At EQ Bank, it’s our mission to bring smart and simple banking to everyone—and that includes our senior customers.
As a member of the Canadian Banker’s Association (CBA), EQ Bank has adopted the voluntary Code of Conduct for the Delivery of Banking Services to Seniors.
The Code revolves around principles designed to respond to any potential health, mobility, or cognitive changes that could affect seniors’ ability to bank.
Seniors are a diverse group. We recognize you’re not all affected by the same issues, but certain issues may affect a higher proportion of seniors than those in other age groups.
That’s why we’ve dedicated this section to information, tips, and resources that may be relevant to this unique demographic.
Digital banking: Quick, easy, & totally secure
Banking from the comfort of your home is simple, safe, and secure with EQ Bank.
Your security is important to us. That’s why we make it a priority to provide a secure banking experience anywhere you go. To learn more, read about our EQ Bank Mobile and Online Banking Security Guarantee.
Many day-to-day banking tasks can be done quickly and easily right from your smartphone, tablet, or computer.
Our Savings Plus Account also comes with a joint account feature.
Power of attorney & joint account: What you need to know
Many Canadians are concerned about how to manage their money, property, and finances as they age or as life changes take place.
It’s a good idea to plan for a time when you may need help, or are unable to deal, with your own finances.
Two tools you can use for managing your financial affairs—and your peace of mind—are:
- power of attorney (POA)
- joint deposit account
A Power of Attorney for Property allows someone to make decisions about your property and finances on your behalf. The terms of the POA outline what an attorney(s) can do on your behalf. For example, they can sign cheques, handle your banking, or even sell real estate for you. It can give you peace of mind that someone you trust will be able to make financial decisions to ensure your well-being in the future.
A joint bank account offers the same features and benefits as a personal chequing or savings account held by one person. As joint accounts are designed for people who know each other well, make sure you trust who you’re joining up with. Keep in mind, all joint account co-holders have full access to the account and the funds that are in it.
Some other things to think about regarding joint accounts:
- An account co-holder can withdraw all funds from the joint account without your permission
- Account co-holders can view your account transactions
- In the case of a marital breakdown of one of the account co-holders, the account could be considered a matrimonial asset and divided accordingly
Before you use either a POA or joint account, though, it’s important to know how each works, as there are pros and cons to both. The Government of Canada has issued general information, including the advantages, risks, and what to consider for both POAs and joint accounts here.
If you still would like to appoint an attorney after reading the Government of Canada guidance noted above and consulting with your own legal counsel, we would be happy to assist you in this regard by offering you our Power of Attorney Form.
You are under no obligation to use our form. You can provide us with any POA that meets the applicable provincial or territorial requirements and is acceptable to us.
If you choose to use our form, we still encourage you to consult your own legal counsel to discuss it, and how it will impact the management of your financial affairs or other related legal documents you may already have in place.
To learn more about powers of attorney and joint accounts, click here.
At EQ Bank, we’re all about making banking better—for everyone.
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Understand elder abuse & financial fraud
Learn how to spot the signs of elder abuse—including financial abuse—and how to protect yourself and others.
Financial abuse is the illegal or unauthorized use of someone else's money or property. It includes pressuring someone for money or property.
To learn more about financial abuse, click here.
Other resources on elder abuse:
Fraud and Scams
Fraud is the number one crime against older Canadians. Though people of all ages can be victims of fraud, older people are targeted more than others.
Fraudsters use a variety of ways to reach people, including the internet, phone calls, and even door-to-door visits. There has also been a rise in scams that play on fears related to COVID-19 and you should be very cautious when receiving emails or text messages that appear to be from a financial institution asking for personal or financial information.
Financial institutions will never ask for personal information, login credentials, or account information by email or text message. If you receive unsolicited or suspicious emails or text messages from a financial institution, do not click on the links or attachments. Remember: If you didn’t initiate contact with a financial institution, you don’t know who you’re dealing with.
If you’re suspicious about information you receive electronically related to your EQ Bank banking, contact us directly before taking any action.
As always, don’t share your personal information, including your Social Insurance Number (SIN) or banking information, such as passwords, with anyone.
All fraud and scams should be reported, even if you’re embarrassed or feel the amount of money is too small to worry about. While you might not be able to get your money back, you may help stop the con artist from scamming other people.
Report all fraud and scams to your local police, or call PhoneBusters at 1-888-495-8501.
For more information, visit Canada.ca/Seniors or visit your local Service Canada office.
Have questions? We’ve got the answers—reach out to our Customer Care Team at 1-844-437-2265.