Account to pay any debts that you owe us without prior notice to you.

Closing Your Account

You may choose to close your Account at any time and at no cost. Items presented for payment after the Account is closed may be dishonored. You are responsible for transactions you arranged, including those that arrive after your Account is closed.  By closing your Account, you forfeit any cash payments that you have not yet been awarded, such as accrued interest and any promotional offers.  In the event your account is closed and there is a balance, we will mail a cheque to you for that amount, less any outstanding debts or other obligations you owe us, according to our rights of Set-Off described above, at the address we have on file for you .

Suspension or Termination of Account or Services

You acknowledge that we may suspend or terminate your Account, or your access to your Account, if we believe that you are in breach of these terms and conditions or any other agreement you have entered into with us.  In the event your Account is suspended or terminated, or your access to your Account is suspended or terminated, we will notify you by phone.

In situations where the we have closed your Account, any balance remaining in your Account will be paid to you less any outstanding debts or other obligations you owe us, according to our rights of set-off described above.  We will not be liable for any dishonored payments after your Account is closed.  If there have been no deposits, withdrawals or activity for six months and the account balance is zero, we will consider your Account to be dormant. 

Upon your death or incapacity, we are authorized to take steps or restrict transactions to the Account which we deem prudent or advisable. Upon receipt of the proper and required legal documents following your death or incapacity, we will transfer the balance of your funds to your legal representative and close your Account. In all cases, you (or your estate) will continue to remain responsible for any transaction on the Account. Your estate representative will have the same rights, responsibilities and obligations under this Account Agreement as you, the account holder, unless we determine otherwise.

There are no fees or associated costs for terminating your mobile or online banking services.

Dormant Accounts

When an Account with a balance sits dormant for a period of 10 years, and the account holder cannot be contacted by us, the balance is transferred to the Bank of Canada who will act as the custodian on behalf of the funds owner.  Balances are transferred to the Bank of Canada once a year, on December 31st.

Changes to this Agreement

Changes to this Account Agreement may be made by us at any time, without prior notice to you, unless advance notice is required by law. When changes are made, notice of the change will be posted on the Message Centre or on the Website. You agree that if you access or have funds on deposit in any Account, you will be deemed to accept the change. You can obtain a copy of the current Agreement by visiting our Website or by calling Customer Care.

Conflict of Terms

If there is any conflict or inconsistent between the terms of the Account Agreement and the terms in any other agreement between you and us, the terms of this Account Agreement will prevail and the parties shall take any necessary steps to conform the inconsistent terms to the terms of the Account Agreement.

Limitation of Liability

You expressly understand and agree that in no event shall we be liable for any indirect, incidental, punitive, special, consequential damages or any damages whatsoever including, without limitation, damages for loss of profit, arising out of your use of your Account or with any other of our products or services, unless we were grossly negligent.  If we were grossly negligent, liability is limited to the displayed amount of the item. We may take any action authorized or permitted by this Account Agreement without being liable to you, even if such action causes you to incur a loss, or be liable for any legal charges.


You acknowledge and agree to indemnify (protect), and hold us, our officers, directors, employees, agents and affiliates harmless (innocent) from and against any loss, liability, cost or expense of any kind that any of the aforementioned parties may incur in connection with any Service we may provide you or that may result from any dealings between you and us, including any claim or liability for payment of a forged or altered item.

Liability for Forgeries

In addition to the above, you acknowledge that we will not, under any circumstance, be liable to you for any loss, even if we are notified within the time periods required by this Account Agreement (under ‘You Agree to Notify EQ Bank’), arising from

i) a forged or unauthorized endorsement, impersonation or any material alteration of an instrument, or

ii) Instructions we act on

unless you have established to our satisfaction that you are not responsible for the disputed item and that you took all reasonable steps to prevent the forgery or impersonation and the resulting loss, and that despite that fact, the loss was unavoidable.

You agree to cooperate fully with us in any investigation that may be required including any police investigation. Any liability that we may agree to will be limited by a maximum liability equal to the amount of the disputed item and rules established by the Canadian Payments Association in effect at the time applicable to the forgery or material alteration including a 90 day limitation on disputes arising from material alterations.

Canadian Payments Association Rules

The mandate of the Canadian Payments Association (CPA) is to establish, operate, and maintain systems for the clearing and settlement of payments among member financial institutions on behalf of their clients—individuals, businesses, and governments. Please see the summarized CPA rules below for information on your rights and responsibilities. These are not intended to replace the wording from the underlying CPA rules.

1. Your Authorization

By opening your account and by providing an initial encoded deposit cheque (one for every External Account you want to link with your EQ Bank Account), you agree that this acts as your approval to your other financial institution(s) and to us, to process EFT requests to and from your Account in accordance with the rules of the CPA.  You assure us that you are the signing officer on the External account(s) held at your other financial institution(s).

You acknowledge that this authorization is given to us and the other designated financial institution(s), in consideration that we agree to process debits or credits against your designated External account(s) in accordance with this Account Agreement.  This authorization has no bearing on any other agreement or service you have with us, it only applies to the method of payment.  The financial institution(s) at which you maintain your External account(s) is (are) not required to verify that the debit transactions are drawn in accordance with this authorization.

Changes to your External account information should be communicated to us before any electronic funds transfer requests are made.  You may cancel this authorization at any time by providing notice to us. We require three business days to process your cancellation request. The cancellation of this authorization does not terminate any other agreement you may have with us.

You acknowledge that your use of your Electronic identification (Login ID and Password) establishes authorization for us to process debits to your Account(s) as requested.

2. Electronic Funds Transfers (EFT)/Pre-Authorized Debits (PAD)

A pre-authorized debit (PAD) is a withdrawal from your account at a financial institution that is carried out by an organization or another financial institution that has your authorization to do so.  Funds transferred to and/or from your Account to another financial institution constitutes an EFT or PAD.  These transfers are used to move money between accounts held by the same customer (you) at different financial institutions. We will process these transfers and move funds only at your request and as per your Instructions, on amount, frequency and timing.  To initiate a transfer, log into our mobile or online banking Services and authorize a electronic funds transfer request online.  You are responsible to ensure the correct information is provided in order to process your transfer.  We will process transfer requests in accordance with the Rules of the Canadian Payments Association and this Account Agreement. For an overview of your rights and responsibilities with respect to PADs, please visit the Canadian Payments Association at www.cdnpay.ca.

3. Cancellation

You may revoke your authorization or cancel a PAD at any time by providing us notice at least 30 days prior to your next scheduled PAD. You agree that your cancellation of the PAD Agreement will take effect upon receipt and confirmation by us. You acknowledge that you have the ability to instruct us to make changes to any PAD arrangements you make with us at any time. You may obtain a sample cancellation form or further information on your right to cancel a PAD Agreement from us or by visiting the Canadian Payments Association at www.cdnpay.ca.

4. Notices of Change

You agree to inform us, by any means it provides, of any change in the External account information prior to any requests being made for the transfer of funds.  This pertains specifically to your External account(s) which you hold with your other financial institution(s) where you previously provided your authorization to us, to draw funds from those accounts by providing us with an initial deposit cheque.

5. Contact Information

Head Office:

Equitable Bank 30 St. Clair Avenue West, Suite 700, Toronto, ON M4V 3A1

Toll Free Phone: 844-437-2265 (844-4EQ-BANK)

Email: help@eqbank.ca

Website: www.eqbank.ca

6. Pre-Notification

You have waived your right to receive pre-notification of the amount of the PAD and agreed that you do not require advance notice of the amount of PADs before the debit is processed. You understand that you will not be receiving any notice from us that includes the amount that will be debited or the due dates of the debit transactions.

7. Confirmation

You confirm that the information provided by you is accurate and that you have authorized us to act based on your Instructions and to process your transfer requests.

8. Recourse Reimbursement

You have certain recourse rights if any debit does not comply with this Account Agreement. To obtain more information on your recourse rights, you may contact your financial institution or visit www.cdnpay.ca.

EXCEPTION: Please note that for a transfer PAD, being a debit authorized by the customer wherein funds are moved among the customer’s accounts held at different financial institutions, the recourse rights noted above through the Canadian Payments Association are not applicable. However, if a discrepancy should occur in a transfer PAD initiated by you through us, please Contact Us and we will assist in clarifying the matter.

9. Third Party Pre-Authorized Debits

PAD Agreements with third parties should and must be established by you.  All the necessary and accurate information must be provided to the third party directly in order to establish and enter into the PAD agreement with them.  All PAD Agreements that you enter into with a third party must follow the rules outlined by the Canadian Payments Association.

It is your responsibility to advise the third party of any account changes and if you wish to cancel a PAD.

You would he held responsible should any charges be incurred if debits cannot be processed due to insufficient funds or for any other reasons.

We are not responsible should a third party fail to act upon PAD instructions provided by you.

It is highly recommended that you regularly examine your account transactions and deal with any discrepancies or concerns regarding any PAD within the time periods specified in the PAD Rules established by the Canadian Payments Association.

For further information on your rights and responsibilities regarding such third party pre-authorized debit transactions, please refer to the Canadian Payments Association website at www.cdnpay.ca.

Consent for Delivery of Electronic Documents

The following terms and conditions apply to the electronic delivery of Documents to you relating to your Account.

1. Giving Your Consent

You consent to the electronic delivery of Documents and other information through the Message Centre, fax, email, SMS/text message, or by posting on our corporate website (equitablebank.ca).  Documents include:

  • Statements;
  • Notifications containing legal disclosures, including but not limited to the disclosure requirements prescribed by the Bank Act, all provincial and federal Securities, Privacy and Tax statutes and regulations and all Voluntary Codes and Commitments applicable to the financial industry;
  • Changes to any interest rate(s), fee(s), and any other items mentioned in the disclosure statements we send you for new Accounts or other products or Services;
  • Changes/Amendments to the Account Agreement, products or Services;
  • Communications about the terms and conditions of this Consent for Delivery of Electronic Documents, including changes and confirmations; and
  • Any other confirmation, notice or information that we are required by law to provide you in writing relating to your Account.

2. When Your Consent Takes Effect

This Consent applies to your Account and shall take effect as soon as you open your Account.

3. Electronic Delivery of Documents

When we deliver a Document electronically, we will do so by making it available to you on our Message Centre accessible after you have been identified electronically through our Mobile Banking or Online Banking Services. We will usually post a message to the Message Centre to notify you that the Document is available.

EQ Bank will also send you Alert Messages, notifications or other communications by email or SMS/text message, including:

  • Alerts and requests for information in relation to card suspension, identity theft and other fraud or security-related activities;
  • Requests for information that may be required in connection with EQ Bank’s obligations under anti-money laundering rules, know your client rules or other legal obligations;
  • Communications that deliver information on collections;
  • Communications arising from all manner of legal actions, causes of action, complaints, claims, applications to administrative tribunals, legal demands or otherwise;
  • Notifications of corporate actions that require your attention;
  • Alerts providing you with reminders or Account-related instructions;
  • Alerts advising you that your Account Statement or Documents have been posted to the Message Centre;
  • And other Account-related alerts requested by you.

    You agree that receipt of these notifications, alerts and other communications by email as determined by EQ Bank is a mandatory and integral part of your Account. Please refer to our EQ Bank Mobile and Online Banking Terms and Conditions for more information on Alert Messages and Electronic Communications.

4. Retention Period

Statements are available for download from the Account tab.  Account statements are available for seven years after the end of the period to which they relate.

We will keep a copy of all other Documents provided to you for the entire time you maintain your account with us and for a minimum period of five years after you cease to maintain your account with us.

5. Your Obligations

You agree to review the Documents we send you electronically within 30 days of receipt. You confirm that you have the necessary technical ability and resources to do this. You also acknowledge that technical and security requirements for access to our website, mobile and online banking Services or your email (or for viewing the Documents themselves) may change from time to time. You also confirm that you will notify us immediately of any changes to your contact information (including email address).

6. Revoking Consent

You may not revoke consent for electronic delivery of Documents for your online Account.  We reserve the right to provide you with Documents by paper delivery if we are unable to provide electronic delivery, have reason to believe you may not have received the Document, or if we, in our sole discretion, otherwise consider it appropriate. Any paper delivery will be provided to you at the most current mailing address that we have on file for your Account.

7. Changing This Consent

We may change the terms and conditions of this Consent from time to time by providing you with notice of change through electronic or paper delivery. You agree that your subsequent use of our Services means you agree to and accept the revised Terms and Conditions.

8. Limitation of Liability (related to electronic delivery of documents)

You agree that your notifications and delivery of Documents electronically may be delayed, not delivered or inaccurate due to a variety of factors, including technical problems. To the extent permitted by the laws of Ontario and the laws of Canada, we will not be liable for any direct or indirect damages arising out of your use or inability to use the notifications and Documents, regardless of the cause, including negligence, even if we are advised of the possibility of such damages.  For fax and e-mail transmissions, you accept the risk that certain notifications and Documents may be lost, intercepted, reviewed or altered by others.

9. Language

You and we expressly requested that this Consent, and all related documents, be drawn up in the English language. Vous et nous avons expressément demandé que ce contrat et tout document y afférent, y compris tout avis, soient rédigés en langue anglaise.

Deposit Insurance

Equitable Bank is a member of Canada Deposit Insurance Corporation (CDIC). A deposit with us is eligible for CDIC deposit insurance coverage, provided it is in Canadian dollars and payable in Canada and the total deposits you hold do not exceed $100,000 per institution per insurance category. For more information please contact CDIC directly at info@cdic.ca or 1-800-461-2342.

Complaints or Concerns

At Equitable Bank, we take pride in our service and are committed to providing you with the best customer experience that we can. If you have a complaint or concern, please follow our easy 3-step Customer Complaint Handling Procedures (CCHP) so that we can work with you to resolve it as quickly and efficiently as possible. 

Step 1:  Talk to Your Business Unit Representative

Many complaints can be resolved at the first point of contact. If you have a complaint, talk to the representative of the business unit that you have been dealing with. If the business unit representative is not able to resolve your complaint to your satisfaction, your complaint can be referred to that individual’s Manager, who has the authority to resolve, in a timely manner, the majority of complaints that arise. You can reach your business unit representative by: 


In Toronto at 416-515-7000
Toll-free at 1-866-407-0004
1-866-940-1201 for Western Canada




Customer Service, Equitable Bank
30 St. Clair Avenue West, Suite 700, Toronto, Ontario M4V 3A1


Step 2: Contact the Department Head   

If the business unit representative or that individual’s Manager is not able to resolve your complaint to your satisfaction, you can escalate it to the Department Head of that business unit by:


In Toronto at 416-515-2293
Toll-free at 1-855-832-9448




Department Head – Complaints, Equitable Bank address in Step 1


Step 3: Write to the Chief Complaints Officer  

If the Department Head is not able to resolve the complaint to your satisfaction, you can escalate it to the Chief Complaints Officer, who reports directly to Equitable Bank’s CEO. Working closely with both customers and the Bank’s relevant business units, the Office of the Chief Complaints Officer independently conducts a full investigation of customer complaints, subject to certain limitations, and is committed to providing an impartial review to help customers and the Bank reach a fair, reasonable and transparent resolution. If your complaint has not been resolved within the first two steps of the Bank’s CCHP, you may wish to submit your complaint in writing to the Office of the Chief Complaints Officer. 




Chief Complaints Officer, Equitable Bank address in Step 1

You will receive an acknowledgement of your written complaint within 48 hours of it being received. If your complaint is within the Chief Complaints Officer’s mandate and has been through the first two steps of the CCHP, a full investigation will be undertaken. Most investigations are concluded within 4 - 6 weeks and you will be provided with a resolution/recommendation in writing. Any recommendations made are non-binding and parties are free to accept or reject them and pursue other options for resolution. 

Some matters fall outside of the Office of the Chief Complaints Officer’s mandate and include, for example: credit granting policies or lending decisions; matters of policy such as interest rates, service fees and account closures; issues that are in litigation or have been decided by the courts; and transactions for which the Bank’s records no longer exist (typically seven years).

For Equitable Bank HELOC customers only: If you wish to dispute a transaction or entry made with your Equitable Bank Visa Access Card and you have been through the Bank’s 3-step CCHP, and are not satisfied with the resolution, you may also contact the Equitable Bank Visa Access Card issuer, Peoples Trust Company, at 1-855-683-2881 or refer to their complaint handling process, which can be found at peoplestrust.com/about-us/resolving-your-concerns.

Additional Resources - External Agencies

If you require further information or are still not satisfied after receiving Equitable Bank’s Chief Complaints Officer’s decision, the following external agencies can provide you with information and a further review of your complaint.

Ombudsman for Banking Services and Investments (OBSI)  

If you are not satisfied with the recommendation made by our Chief Complaints Officer, you can refer your complaint to the OBSI, an independent external complaints body, for further review. If you choose to contact the OBSI, please do so within 180 business days from the date you received a response from the Bank’s Chief Complaints Officer. You may also contact OBSI if it has been more than 90 calendar days since elevating your concern to Step 2 and you have yet to receive a final response.


In Toronto at 416-287-2877
Toll-free at 1-888-451-4519

Online Form

Through the OBSI website at www.obsi.ca or ombudsman@obsi.ca


Ombudsman for Banking Services and Investments
401 Bay Street, Suite 1505, P.O. Box 5, Toronto, Ontario M5H 2Y4

Financial Consumer Agency of Canada (FCAC) 

The FCAC supervises federally regulated financial institutions to ensure they comply with federal consumer protection laws and voluntary codes of conduct and public commitments. For example, financial institutions must provide consumers with information about fees, interest rates and complaint-handling procedures. If you have a complaint regarding a potential violation of a consumer provision, voluntary code of conduct or public commitment, you may, at any time, contact the FCAC in writing. Please note that the FCAC does not become involved in matters of redress or compensation.


Toll-free at 1-866-461-3222

Online Form

Through the FCAC website at www.fcac-acfc.gc.ca


Financial Consumer Agency of Canada
427 Laurier Avenue West, 6thFloor, Ottawa, Ontario K1R 1B9

Equitable Bank has adopted a number of Voluntary Codes of Conduct and Public Commitments that are designed to protect consumers.  Please refer to www.equitablebank.ca for further information. 

Office of the Privacy Commissioner of Canada (OPC)   

The OPC oversees compliance with Canada’s privacy laws and you may contact the OPC at any time with a privacy complaint. 


Toll-free at 1-800-282-1376


Through the OPC Website at www.priv.gc.ca


Office of the Privacy Commissioner of Canada
30 Victoria Street, Gatineau, Quebec K1A 1H3

 1 Please do not include any confidential information as email correspondence is not guaranteed to be secure.


If any part of this Account Agreement is held to be unenforceable for any reason, the unenforceable portion of the Account Agreement will not affect the enforceability of the remainder of the Account Agreement, which will continue in full force and effect as if this Account Agreement had been executed without the unenforceable portion.


This Account Agreement, the Services, and the operation of the Account will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada. You hereby submit to and are bound by those laws and the courts of Ontario.

Other Company Trademarks

Third party content such as words and symbols are trademarks and the property of the third parties listed below.

Apple® and Mac® are trademarks of Apple Computer, Inc., registered in the U.S. and other countries.

Android™ - Android is a trademark of Google Inc.

Interac® - Trademark of Interac Inc. EQ Bank is an authorized user of the trademark.

Equitable Bank Marketing Names

EQ Bank is a marketing brand name (or trade name) used by Equitable Bank.

EQ Bank is a trademark of Equitable Bank, used under license.