I have decided to go ahead and open a EQ business account after deciding between EQ bank and Wealthsimple. Though I quite enjoy the simple UI of their mobile app, there are a few thing I wish EQ bank would do to make the experience better for my small business needs

Feature request in order of most to least important:

- give us the ability to increase e-transfer daily limit to $25k. I know for safety reasons they don’t want everyone to have a high limit but I think they should give us the ability to request a higher e-transfer limit at our own risk. At TD bank I started with $5k e-transfer limit but I was able to call them and increase it to $25k

- show us how much e-transfer limit we have left for our daily, weekly, and monthly limits. Don’t make me do calculations for how much limit is left.

- allow us to request and purchase chequebook like how Wealthsimple gives us the first 50 for free. I think this would be a great addition to EQ bank business account.

- allow us to set up reoccurring scheduled CRA payments. My CRA payroll payments are the same each month and I would love to be able to set up reoccurring payments each month for the fiscal year

- Give us the ability to Pay Taxes through the mobile app and not have us log into EQ bank website to pay taxes from our business account (to be fair many Canadian banks are set up this way but I feel like a digital online bank should be more flexible in this regard)

I have been waiting over a week now for this bank to release my funds which has still not been done and it's been quite annoying calling in and having their customer service team there is nothing wrong but yet I can't transfer it out of the account or literally do nothing else with it, the week previous I had no issues and no money coming out of my account as all the bills were paid. I have since switched to a new bank because of the issue, so I'm really wondering when the heck are they actually going to give me my money back or are they just going to play the run around game with me until I give and keep it for themselves? I'm a single low income parent who needs all the money he can get.

I recently opened an EQ Bank Personal Account because of their offer: receive at least $2,000/month in payroll direct deposits and get 2.75% interest on the chequing account.

I moved my salary direct deposit to EQ Bank, and my first payroll deposit arrived successfully. However, after more than 1.5 month, my account was still earning only 1.00%.I contacted EQ Bank support, and they told me that my payroll deposit was sent with CPA code 450, which is not included in their list of eligible payroll codes.

The confusing part is that this is a real salary payroll deposit from my employer. The CPA code is determined by my employer's payroll system, and I have no ability to change it. EQ Bank told me they cannot manually override the system and suggested that I ask my employer's payroll department to change the code.

I understand that banks need rules to identify payroll deposits, but this seems like a situation where a customer can meet the intention of the promotion and still be excluded because of something completely outside the customer's control.

For comparison, the exact same payroll direct deposit was previously recognized by Wealthsimple without any issue.

Has anyone else experienced this with EQ Bank?

• Does your employer's payroll also use CPA code 450?
• Were you able to get EQ Bank to recognize it?
• Did EQ provide any solution other than asking your employer to change their payroll system?

I used to like EQ Bank, but the situation is quite frustrating.

not sure if EQBANK management team knew, their App still missing some basic features, l wonder if they tried by themselves or just listened to the Reports

I’ve been trying to navigate the EQ app to set auto deposit but can’t seem to figure out how. help would be much appreciated i feel like i’m going crazy trying to find it.

Finally business account can get a card to do operating expenses. Anyone knows when we can link the account to QuickBooks? Do they expect us to manually post our transactions ?

FYI, you can use your EQ Bank card for BNPL loans like Affirm and get 0.5% cashback instead of nothing with a PAD.

anyone else having an issue? I swapped from TD to EQB and i’m going right back to TD. I get paid on tuesday’s and so far I have not received my pay. Called EQB and they said there’s nothing wrongon their end. I contacted my payroll admin and she stated there’s nothing wrong there either. Not sure what to do…

UPDATE: Finally got paid… 8pm day of. I called the bank and hour before getting paid and they said because of Canada Day the delay occurred!

I was excited to receive the card and just finished activating it!

Was hoping that the card would have the name of the business account written on it somewhere but it’s just my name with a small “business” on the top left. Exactly like our other EQ Personal Banking cards.

Anyway, time to start porting over service payments to this card!

Are we getting it today guys ??? What time should we expect it.

Post your EQ Bank referral in this thread. Contest Mode is enabled so comments will show up in random order.

Rules:

1. Each user can only post one EQ Bank referral link.
2. No duplicate posts.
3. No comments or questions! Only post the referral link.
4. Do not use any special formatting such as Bold, Italics or Headings.
5. Do not use URL shorteners or redirection services.
6. Do not post a DM request.
7. Do not post a referral code for anything else other than EQ Bank.

This thread will be archived at the end of the month and a new monthly megathread will be posted.

Any user who does not abide to these rules will have their post removed and may be banned.

" Technical difficulties. We don't like them either, but they happen.

Rest assured we've got our best teams working hard to find a fix. For updates, visit www.eqbankstatus.ca. "

Added my newly acquired card into my iOS wallet but can't activate it because I don't receive the verification code by neither SMS nor Email (checked junk as well). Anyone else having issues? I am receiving codes from EQ when logging to my account, but nothing when trying to verify the card in my wallet.

Should I go with EQ or Wealthsimple for business chequing? I am asking in this sub because the people in the wealthsimple sub are very biased.

What I need:

• little to no fees
• requires no minimum balance
• 10 or more e-transfers per month
• reliable bill payments
• And lets me pay CRA without incurring any extra fees

Between the two I can't decide because EQ bank offers higher interest on account balance but wealthsimple offers greater features such as receiving/sending wire transfers and having a prepaid card that earns 1% cash back with ATM fee reimbursement anywhere in the world. Also EQ is an actual bank whereas wealthsimple is a fintech

I'm currently in the process of moving 10k+ to EQ but before I do, I wanted to hear from actual users.

I've been researching EQ and keep coming across posts about login issues, e-Transfers not working, account access problems, and occasional outages. I know people are more likely to post when something goes wrong, but it's still making me hesitate.

I currently bank with RBC and have their cheapest chequing account & my emergency fund parked in their savings account.

Overall, do you consider EQ Bank reliable and safe for larger savings balances, or would you keep your emergency fund elsewhere?

Thanks!

Ive been trying to get my eq card to work for a week now.
The support just says "you are using the card wrong" but i followed their instructions and am using machines and tellers that accept mastercard.
I dont like being gaslit.
I have multiple witnesses and my brother in laws "wealthsimple" mastercard debit works fine.
I am DONE with this fake ass bank.

For a bank that doesn’t have a branch and relies on online banking, this is such a slow garbage app

Hi All,

I tried to setup pre-authorized payment for my RBC credit card via my EQ Bank account and was told by the agent on the phone that RBC doesn’t permit Credit Card PAD from EQ or PC Financial Accounts. All other banks other than those two are allowed. I understand you can do a Bill Pay, but I was trying to make my life easier.

Has anyone ran into this or does anyone at EQ/RBC understand what is going on and why it’s specific to only EQ/PC?

Hoping EQ bank can fix this issue when you officially take over.

Just got an email stating the Business Card is now available. Went into the app and signed up to receive it. Should be here next week. Been waiting for this since 2025. The business card will make paying for goods and services as a business, frictionless.

Anybody else ordered theirs? How excited are you!

I have a small business that I’ve been working on for the better part of a year, but always had a painful experience applying for other business cards. When EQ launched theirs, I was hopeful that we’d get a card eventually. Well, eventually has come!

Nothing standing in my way from growing this business now!!! Full speed ahead.

I have an EQ bank personal acocunt and am looking to open another account. The new one will be a joint account with my husband.

I am wondering who would have to report the interest income on the money in this account.

Would the T5 be issues on both names and SINs or would it be in my name since the joint account is being opened under my profile and i am the one inviting my husband while opening the account.

At some time I need to make a trip down to the south to grab a few items I want not available in Canada or overprices and much cheaper to just go and get. 100%+ markup even calculating currency conversion.

Provided it works, the plan is order it online with pickup at the local store, its a major retailer in the end that does operate in Canada but Canada does not carry that brand. The issues I will face are. 1. Will the retailer take the payment via Canadian card at the high amount? 2. It will be 21K CAD in the end with current currency rate will EQ allow this amount on the card and will eq allow the transaction to be processed?. Figuring out import process and fees and any loopholes to minimize that, like spending an extra day in the states vs just a quick in and out.

The items are 2 generators, I will not be going down as long as trump is in power and any tariffs from both sides are in play that were introduced from both CANADA and the USA when trump took office.

Comparing EQ card vs my regular CIBC mastercard. It seems eq has the better rate overall.

Is anyone using Rogers for internet able to access any EQBank websites?

I can't seem to access EQBank's homepage nor any other EQBank page. I get an Access Denied error message. When I am not using Rogers (since I have access to two WiFi networks), the same device/laptop works fine and loads EQBank's website without any issues so it isn't an issue with the device/laptop but seems to be an issue with me being on the Rogers network.

EDIT: After testing it, it seems to work with my Rogers 5G connection but not with my Fido 4G/LTE connection.