Banks
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Equitable Bank pay off

Advertiser Disclosure

Equitable Bank offers a comprehensive payment system tailored to meet the diverse financial needs of its customers across Canada. One of the key features of Equitable Bank's payment system is its flexibility in payment frequency, allowing customers to choose from various options such as monthly, bi-weekly, or weekly payments. This flexibility empowers customers to align their mortgage payments with their cash flow, providing convenience and peace of mind.

Moreover, Equitable Bank offers competitive interest rates on its mortgage and deposit products, ensuring that customers receive the best rates for their financial needs. With a focus on transparency and trust, Equitable Bank provides detailed mortgage statements, allowing customers to view essential details such as their balance, interest rate, payment amount, and prepayment privileges through their myEquitable online account. This commitment to transparency ensures that customers have full visibility and control over their mortgage finances, empowering them to make informed decisions and manage their debt effectively.

Make payments online through the Equitable bank account

  1. Access Your Account. Log in to your Equitable Bank online banking portal using your username and password. If you haven't set up online banking yet, you can easily register for an account on the Equitable Bank website.

  2. Navigate to Payments. Once logged in, navigate to the payments section of your online banking portal. This is where you can initiate various types of payments, including mortgage payments, bill payments, and transfers.

  3. Select Payment Type. Choose the type of payment you wish to make. If you're making a mortgage payment, select the option specifically designated for mortgage payments. Equitable Bank ensures that the payment process is intuitive and user-friendly, guiding you through each step.

  4. Enter Payment Details. Enter the necessary details for your payment, such as the amount you wish to pay and the date you want the payment to be processed. Keep in mind that mortgage payments are typically paid in arrears, meaning you'll be paying for the previous period's interest accrued.

  5. Review and Confirm. Double-check all the payment details to ensure accuracy. Once you're satisfied, confirm the payment to initiate the transaction. Equitable Bank prioritizes security, so you can trust that your transaction is processed safely and securely.

  6. Receive Confirmation. After confirming the payment, you'll receive a confirmation message or notification, indicating that your payment has been successfully processed. You can also access your transaction history and statements through your online banking portal for added peace of mind.

Make payments through the Equitable app

  1. Download and Install the App. Start by downloading the Equitable Bank app from the App Store (for iOS devices) or Google Play Store (for Android devices). Once downloaded, follow the installation instructions to set up the app on your mobile device.

  2. Log In to Your Account. Open the Equitable Bank app and log in using your username and password. If you haven't registered for online banking or the app yet, you can do so directly through the app by following the prompts.

  3. Navigate to Payments. Once logged in, navigate to the payments section of the app. This section may be labeled differently depending on the app's interface, but it typically involves tapping on options like "Payments," "Transfers," or "Pay Bills."

  4. Choose Payment Type. Select the type of payment you want to make. Whether it's a mortgage payment, bill payment, or transfer, the Equitable Bank app provides intuitive options to meet your needs.

  5. Enter Payment Details. Enter the required payment details, including the recipient's information (e.g., mortgage account number, biller details), the payment amount, and the payment date. Take note of any specific instructions or options available for your payment type.

  6. Review and Confirm. Before proceeding, review all the payment details carefully to ensure accuracy. Once verified, confirm the payment to initiate the transaction securely. Equitable Bank prioritizes the security of its mobile app transactions, employing industry-standard encryption and security measures.

  7. Receive Confirmation. After confirming the payment, you'll receive a confirmation message or notification within the app, confirming that your payment has been successfully scheduled or processed. You can also access your transaction history and receipts within the app for your records.

Additional Resources

Sources

FAQ

How long do EQ Bank transfers take?

EQ Bank transfers typically take 1-2 business days to complete. The exact duration may vary depending on factors such as the recipient bank's processing times and any intermediary banks involved in the transaction.

EQ Bank strives to process transfers promptly to ensure efficient fund transfers for its customers. However, it's essential to note that some transfers, especially international ones, may take longer to complete due to additional verification processes or time zone differences.

Can you pay bills with EQ Bank?

Yes, you can pay bills with EQ Bank. Through the EQ Bank online banking platform or mobile app, customers have the option to transfer between accounts at other banks and set up bill payments for various services such as utilities, credit cards, and other regular expenses.

This feature provides added convenience, allowing customers to manage their bills and payments seamlessly from their EQ Bank account. With intuitive bill payment functionalities, EQ Bank enables customers to stay on top of their financial commitments with ease and efficiency.

How long does EQ Bank hold your money?

EQ Bank typically holds funds deposited into your personal bank account for a specified period, as outlined in Equitable Bank’s Hold Funds Policy, which adheres to regulations outlined in the Bank Act and rules established by Payments Canada.

This policy encompasses various forms of deposits, including cheques, Electronic Funds Transfers (EFT), certified cheques, bank drafts, money orders, and other instruments. Upon deposit, EQ Bank places a hold on the funds to ensure their availability from the originating financial institution. While the deposit is reflected immediately in your account balance, access to the entire amount may be restricted until the hold period expires.

The duration of the hold period varies depending on the amount deposited, with a normal hold period of 5 business days for deposits of $1,500 or less and 8 business days for deposits over $1,500. Exceptions to these hold periods may occur in specific circumstances, such as suspected illegal or fraudulent activity, multiple endorsements on the cheque, or if the cheque is deposited more than six months after issuance.

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Home equity line of credit
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Equitable Bank
Reverse mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
1000
Equitable Bank
Variable rates mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
1000
Equitable Bank
Fixed rates mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
1000
Rate
i

Effective interest rate on the product

4,49%
Term
i

Loan term for the financial product

25 years
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Effective interest rate on the product

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Rating by Finanso®
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Recommended FinScore™
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1000
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