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How to Link Your Tangerine or Other Bank Account to Your EQ Bank Account

Posted on 2016 12 05 by BetCrooks

When last we spoke, I explained how I had linked my EQ Bank Account to my Tangerine account so I could push money out from EQ to land in Tangerine and avoid a hold being put on my cash. This time, I’m setting up a link from Tangerine to EQ to push money the other way, but you can also use the information here to set up a link from any other bank account to your EQ account.

How Many External Bank Accounts Can I Link to from my Tangerine Account?

EQ Bank lets you set up 10 links to external (non-EQ) bank accounts. Tangerine is more restrictive. It only lets you set up links to 3 accounts.
On the other hand, Tangerine lets you click and cancel a link so that you can set up a new one. EQ Bank makes you phone in to cancel a link.

Use Caution When Cancelling a Tangerine Link to a Non-Tangerine Bank Account

Remember, if you do cancel a Tangerine-to-other-bank link it will take several days to set it up again! You’ll have to wait for the 2 deposits of very small amounts of money to be made and to be reported for verification before the account is re-linked. Think before you delete!

Information You’ll Need To Link the Accounts

Before you start trying to link your accounts, you will need to know

  • the institution number, 623
  • the transit number, 80002, and
  • the account number (yours not mine!)

for your EQ Bank account.

Linking Tangerine Accounts to EQ Bank Accounts

Remember, you have to be a named owner of both bank accounts for them to be linked successfully.

  1. Sign in to your Tangerine account/s.
  2. From the list on the left side of the screen, click on: My info and options.
  3. From the drop-down list, select: Links to external accounts.
  4. Click on the Add account button.

Links to External Accounts Page

Read the instructions, then click on the Get Started button.

Provide your account information Page

Type the information in the following text boxes

  • Transit number
  • Bank number
  • Account number

Make sure the correct currency type is selected, for example for EQ Bank, select CAD.

Click to check the box beside “I confirm that the account information provided is for my personal deposit account.

Click on the Submit button.

Please confirm your bank details Page

  1. If the details for the account are correct, click on the Yes button.
  2. You’ll receive a message about the two very small cash deposits Tangerine will make into your EQ Bank account.
  3. Sign out of your Tangerine account.

Once those deposits are made, you can Confirm the link. For now, though, you’ll have to wait.

Related Reading

  • How to Confirm the Link and Transfer Money Between Your Tangerine Account and Your Other Bank Account
  • How to Open a Tangerine Chequing Account If You Don’t Have Any Bank Accounts Anywhere
  • How to Open an Account at EQ Bank

Join In
Have you now linked your EQ Bank account with Tangerine or another bank? Please share your experience with a comment.

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Posted in Finances, Money Tips | Tagged business savings account, connect, daily interest savings accounts, EQ Bank, high interest savings account, join, link, RRSP transfers, Tangerine

How to Link an EQ Bank Savings Account to a Second External Chequing Account at Another Bank for Electronic Funds Transfers

Posted on 2016 02 19 by BetCrooks

When I first opened my savings account EQ Bank I deposited a cheque and they created an electronic link between my EQ Bank savings account and that chequing account at another bank. I like to spin a spider web of electronic links between my bank accounts, however, so I decided to create another link between my EQ Bank savings account and my chequing account at a different bank, specifically my PC Financial no-fee chequing account. Here’s how I linked the EQ Bank Savings account to my other chequing account so that I could make electronic transfers of money from one to the other.

What Do You Need Before You Start to Create the Electronic Link Between Your EQ Bank Savings Account and Your Chequing Account?

Everything will be easiest if you fill out your cheque before you begin this process. That ensures you have

  • picked which other bank’s chequing account you want to link to and from
  • picked how much money you want to transfer in to EQ Bank to create the link (it must be at least $1)
  • makes sure you have all the bank and cheque information EQ Bank will need before you place a call

You may also need some patience. A speaker phone and something to do while on hold is recommended!

Note Before You Submit a Cheque to Deposit into Your EQ Savings Account

As of February 19, 2016, to make a link between your accounts, you need to phone EQ Bank BEFORE you deposit your cheque.

It’s possible in the future they may create an easier way to link accounts.

How To Link a Second (or Third) Account to Your EQ Bank Account for Electronic Funds Transfer

When you first opened your EQ Bank savings account by sending in your personal cheque, they probably linked that chequing account to your EQ Bank account. That allows you to “pull” money into your account from your chequing account or “push” money out of your EQ Bank savings account to your chequing account at another bank.

You may decide you want this type of electronic “push” and “pull” link with another chequing account. If so, you can ask EQ Bank to set it up. To do so, BEFORE you send in a cheque for this other chequing account, you should phone EQ Bank and ask them to link the two accounts.

Then, after you send in the cheque by mail or by photos taken with the EQ Bank App, they will eventually link the two accounts. They try to link them within 5 business days of receiving your cheque, but right now, in February 2016, they are so swamped it can take much longer than that. (Your money will still be deposited fairly promptly, it’s just the linking that can take extra time.)

I’m not too sure whether I really want to request a link to a second chequing account we have, because I have been reading online of people waiting 2-3 HOURS to get through to an agent when phoning in, during mid-February 2016. I don’t need the link immediately, so I could wait a few months till things calm down and try then…. But then I can’t write this article accurately…..Well, I guess I should take a chance and try phoning in and see how long I wait on hold! Wish me luck.

How Long Did It Take Me to Speak to an Agent at EQ Bank After I Phoned In On Friday February 19 2016?

First, I armed myself with a phone with Speakerphone, a fresh cup of hot tea, and a computer booted up to read my favourite online nature sites. Then

On Friday February 19, 2016 at

10:01 a.m. I dialed the number for EQ Bank

10:02 a.m. I selected 2 to talk to an agent because I have an activated account.

10:14 a.m. The agent picked up the line and we spoke about what I wanted to do.

10:22 a.m. The agent authenticated me by asking a variety of questions because I do not have a smart phone so she couldn’t send me a code of some type to authenticate me. During this time she apologized for the delay several times and told me she will send a note to the “back office” to change a toggle in my account so that it will not try to email me authentication codes to a phone I do not have.

10:29 a.m. I said goodbye after we agreed on the details of my transaction and she had submitted a request to the “back office” to link my accounts after the cheque is received.

What Information Does EQ Bank Need By Telephone to Link a Second (or Third) Account for ETF?

To allow electronic funds transfers to and from another external bank account from my EQ Bank savings account, EQ Bank needed some info.

They asked

  • what bank I was linking to (for example, what bank was the cheque coming from)
  • what cheque number would be on the cheque I was submitting to link the accounts
  • what amount would the cheque be payable for
  • whether I would be sending in the cheque by mail or by photos taken using the EQ Bank app

This information helps them capture the correct cheque to get the bank account information to make the electronic link between the accounts.

It’s all reasonable information to ask for, but I’m glad I had my cheque prepared and ready to describe BEFORE I called EQ Bank to ask for the link!

How Did I Link the Bank Accounts at EQ Bank and PC Financial?

So

  • I phoned in first to request they create the link
  • I used the EQ Bank App to send in photo images of the front and back of the cheque to be deposited from the chequing account to be linked

Then I waited for the link to be made.

When Did My Second External Chequing Account Get Linked to My EQ Bank Savings Account?

Well, since I just submitted the necessary cheque five minutes ago, I’m sure it hasn’t happened yet! I’ll have to update this article when the accounts get linked.

Related Reading

  • How to Deposit a Cheque to an EQ Bank Savings Account By Taking Photos Using Their App
  • How to Open More Accounts at EQ Bank to Sort Out Your Savings
  • How to Open an Account at EQ Bank
  • What Is EQ Bank and Should I Open an Account There?

Join In
Have you linked an EQ Bank Savings account to more than one chequing account? Did the process go smoothly? Please share your experiences with a comment.

Posted in Finances, Money Tips | Tagged banks, business savings account, daily interest savings account, EFT, electronic funds transfer, EQ Bank, high interest savings account

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