EQ Bank Reviews 255

So far Im very pleased with them. The GIC rates are great!. The one that i love the most is the no minimum amount, no monthly fees and i can withdraw in any ATM in Ontario without being charged. You get charged at first by the other bank and they reimburse to your account quite fast...

This is the worst bank I've dealt with in Canada. Just opening an account was onerous and unnecessarily burdensome. But, once opened, it only got worse. EQ's security folks call over the most minor of unusual activity (e.g. adding my wife to the account, everyday transactions). The last one was the final straw. I hung up on the employee and, now, my account is restricted from transferring money out. I can't wait to move my money back to Tangerine.

Customers service are dumps and don't know anything even dispute .
Even supervisors are stupids and management stand based their customers service and want throw plame on customer shoulder even not put in their mind upset or have deep voice or disability .

AVOID THIS BANK

Yeah, they have good rates but their customer service is TERRIBLE. I thought everything was good with them until my account got locked out...then spent part of a week trying to get a hold of someone to help me unlock it. So many bad responses from their customer service:
1) 'our unlock feature online doesnt work...because your account is locked' - huh?!?
2) they tell you that you need 2 govt issued Id's and they MUST have photos AND be currently valid. My drivers license is valid...but my passport is not and the other forms of ID (permenant resident) are not applicable. Now what am I supposed to do?!?
3) got sent a link to provide only 1 piece of govt issued photo ID (sane request) and submitted it as requested...and they rejected it...and no one ever told me and just left me sitting without access.
4) had to call back and escalate to a manager...who never called me back either

All 5-star fanboys can take their non-informed opinions elsewhere because your reviews are NOT based on reality 'I got a high interest/no fee account = 5 stars' - there are plenty of banks that meet that criteria so those reviews are useless as they don't speak to service....and service DOES matter.

Equitable Bank is the most dishonest criminal bank to deal with. My Father was with them for over 8 years and ended up in the Hospital do to being sick. He was up to date on his Mortgage payments with them but because he missed a couple payments on his HELOC (Home Equity Line of Credit) they called in the HELOC to be paid. It wouldn't have been such a bad thing to do, but they also tried to charge my Father a couple additional fees on top of the HELOC that were not warranted. These very same fees where not being requested when they informed my Father that they where going to foreclose on his house, because they are not reasonable to begin with. EQ Bank paints itself as a company that cares about Seniors and is a Bank that gives back to the community. But all they are is nothing more then a bunch of thugs that will try and steal as much money as they can from you given a chance

I called this eq bank just to find out where my calls were going to be routed to. I don't want to be answered by someone in a foreign country like India, Indonesia, Pakistan, Philippines. I need someone that can fluently speak English to understand my needs as a customer. Nobody would tell me where they were or where a Canadian call center was. Very bad customer service already. Not truthful customer service reps. Stay away from this bank.

I’m really at loss here with EQ Bank. I deposited some funds to raise my balance. however they failed to respect my payment request once I had saved up enough cash to spend. I never have to wait days for my payments to be completed with Automatron Investment because it prioritizes its clients’ needs.

I love my EQ accounts. Haven't had any issues with them. Been stashing my emergency fund with them and have bought a few GICs in my TFSA account. The interest rates are great.

I did try to open an account, no news for a week, I tried to send a message, but there was no answer...
Ask by email if my pension check applies to the 4% interest...no answer
This is a big red flag to open an account and put money there since help is nonexistent, high-interest rate at what cost?

Nov of 2023 I made the mistake of buying something online … weeks later my account is hacked and in three days 1466 dollars is removed from my account. I have no receipts , no product. I file a dispute and eq bank decides I am at fault. I have no paperwork .. yet I NEVER authorized any payments to the vendor . They sent ME a message saying the card was flagged , so why Flag the card ?? Why have a dispute investigation?? Why would I lie?? I’m going to find a better card

I have open an account and for 2 weeks try to add Tangerine on the APP of Eq Bank as an external bank to transfer money to Eq Bank. It was impossible even with the customer service of Eq Bank to connect both bank. So I cancel my account with Eq Bank to go with Wealthsimple and 3 minutes everything was settled with them.

On January 11 I initiated an Interac E Transfer of $1300. Interac processed the transfer and I received a confirmation Email. However, when I attempted to deposit the funds I received an error message.

In a stunning display of overreach. Before the end of the day, EQ Bank had done the following:

1) EQ Bank interfered with and blocked my transfer.
2) EQ Bank blocked my account.
3) EQ Bank did not attempt to inform me of their actions either before, during, or after.

Later when I initiated a telephone call to customer service I was told I would have to submit multiple digital images of my government ID and a proof of address to a separate Email. I was not comfortable with this and suggested an alternative. I was told I had no choice and on January 19 I sent the documents demanded. On January 23 I received a call I thought would be news that the problem was resolved. It wasn't. I was told the void cheque form I sent as proof of address was not acceptable. I was so angry I terminated the conversation. On January 26 I called the department head complaint hotline and left a message. I am still waiting for a response.

There have been multiple Email exchanges and recorded conversations. My account remains blocked. EQ Bank created this situation out of thin air and has done nothing to correct it. If EQBank believes something nefarious is going on they should report it to the RCMP. If they have any concerns about their customer they should request a wellness check.

My friends started a fundraiser in a EQ account for my family when my 10 year old was diagnosed with cancer. After the fundraising was complete we transferred the account over to our family information. We had to travel outside our province for limb salvage surgery and when we needed money we tried to get into our account and noticed we had been locked out. Needless to say after making neighbors go to our house and get our mail key to go get pictures of recent bills for our address, me sending selfies with my photo ID the bank still has not provided us access to the account. This has been ongoing for 9 days and we keep getting the runaround. The manager that said they’d expedite this has failed to do so. The security team was supposed to call me back two days ago and never did. The communication in this bank horrible. They do not contact you back by phone or Email, don’t stay true to their word. They always say there are no managers or security agents available to talk to you.

Poor Customer Service and barriers to accessing account!
Tried opening an account but the fact that you need a physical Canadian sim for security verification in order to access the account is such a barrier. Not worth the time and energy wasted, as I tried resolving this matter with 3 customer service agents. Last one, sounded like they were not happy at all with their job and was disengaged from actually resolving the issue. Sounds like a great online bank with exceptional offers but fails in service and accessibility.

Disgusting experience with this bank. My account was blocked "for security reasons", although no one from the support could explain to me exactly what the reason was. After numerous chats and several phone calls to "verify my data" I was informed that they would be able to unlock my account within 30 days!!! That is, I lose access to my money for a whole month.
Although in other banks similar situations are solved with one call in 15 minutes

To all EQ Bank clients and those who will open an account to this money Institution. Heads up, about their EQ bank card monthly cash back product. Beware of this because if you noticed it was not posted or credit back yo your eq card account witch is every first week of the month it should be credited back you. This is not only the month the have delays posting it. Imagined that if every dollars or money in the bank that we put is gonna have an interest every day. Since they almost have more than weeks of the delay posting it that means it was have an increasing interest already. That the client must get it. If they cannot be in time or punctual handling money. Better not to TRUST or PUT YOUR MONEY in their Bank even they have a hi interest. You know that its not good to be true....

Bought a prepaid card today and tried to pay my cell phone bill and the card had been wiped out and after an hour on the phone of getting the run around nothing has been resolved after Christmas shopping this week that was the last of my money and I can't work without my cellphone so I will be making irate calls from my parents landline to them wasting their time and much more than $50 in wages until someone fixes this

Here's a revised version:

Experiencing a 35-minute sign-up struggle, all I got was a message to contact customer support, which never responded. If a company falters on such a basic process, it doesn't inspire confidence. If people can't sign up, how can they trust the bank? Seems like they're not interested in new clients. Frustrating as it is to find a reliable online bank, my past experiences with Tangerine and Koho were disappointing. Tangerine charged me over $300 by mistake and didn't assist until I paid. Koho mishandled multiple credit-building payments and redirected essential funds without concern for my situation, leading to significant personal and financial losses. EQ Bank didn't even make it past the sign-up. I'm moving elsewhere.

My mom sent me some money via Western Union directly to my eq account, thinking it would be a convenience to avoid the money mart experience. Seems reasonable, right? Well, surprise! EQ bank distinguishes itself by being the only bank in 197 countries that does not accept WU money transfers. The word accept is used for lack of a better one, since in fact they did accept the transfer, according to a WU investigation, they just did not credit my account or send the funds back to the sender. It sure expands the meaning of "bank robbery"! The number one bank in Canada, or whatever the ad campaign asserts, is number 1 at robbing its customers. I will have to resort to filing a small claims lawsuit to recover the funds.

This isn't even my biggest complaint against this corrupt enterprise. #sigh# You simply can not trust anything they claim. For example, the EQ (from here on I will abbreviate EQB to ≠ since it's more accurate) CC benefits from Mastercard® Zero Liability Policy, which sounds nice, usually debit cards are risky because customers don't have insurance against fraud - a reason to avoid them altogether.

I had the misfortune of having to test this coverage, and unlike the pleasant and helpful experience I had with Capitol One USA the last time I was a victim of fraud, when the funds in question were credited back to me before I hung up the phone ~ 5min. Wanna guess how long the turnaround is at ≠? 90 days. That's not a typo. Is that even legal? *Does anyone know about oversight or regulations governing Canadian (non-investment) banks? Class action anyone?

5 weeks now since ≠ hijacked my WU transfer, emergency funds from the Canadian government (unlawful to impose banking delays or holds on this type of payment), and my balance. The result has been food insecurity. I lost a LOT of weight, dropping my pant size from 36 to 30. I am 6'6" and now weigh less than 180 lbs. 220 was my weight prior to the forced fasting. It's a nice bonus to lose a bit of weight, but it's frightening to be only halfway through their timeline. Mind you, "investigating" CC fraud is a 30 minute task, my account is very simple and my patterns are clear. This is simply abusive.

Please offer any advice, my weight loss is scaring the $h¡t out of my friends.

In general it's good and easy to use. They just don't honor their referral fee system even if you message support and have your referral contact them (they ask you to have the referral contact them), so don't waste your time with that.