EQ Bank Reviews 

I've been with EQ Bank for several years now. My wife has an account with them and so do my 2 sons. None of us have experienced any issues. When I have had the need to call them, each call taker has been awesome, helpful and great to deal with. They even compensated me for an error that I made. IMHO the negative reviews about EQ Bank seen to be down to user error and bricks and mortar banking requests. It's an online bank....it does what it says on the tin and does so very well. 10 stars from me and my family, thank you EQ Bank.

EQ needs to take their bad experiences with international transfers seriously. So much time wasted, so many delays. Hear this clearly, Wise is a bad idea. Discontinue their services. Drop them.

Do not bank with this bank if you want your money. All the workers lack any customer service and they will bully you so they can not give you your money. They make interest for themselves off your money they are holding/pending. That's why it's free. If you want a reputable cheap bank account.. go with Neo Financial. They never hold your money and all the workers there knows how to treat a customer properly. I'm currently dealing with a high risk situation where it's important for me to obtain this truth. But I can t cause eq and the them workers wants to hold my money and so now I'm stuck in this parking lot as I needed this money to purchase the correct item. If I go home without it.. I'm faced with more vandalism and theft from these people & they are getting away with everything they are doing to me & I just want this harassment to stop. But now I have to wait 30 days for this refund cause eq bank employee is ok with allowing this to happen to me cause if they cared for their customers they would see how much of an urgency this is for me. I just want these ppl to stop following me and stealing my things. & The only way to stop it if I have some proof. Which is why I can't involve the police as I have no proof of these people that are doing it.. but I just need one thing for this to work.. and now I'm stuck because they think I'm not being serious. So if anything happens to me, I guess it was all my fault to begin with. .

Worst bank to open an account. The online pro the online process doesn’t let me allow to open account and if you call the EQ bank customer service to try to help you still doesn’t work and they create a case. They tell they someone will reach you in 2 to 3 days and no one returns back. I’ve tried this for almost 3 to 4 times the same thing and after like one year I tried it again. I thought I’m a work permit holder so they will not allow me to open. I got my permanent residency opening still the same problem so there’s no fix for this. I think the bank has to be closed. There’s no use of running a bank like.

I recently initiated a transfer from
My 10 day Notice account but for some reason the funds did not arrive. I tried initiating the transfer twice again today but it did not initiate. After discussions with several customer service representatives, Lafayette went above and beyond my expectations to resolve the issue. It has put my trust back into EQ Bank

They refuse to return money for unauthorized transaction on my prepaid Mastercard

Opened an account and E transferred $90,000. into the account 8 months ago . Submitted ID, Drivers license , Selfie , Vehicle ownerships , TD Bank statements and more . Each time they reply back that they are not clearly visible . Have gone through this process THREE Times over the 8 months { have had numerous people help each time } Same BS with this bank and they take approximately a minimum of 11 days, after submitting the photos, to get back to you that the photos are insufficient . Now 8 months later they want me to resubmit the photos . In the meantime instead of getting a 3 Percent rate i am getting 1 percent and am unable to get my $90,000. out of this bank . Have multiple investments in many financial institutions and have Never had this much problems with a so called Bank . Save yourself the headaches and go elsewhere. Taking them to court seems to be my best option and would expose what EQ Bank does with other peoples money .

Worst bank in the world held my money hostage because my ID was expired by a few days couldn't pay rent pay bills or buy what was needed for my child they did not care at all and is making me wait four to six weeks for hard copy to allow me back into my account so I can access my funds do not I mean it do not open an account here at EQ there are 100% better Banks

I applied for an EQ Bank business account over six weeks ago. It took them an entire month just to approve the application, yet they were unable to provide any clear explanation for such an excessive delay.

To make matters worse, my account has now been stuck because of a "technical issue" for the past 16 days. Every time I follow up, I'm told they are still working on it, but no one can explain what the issue is or provide even an estimated timeline for resolution.

In an era where many financial institutions can open an account within hours—or at most a couple of days—this level of service is astonishing, and not in a good way. It is difficult to understand how a bank can be trusted to manage customers' finances efficiently when it takes nearly two months just to open a business account.

At this pace, the experience feels like something from another century. It's 2026, yet the processes and customer experience resemble banking from the early 1900s. If this is considered acceptable service, it belongs in a museum as an example of how banking used to operate—not how it should operate today.

I applied for Wealthsimple business checking account and guess what I got my account number within 20 mins! Way more advanced and highly recommended. Will ask EQ bank to stop opening my account which is still in process for last 45 days. Inefficiency at its peak.

I am disappointed with how EQ Bank poorly handled a reported technical issue, my concerns and feedback. Feedback has not been considered despite escalation requests and following the complete procedure within EQ Bank.

I reported that EQ Bank's app was failing when attempting to link my WealthONE account. The issue was never that WealthONE could not link elsewhere; the issue was the process within EQ Bank's own app. I provided detailed troubleshooting information, screenshots and error details.

Throughout the process, I repeatedly clarified that I was not requesting generic customer service workarounds or alternative methods to move money. Despite this, I continued receiving workarounds that did not fix the actual reported problem.

EQ's communication was inconsistent throughout. I was advised that a problem had been confirmed with EQ's linking partner but after my feedback email, the explanation changed stating the issue might be specific to my account or the other bank account.
Despite the fact that I had no issues linking my WealthONE account via another bank's in-app process.

The most disappointing part was how my feedback was handled. I submitted feedback explaining that the issue remained unresolved, that I was dissatisfied with how the matter had been handled and specifically stated no further troubleshooting and no reply was necessary.
I received a response from agent Uche within 24 hours that did not address the feedback itself. Instead, it returned to defending their handling of the issue and continued the troubleshooting discussion.
Previously it took weeks to receive a reply.
Additionally, Uche sent me 2 more emails (3 total) completely disregarding my email and mentioning no reply was needed.

The response included a defensive tone rather than acknowledging the feedback about experience. It included bold formatting on parts of the unsolicited reply and a bold signature. Previous replies did not include signatures or bold highlighting.
The agent also disregarded my statement that troubleshooting was no longer necessary and went back into the same unhelpful ''troubleshooting'' that previously failed.

Technical issues happen. What matters is how a company handles them. In this case, the inconsistent communication, continued failure to address feedback, not (properly) reading or addressing customers and handling of the final response significantly damaged my confidence in EQ Bank's support process.

Unlike others I give EQ bank high ratings, I am not looking for full customer service, I find even the brick and mortar banks make constant mistakes. EQ works for me, because I know and understand their rules, I do everything electronic and want to get a higher interest rate. I started with EQ after Tangerine abandon decent rates, except for sales. My funds in EQ I consider transactional but can total $20-$30K and because I cannot lock the funds up, I appreciate the better returns. I have since also started banking with WealthSimple because of their new credit card, I keep enough there to avoid the monthly fees, but EQ is still my bank of choice to park my funds. Just don't open account here if you want easy to access full service, that's not what they offer, as least for now. Who knows how it will change with the purchase of PC Financial

-debit credit allows partial transactions if you dont have enough funds. this is also an anti debt trap having a reloadable credit card, sadly institutions don't like that so it isn't allowed for certain things.. they really really want you to have that real credit card for no good reason.

-the refund onto the card takes forever but That is 100% because the other banks are bullying EQ. I had one delayed past the 10days but it was entirely the other end. There is no logical sense for their refunds to take 10days except to make them a lepper compared to other institutions.

we have to remember the other banks operators probably all have dinner every sunday.

I joined because the "no fee" structure seemed like it would be a good way to have bank services without having to pay the monthly fees associated with typical banking. To save that $10-$15, I have endured countless situations of incompetence and frustrations. They constantly lock your card for "security" issues, but don't send a text, call or email to inform you. You have to call in and go through multiple steps just to unlock your card to use your money and then they won't even tell you WHY they did it. Constantly down with technical difficulties, horrible release amounts on deposited cheques, horrible customer service. I like to save a few bucks wherever I can but this is one thing that it is NOT worth it! Run far away!

What an absolutely horrible situation this bank has put me in I am currently sitting in my car with my 3-year-old special needs child no gas money no food and no diapers they are telling me it's going to take one to three business days to review my account when I did nothing wrong sent in everything they need so what am I supposed to do with an autistic child in a car for 3 days with no diapers or food I have no one here I am an hour away from home these people are horrible people never ever again will I bank with them they have literally caused me so much stress for no reason I forgot my online banking password and this is the outcome this is the most atrocious thing I've ever had to deal with so I guess me and my 3-year-old special needs kid will hang out into our car for 3 days with him in a shitty diaper thanks EQ

This is by far the worst bank one can ever deal with, we had our mortgage with them for about 6 years, they've the highest rates between all banks, they charge ridiculous monthly and yearly maintenance fees, very high renewal fees. They will never report the mortgage to credit bureau to save the very minor reporting fees, and hence will intentionally harm your credit score so they can find an excuse to further increase the rates on your renewal. Honestly, don't approach them at all costs.

I have had my original deposit of 30,000 held by EQ Bank for over a month now. The app I had used on my cell phone was not accepting my up loaded driver's licence or my selfie. I had gone through this whole process over and over again at least 8 times. Spoke to customer service at least on three occasions and their only answer was to keep trying. I figured out that I needed to put my cell phone into wi fi mode not just use the cell network. Pity that someone there couldn't have figured this out and told me. When this was done they wanted a utility bill showing my name and address. I sent them my Starlink bill. They did not accept this, saying that they don't accept Starlink. Yet in their list of acceptable list of documents to send for verification they include "Internet Bill" Do they not know that Starlink is an internet service? I then sent them a Ontario Hydro bill. Three days later I get to hear but only by my inquiry that the bill wasn't current enough. It seems that they are deliberately putting obstacles in the way to allowing access to my money. I am so sorry I ever heard of the EQ Bank. I just want my money back. Hours and hours of frustration and I haven't been able to get a dime back.

A customer service named Sophia spoke wit me, answered all my questions and cleared my confusion. Her level of patience and professionalism is top-notch.
Thank you so much!
Keep it up Sophia!!

This bank is completely incompetent they cannot do any sort of processing or any sort of fixing of any sort of charges as they are completely illiterate and do not understand math they've been holding deposits of mine or e transfers that they don't put through and then when you find out on your own they want to hold it for months and months on end my account is riddled with charges that were not processed properly getting them to do anything is like pulling teeth they do not understand a word that you're saying they're incompetent completely I would not recommend putting a penny in this bank as you'll never see it they always take and hold money and they do not processing anything in a fashionable manner I've given them letters saying that there was issued refunds and they're still holding it months and months later do not use this bank they have no promotion that's worth anything they do not give you any interest and comparison to other similar Banks like Google or Neo you must use a different bank

It's a great secondary bank. I love to use their prepaid MasterCard abroad since it has no FX fee on top of the base one from MC. It's also very practical to be able to withdraw at any ATM.

Terrible experience every time. And their call backs lol a joke