EQ Bank Reviews 255

The promotion of bringing your savings account to four percent was not honoured after going through the proper methods for two months.

They locked up my account for no reason and i cant access my funds and my paycheque and they say it will last up to 30days its not fair

EQ Bank just locked my account for no reason saying it is for security reasons and that an investigation is going to take 30 days.
Why would an investigation take that long anyway?
The person I talked to was NOT helpful at all just saying that my account was restricted and that I can do nothing with the money that is in there.

I have a small TFSA with EQB that I used for a couple years to take advantage of higher interest rates. Given the reduction in GIC interest rates I am now trying to consolidate my TFSA's by transfering my EQB TFSA to another financial institution. Still awaiting, 8 weeks and counting from the request...... Is this the standard for banking services in Canada? I think not.

Unortunately not for self-employed people.

Don't be misled with EQ Bank's promoted high interest rate when you set up direct deposit. That only counts if the direct deposit is from a Canadian Corporation or from the Canadian Gov't monthly pension payment.

As a self-employed person, I had sufficient direct deposits from Airbnb go into my account each month but didn't qualify for the higher interest rate.

I left EQ when I realised this because (1) they had the data to clearly see that I was directly depositing sufficient funds into my account, so as a customer this seemed insulting, and (2) their regular interest rate is not competitive at all.

If you are self-employed, try PC Financial or Wealthsimple.

Locked my account on me .very weard bank.i will close my account with them and advise to new custmor not to deal with them.they are only headache nothing more than that .

Very difficult to withdraw money. Stay away.

They block the account and don't let you access your money without reason, saying that additional security verification needed. It's almost a year and still not possible to log in into account: technician difficulties message displayedall the time, even support team saying they removed restriction from account. It's impossible to resolve any issue with them. Feels scammed, definitely not recommended to trust them any money!

DON'T TRUST THESE PEOPLE WITH YOUR MONEY !!!! I have been logged out of my account for days and my password is not working and customer support is not responding, my money was stucked with them till the firm on profile header came through and got things sorted out.

AVOID THIS BANK !!!!!!!

Cannot log in, been multiple days now and they still haven't figured out why and how I can access my money. Wouldn't help move funds so I can spend my money, bank holds people ransom for their software problems. DO NOT TRUST THEM WITH YOUR MONEY

Since I joined EQ in 2017, their rates have continuously dropped (eg their TFSA is dropping to 1.75% - March 2025). It's also very hard to move money out of this bank if you need to quickly pay a large bill, with no option for one-time etransfers or wire transfers. Keep your money elsewhere.

Excellent financial institution ! The best I’ve ever dealt with, by far! They pay me monthly just for having an account ! Don’t believe these bad reviews! They have the best customer service, they pay for ALL ATM FEES! Unlike everywhere else, charge you 3.50 at an atm! Yes EQ BANK, pays you back your ATM charges , every month. And charge you nothing for having an account.

Read the fine print. The "high interest" promise comes with conditions, I signed up and luckily saw the conditions before transferring my money. The are giving me a hard time trying to close the account now.

This bank I went to except a etransfer thru .. and the e-transfer was for my storage unit payment . It was sent to me on Thursday . So on Friday morning I noticed t still not there . So I called them . And the gentleman assured me that it would be there by the end of the business day on Friday by then I already endured a $10 late fee from my storage unit for late payment, EQ Banks said they would cover that cost so Saturday morning comes around and I had a moving truck with two helpers that I prepaid to help me move my stuff from the storage unit, but because the e transfer was still not there Saturday morning I could not access my storage unit so the moving truck and the two helpers basically showed up for nothing and I had to pay that cost, now EQ Bank will not reimburse me for the money I lost because of that and I waited all long weekend to even get the original e-transfer for my storage payment so all long weekend I slept on the floor because I couldn't get my bed and or none of my belongings out of my storage unit. Equibank also said that it was interacts fault, so I phoned interact I got an email back from interact stating the money was sent from my friend's account and was received by EQ Bank so EQ Bank lied to me and said it was interacts fault which it was not and I have the email to prove it as well so now I am out on $250 for the money's I spent on the prepaid truck and helpers I am a 50 year old man on disability and because of this incident I feel EQ Banks should be responsible for this fault I have sent many emails to the CEO of equibank with cowardly responses when I asked her to have a call back so now my lawyer has informed me to take it A step above and now they will have to endure the cost of my lawyer as well EQ Bank sucks very bad . Even the reference might code my friend gave me it took them over a week to deposit $20 in our accounts for our reference bonus I believe there are very shady Bank and I would not trust my money with them , because they just may lose it

i have a bank account with multiple banks. EQbank is by far the most professional and efficient. Very good interest rate. i recommend it to everyone!

EQ Bank has closed all my accounts, and told me they would send me back my funds if my account was linked to another branch it would be transferred.
So far, it's BS. I have called them twice and still see no progress. I have urgent bills to pay, but they still make excuses that if they don't send my funds on time, I will face NSF fines for missed payments that I have no right to pay with my new branch because of their incompetence.
They should be responsible for paying late fees with my new branch if they happen to apply them to me because of their incompetent lack of loyalty to banking clients or even former ones.

I find that they are untrustworthy!

I have asked them to smooth the problem, but still get
excuses on their part.
Even told them that would file a claim for NSF charges from another branch if they issued it to me but still they do not care!

Even told them they would be given a lawsuit on charges of theft and embezzlement of funds.
Still now looks like they will not take me seriously, just hope they send my funds soon.

They have not notified me of if even they have started to process the transfer to return the funds.

I sent myself an e-transfer from another banking institution. I have auto deposit set up.
EQ bank received the e-transfer, I can see it on my dashboard, and EQ cancelled the e-transfer later in the evening (which I can also see on the dashboard).

When I call EQ Bank, I am told it is a known issue and they are working to resolve it, that someone has to manually re-deposit the e-transfer. That was Friday, it is Tuesday and I still do not have my money and am told "Thank you for your patience" while my car insurance won't clear due to their incompetence.

As soon as my funds are back in my account, I am moving them out and closing the account.

EQ bank has my money and has locked me out of my account. Meanwhile I am stuck without any funds in a foreign country. Asked for verification documents but given no information on where to send them.

I've been a client of EqBank for over a decade. They refuse to give me 4% promotional interest they are advertising. It says on their website one needs a recurring deposit of $2000 or if one has less, like over $500, one still should get it. I have changed the deposit of my pension to EQBank, which is only about $1300 and asked the clerk at the chat if I'm available.
She said the promotion has ended. (?) When I showed her and sent her a link, she said, she will tell her manager to remove it, and she won't give me the 4% promotion. I said if they advertise it, she can't just delete it. (I think she had no idea what she was doing, but still, she was very stubborn about not giving me the 4%). Anyway, she said she will file a "complaint" im my name. I said, why complaint, when it says I have the right to the promotion? She was stubborn and sent me some form that says I have complained to some "Customer Complaint Handling Procedures (CCHP)" which is supposed to take 56 days.
Too bad. I used to like EQBank. This won't kill me as I have a 6-figure bank account with them, so I don't need the money for food, but I find it absolutely impertinent that they treat a long-time customer like this.
Stay away from EQBank. They used to be good, but they are getting worse and worse, especially customer service.
(I have saved the chat and can prove anytime that this is true.)

I love EQ. They give you back all your fees you spend at the ATM’s and put it back on ur monthly statement-that’s just one perk. There’s way more perks though; to name a few quickly: the no fee bank accounts they offer, the annual cash back percentage they offer is way higher then usual banks and they’re fast and effective in customer services