EQ Bank Personal Account Fees & Features
All monetary amounts in this table refer to Canadian dollars.
|EQ Bank Personal Account
|No everyday banking fees
|Deposits including Mobile Cheque Deposit
|Electronic Funds Transfers [EFT]
- Transfer between EQ Bank accounts
- Transfer between linked accounts (bank to bank)
- Recurring transfers
|Sending Interac e-Transfers®
|EQ to EQ Transfers
|Receiving Interac e-Transfers
|International Money Transfers powered by Wise
|Fee charged by Wise for third-party service (learn more about the fee here)
|Opening or closing account
|Transaction history inquiry
|NSF (Non-Sufficient Funds) chargeback fees for returned items (ex. cheque deposit with non-sufficient funds)
|Assisted service transactions completed via Customer Care
|Cancelling a future dated transaction
|Canadian dollars only
|Dormant account notice
|Unclaimed balance for 10 years – transfer to Bank of Canada
|Maximum Number of Linked Account
|Maximum Number of Accounts
|Maximum Number of Joint Account co-holders (including Primary Account holder)
|Not available. Account balances can be easily viewed and printed online.
|Dollar Limit Maximums
|Outbound Interac e-Transfer® 24-hour Maximum
|Outbound Interac e-Transfer® Weekly Maximum
|Outbound Interac e-Transfer® Monthly Maximum
|Inbound Interac e-Transfer® e-Transfer
|$25,000 per transaction
|EQ to EQ Transfers Daily Maximum
|EQ to EQ Transfers Weekly Maximum
|EQ to EQ Transfers Monthly Maximum
|International Money Transfer powered by Wise Transaction Maximum
|$9,500 for all currencies, except CNY ($5,800 maximum), PKR ($8,400 maximum), BDT ($2,181 maximum), LKR ($7,100 maximum), NPR ($11,250 maximum) and IDR ($181 maximum).
|International Money Transfer powered by Wise 24 Hour Maximum
Electronic Funds Transfers [EFT]
$30,000 outbound to linked external bank, and $100,000 limit for inbound from external bank account per transaction.
|$100,000 per cheque
|$25,000 per payment
|Payment to CRA
|$100,000 per payment
|Maximum Balance Held Per Customer
- For customers who joined EQ Bank before February 21, 2016, the maximum balance per customer is $500,000
- For customers who joined EQ Bank on or after February 21, 2016, the maximum balance per customer is $200,000, unless the customer has at least one Joint Account, in which case the maximum balance per customer is $500,000 while the customer maintains a Joint Account
When you make a deposit, a fixed hold period may apply to allow time for the deposit to clear before the funds are available to you. For more information about hold periods on deposits, please view the Equitable Bank Hold Funds Policy.
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.
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 and bill payments but cannot initiate Interac e-Transfers, EQ to EQ Transfers and International Transfers.
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 Canadian financial institutions, or pre-authorized transactions, including
direct deposits and pre-authorized debits.
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. However, the funds arriving in your EQ Bank account may be on hold to allow time for the deposit to
clear before the funds are available to you. For more information please refer to our Hold Funds Policy.
1 Electronic Transaction(s) means transactions with respect to an EQ Bank Account, including deposits; withdrawals, (which include bill payments; transaction cancellation instructions; transfers which include Interac e-Transfers®, Electronic Funds Transfers (EFTs), EQ to EQ Transfers and International Transfers); and other transactions with respect to an Account that we may permit through our online and mobile banking services.
Interac® is a registered trade-mark of Interac Inc. Used under license.
EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, International Money Transfers, RSP Savings Accounts, and RSP GICs. Additionally, the EQ to EQ transfers feature is not available in Quebec.