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.