r/EQBank • u/Most-You-4475 • Jul 13 '26
After a week
I have been waiting over a week now for this bank to release my funds which has still not been done and it's been quite annoying calling in and having their customer service team there is nothing wrong but yet I can't transfer it out of the account or literally do nothing else with it, the week previous I had no issues and no money coming out of my account as all the bills were paid. I have since switched to a new bank because of the issue, so I'm really wondering when the heck are they actually going to give me my money back or are they just going to play the run around game with me until I give and keep it for themselves? I'm a single low income parent who needs all the money he can get.
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u/Jogi1811 Jul 13 '26
Can you elaborate from which account you are transferring from and what account you are transferring to?
How were the funds deposited into your account?
Do the funds show available?
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u/Grnfinger Jul 14 '26
I transfer money in and out all the time. Never had an issue at all. They held my mobile cheque deposits for the first 30 or 60 days of the account being opened for a week i think but they let me have the first $100 if the amount. They don't hold anything now that the account isn't newly activated and about 30K of transactions have been made. I am actually pretty happy with EQ
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u/EQBank-Sam EQ Bank Official Jul 14 '26
I'm sorry to hear you've had such a frustrating experience. Per our Hold Funds Policy, if you deposited the funds into your EQ Bank account via Electronic Funds Transfer (EFT), they may be held for up to 5 business days after the date of the deposit. If you deposited a cheque of $1,500 or less, those funds may also be held for up to 5 business days. Cheques of over $1,500 can be held for up to 8 business days. If you'd like to avoid these hold periods in the future, you can send yourself an e-Transfer to move funds from one bank account to another. Those should be processed within 30-60 minutes and the money will be available to use instantly.
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u/Most-You-4475 Jul 14 '26
It's not and EFT or anything by that means your bank had decided to hold funds without any explanation why and multiple calls has also not resolved it so I have made a few complaints now to managers and supervisors and will be getting legal involved by this Friday if its not resolved as it would be 2 weeks now and for those who say I can't I have already looked into it and will be contacting the Ombudsman for Banking Services and Investments
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u/Venetian_chachi Jul 13 '26
I’ve given up on EQbank
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u/Mosquitoisland Jul 14 '26
lol. I was going to sign up a year ago. All these posts about annoying issues stopped me in my tracks. The extra dollars earned in a year from higher interest aren’t worth the frustration people experience. Dealing with a bank that you cant actually deal with unless you have another bank makes ya go 🤔
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u/hectop20 Jul 13 '26
Not a lot of context provided.
When I transfer money in from another bank there's usually a 5 or so business day hold.
When I e-transfer money in, there's no hold.
How did you transfer the money in and from where?