EQ Bank Reviews 

STAY AWAY FROM THEM. Takes five days to clear a check. It’s 2026. There’s no excuse for that. One day? Sure. Five days? No. No Fee Banking is Bad Service banking. STAY AWAY FROM THEM.

1 star is me being kind. Horrible experience constantly. 90% of the time I'm unable to send transfers between accounts/etransfers/loading card and yet it shows no issue on their end. Also NEVER change your address! They freeze your account so you have NO access to your money. They also have you submit a bunch of documents and you still have to wait 1-3 days to even find out if they're accepted. If they're not accepted they continue to keep your account frozen!
Once I have access to my money again I will 100% be leaving this horrible bank. Definitely DO NOT RECOMMEND

Update: It's now been a week and I still have NO access to MY MONEY!! They're refusing my license as an I.D and refuse to unlock my account without I.D. I have no other forms of I.D so according to management that means my account will continue to stay locked until I can provide I.D.

WORST BANK EVER. I tried to open a bank account with them and they haven’t even solved the issue on why it’s not possible to open it with them. It’s been months and not one single technical person can figure it out. Worst customer service and employees ever. Everyone is incompetent

Consistent issues with EQ bank, from payment delays to etransfer delays to cards not working online when there is a balance

Customer service not great. Trying to set up an account and keep getting the runaround. Told them I need to talk to the security team on the phone and then got berated for not calling sooner when they haven't reached out to me once even though the process has already been started.

I have had issues with EQ bank from the the time I opened the account in January to date. Issues are mainly due to incompetence of customer service, not having answers or solutions to any questions. Better to pay a monthly fee and get get basic service than not to pay but encounter never ending issues. It's true that cheap is expensive. Stay away if you are looking for convenience.

There is a reason why most reviews of this bank are bad. Poor customer service. They locked my account for no reason. When I called to find out why, they told me we can't tell you. Avoid this bank at all costs

Interest rates go down from time to time with just a short notice. Also, don't get fooled by their promise of 2,5% interest on their US savings account. Whenever you need your money transferred to Canadian money, their exchange rate is too high, and you will lose all the interest paid by them along the road. Mind you, I will be short $100.00 after six months receiving interest from them, if I decide to transfer to Canadian money.

I would never recommend applying for a mortgage with EQ Bank. The staff are lazy and unprofessional, wasting people's time. Katie MacPherson, in particular, showed a complete disregard for the other party's timeline and handled everything unprofessionally.
I am putting my money to better use on #Go𝑙dbIoom.ıo. They are very professional and handle my concerns promptly.

I haven't had any major issues with this bank since switching from TD. When atm's charge $5 withdrawal fee, I get it back in 1-2 business days. Usually 1 business day. I earn the 2.75% interest as advertised after updating my direct deposit from work. I earn the 0.50% cash back as well from using the eq prepaid card. Haven't travelled outside Canada to use it yet and haven't done any GIC with them, just the basic account and TFSA for the bonus $200 at the end of 6 months. With the zero monthly accounting fee, it feels good to receive money instead of paying to keep it in an account. That peace of mind does it for me. There's no BS with the customer service and that's the way I like it.

I wrote a review about EQ bank, that they didn’t pay 2.75 percent interest….. I was wrong and just had to wait the 4-5 weeks….I had phoned the bank and got someone who lead me down the wrong path. I am as of today getting %2.75 and am retracting the previous review. I am sorry 😞

YIKES! I set up my EQ account, linked it to my RBC accounts, which I've had fo 20 years. I did all three of my RBC accounts - silly in hindsight. I accidently selected the wrong acount when selecting which account to pull funds from to deposit into my new EQ account. After annoying and costly overdraft charges, I initiated a new transfer with the correct account and moved a decent amount of funds over. Weeks later, I went to move some money to my Wise account. Apparently the initial error of selecting the incorrect account with insufficient funds, and a transfer of some of my funds to Wise weeks later was suspicious enough to restrict my account.

EQ customer service also told me if I make any more mistakes in the future, they will close my account. As a neurodivergent individual, this is infuriating - yes dumb mistakes were made, which I literally paid for, and continued to beat myself up about for days. But, then to have a bank threaten to close your account because of these errors, is entirely another thing - you literally could not pay me to use this bank again and the second I can access my funds, I will be moving back my funds to RBC and closing my account.

Additionally, the timeline to conduct a security review is supposed to be 1-3 days, we've surpassed that. So many regrets.

EQ starts well, but then you see the general incompetence and lack of customer care. I am closing 4 of my accounts with them and moving back to Wealthsimple

I opened an account on February 26th, all was good .. then I e transfered $600 from my other bank to EQ just to have something in there.
They then locked my account down sent me an email and told me to do a security verification, I did that and I received an automated reply saying they will get back to me as soon as they received it . They did not, I call and they have no answers just to wait 2 business days. It's been well past that now . So now I have $600 locked up by this scam institution .

Avoid this place

EQ Bank placed a security hold on my accounts without notification which resulted in problems receiving my pay. When I contacted them, they asked for additional information as a security check which I uploaded. They say 2-3 business days for processing after 6 days I had heard nothing so I contacted them and they had not reviewed my submissions. They then made some excuse that the documents I uploaded were not clear, they were very clear when uploaded. Pathetic experience and customer service......DO NOT USE!!!!

I’m extremely disappointed with my experience trying to open an account with EQ Bank. It has been over a week since I submitted all the required information, and my account is still not opened. What’s even more frustrating is that I was told someone would follow up with me.

Update::::::::::::::::::::::::::::::::::::
After more than three weeks, someone from EQ Bank finally called me regarding my application. Unfortunately, by that time I had already opened an account with Neo, which took less than 24 hours to complete.

The delay and lack of follow-up from EQ Bank were very disappointing. I had provided all the required information and was told someone would contact me, but the process took far too long. In comparison, other banks were able to complete the same process quickly and efficiently.

This is a terrific Bank I don't care what you all say my bank account was hacked I lost almost $600 and I told them I never made these withdrawals and I lost my car at the time well after they did their investigation they paid me back every cent which is unheard of so but you guys complaining about your interest rates and all that crap well I understand but a bank to give you back the money unbelievable

Stated their system was acting up and my password was locked and I have to make a new account.

I was in the middle of waiting a week for them to confirm everything, then on the phone for 35 minutes just to confirm what they and myself said at the start, I typed in my password and their system messed it up, but because I'm new, I have to set up everything yet again, complete waste of time and patience. The fact I have to give one star to these useless clowns instead a flaming bag of dog shit that represents them as a whole, service and etiquette.

i'm a 68 yeqar old retired disabled person
and these absolute idiots hold your money and you can't get at it ? they say sorry about that
and they don't speak english

Good customer service while overseas. EQ Bank MasterCard was accepted most places in Asia/China/etc. Small issues with preauth being locked due to multiple tries on some apps, and the Android app has issues which require the cache to be cleared before every login.