EQ Bank, a division of Equitable Bank, offers a comprehensive online banking system that caters to the diverse financial needs of Canadian residents. Opening an account with EQ Bank is a straightforward process, accessible through their website. Prospective customers can easily apply online, eliminating the need for traditional brick-and-mortar visits. To be eligible, individuals must be Canadian residents, meet their province's age of majority requirement, and possess a Social Insurance Number (SIN). Notably, EQ Bank conducts a "soft" credit check during the identity verification process, safeguarding customers' credit scores from unnecessary impact.
Once enrolled, account holders gain access to a suite of innovative banking products tailored to optimize savings and financial growth. EQ Bank offers high-interest savings account options, including Tax-Free Savings Account and RSP Savings account, empowering customers to maximize their savings potential while enjoying the benefits of tax-free growth. Additionally, EQ Bank's Mortgage Marketplace provides a convenient platform for individuals to explore digital mortgage brokerage. With competitive interest rates and a commitment to transparency, EQ Bank stands as a prominent player in Canada's digital banking landscape, offering a seamless banking experience for both new and seasoned customers alike.
Key features
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Unlimited Transactions. Customers enjoy unlimited transactions with EQ Bank accounts, providing flexibility in managing their finances without worrying about transaction limits.
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CDIC Deposit Insurance. Deposits held in EQ Bank accounts are eligible for protection by the Canada Deposit Insurance Corporation (CDIC), providing peace of mind and security for customers' funds.
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Interac e-Transfers. Customers can easily send and receive money with Interac e-Transfers, providing a convenient way to transfer funds to friends, family, or payees.
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Free ATM Access. EQ Bank offers free ATM access across Canada, allowing customers to withdraw cash without incurring fees from ATM providers.
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No Monthly Fees. EQ Bank accounts are free from monthly banking fees, ensuring customers can save more of their hard-earned money.
How to create an EQ Bank account?
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Visit the EQ Bank Website. Start by navigating to the EQ Bank website using your preferred web browser.
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Initiate Account Creation. Look for the option to "Create Account" on the EQ Bank homepage. Click on this option to begin the account creation process.
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Provide Personal Information. You'll be asked to provide basic personal information to set up your account. This typically includes your full name, email address, phone number, and residential address. Follow the prompts to enter this information accurately.
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Verify Your Identity. EQ Bank takes security seriously, so they'll need to verify your identity before proceeding. You'll be prompted to provide additional information such as your date of birth and Social Insurance Number (SIN). In some cases, you may also be asked to upload a photo of your government-issued identification for verification purposes.
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Confirmation and Activation. Once your account is funded and all necessary steps are completed, you'll receive confirmation that your EQ Bank account has been successfully created. You may need to activate your account by following the instructions provided.
Step-by-step registration
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Access the EQ Bank Website. Open your preferred web browser and navigate to the EQ Bank website by typing into the address bar.
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Begin the Registration Process. On the EQ Bank homepage, locate and click on the "Open an Account" button. This will typically be prominently displayed on the homepage or in the main navigation menu.
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Choose Your Account Type. Select the type of account you wish to open from the available options. EQ Bank offers various account types, including high-interest savings accounts, TFSA accounts, and RRSP accounts. Click on the account type that aligns with your financial goals.
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Provide Personal Information. Fill out the online registration form with your personal information. This may include your full name, residential address, date of birth, email address, and phone number. Ensure that all information provided is accurate and up to date.
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Verify Your Identity. Follow the prompts to verify your identity. This may involve providing additional documentation, such as a photo of your government-issued ID (e.g., driver's license or passport), and possibly taking a selfie for facial recognition purposes. EQ Bank uses secure online identity verification methods to ensure the safety of your personal information.
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Create Login Credentials. Choose a username and password for your EQ Bank account. Your username should be unique and easy to remember, while your password should be strong and secure. Follow any additional instructions provided for setting up security questions or additional authentication measures.
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Review and Agree to Terms. Carefully review the terms and conditions of opening an EQ Bank account, including any disclosures or agreements related to account features, fees, and privacy policies. Once you have read and understood the terms, check the box to indicate your agreement and consent to proceed.
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Fund Your Account. After completing the registration process, you will need to fund your EQ Bank account to start using it. Follow the instructions provided to transfer funds from an existing bank account using electronic funds transfer (EFT) or another approved method.
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Confirmation and Activation. Upon successful registration and funding of your account, you will receive a confirmation email from EQ Bank. Follow any instructions provided in the email to activate your account and gain access to EQ Bank's online banking platform.
How to log in?
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Visit the EQ Bank Website. Open your preferred web browser and go to the EQ Bank website.
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Locate the Login Section. On the homepage of the EQ Bank website, you'll typically find the login section prominently displayed. Look for "Sign In" and click on it to proceed.
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Enter Your Credentials. In the login section, you'll be prompted to enter your EQ Bank email and password. These credentials are the ones you created during the account registration process.
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Security Verification. Depending on your account security settings, you may be asked to complete an additional security step. This could involve entering a verification code sent to your registered email or phone number, answering a security question, or using biometric authentication if enabled.
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Click on "Log In". Once you've entered your email and password and completed any necessary security verification steps, click on the "Log In" button to access your EQ Bank account.
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Access Your Account. After successfully logging in, you'll be redirected to your EQ Bank account dashboard. Here, you can view your account balances, transaction history, transfer funds, pay bills, and perform other banking tasks.
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Log Out Securely. When you're done accessing your account, it's important to log out securely to protect your personal information. Look for the "Log Out" option usually located in the menu or account settings section, and click on it to log out of your EQ Bank account.
How to activate a EQ Bank account?
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Check Your Email. After completing the registration process, EQ Bank usually sends a confirmation email to the address you provided during sign-up. This email may contain instructions or a link to activate your account. Check your inbox (and spam or junk folders) for any emails from EQ Bank.
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Follow Activation Instructions. If the confirmation email contains activation instructions, follow them carefully. This may involve clicking on a verification link, entering a code, or completing any additional steps required to activate your account.
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Contact Customer Support. If you haven't received an activation email or if you encounter any issues during the activation process, you can reach out to EQ Bank's customer support team for assistance. They can provide guidance and help troubleshoot any problems you may encounter.
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Verify Identity. In some cases, EQ Bank may require additional identity verification before activating your account. This could involve uploading documents or completing an identity verification process. Follow any instructions provided by EQ Bank to complete this step.
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Log In to Your Account. Once your EQ Bank account is successfully activated, you should be able to log in using your username and password. Visit the EQ Bank website and enter your credentials to access your account dashboard.
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Set Up Security Features. For added security, consider setting up additional security features such as two-factor authentication or security questions. These features can help protect your account from unauthorized access.
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Explore Account Features. Once logged in, take some time to explore the features and functionality of your EQ Bank account. You can view account balances, transfer funds, pay bills, and more.
How to delete a EQ Bank account?
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Contact EQ Bank Customer Support. Begin by reaching out to EQ Bank's customer support team. You can usually find their contact information on the EQ Bank website or in the help section of your online banking dashboard.
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Request Account Closure. Inform the customer support representative that you would like to close your EQ Bank account and provide them with any necessary details or account information they may require to locate your account.
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Follow Instructions. The customer support representative will guide you through the account closure process. They may ask for additional information to verify your identity and ensure that you are the account owner.
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Confirm Closure. Once your identity has been verified and the account closure request has been processed, confirm with the customer support representative that your EQ Bank account has been successfully closed.
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Resolve Any Outstanding Transactions. Before closing your EQ Bank account, make sure to resolve any outstanding transactions or transfers to avoid any complications. This may include transferring remaining funds to another bank account or settling any pending transactions.
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Verify Closure. After the account closure request has been processed, verify that your EQ Bank account has been closed by attempting to log in to your online banking dashboard. If you are unable to access your account, it has likely been successfully closed.
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Dispose of Account Information. Once your EQ Bank account is closed, securely dispose of any account-related documents or information to protect your privacy and prevent identity theft.
How to reset my password?
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Visit the EQ Bank Website. Open your web browser and go to the EQ Bank website.
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Locate the Login Section. On the homepage of the EQ Bank website, find the login section. Look for "Sign In" and click on it to proceed.
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Access the Password Reset Page. Below the login fields, you should see an option that says "Forgot your password?". Click on this option to initiate the password reset process.
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Enter Your Username or Email. On the password reset page, you'll be prompted to enter your EQ Bank username or the email address associated with your account. Provide the required information and click on the "Next" button.
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Verify Your Identity. Depending on EQ Bank's security protocols, you may need to complete an additional identity verification step. This could involve answering security questions, entering a verification code sent to your email or phone, or providing other identifying information.
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Create a New Password. After successfully verifying your identity, you'll be prompted to create a new password for your EQ Bank account. Choose a strong password that meets EQ Bank's password requirements, which typically include a minimum length and a combination of letters, numbers, and special characters.
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Confirm Password Change. Once you've entered your new password, confirm it by typing it again in the designated field. Make sure both entries match exactly.
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Submit Password Reset. After confirming your new password, click on the "Reset Password" or "Submit" button to finalize the password reset process.
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Confirmation. You should receive a confirmation message indicating that your password has been successfully reset. You can now use your new password to log in to your EQ Bank account.
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Additional resources
- About EQ Bank
- How to PayOff EQ Bank Debt
- EQ Bank Mobile App
- EQ Bank Customer Reviews