There are three ways to deposit funds into your EQ Bank account:
- via Interac e-Transfer®
- via Electronic Funds Transfer (EFT) through your linked accounts
- via Mobile Cheque Deposit through the EQ Bank mobile app
You can instantly deposit funds by sending an Interac e-Transfer® to yourself, using your other bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.
Note: While it’s free to send or receive Interac e-Transfers® with EQ Bank, your other bank may charge a fee for sending them. Banks also tend to set daily limits on how much money you can send through Interac e-Transfer®, so it’s best to use this method for smaller amounts (generally $3,000 or less).
Electronic Funds Transfer (EFT):
Using either the EQ Bank mobile app or through online banking, you can deposit up to $100,000 per transaction from your linked account to your EQ Bank account. You can make multiple transactions per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.
Mobile Cheque Deposit:
Using the EQ Bank mobile app, you can deposit up to $100,000 per cheque. You can deposit multiple cheques per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.
Generally, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit. This means that funds held will actually become available by the sixth business day, when you include the date of deposit. For example, if you make a deposit on a Monday, you can access the funds on the following Tuesday.
Although the deposit will be reflected in your account balance immediately, you will not be able to withdraw or transfer the funds until the hold period has passed. During the hold period, you continue to earn interest on the deposit amount. For more information, please to refer to our Hold Funds Policy. To view the dollar limits of other transaction types, click here.