US Dollar Account Fees & Features
All monetary amounts in this table refer to US dollars.
| Feature | Fee |
|---|---|
US Dollar Account | No everyday banking fees |
Deposits | Free |
Electronic Funds Transfers [EFT]
|
|
Linked Accounts | Free |
International Money Transfers powered by Wise | Fee charged by Wise for third-party service (learn more about the fee here) |
Opening or closing account | Free |
Transaction history inquiry | Free |
NSF (Non-Sufficient Funds) chargeback fees for returned items | Free |
Assisted service transactions completed via Customer Care | Free |
Cancelling a future dated transaction | Free |
Currency conversion | The exchange rate for converting foreign currency transactions to and from US and Canadian dollars is the rate charged on the date of the transfer as determined by us. |
Maximum Number of Linked Accounts | 10 per customer (aggregated amount for all accounts held at EQ Bank) |
Maximum Number of Accounts | 1 |
Paper statements | Not available. Account balances can be easily viewed and printed online. |
Overdraft | Not available |
Download tax (T5) documents | Free |
Maximum balance | The maximum balance per customer is $150,000 USD, unless the customer has at least one Joint Account, in which case the maximum balance per customer is $375,000 USD while the customer maintains a Joint Account.* |
| US Dollar Limit Maximums | |
|---|---|
International Money Transfer powered by Wise Transaction Maximum | $7100 USD maximum* |
International Money Transfer powered by Wise 24 Hour Maximum | $7181 USD Maximum* |
Electronic Funds Transfers [EFT] | $22,000 USD outbound to linked external bank, and $75, 000 USD limit for inbound from external bank account per transaction.* |
*The USD amounts displayed are an approximation based on the Bank of Canada’s 2020 annual average USD rate of 1.3415 rounded to the nearest thousand. Exchange rates are subject to change. These amounts are displayed for information purposes only and may not be reflective of the amount at the time of the transfer.
Joint Accounts, Bill Payments, Pre-authorised payments, Interac e-Transfer and cheques are not permitted on this account.
Interest Calculations
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 paid monthly. Interest is paid in the same currency as the Account. Interest rates are subject to change without advance notice.
Notice of Fee Changes
If a fee is increased or a new 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 accessible through EQ Bank online or mobile banking applications, on our Website, or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.
Electronic Transaction Details1
You can make electronic transactions through our mobile and online banking applications, or by telephone with the help of our Customer Care team. Our Customer Care call centre is capable of processing EFTs.
An Electronic Funds Transfer (EFT) is the electronic transfer of funds between your Accounts at EQ Bank, or between your EQ Bank Accounts and your linked external accounts at other financial institutions.
It typically takes one to two business days for funds to arrive in your EQ Bank account or to your external account after the EFT request is made.
Please see the US Dollar Account Agreement for further details.
1 Electronic Transaction(s) means transactions with respect to an EQ Bank Account, including deposits; withdrawals, (which include; transaction cancellation instructions; transfers , Electronic Funds Transfers (EFTs), and International Transfers); and other transactions with respect to an Account that we may permit through our online and mobile banking services.
Holds on your account
When you deposit funds with us by EFT we will place a hold on your deposit to verify that the funds will be available from the account of the other financial institution.
Although the deposit will be reflected in your Account balance immediately, your ability to access the entire amount of your deposit will be restricted until the hold period has expired. This means that you will be unable to transfer via EFT using funds that are being held. Subject to certain exceptions, the normal length of time we will hold funds on your Account is 5 Business Days after the date of deposit.
There may be circumstances where the hold period is extended.
