"Great Interest Rates, Joint Banks Accounts, and Customer Service"

The interest rates, free e-Transfers, joint bank accounts, and customer service are excellent at EQ Bank. I highly recommend this bank to anyone that is looking to get a chequing and/or savings account.

"STAY AWAY FROM THIS "BANK" They will lock your account if you do Interac E-Transfers or PayPal!"

STAY AWAY FROM THIS BANK! Everything was fine, until it wasn't. I used this account for online shopping and doing things on e-bay/paypal & also used to for Interac E-transfers. Well, the other day I was transferring some money over & realized my account is locked/restricted.

I tried to contact online chat. Waited for an hour. They said online customer service does not deal with restricted accounts. So I called. Waited another 1.5 hours to get a hold of someone.

The person on the phone said there was nothing wrong with my account. But then I pointed out to him that there is a "Lock" symbol beside my restricted account. He then says "OH, You are locked out"... THAT'S WHAT I TOLD YOU!!!! Holy smokes! He then goes on to say... "Yeaaaaa, we are ending our relationship with you, because of your transactions - you are high risk". HIGH RISK??? I asked to please point out what transaction(s) is considered high risk? He couldn't!! And refused to answer! HOW IS THIS EVEN LEGAL?????? I never even had one NSF, and always had money in my account. There is no high risk here! They just don't like people using Interac E-Transfers & Paypal... Well guess what EQ Bank - If you haven't realized, we are in the middle of a global pandemic. Interac and PayPal usage has gone through the roof. So you better get used to people using it A LOT more, than in normal times!

Lastly, how was I not notified of you closing my account?? Isn't it LAW that you send a letter, email, call.. SOMETHING to contact the customer to notify them their account is closed? Nothing! 100% ILLEGAL ACTIONS BY THIS BANK!!

I will be filing a BBB complaint & make sure this is resolved.. I have moved onto PC Financial Money Account. EQ Bank was great at the beginning.. But I sensed something was going downhill, since the pandemic started. App always down, reducing interest rates quickly, customer service quality lacking.

Goodbye EQ Bank! I hope you get bought up by another bank or go bankrupt!

"Difficult to reach"

Difficult to reach. Average phone times well over an hour

"GOOD RATES"

GOOD RATES. JUST STARTED TO OFFER TFSA. LOOK THEM UP

"Excellent interest rates"

Excellent interest rates and are now doing TFSA and RRSP accounts. Progressive company and a breath of fresh air compared to other banks and their exorbitant charges and terrible interest rates

"I try this because it's online banking…"

I try this because it's online banking i like it

"The best savings rate in Canada"

The best savings rate in Canada, this alone should have your attention.

Easy to set up online, works great, can transfer money in/out without hassle. Free interac transfers, another bonus point.

Now about the missing star: Transferwise international transfers would be an amazing feature... but: it does not have the memo field, which is essential for any payment to a business account, which needs to have a reference to an invoice, account, etc.
I tried to tell them that this feature is useless without a memo field, but I got the standard "we are continuously improving... bla bla". Please fix it, so we can really use this feature.
Transferwise itself supports this memo field, so what is the big deal ?