This is a digital bank until you try to transfer your registered funds (RRSP). How about only paper via snail mail and after 4 weeks no response for them as to the status.
Absolutely never have an account with these hacks again.

I signed up for an EQ account last summer. I went to do some banking on my phone this weekend to discover that EQ had updated its app since the last time I opened it. My phone, a 5 year old Samsung, apparently is no longer able to support the app following the most recent update. There was no warning when I signed up that this was a possibility. Now I’m stuck between getting a new phone or going through the hassle of changing banks again. All other major banks support my phone model. When I called EQ about it 5 days ago, I was assured someone would follow up with me to problem solve. I received an email later that day telling me a ticket had been created and I would be contacted within 2 days. That was 5 days ago. I have a cheque I need to deposit and no way to do so. If I had anticipated this situation I would not have chosen this bank.

Being terminally ill with Cancer means nothing to EQ Bank, and they will not redeem your GIC early.

My first reach out to all the banks was in June and the EQ Bank response was this:
“Thank you for being a valued customer at EQ Bank.
Sorry to read about your recent health concerns. For early GIC redemptions, customers would need to send us any details regarding their hardship in a cover letter or e-mail format to “contact@eqbank.ca”. All GIC redemption requests are reviewed and determined by our management team. ”

Looked promising right?

They have finally (after many emails on my part, they tend to ignore a lot) 4 months later made their decision: “Our Management has reviewed your request for premature termination of your GIC, but unfortunately has declined your request.” They knew in advance they were going to deny my request!

So just a heads up for ANYONE, EQ Bank DOES NOT HAVE COMPASSION FOR DYING PEOPLE. Do not give them your money, because if you die sooner than expected, you will never see the money you put in their care. It is not as if I was asking for a loan or charity, THIS IS MY MONEY TO BEGIN WITH. I was prepared to pay an early redemption fee.

How sad and pathetic is a company that won’t allow you to redeem early for medications and living expenses when you are terminal. If they are in financial difficulty and just don’t have it, just be honest with people and let them know. Supposedly they are very well funded, so why won’t they let me have my money back to live on? Of all the banks I checked with they are the only ones who don’t care if you are dying or not, and will not early redeem! Their email address is contact@eqbank.ca Please stay away from this bank!!

Do you have a similar situation with your bank, please post it so we know who to stay away from!

​​​​​​​Stuart Martin

Good article Barry. Your advice on how to use EQ to your best advantage is right on point. I am happy with my online experience with EQ, but have experienced the slow personal service, especially with setting up a joint account. I assume this is due to a high volume of useage or a small number of EQ staff members. It all boils down to “If it works for you, use it!”.

Kim,

Mutual funds are for people who are looking for growth since it’s equity. EQ Bank is a high interest savings account which is a safe investment since it’s fixed income. They are two different products and serve different purposes. Mutual funds don’t have an interest rate, they just have a high potential for capital gains, but also a higher chance for losses.

Rather place your money in a mutual fund – much higher interest.