EQ Bank Reviews 

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

Utterly useless chatbot. Althoug all I have used are useless so why should I be surprised? I am trying to unlock my account. Traveling out of the country right now so I will not spend big dollars on roaming charges to talk to them. I entered "unlock account" in the chat and the chatbot gives me a long list of instructions starting with "Click on the "Unlock Account" button." There of course is no such button, anywhere on the page. I am using a laptop so decided to see if that is something that is only on the phone app. Nope, no "Unlock Account" button there either. I asked the chatbot where it is and just get the same whole list of instructions. So I navigate to EQ bank contact us, and it says call or chat with us during these hours, which I am within, or you can use our chatbot 24/7. Well, I know I don't want that chatbot but there is only one chat icon on the page. And when I click on it guess what? I get connected to the same useless chatbot. Utter garbage.

Constant 'We are experiencing and error' messages, chat bot is completely unhelpful, screens time out after about 15 seconds and you have to go through the really fun sign in process, hopefully you dont need to link an external account.
Tried closing the account 2 years ago and was unable because at the time there was less than $5 in the account, tried today with the same issue. So my money that was in there has been gaining interest that EQ will profit from. This is just the tip of the iceberg and I am hoping to save other from the hell hole working with this bank can turn into. Nice interest rate, thats how they get you.

2FA authentication does NOT work

Was a victim of fraud and got hacked, and even though EQ claim to 100% reimburse you for fraud, they did not. Lost thousands of dollars because the hacker bypassed their 2FA system, absolutely horrifying, do not bank with this company.

Worst bank ever they do not stand by there policies, they make the rules up to suit themselves. They claim its a 5 day hold on checks when in fact it 6 business days. Also frequently you cant sent transfer as there is always something wrong. There are other options besides Eq like Neo, Koho tangerine and more.

Tried using their business bank account. App won’t deposit cheques and their chat help is to get me to try to uninstall and reinstall app. Even if it worked, depositing cheques is very slow. Can you pay employees from the account, into their account? No, you can’t. Can you pay payroll deductions to the CRA or WCB premiums from the account? No you can’t. Can you deposit money into the account directly from the client through merchant services? No you can’t. A business account that is unable to do things that every business has to do. Useless. You will still need your “normal” business account.

EQ Bank, you open an account with them, they don't automatically send you a card, you have to request one afterwards, Be very careful, I Opened an account for an upcoming trip to a family members funeral, I chat with them, they confirm account is opened and I should receive everything in 5 to 10 business days, HAHA, I call on day 9 and "Oh you havn't ordered your card yet" and we can't prioritize you card.. sorry you got the wrong info but we won't be able to help you at all, even though we are the ones that said that, so far Im out well over $2000 in flights, and I don't get to a funeral, and there answer, we will put a complaint in for you, that will take 3 business days to answer.
Stay away!!!!

The autoload feature for the EQ Bank Card stopped working about a week ago. I thought I may not have set I properly and had to wait a couple of days to get access to my account. I was not able to set auto load so started a chat which took sometime to connect. Finally connected and went through a dialogue to learn the bank was aware autoload was not working and they do not have an ETA for when it will work but I can always transfer funds by signing-in to my account. I will be travelling internationally in a few days and was counting on autoload for security reasons. I suggested EQ Bank should be proactive in letting its customers know when they have problems or issues with providing specific bank services.

This company is nothing but a headache. If you want your money to go far, steer clear from their Trust offices ran by Nicole Steven’s.

I initially had no issues with my account and eventually got my adult son to sign up. There started to be a lot of issues trying to sign in on the website and app. Frequently money would not be accessible
ble due to "technical difficulties".

But worse, my son had terrible problems. After he made his account they locked him out and made him redo sending in his identification stuff. Later he got locked out trying to access the app. This final straw was he just got locked out because, as many others have stated here, security wanted identification documentation AGAIN. Security claimed they "tried to get ahold of you but when we couldn't we locked the account to get your attention". What the heck?! There were no emails nor calls from them. They just locked his account a week before Xmas. He felt like his money was being held hostage! Unbelievable. Not only that we had to call twice to even get the email with the link to do the ID verifications. They never emailed him to let him know his account was unlocked either, he just kept checking each day and finally, day before Xmas, he was able to get his money out.

We understand security is important, but this not how to go about it. We use only Tangerine and Neo now, and will never go back to EQ.

For me its a Zero rating bank after my CCB was deposited in my account an amount of $6440. I did one etransfer to pay my rent after which my account was block due to Security reason. ( Don't even know what security reason ). I called the security department, I was told I need to verify myself so stupid. I guess that's was done when I opened the account as all bank do when some filled in their application. But anyways lets come to the fact, so during call I was told I need to do a selfie verification and give proof some proof of address.
Eventually after 3 to 4 hrs after that call I received an email with a link. I completed the verification. The next day I received another email, this time asking me to just do a selfie verification, so I completed this one also. Call the bank this time I am told to call during business time as the security department is not working. "I thought the security and fraud department need to have operational 24hrs like all other bank." Exchanged so many emails with not even one reply. I call again today I was told this might take longer as there is holidays coming. Mean time I defaulted on all my payment arrangement which was scheduled and left with no money to buy food and my kids a Christmas gift. I have nothing in my pantry to feed me and my kids.
Now its kind of me begging from people I know to help me for food.
These guys they don't have any consideration for people. I already remove this account for all my upcoming direct deposit. I WOULD HIGHLY RECOMMEND PEOPLE TO STAY AWAY FROM THIS BANK. IF YOU DON'T WANT TO GO THROUGH WHAT IM GOING. I SURE THIS WILL BE UNFORGETTABLE CHRISTMAS FOR ME AND MY FAMILY SPECIALLY MY KIDS.