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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.

image of thin green double line

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 Your EQ Bank Account to Your Other Bank Online With No Mailing of a Cheque

Posted on 2016 11 30 by BetCrooks

I opened an EQ Bank account in 2016 when they were offering 3% interest. That has since dropped to 2% but it’s still a reasonably good interest rate. If Tangerine, PC Financial, or Oaken decides to offer a higher rate in 2017, however, I want to be ready to move my money quickly. I could mail in a cheque to EQ Bank link my accounts but I don’t want to. As of late November 2016, I don’t have to: You can now set up a link between your EQ Bank account and your other bank just by filling in some information online, waiting a few days for EQ Bank to make some mini deposits, and reporting the information.

Why Would I Want to a Link Set Up Between my EQ Bank Account That EQ Knows About?

You can generally link accounts 2 ways. I could set up a link in my Tangerine bank accounts system that would let me push and pull money (send and request money) from EQ Bank. Similarly, I can set up a link in my EQ Bank accounts system to move money back and forth to Tangerine.

If you “push” money, which means if you request to transfer money out of your account to another bank, the transaction usually goes through in 2 business days. More importantly, the receiving bank usually does not require a hold to be placed on the money. You can use it right away.

If you “pull” money, which means if you request a transfer of money into your account from *another bank* there is usually a hold put on your money when it comes in. You cannot usually use it right away.

So I like to have links at both banks so that I can push the money and be able to use it right away—no matter which bank the money is starting out in.

How Many Links Can I Set Up to External Bank Accounts from EQ Bank?

Other users report there is a limit of 10 links. I don’t have 10 bank accounts, so that is plenty for my needs!

Can I Link My EQ Bank Account to my Friend’s Bank Account at Another Bank?

No. You can only link accounts that are in your own name.

Can I Set Up a Link from my External Bank to my EQ Bank Account?

Yes. I’ll be writing how in another article.

Linking Your EQ Bank Account to Another External Bank Account

Here’s how I linked my EQ Bank account to my Tangerine bank account.

  1. Sign in to your account at EQ Bank.
  2. From the Pay & Transfer tab along the top of the screen, select Linked Accounts.
  3. Click on the button: Link another bank account

The Additional Verification Required Page

Type the answer to the security question then click on the button: Verify

The Link an external account Page

An example of a cheque is shown to indicate what is meant by Transit No; Inst. No and Account No.

Type the correct information in the following text boxes:

  • Transit No
  • Inst. No (institution number)
  • Account No
  • Nickname (if desired, for example, I called mine University Savings)

Then click on the button: Next

Link another external bank account Page

Review the details to make sure you’ve entered the correct information.

If it’s ok, click on the button: Confirm

Strangely enough there’s no button to click if it’s wrong! You’d have to use your browser’s back button or start over.

You’re almost there Page

EQ Bank will respond with some information about how they will create the link.
Basically, they will make two tiny deposits to your requested external bank account. When you see them land in your account, you will need to report the successful link to EQ Bank.

Click on one of the buttons:

  • Go to Pay & Transfer; or
  • Back to linked accounts

You’re done, until those micro deposits are made.

Confirming the Link Once the Small Deposits Are Made to Your External Bank Account

Once you’ve received the 2 small amounts of money from EQ Bank, you can report them.

  1. Sign in to your EQ Bank account.
  2. From the list under the Pay & Transfer tab, click on Linked Accounts.
  3. In the descriptive link for the new link, click on the link: Verify

Verify pending external linked account Page

  1. In the text boxes, type in the amount of each of the two deposits.
  2. Click on the Submit button.
  3. A confirmation message will tell you that the two accounts are now linked.

Once you’ve done so, the link will be fully set up. You can now transfer money in or out of your EQ Bank account using the Pay & Transfer page.

It’s all good! Hopefully EQ Bank will continue to offer a competitive interest rate but if I get a much better rate elsewhere, I’ll be ready to push the money out.

Related Reading

  • How to Confirm a Link from a Tangerine Bank Account to an Account at Another Bank
  • How to Link a PC Financial Bank Account to an Account at Another Bank
  • How to Open an EQ Bank Savings Account

Join In
Did you take advantage of this new method to link accounts to EQ Bank? How did it go? Please share your views with a comment.

Posted in Finances, Money Tips | Tagged EQ Bank, link, MyLink, savings account, Tangerine

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