EQ Bank Reviews 258

Very untrustworthy system

I have 2 refunds from the same hotel due to there error. But EQ Bank regardless of the returns will not release my money until the 16th day. Authorization numbers were given that they could confirm, but no. They want to make 2 weeks of interest off my money. When I was with Koho. Refunds appeared back in my account instantly or at least a few hours. I'm going back to Koho. I'm actually ashamed I tried another bank.

For a digital only bank, they aren't very digitized

Have all the ID and document ready to go...what could go wrong?

- Make a deposit? go ahead

- Now want to send money out even back to the account that made deposit? Nope, please do enhanced due diligence (Don't feel like telling me before making a deposit my fund will be stuck for a while?)

- Want to do enhanced due diligence? Nope, can't start the process on the website. Please call us

- Call them, want to speak about your account? Please verbally read an OTP we send to your e-mail or sms instead of pin/touch tone

- Verbally request to start enhanced due diligence verification process. Sends you an e-mail with a link to their 3rd party KYC service provider

- After completion, want to check status on website? Nope, not on the bank's website

- Few days later, verification passed? Nope, tells you picture isn't clear even when the KYC app said picture is good and go ahead to next step and press submit

Apparently, there is a hidden requirement they won't tell you upfront when taking picture of you ID but they expect you to read their mind

** They can reject it solely because they don't like the background / surface of the ID is placed on (i.e. color of your table)

But their app apparently doesn't know that either and tell user to go ahead and wait up to 3 business days to find out

- Get another link to start this whole verification process again

- Rinse and repeat

- Have to call them every so often to ask them what the heck is going on with the process

- Finally, this sequence of event happened:
Day 1: Document is fine, need your Photo ID
Day 2: Photo not clear, please resubmit
Day 3: ID is fine, we are checking your document

Tell them that document was declared done before.

They then suddenly realize they are contradicting themselves

They then decide to transfer the customer to talk to security department.

The team member said the following:

- He has not spoken to the team member that transferred and he has no idea what is going on

(If he did he would realize the customer doesn't need to speak to security team)

- All question he ask is normal authentication process to talk to account holder

(**no new information is provided by the customer**)

- THIS IS HIS FIRST TIME SEEING THIS ACCOUNT

But somehow without any new input from customer and first time seeing the account the team member after few minutes of poking around said Enhanced Due Diligence is now complete and your account is unlocked.

And all that has happen was, the team member was reluctantly forced to look up the said account.

Putting all this together, the said security team member said he don't understand why customer is upset with this shenanigan. "Isn't your goal to unlock your account? " (it is unlocked .. you should be happy)

Yes, he actually think that is a good question to ask the party that is being forced into the situation

"I am trying to understand your perspective"

(Clearly the part about the Bank withholding customer access to their deposit against their will escapes him. If he was expecting a big thank you it is obviously not coming.)

Imagine getting this dialogue tree when it is already clear as day to the customer the security team screw up

It doesn't take a rocket scientist to realize your team could had UNLOCKED THE ACCOUNT AGED AGO WITHOUT NEEDING THE CUSTOMER TO CALL AND WAKE YOU UP and you are wasting everyone's time (including other employees of the bank itself)

The most important question Is: What if the customer didn't call?

Your security team did still be verifying document that is already checked and customer's account is still locked

Better yet, your backend is so good you don't even realize you are doing duplicated work?

This millions phone calls to do anything scenario actually happened at a "digital only" bank.

Note: If profanity and insults was allowed this review would be worded very differently to better reflect this pile of ....

Just opened an account 2 weeks ago and have been anxiously awaiting my new bank card to come in the mail to use for an upcoming trip. I just realized that you need to separately order a bank card as it is not automatic. Now the card will not arrive in time to use for the trip.
It was not clear that receiving a bank card needed to be separately requested and there is now way to expedite the delivery. Very disappointed!

My wife and I obtained a mortgage through Equitable Bank at a time when were were bankrupted through COVID era lockdowns. We desperately needed to restore our credit rating, and assumed that all lenders were obliged to report on client performance. It was only at the end of 4 years worth of perfect history did we discover they did not report any of this. Even after requesting that they report to the credit bureaus on a one-time basis, they refused. Our subsequent mortgage was obtained at a terrible interest rate, primarily due to the absence of data that would have repaired our rating at the credit bureaus.

EQ bank has become one of the worst Banks. They now have engaged in very misleading advertising. They say sign up and get 3.3% daily interest in your chequing account. They fail to say you must have a minimum of $2,000.00 direct deposita each month? Scammers

Well I was happy with this bank until I deposited a cheque. I deposited it on Sept 2 and it's still not available. I called and they only release $1500 of it after 5 business days and the rest after 9 business days. Waiting 9 days is rediculous. This process takes 1-3 days at a normal bank and 5 days at the very most with slower banks. Holding my money longer than needed is unacceptable and I will be moving to another bank.

They locked my mom's and my shared account because she doesn't speak english.

There is no way unless she goes to attorney to unlock the account. But she cannot do this as at this moment she is out of country.

EQ Bank often frustartes users with glitchy online banking, slow transfers, and unhelpful customer service making it feel unreliable despite being a digital bank.

I called EQBank to report my EQ card being compromised, the woman that helped was Annu and she was very helpful, professional and patient. As well she had a great phone manner and made me feel like a valued client. Please, EQ, don’t EVER switch to Ai customer service. With service reps like Annu you will retain clients not drive them away. Thanks
And… give her a raise 😄

Poor service ! My experience has not been a good one , The overall process with pay is not impressive and not in the same classification with TREATY .

Turning point , advance solution and good pay.

Horrible!
Incredibly glitchy website can’t do anything without “tech difficulties” error popping up on mobile browser or Pc. Spent weeks trying to register my new card and it would lead you to do the same steps over and over and never register or glitch out.

Absolutely useless rude and incompetent staff, the manager has an especially low IQ and doesn’t understand basic English. They will run you in circles, waste your time and resolve nothing.

You can get better customer service from the homeless man under the bridge.

glitchy and useless, don’t waste your time with them

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.