EQ Bank Bonus Interest Offer Terms and Conditions

This document sets out the terms and conditions (the “Terms”) applicable to the EQ Bank Bonus Interest Offer (the “Offer”). All monetary amounts are in Canadian Dollars.

In these Terms, “EQ Bank”, “we”, and our” refer to Equitable Bank, and “you” and “your” refer to a participant in the Offer, including any Eligible Customer.

  1. General

    The Offer consists of:

    1. Interest paid at 4.00% (the “New Bonus Interest Rate”), which will be paid for the Bonus Fulfilment Period to New Eligible Customers (as defined below) who set up automatic and recurring payroll direct deposits of $500 or more per month which qualify as Recurring Deposits (as defined below) and who comply with the requirements set out in these Terms. The New Bonus Interest Rate is based on the current base interest rate of 2.5% for the Personal Account, Joint Account and the EQ Bank Card balance (the “Bonus Interest Accounts”), plus an additional 1.5%. The Bonus Fulfilment Period is a maximum of 12 consecutive months from the date the Eligible Customer is first paid the Bonus Interest Rate (as defined below).

    2. Interest paid at the New Bonus Interest Rate, which will be paid for the remainder of the Bonus Fulfilment Period to Existing Eligible Customers (as defined below) who set up Recurring Deposits and who comply with the requirements set out in these Terms.

    3. Interest paid at 3% (the “Original Bonus Interest Rate”), which will be paid for the remainder of the Bonus Fulfilment Period to Existing Eligible Customers who do not qualify for the New Bonus Interest Rate, who as of January 10, 2024, have automatic and recurring pre-authorized debits (PAD(s)) of $500 or more per month which qualify as Recurring PAD(s) (as defined below), and who comply with the requirements set out in these Terms. The Original Bonus Interest Rate is based on the current base interest rate of 2.5% for the Bonus Interest Accounts, plus an additional 0.5%. For clarity, New Eligible Customers do not qualify to receive the Original Bonus Interest Rate. Further, if an Existing Eligible Customer stops their Recurring PAD(s) at any point during the Bonus Fulfilment Period, such customer will no longer qualify to receive the Original Bonus Interest Rate.

    The New Bonus Interest Rate and Original Bonus Interest Rate are collectively referred to as the “Bonus Interest Rate”.

  2. Eligibility

    This Offer is open to current or new EQ Bank customers. You must be eligible to become an EQ Bank customer to be eligible for this Offer. Individuals who meet the foregoing eligibility requirements and otherwise comply with these Terms are referred to as “New Eligible Customer(s)”. Individuals who would otherwise be considered New Eligible Customers, but whose Bonus Fulfillment Period began prior to January 10, 2024, are referred to as “Existing Eligible Customers”. New Eligible Customers and Existing Eligible Customers are collectively referred to as “Eligible Customers”. For clarity, individuals who have had their Bonus Fulfillment Period end are not Eligible Customers.

  3. Offer Requirements

    To qualify for the Offer and receive the New Bonus Interest Rate, an Eligible Customer must satisfy all requirements in these Terms and must: 

    (i)            be an EQ Bank customer; and

    (ii)          set up one or more eligible automated and recurring payroll direct deposits (categorized under the Canadian Payment Association codes set out in this section) totaling at least $500 of deposits per month into an EQ Bank Personal Account or Joint Account (the “Recurring Deposit(s)”).

    New Eligible Customers do not qualify to receive the Original Bonus Interest Rate. To receive the Original Bonus Interest Rate, an Existing Eligible Customer must satisfy all requirements in these Terms and must: 

    (i)            be an EQ Bank customer;

    (ii)          not qualify for the New Bonus Interest Rate; and

    (iii)         as of January 10, 2024 have one or more automated and recurring PAD(s) (categorized under the Canadian Payment Association codes set out in this section) totaling at least $500 of payments per month from an EQ Bank Personal Account or Joint Account (the “Recurring PAD(s)” and collectively with the Recurring Deposit(s), the “Qualifying Recurring Transaction(s)”). If the Recurring PAD(s) are stopped at any point during the Bonus Fulfilment Period, the Existing Eligible Customer will no longer qualify to receive the Original Bonus Interest Rate.

    For clarity, to be a Qualifying Recurring Transaction, the Recurring Deposit(s) or the Recurring PAD(s) must total at least $500 per month and the payment instructions for each Recurring Deposit and Recurring PAD must be provided to EQ Bank from another financial institution. There can be multiple Recurring Deposit(s) or multiple Recurring PAD(s) that total to $500 and qualify as Qualifying Recurring Transactions, but a combination of Recurring Deposit(s) and Recurring PAD(s) cannot qualify as Qualifying Recurring Transactions. 

    To qualify as a Recurring Deposit, the deposit must be categorized as one or more of the following Canadian Payment Association codes:

    Canadian Payment Association CodeDescriptionCredit or Debit
    200 200 Payroll Deposit Credit
    230 230 Pension Credit
    231 231 Federal Pension Credit
    232 232 Provincial Pension Credit
    233 233 Private Pension Credit
    240 240 Annuity Credit
    308 Restricted – Government Use Only - 308 Child Tax Credit Credit
    310 Restricted – Government Use Only - 310 Canada Pension Plan Credit
    311 Restricted – Government Use Only - 311 Old Age Security Credit
    312 Restricted – Government Use Only - 312 War Veterans' Allowances Credit
    313 Restricted – Government Use Only - 313 Canadian Pension Commission Credit
    314 Restricted – Government Use Only - 314 Family Allowances Credit
    315 Restricted – Government Use Only - 315 Public Service Superannuation Credit
    316 Restricted – Government Use Only - 316 Canadian Forces Superannuation Credit
    318 Restricted – Government Use Only - 318 Employment Insurance Credit
    600 Restricted – Government Use Only - 600 Provincial Government Credit
    601 Restricted – Government Use Only - 601 Family Support Plan Credit
    602 Restricted – Government Use Only - 602 Housing Allowance Credit
    603 Restricted – Government Use Only - 603 Income Security Benefits Credit
    604 Restricted – Government Use Only - 604 Provincial Family Benefits Credit
    605 Restricted – Government Use Only - 605 Combined Fed-Prov/Terr Payment Credit
    606 Restricted – Government Use Only - 606 Workers' Compensation Board Credit
    607 Restricted – Government Use Only - 607 Employment Assistance Allowance Credit

     

    To qualify as a Recurring PAD, the PAD must be categorized as one or more of the following Canadian Payment Association codes:

    Canadian Payment Association CodeDescriptionCredit or Debit
    330 330 Insurance Debit
    331 331 Life Insurance Debit
    332 332 Auto Insurance Debit
    333 333 Property Insurance Debit
    334 334 Casualty Insurance Debit
    335 335 Mortgage Insurance Debit
    336 336 Health/Dental Claim Insurance Debit
    350 350 Loans Debit
    351 351 Personal Loans Debit
    352 352 Dealer Plan Loans Debit
    353 353 Farm Improvement Loans Debit
    354 354 Home Improvement Loans Debit
    355 355 Term Loans Debit
    356 356 Insurance Loans Debit
    370 370 Mortgage Debit
    371 371 Residential Mortgage Debit
    372 372 Commercial Mortgage Debit
    373 373 Farm Mortgage Debit
    385 385 Property Taxes Debit
    400 400 Rent/Leases Debit
    401 401 Residential Rent/Leases Debit
    402 402 Commercial Rent/Leases Debit
    403 403 Equipment Rent/Leases Debit
    404 404 Automobile Rent/Leases Debit
    405 405 Appliance Rent/Leases Debit
    430 430 Bill Payment Debit
    431 431 Telephone Bill Payment Debit
    432 432 Gasoline Bill Payment Debit
    433 433 Hydro Bill Payment Debit
    434 434 Cable Bill Payment Debit
    435 435 Fuel Bill Payment Debit
    436 436 Utility Bill Payment Debit
    437 437 Internet Access Payment Debit
    438 438 Water Bill Payment Debit
    439 439 Auto Payment Debit
    450 450 Misc. Payments Debit
    470 470 Fees/Dues Debit
    480 480 Donations Debit
    608 Restricted – Government Use Only - 608 Automobile Insurance Plan Debit
    609 Restricted – Government Use Only - 609 Provincial Health Care Premium Debit
    610 Restricted – Government Use Only - 610 Offences and Fines Debit

     

  4. Bonus Interest Accounts

    If an Eligible Customer qualifies to receive the Bonus Interest Rate, the Bonus Interest Rate will apply to each of the Eligible Customer’s Bonus Interest Accounts for the Bonus Fulfillment Period (a maximum of 12 consecutive months) as set out in these Terms. Any EQ Bank accounts of an Eligible Customer other than the Bonus Interest Accounts will continue to receive the current base rate of interest and will not receive the Bonus Interest Rate.

    For clarity, if Qualifying Recurring Transaction(s) are set up partially or entirely to/from an Eligible Customer’s Joint Account, then the Bonus Interest Rate will apply to Bonus Interest Accounts that are held by all individuals that are account holders of the Joint Account that is receiving the Qualifying Recurring Transaction(s).

  5. Payment of Bonus Interest Rate

    If the Qualifying Recurring Transaction(s) is received into an Eligible Customer’s Personal Account(s) and/or Joint Account(s) on or before the last day of the month, the Bonus Interest Rate will be take effect and interest will begin accruing in the Bonus Interest Account(s) at the Bonus Interest Rate within the first two weeks of the following month (such date shall be determined in our sole discretion). For example, if a Qualifying Recurring Transaction is received in an Eligible Customer’s Personal Account by January 31, 2024, the Bonus Interest Rate will take effect and begin accruing in the Eligible Customer’s Bonus Interest Accounts between February 1 and February 29, 2024. 

    If the Qualifying Recurring Transaction(s) are stopped at any point during the Bonus Fulfillment Period and are not present at the last day of a month, the interest rate on the applicable Bonus Interest Account(s) will revert to the current base interest rate within the first two weeks of the following month and the Bonus Interest Rate will no longer be received. For example, if the Qualifying Recurring Transaction is not present on February 29, 2024, the interest rate on the Bonus Interest Account(s) will revert to the current base interest rate within the first two weeks of March 2024. 

    When the first Qualifying Recurring Transaction exists as of last day of a month, the Bonus Fulfilment Period begins to run the following month and will run continuously from that point for 12 consecutive months, regardless of whether the Qualifying Recurring Transaction is stopped or stopped and thereafter restarted during the Bonus Fulfilment Period. For example, if the first Qualifying Recurring Transaction is received into a Personal Account in February 2024 and is present on the last day of February 2024, the Bonus Interest Rate begins to accrue in the Bonus Interest Account(s) between March 1 and March 14, 2024. If the Qualifying Recurring Transaction is then stopped in April 2024 (meaning the Bonus Interest Rate is no longer received as of May 2024) and later is restarted in the July 2024, the Eligible Customer is still only eligible to receive the Bonus Interest Rate until the end of February 2024, which is when their Bonus Fulfillment Period of 12 consecutive months ends. 

    If Qualifying Recurring Transaction(s) are set up into a Joint Account, the Bonus Fulfillment Period will begin to run for all account holders of the Joint Account at that time, regardless of which joint account holder set up the Qualifying Recurring Transaction(s). 

    If a Bonus Interest Account is no longer active and in good standing at any point during the Bonus Fulfillment Period, the Bonus Interest Rate will no longer be received in that account. 

  6. Termination, Suspension, or Modification

    Unless otherwise stated, these Terms shall take precedence over any other materials promoting the Offer. We reserve the right, without prior notice, to terminate, suspend, or modify the Offer (including but not limited to modification of the Bonus Interest Rate) in any way, in whole or in part or for select participants, for any reason in our sole discretion, or if the Offer cannot run as planned, including due to infection by a computer virus, bugs, fraud, tampering, unauthorized intervention, technical failures, or any other causes which corrupt or affect the security, administration, or conduct of this Offer. This includes the right to suspend, disqualify, limit, or revoke access to the Offer and to not pay the Bonus Interest Rate for any individual(s) we find or believe to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer. Bonus Interest Rates paid that are obtained through fraudulent activities or activities which violate these Terms will be null and void and repayment may be required by EQ Bank.

    In addition to these Terms, all terms and conditions associated with your EQ Bank accounts and products will continue to apply, including those set out in the EQ Bank Personal Account Agreement and the EQ Bank Card Agreement.

  7. Offer Limitations

    The Bonus Interest Rate must be accepted as awarded and is non-transferable, non-saleable, non-assignable, and may not be exchanged for cash. No substitutions will be permitted. The Offer cannot be combined with any other offers except as expressly permitted by us.

  8. Opting Out of the Offer

    If all the conditions in these Terms are met, an Eligible Customer will automatically qualify for the Offer and receive the Bonus Interest Rate in the Bonus Interest Accounts. If you would like to opt out of this Offer, please email contact@eqbank.ca from the email address associated with your Personal Account with the subject line “Bonus Interest Opt Out” and include your first and last name.

  9. Protection of Personal Information

    By participating in the Offer, you consent to the collection, use, disclosure, and retention of your personal information for the purposes of administering the Offer and Bonus Interest Rate fulfillment.

    For additional information, please see our Privacy Agreement at:  https://www.eqbank.ca/legal/Privacy-Agreement.

  10.  Acceptance

    By participating in the Offer, you confirm you have read and understood these Terms and agree to be bound by them. Any notice provided by us with respect to these Terms will be deemed provided on the day it is posted on our website or otherwise provided to you.

  11.  Governing Law

    These Terms and the Offer shall be governed by the laws of the Province of Ontario and the laws of Canada applicable therein.

  12.  Language of Terms

    For Québec residents only: You acknowledge and agree that you have first been presented with and have examined the French version of these Terms, and that you then have expressly requested that these Terms, and all related documents including notices, be drawn up in the English language and that you wish to and agree to be bound by the English version of these Terms. Vous reconnaissez et convenez que la version française de les présentes modalités vous a d'abord été présentée et que vous les avez examinées, et que vous avez ensuite expressément demandé que les présentes modalités et tous les documents connexes, y compris les avis, soient rédigés en anglais et que vous souhaitez être lié par la version anglaise des présentes et que vous acceptez de l'être.

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