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.
- Sign in to your account at EQ Bank.
- From the Pay & Transfer tab along the top of the screen, select Linked Accounts.
- 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.
- Sign in to your EQ Bank account.
- From the list under the Pay & Transfer tab, click on Linked Accounts.
- In the descriptive link for the new link, click on the link: Verify
Verify pending external linked account Page
- In the text boxes, type in the amount of each of the two deposits.
- Click on the Submit button.
- 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
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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.
