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Tag Archives: cashing

How Long Will It Take to Open My Savings Account at Zag Bank and EQ Bank?

Posted on 2016 02 02 by BetCrooks

Well, as I said in earlier articles, I applied to open a savings account at Zag Bank for their temporary 2.5% interest rate and then at EQ Bank for their 3% for-a-while interest rate. I’m not actually able to use the accounts yet, though, and I’m starting to wonder exactly how long it will take to open my accounts at Zag and EQ Banks.

What’s Happened With My Application to Zag Bank?

OK, I’ll admit that part of the delay with Zag Bank was self-inflicted. Because I did not receive an email telling me how I could deposit my first cheque using their app, I decided to mail in my first deposit cheque. Unfortunately, I made a fatal error: I made the cheque payable to myself, not to Zag Bank. (I didn’t read their instructions carefully enough.)

I applied to open the account on January 12 and mailed the cheque on January 13.

On Friday January 22 I received an email saying they had not received my cheque and giving me a link to use their app to make a photo cheque deposit. It said if I had mailed a cheque to ignore the message, which I did, although it had been 7 business days already.

On Tuesday January 26, Zag phoned me in the evening. They explained how I had not sent in a cheque they could use so I would have to start over again.

On Thursday January 28, I called them back to ask for more information, specifically:

What were they going to do with the cheque I sent in payable to myself?

If they were mailing it back to me, I would wait, correct and initial it, and send it back in.

Well first they said they don’t return the cheque unless I specifically request that. Second they said they wouldn’t accept a corrected cheque anyway. Bizarre! I’ve never had a problem with fixing and initialing a cheque with any other bank. Third they said they weren’t even sure if my cheque had already been shredded or not, although they were sure images of the cheque would be available if the cheque had been destroyed.

So I asked if they would keep the cheque and deposit it in my account once the account was properly activated by sending in a second cheque properly made payable to Zag Bank. Nope. They wouldn’t do that, even though the cheque sent in was payable to me.

Sigh.

So I used their app and the photo cheque deposit feature to submit a new cheque on Thursday January 28.

It has not cleared my bank account as of February 2. Nor as of February 19.

UPDATE 2016 02 19: Something is seriously wrong with my deposit to Zag Bank. They have no record of the cheque images so they cannot deposit the cheque. But I cannot use the App to send in new photos because it says I have already submitted the photos. For now, I believe this account will never be opened.

What’s Happened With My Application to EQ Bank?

I sent my first deposit cheque to EQ Bank using their photo cheque app. I sent it in on Monday January 25.

On Friday, January 29, I received an email from EQ Bank advising me that due to the huge demand from new customers processing of new accounts was slower than expected.

Then, on Tuesday, February 2, the cheque cleared my bank account. In theory that means in 5 business days, the time they need to be sure the cheque is fully cleared by my bank, they will complete opening my account. So early next week I should be able to tell you what happens when I try to deposit or transfer more money into the account.

UPDATE: On 2016 02 10, I received an email from EQ Bank saying my account is now fully active. I signed in, set up my security questions, and I’m now successfully using the account.

Which Bank Is Easier to Set Up a New Savings Account At: Zag or EQ?

Overall, my impression of EQ Bank is more favourable than my impression of Zag Bank but that’s possibly coloured by my own stupidity in sending in the wrong cheque to Zag. I did like that EQ Bank wrote to advise customers of a possible delay. Anyway, time will tell if either bank is significantly different than each other.

UPDATE: 2016 02 19 So far EQ Bank is way, way superior. It’s set up and I’m using it in various ways. I still have not got an account at Zag Bank because the images of my cheque for deposit did not arrive successfully at Zag and they don’t seem to have any way for me to send new images.

Related Reading

  • How to Open a Savings Account at Zag Bank for 2.5% Interest
  • How to Link a Second Account to an EQ Bank account for cash transfers
  • How to Open More Accounts at EQ Bank After Your First Account is Activated
  • How to Open a Savings Account at EQ Bank for 3% Interest
  • What Is EQ Bank?

Join In
Did you recently open an account at Zag and/or EQ Bank? How did the process go for you? Please share your views with a comment.

Posted in Finances, Money Tips | Tagged automatic savings program, cashing, daily interest savings accounts, emergency fund, EQ Bank, high interest savings account, short-term savings, Zag bank

How to Deposit a Cheque by Taking a Photo Using the PC Financial Mobile Banking App

Posted on 2014 12 01 by BetCrooks

This week I dropped off some Christmas presents for the grandchildren to my parents and they paid me back the cost by writing me a cheque. This gave me the perfect opportunity to test the relatively new ability to deposit a cheque using a photo and the PC Financial Mobile Banking App.

The first thing I had to do was get the App for my husband’s iPad and install it. Then I cruised through all the deposit-specific legal conditions. Then I took a photo of my cheque and tried to deposit it. Here’s how it went.

What Kinds of Cheques Can I Deposit Using the PCF App?

According to their legal stuff, you can deposit

  • cheques
  • bank money orders
  • bank drafts
  • convenience cheques, and
  • certified cheques

They all have to be written based on a financial institution that’s in Canada. So if you get a cheque from a US bank or company you will still have to go to the bank to deposit it.

You can only deposit a cheque made payable to more than one person into an account held jointly by all of those people.

Can I Deposit a Post-Dated Cheque Using the PC Financial App?

No.

How Is It Different from Depositing a Cheque to Tangerine?

Well, according to the Legal info, you have to write on the back of the cheque: “For deposit only, account # ______” and signing your name. I’m not thrilled about this because if the cheque gets rejected by PC Financial’s photo deposit team I now have extra stuff written on my cheque and I’d have to take it to a CIBC machine or a PC Financial machine.

You also, theoretically, are supposed to *immediately* write “paid” or “void” or draw parallel lines across the front of the cheque immediately after transmission of an image of the cheque. That one I doubt anyone will comply with. What if the image transmission fails? How are you supposed to deposit a cheque marked Void or Paid or scratched out?! I want some kind of confirmation that the cheque has been properly accepted before I deface my cheque.

This is particularly important given their own terms go on to say:

“…the paying financial institution [may] determine[s] the item …. is illegible, or is otherwise unacceptable. We are not responsible for images that are corrupted or not fully received during transmission.” And “You are responsible for any and all costs associated with obtaining a replacement negotiable item in the event that we request you re-transmit an image, and the original item was destroyed or lost.”

How Secure is Sending a Photo of a Cheque to PC Financial?

Well it’s a bit disquieting to read in their Legal section

“You accept the risk that an item may be intercepted or misdirected during transmission. We have no liability to you or others for any such intercepted or misdirected item or information disclosed through such errors.”

Call me “Danger-Seeking” but I’m still going to try it…..

How to Get the PC Financial Mobile Banking App for iPads and iPhones

  1. Go to the Apps Store.
  2. Look for the PC Financial Mobile Banking app.
  3. Tap on the Get button.
  4. Tap on the Install button.
  5. Type in your iTunes password and tap on OK.
  6. Tap on the Open button.

The seriously ugly PC Financial Mobile Banking App sign in screen will open. If you’re like me, it will open sideways instead of properly oriented on my screen. Not sure what’s up with that.

Next I wanted to try to deposit the cheque into our joint PC Financial no fee chequing account.

How to Deposit a Cheque Using the PC Financial Banking App

  1. Find your actual bank account number, not your bank card number, for the account into which you want to deposit the money.
  2. Tap on the PCF Banking icon.
  3. In the Card number field, type your PC Financial banking card number.
  4. In the Password field, type the password you use for online banking.
  5. On the next screen, look for the tab “Deposit” across the top of the page.
    Tap on Deposit.
  6. Tap on the Info link at the top right side of the Step 1 Deposit Details section. Read through the info.
    And there it is again:
    “Prior to deposit, you should endorse the back of the item by writing or stamping ‘For deposit only, account # _______’ and signing your name.”
    So I wrote the required information and endorsed the cheque.

After going back to the Step 1 Deposit Details page

Front of Cheque

  1. Under the heading Front of Cheque, tap on the Take Photo button.
  2. Tap OK.
  3. Tap on the Camera icon.
  4. If it’s ok, tap on Use.

Back of Cheque

  1. Under the heading Back of Cheque, tap on the Take Photo button.
  2. Tap OK.
  3. Tap on the Camera icon.
  4. If it’s ok, tap on Use.
  5. If not, tape on Retake until you get an image for which you can tap on Use.
  6. In the Amount: $ field, type the amount for the cheque.
  7. In the To: field, select the account to deposit the cheque into from the drop-down list.
  8. Tap on Continue.
  9. Tap on Deposit.

If It Works

  1. You will receive a message similar to this one:
    You’re Finished!
    Your cheque for $999 999.99 will be deposited to your no fee bank account (12345678910) on Dec 1, 2014.
    Reference # ABC123
    Make some kind of secure note of the Reference # in case the process fails!
  2. Tap on Deposit More or View Accounts.
  3. Tap on Sign Out.
  4. Tap on OK.
  5. Turn off your iPad.

When Can I Get Rid of the Original Paper Cheque?

You must hold on to the paper cheque for at least 5 business days according to PC Financial’s Legal page.

What Did I Think of the PC Financial Online Banking App Photo Cheque Deposit?

Like with the Tangerine App, I found it a bit slow to compose a photo with no shadows, no distortion, no anything using a heavy iPad camera.

I was very annoyed when the PCF App suddenly signed me out for “inactivity” while I was trying to retake the photo of the back of the cheque! I had to sign in and start all over again.

Overall, it seems fine, but let’s wait and see if the cheque gets properly deposited and clears my parents’ bank ok. I’ll add an update when it does.

Related Reading

  • How to Deposit a Cheque By Taking a Photo Using the Tangerine App
  • How to Look at Your Cashed Cheques for Free at PC Financial

Join In
Have you deposited a cheque this way yet at Tangerine, CIBC or PC Financial? Did it work for you? Please share your experiences with a comment.

Posted in Finances, Money Tips | Tagged App, cashing, chequing, depositing, no fee chequing account, PC Financial

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