EQ Bank Reviews 

I had to call 4 times before i was connected to someone that could speak english, and the person i spoke to was having a hard time matching my questions with the correct useless rebutile answer. was comparable tio going through a Tim

hortons drivethrough

Was a good bank I was doing my tax money an thay wont let me get them out thay say my id from Ontario wont wont but the bank is in Ontario an i went there an got my account but I can't get my money out

Used to be great, but they now falsely advertise their interest rates. They force you to have direct deposit from an employer to have the real advertised rate on their web page, but it's not possible for everyone, such as self employed people, which means their website has false advertising + they discriminate people based on the type of job that they have.

We started with EQ close to the end of January. NO REGRETS! As seniors on a fixed income, we appreciate the high interest on EVERYTHING! At first, I was upset that there was no debit card available - only Mastercard - BUT it's easy to transfer - it can even be set to automatically load funds (I choose how much) if it gets below a certain amount AND I get interest on every penny until it's used! I also like the fact that I can spend it anywhere in the world where Mastercard is accepted and in whatever currency is necessary AND I get a percent back on ALL purchases. Because we live in a small town, I don't like to use Mastercard as the vendors incur high fees SO I go to the nearest ATM and withdraw cash. GUESS WHAT - any fees are refunded! I am coming out much further ahead at the end of the month than with my former banks - 1 was online only and the other a leading bank with branches. Best part is if I have a question my call goes through without waiting a long time AND the folks who answer are in Canada and I can understand them - no more El Salvador, Dominican Republic or India! I think this will be a forever bank for us! Thank you EQ!!!!

They consistently withdraw random amounts small and Large amounts of money from my "free" account.

There's no record of any of it and no justification. The money just disapears and they give you a new balance of available funds.

This is ilegal.

I recently opened an account with this bank , from the start, nothing but issues with cheque deposit, interac transfers, being "flagged" from security to block an etransfer going to an apparently unknown email address, to cancel that etransfer will take 1 business day for those funds to be back into bank account and 2-3 business days for a deposited cheque to be canceled. Do not recommend this bank

If it wasn't Canada I would say they are a fraud, but I want to believe that they have horrible operation and processes.

I have my funds locked and not being able to pay my bills and taxes and the answer was always the same, wait 5 (FIVE DAYS) for a solution

Such a waste of time and resources, they are not prepared for a large number of clients. Don't risk your money!

I need a replacement card and after 15 days still no card. What bank won't deliver a card by express post if you need a card ro be replaced?

Now I am told they will send out another card with no guarantee it will arrive in the 7 days they promised.

Not there to satisfy the clients.

This is a bank that is not worth switching to. It advertises a high interest rate to bring people in, then lowers before you experience any benefits. Transfers have holds that are ridiculously long. There are countless technical difficulties, for example unable to login, unable to send a simple etransfer. It looks like it will work, then unexpectedly bumps you out of the website. The inefficiency isn't worth it. PC seems to have the same rate of 3.5% without any hassles. Can't see why EQ is better if they no longer offer the 4% rate any longer. Don't waste your time.

EQ Bank is required by law to make the first $100 of a deposited cheque available. They have repeatedly made this process difficult and at times outright denied the "request" for these funds. There isn't supposed to be any "request," they are required to do so by law.

In addition to this, their technology is inadequate and insecure. I once made a transfer from my savings account to my debit card and $30 was somehow "lost" in the transfer due to a bug. These funds were never refunded to me.

They are not a real financial institution and you should not trust them with your funds or to even follow the country's laws.

I’m beyond disappointed with how this bank has treated me. I tried to send **$500 via electronic transfer** to pay for **urgent medication** — I'm a **person with a disability** and rely on that money to manage my health. The transfer never went through, and the money **disappeared**. It was **not sent, not refunded, and not available to me**.

When I contacted the bank, they told me to wait **3 business days**. That came and went — nothing. Now, after escalating the issue to OBSI, I’ve been told it could take **up to 56 days** to investigate. How is someone supposed to wait nearly two months when that money is meant for life-saving medication?

To make matters worse, the bank even **blocked my account temporarily**. No support. No urgency. Just cold responses and delays. This is not just poor customer service — this is dangerous. It shows a total lack of care for **vulnerable customers** who depend on their accounts for essential needs.

I would never recommend this bank to anyone. If you're vulnerable, disabled, or rely on timely access to your funds, **stay far away**.

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 !!!!!!!