EQ Bank Reviews 255

Nothing has gone wrong for me so far. I’ve read other reviews having problems with them, but I haven’t had any. I’ll update this review if something happens. The design is nice and simple and I can get everything I need to do done.

Feel cheated. Typical bank that promises to pay then makes sure you don't get the money. My friend had an account and said to see if there was a referral program. Wasted time searching the EQ website and found no link or anything on their menus. Googled and got what I thought was correct info. To double check, wasted more time to call TWICE, and got told conflicting Information. Never got told the correct process to get the referral. Told there was a code. Thought that I just would type in the code when I put in the info to open the bank account. Just created the account. I called to ask if my account was created and told too bad I'm not getting the referral money. After EQ BANK made it almost impossible to even find out how to do it properly and look up the info, and their dopey customer service agents never gave me the right information. After I called and complained they just hung up on me TWICE. Then talked to a supervisor who also refused to do anything. Guess they don't care about losing customers. No care to make it right. Also EQ bank keeps information illegally after the account is shut down. How do they know I couldn't get the referral since the account already opened even after I told them to shut it down, if all my info is supposed to be wiped??? Horrible customer service!
At least Simplii Financial has made things right. I'm going back to them.

God! I just called their customer care trying to open an account based on their higher interest advertisement. The agents are so ill- trained, Priyanka with Indian accent has no idea about their advertisement and she just repeats like a robot reading from the notes. She is not welcoming and cares less if we open an account with them or not. Second time, another Indian namely Darshani, she goes we don't anything much about the promotions advertised but you can open with other banks if they advertise higher rates! Wow! I was so thankful to these two ladies who saved me from not to open any accounts with them by parking my life long savings with them to deal with people like these.

Do not be mislead by EQ Bank's clever advertising and hype. This player practices bait and switch games with its interest rates.

For example: EQ Bank disqualifies all incoming EFT and Interac® deposits from its widely advertised “high rates”. I’ll say that again. Using normal channels (EFT’s and Interac®) to transfer money into your EQ Bank account disqualifies your savings from receiving EQ’s top advertised rate. The terms are right there… in the FAQ’s… if you drill deep enough, you’ll find the conditions… under “BONUS”.

Put in actuarial terms, EQ Bank effectively slaps a 20% penalty against your highest available interest rate on savings deposited there UNLESS you link them and assign access permissions to either; 1) your income source (conditions apply); or, 2) to bill payment accounts that transact at least $500 per month.

They also have an EFT hold policy that is among the lengthiest of its competitors (minimum of one full calendar week), but insist they are working on improving that situation... so time will only tell.

To their great credit, however, I HAVE received top notch Customer Service! Indeed, conscientious follow-up has been very good about acknowledging and replying to my two criticisms, but sadly could not resolve either issue raised. Accounts were professionally closed with mutual regrets, so I do remain very impressed by EQ Bank's excellent personnel, all of whom are unquestionably doing their level best within the limitations of their employer's clever policies, so five stars here.

At the end of the day, I feel EQ Bank should shout less loudly about its 3% interest rate and redirect those efforts into yielding higher average rates across the board on all savings on deposit. Savings deposited in EQ Bank ARE savings deposited in EQ Bank, so why the discrimination against industry accepted standard deposit methods? One star, for showing up to the party wearing smeared make-up.

RESPONSE TO EQ REPLY:
A glass poured only half full remains half empty. Spin works both ways; 3% is 2.5% requiring 20% more to be “equitable bank”, is it not?

Glad you’re aware of my views on your tricky advertising and two-tier interest rate scheme.

Email me when you are willing to pay your top rate on my savings deposited into your bank, no matter how they arrive. I'd likely come back. I'll be waiting.

Just called customer care as a customer. Its sucks. They have no time to hear you. Absolutely disgusting.

My review is only related to international transfers. I am not an EQ Bank customer but I just spoke with their customer service about their collaboration with WISE. I no longer uses WISE because of their policies (see Trust Pilot reviews) and the perceived high risk of funds being blocked. EQ Bank use WISE for international transfers. EQ Bank customer service confirmed that a WISE account needs to be set up in order to use the EQ Bank's international transfer service.

I feel compelled to share my recent experience with EQ Bank to help potential customers make informed decisions. While my intention is to express my concerns, I want to ensure that this review remains factual and respectful.

First and foremost, I've been a loyal EQ Bank customer for several years. However, my recent encounter has made me question their commitment to customer satisfaction and security.

Security Issues: My account was compromised, resulting in unauthorized access and substantial financial losses. EQ Bank's investigation ultimately concluded that they were not responsible for the situation, leaving me with lingering concerns about security measures, and their willingness to take responsibility.

Communication: During the security breach, I received no notification from EQ Bank. I only became aware of the unauthorized activity when I discovered it through my own efforts. Effective communication in such situations is essential, and EQ Bank's lack of timely alerts was disappointing.

Customer Support: While dealing with this distressing situation, I found EQ Bank's customer support to be less than satisfactory. Responses were slow, and my concerns often went unaddressed, adding to the frustration of the entire experience.

Resolution: Perhaps most concerning is that EQ Bank closed the investigation without providing any compensation for the distress and financial losses I incurred. This has left me feeling unsupported and undervalued as a customer.

In sharing this review, I hope to shed light on my personal experience and highlight areas where EQ Bank could improve. My goal is to encourage potential customers to conduct thorough research and consider their banking options carefully.

It is essential to remember that my review is based solely on my personal experience. Everyone's circumstances and interactions with the bank may vary. I hope my feedback contributes to constructive improvements within EQ Bank's services and customer relations.

EQBank app and website cannot get the basics right. The flow from signing into your account offering a broken "Remember this device" checkbox that never works to signing you out with a popup saying you've been idle, while actively banking and navigating through the site leaves you frustrated. I am not sure if I should be trusting this with money.

I've dealt with EQ on and off for many years and have found them to be barely average among their competitors. That all changed when I bought an EQ 6-figure GIC via TD Webbroker 3 weeks ago, as well as a Home Bank 6-figure GIC. I changed my mind a couple of days after the purchase and cancelled both. I was told by TD WebBroker that the time required to process the cancellation was at the discretion of the issuer, and they would not pay interest until the process was completed and the money was returned to my TD account. While Home Bank was able to resolve the issue and return the money to my TD account in 5 days, I'm still waiting for EQ to do the same after 3 weeks and counting. EQ is obviously milking the situation by holding the funds as long as possible without having to pay interest. Anyway, such discourtesy to their clients has annoyed me enough to scratch EQ off my list and never deal with them again.

There are $19 posted and to be charged due to unauthorized activity on my bank card. The agent said such an investigation would take 120 days to complete. Avoid getting into my shoes at all costs!

EQUITABLE Bank is by far one of the worst banks ever. I plead with you to take your business elsewhere. They do not care about you, your family or your circumstances. You are not allowed to be a human, to get sick or hurt or have life experiences happen to you.

Even when you have been with them for over 5 years plus, you meet all requirements and have 50% extra equity in your home they will still treat you horrible.

No words can describe how horrible they have treated me and continue to do so. I do not recommend this bank to anyone, even if you are desperate and have no other options. Do yourself a favor and stay away from EQUITABLE Bank.

If I could give minus 5 stars I would. They don't even deserve 0 or 1.

STAY AWAY

This bank was alright, nothing to write home about but the customer service was pretty helpful today. Thanks for saving me a trip!

EQ bank is a great bank for saving, and I recommend you to try out this bank if you like high interest savings. A couple pinpoints but all is well

Great bank for high interest savings accounts. App and website lack a bit in features. EQ card is good to have as no fees at any bank. Giving 4 stars for a few missing features.

EQ Bank: A Comedy of Errors

Oh, EQ Bank, what a comedy show! Their iOS app was a disaster, couldn't even log in. And their holding money policy? They love playing hide and seek with your cash. Customer service? Prepare for an hour-long wait and "Sue our bank" as a solution. If you enjoy frustration and laughter, EQ Bank is the place for you. It's a hilarious comedy of errors. Enjoy the show! 😄🎭 #EQBank #ComedyOfErrors

For 1 week I have discovered that this bank is practicing false advertisement by showing a TFSA GIC rate of 5.2%, now 5.25%. They are trying to lock in your TFSA rate at their regular daily rate of 3.0%, and not allow you to take advantage of their GIC rates. I know this to be true because I can buy their regular GICs that can be taxed by the government, but not the TFSA GICs.

The day after I reported this, I was allowed to buy a TFSA GIC from my TFSA account.

2023-07-07: Today after they changed the rates, I am not allowed to buy a 2 year term. They are still practicing False Advertisement.

To be brief, I signed up and started laddering GIC's.
First GIC came to term, and the funds went to the account.
I went to etransfer funds away from the bank, and the system keeps kicking me out stating error message and to contact support.
I contact them, no reply. Stay away from this company at all costs, I don't believe the positive reviews are real or authentic, this "Bank" is nonsense.
Going to work through the channels, get my money back and never deal with them again.
If you send money in good faith and then can't take it out when you want, you don't have a bank... you have a hostage situation where the bank is holding you up!

I've been using EQ Bank for less than a year, and while the app is good, my recent experience with the external link account system was disappointing. I transferred money from an external account, and it took 5 business days to be available, which is longer than expected. While I appreciate the security measures in place, the delay was inconvenient. Additionally, since EQ Bank doesn't offer a credit card, I won't be using it for my day-to-day banking needs. Overall, EQ Bank has some strengths, but there are areas for improvement.

I've had an account for several years. Like anything tech these days sometimes there is an issue but EQ was responsive and fixed thing right away. The EQ team has always been friendly and helpful

There is a bug with the 'remember this device' option when logging in on Firefox. This means you have to get a code via a text message every single time. I reported this and was basically told 'tough, use a different browser'