FREQUENTLY ASKED QUESTIONS
It’s a different way of banking, and we want to make it as easy as possible. Here are the answers to some of our most frequently asked questions.
If you can’t find the answer to your question here, please contact our Customer Care Centre.
WHAT IS EQ BANK?
Why should I open an EQ Bank Savings Plus Account?
Others offer high interest savings accounts, but we pride ourselves on the versatility, flexibility and ease-of-use of the EQ Bank Savings Plus Account.
With one account, you can pay your bills, deposit funds and conduct Electronic Funds Transfers - all free of charge.
As well, you get five free Interac e-Transfers® per month (additional Interac e-Transfers are $1.50 per transfer). It costs nothing to set up an account and there are no monthly fees to worry about. All this along with a great interest rate earned on every dollar in the account, with no introductory period or minimum balance to maintain.
Does the bank have any branches?
We don't have branches because they are costly to run and we don’t want you to pay for the overhead. We prefer to operate online and share our cost savings with you, by offering one of the highest interest rates on the market and other perks, like 5 free Interac e-Transfers per month. Feel free to compare.
What is the difference between EQ Bank and Equitable Bank?
EQ Bank is a trademark of Equitable Bank used to describe our new digital bank - featuring no monthly fees and great rates to help you save. Find out more here.
Equitable Bank is a federally regulated Schedule I Bank with total assets of approximately $21 billion and more than 500 employees across Canada.
Is it safe to bank with EQ Bank?At EQ Bank, we are committed to providing a safe mobile and online banking environment starting from the moment you sign up with us. Safeguarding your account is top of mind, which is why our security features are continuously monitored and improved. Read our EQ Bank Mobile and Online Banking Guarantee to learn more.
For nearly 45 years, brokers across the country have been helping Canadians realize their financial goals through Equitable Bank products such as mortgages, home equity lines of credit and a variety of deposit services.
Equitable Bank was founded in 1970 as The Equitable Trust Company. It is a wholly-owned subsidiary of Equitable Group Inc., whose common and preferred shares are traded on the Toronto Stock Exchange under the symbols EQB and EQB.PR.C, respectively.
Is my account covered by the CDIC?
EQ Bank is a trademark of Equitable Bank. Equitable Bank is a member of CDIC and all eligible deposits held under Equitable Bank are covered to the maximum coverage limit of $100,000. Click here for more info.
What is the customer service contact information and hours of operation?
Our Customer Care Agents are happy to help you with any questions or concerns, call or chat with us 24 hours a day, 7 days a week. There are a few different ways you can reach us - we'll do our best to help, as quickly as possible:
- Assistance navigating the website
- Account specific questions or activities
- Assistance with large dollar transactions
Click on the chat icon in the online or mobile banking site to start a Live Chat. You can also access Live Chat from the account sign-up page or by clicking here.
Best for: General inquiries
Best for: General inquiries
Once you’ve signed in to your account, click on the envelope icon to open your Message Centre. Select ‘Compose’ and type your message.
- Account specific questions or activities
- Reply to requests from EQ Bank
EQ Bank, Digital Banking
30 St. Clair Ave W, Suite 700
EQ BANK SAVINGS PLUS ACCOUNT FEATURES AND RATES
What are the current interest rates on your EQ Bank Savings Plus account?
Current interest rates can be found on our EQ Bank Account Features & Rates page.
How can you offer such a high interest rate?
We're able to offer a great rate by saving on the costs associated with operating and maintaining bank branches across the country. We don't have branches, but with online banking or the EQ Bank Mobile Banking app, we're with you wherever you go - on your phone, tablet or desktop computer.
With our low-overhead business model, we'll always focus on giving you great rates and the very best in customer care.
What are the different types of transactions I can do with my account?
The EQ Bank Savings Plus Account is more than just a savings or chequing account. The account comes with unlimited deposits, bill payments, Electronic Funds Transfers (EFTs) and Savings Goals. As well, 5 free Interac e-Transfers are included every month.
What is an Interac e-Transfer?
An Interac e-Transfer is a fast, secure and convenient way to transfer funds by email to anyone who has a bank account at a Canadian financial institution. All you need is the recipient's email address.
Can unused free monthly Interac e-Transfers be carried forward to the next month?
Sorry, unused Interac e-Transfers will not be carried forward to the next month. However, you will get a new set of 5 free Interac e-Transfers every month.
What is a linked account?
A linked account is an external personal deposit account(s) in your name at a different financial institution that is linked to your EQ Bank Savings Plus Account. It is used to transfer your funds between financial institutions easily and electronically.
What is an Electronic Funds Transfer (EFT)?
EFTs are an electronic transfer of funds, which include transfers between your EQ Bank accounts, transfers between your EQ Bank account(s) and linked accounts, or pre-authorized transactions including direct deposits and pre-authorized debits.
What is a Savings Goal?
Dreaming of an early retirement, new car, vacation, or even those lovely pair of shoes? Your EQ Bank Savings Plus Account lets you make it happen with Savings Goals.
Once you're signed in, setting up a Savings Goal takes only a few moments and it doesn't matter how small or large the amount is, we'll help you get there.
When you open an account, just click on “Add a new Account” and set your goal.
Are there any fees?
There are no fees to open up an EQ Bank Savings Plus account, or for nearly anything you do with your EQ Bank Savings Plus Account.
See our EQ Bank Account Fees & Features for the very few instances where a fee would apply.
How is the interest calculated on my account?
You start earning interest on the day you make your first deposit. Interest is calculated daily – using the annual interest rate in effect that day – and is paid into your account monthly.
Is a debit card issued with my account?
There is no debit card issued with your account. However, your account can be accessed through the EQ Bank Mobile Banking app or through our secure online banking site to make an unlimited number of deposits, bill payments and Electronic Funds Transfers.
Can I withdraw or deposit money from an ABM with my account?
You cannot access your EQ Bank Savings Plus Account via an ABM. Instead, move your money easily between your EQ Bank Account and your linked account(s) with the security and simplicity of no-charge Electronic Funds Transfers and 5 free Interac e-Transfers every month.
Can I order cheques?
EQ Bank does not offer cheques. Instead, move your money with unlimited no-charge bill payments, Electronic Funds Transfer (EFTs) between your EQ Bank Account and linked account(s), or choose the convenience of 5 free Interac e-Transfers® every month.
Can I receive monthly paper statements?
As a digital bank, we do not offer paper statements. Instead, account statements and history are available online in electronic format, to view, download and print anytime, at no charge.
When will I receive a tax receipt for my account?
You will have the ability to generate and download a T5 interest receipt from online banking before February 28 of each year.
ACCOUNT SIGN UP & SIGN IN
How do I sign up for an account?
Opening an EQ Bank Savings Plus Account is easy. We’ve outlined the steps below:
1. Click the Join Now link, complete Step 1 and Step 2 and you'll be given your EQ Bank account number.
2. Submit a cheque from another Canadian bank or credit union, made payable to yourself. Ensure the amount is between $1 and $100,000, and include your EQ Bank account number in the memo field. You can use our Mobile Cheque Deposit feature on our EQ Bank Mobile Banking app (available in the Apple App Store and Google Play), or mail a cheque to the following address:
EQ Bank - Digital Banking, Equitable Bank Tower
30 St. Clair Avenue West, Suite 700
3. Once we receive your cheque, we’ll confirm your identity. By the next business day, the cheque is deposited into your EQ Bank Savings Plus Account, and a five day hold period starts. The nice part is you begin earning interest on your funds immediately.
4. Once the hold period ends, your account is activated and you’ll receive a welcome email from us. The funds are now available for transfer, bill payment or Interac e-Transfers!
In total there is a waiting period of approximately 7 to 10 business days from the time you complete the online form and we receive your cheque to the moment your account is officially activated.
How long does it take to fill out the sign up form?
The form takes about 5 minutes to fill out and is described in the video below.
I don't have a cheque handy, can I still sign-up for the account?
Unfortunately not. As part of the account open process and to comply with Canadian regulations, we require a cleared cheque to verify your identity. It also allows us to link your EQ Bank Savings Plus Account with your bank account at another Canadian financial institution so that you can easily transfer money.
I'm unable to properly capture an image of the cheque with my phone.
The EQ Bank Mobile Banking app is designed to work best on the current versions of iOS and Android. If your app does not launch the camera, please check for software updates from your phone.
If you've taken a photo of the front and back of the cheque and the application failed, perhaps the connection was lost. Please try again.
If you are still having trouble, please contact us or email us at email@example.com.
I'm unable to sign in.
Ensure you have the correct username and password. Perhaps your Caps Lock is on? If you're still having trouble, click on 'Forgot Password' and follow the on-screen instructions.
I've already activated my account. Why does the bank need further information before I can sign in or complete a transaction?
From time to time, we may ask you additional questions in order to confirm your identity and ensure we are giving you the safest, most secure banking experience possible.
How can I view my account balance or transfer money?
To view your balance and begin using your account, you have to sign in. Here's a shortcut to the Sign In page.
Can I make a post-dated bill payment?
Yes, you can - it's easy to set up a bill payment in advance and set a future transaction date.
When are bill payments processed?
Once you've made a bill payment from your EQ Bank Account, it is processed on the next business day. Keep in mind that weekends and holidays are not considered business days.
Here's a tip: Pay your bill 3-5 business days before the bill's due date to ensure it is paid on time. Remember that different payees have different bill processing times.
Can I transfer funds from my bank accounts at other financial institutions to my account at EQ Bank?
Yes, you can transfer funds in a number of ways by clicking on the Pay & Transfer menu.
You can make an Electronic Funds Transfer (EFT) to transfer money to (and from) your EQ Bank accounts or between your EQ Bank accounts and your linked accounts at other Canadian financial institutions.
Interac e-Transfer: Transfer funds via email to anyone who has a bank account at any Canadian financial institution. All you need is the recipient's email address.
Mobile Cheque Deposit: Depositing a cheque with the EQ Bank Mobile Banking app is easy. Just snap a picture of the cheque and follow the on-screen instructions.
How long does it take to process my transaction?
Depending on the type of transaction, the processing time varies.
Transfers between your own EQ Bank accounts: instant!
Electronic Funds Transfer (EFT) from your EQ Bank Savings Plus Account to a linked account at another Canadian bank: by the next business day
Interac e-Transfer: within 30 to 60 minutes
Cheque deposited to your EQ Bank Savings Plus Account via mobile app: same business day
Cheque deposited to your EQ Bank Savings Plus Account via mail: processed within 5 business days after we receive it
All deposits are subject to a hold period; please see our Holds Funds Policy for more information.
A business day refers to a regular weekday (Monday to Friday) excluding holidays. 11:59 pm EST/EDT is considered the cutoff for end-of-day.
Can I cancel a transaction once it's been submitted?
Electronic Funds Transfers (EFTs) can be cancelled up to 11:59pm EST/EDT the business day before the date of the transaction.
Same day bill payments can be cancelled before 11:59pm EST/EDT on the day they are submitted. Future dated and recurring bill payments can be cancelled up to 11:59pm EST/EDT the day before the scheduled payment.
Interac e-Transfers can be cancelled any time before the expiry period and before the recipient has accepted your transfer.
Can the account go into overdraft?
We do not process any transactions that may lead to an overdraft in your account. Most banks charge fees for overdraft accounts and this is counter to our philosophy of helping you save money.
Are there joint accounts or TFSAs available?
These products are not available at this time. As we grow, we will add products and services to EQ Bank that will continue our focus on helping Canadians save money. We are working on the ability to offer Joint Accounts and TFSAs and are aiming to have them available in the future.
Is direct deposit available?
Yes, direct deposit is available.
Can I open a business account?
The EQ Bank Savings Plus Account is only available as a personal account. We do not offer business account services.
Can I link another personal bank account to my current EQ Bank Savings Plus Account?
You may link more than one external account to your EQ Bank Savings Plus Account, subject to certain limits. Other than the initial (or first) linked account that is initiated at the time of account activation, all subsequent linked accounts may be set up via mobile or online banking. To link an account, go to the Pay & Transfer menu and select linked accounts and follow the instructions.
A new linked account will be activated upon verification of that you are the account holder of the external account. It typically takes 5-7 business days for linked accounts to be set up.
Does EQ Bank offer GICs?
We do not offer GICs through EQ Bank. However, they are offered by Equitable Bank through our broker services. For more information, please visit our corporate website.
Can I access my account from outside of Canada?
Yes, you can access your account from outside of Canada. In fact, you can access your account from almost anywhere in the world through our website or mobile app.
For added security while travelling outside Canada, EQ Bank may send you a text message or email as a precaution when you log in.
What happens when I deposit non-Canadian currency into my account?
EQ Bank will not accept deposits payable in foreign currency and the transaction request will be reversed.
Can I open a foreign currency account?
Foreign currency accounts are not offered at this time.
Can I be signed in to my EQ Bank account through more than one device?
For your convenience, you may be signed in through multiple devices. However, for security purposes, the secure online and mobile banking site will automatically sign you out after 10 minutes of inactivity.
How can I update my address and contact information?
Once you have signed into the online banking website, you can easily update your address and contact information in the 'Profile' section.
USING THE EQ BANK MOBILE APP
Which mobile devices are compatible with the EQ Bank Mobile App?
Both iOS and Android devices are supported, as well as other newer smartphone devices. Ensure you are running the latest OS and app versions for the best experience. If you are using a tablet, please log in to online banking through your browser.
The mobile site was built with compatibility for the following browser and mobile OS environments:
- The most recently released version and the version previous to it
- Android (Kitkat, JellyBean, IceCream Sandwich)
- IE 9, 10 and 11
Where can I download the EQ Bank Mobile App?
A BlackBerry app is not currently available, however you can access the EQ Bank website from the BlackBerry mobile browser for your online banking needs.
I downloaded and installed the EQ Bank Mobile App, but it crashed and doesn't function properly.
Make sure your data connection is working and you have installed the last version of the app. If the app is still crashing, please delete it and re-install it.
If you are still having trouble, contact Customer Care for further assistance here.
Why does the app ask me to accept certain phone permissions?
By accepting the list of phone permissions, you give the EQ Bank app consent to access specific capabilities on your mobile device that are needed for the app to function. For example, if you wish to take advantage of the Mobile Cheque Deposit feature, the app requires access to your phone's camera. Once the app is installed, you have the option to manage your preferences from within the app settings.
I have a feature idea for your app. Where can I submit my idea?
We’re always interested in what our customers think. Email your idea to firstname.lastname@example.org and you might see it as part of a future release!
Where can I report an issue I’m having with the app?
How can I help keep my accounts secure?
There are some simple steps you can take to protect against unauthorized access to your account and to ensure it is secure - see our Security Guarantee for details.
Because jailbroken/rooted phones bypass the built-in security features of the operating system and your phone, we recommend against using them to access your EQ Bank account or to do your mobile banking.
Is my account safe if I'm accessing it from a public Wi-Fi spot?
We do not recommend providing personal information while connected to a public Wi-Fi spot, such as those found in airports and coffee shops. The connection may not be secure.
I have received an email or phone call asking for my password information, what should I do?
We will never ask you for your password information. If you discover or suspect fraudulent activity, contact us at email@example.com.