EQ Bank Business Account Fees & Features

All monetary amounts in this table refer to Canadian dollars.

Feature Fee
EQ Bank Business AccountNo everyday banking fees 
Electronic Funds Transfers [EFT]
  • Transfer between EQ Bank accounts
  • Transfer between linked accounts (bank to bank)

Recurring transfers

Free
Sending Interac e-Transfers® Free
Linked AccountsFree
Bill Payments Free
Receiving Interac e-Transfers® Free
Opening or closing account Free
Transaction history inquiry Free
NSF (Non-Sufficient Funds) chargeback fees for returned items  Free
Assisted service transactions completed via Customer Care Free
Cancelling a future dated transaction Free
Dormant account notice Free
Unclaimed balance for 10 years – transfer to Bank of Canada Free
Maximum Number of Linked External Account(s) 10
Maximum Number of Signing Officers per EQ Business Account1
Paper statements Not available. Account balances can be easily viewed and printed online.
Overdraft Not available
Number of Accounts a Business can Open You can open an account for up to 12 businesses – each business can have up to 10 Business Accounts. Only one individual per business may open account(s).
Dollar Limit MaximumsAmount
Outbound Interac e-Transfer® (per transfer) $6,000
Outbound Interac e-Transfer® 24-hour Maximum$10,000
Outbound Interac e-Transfer® Weekly Maximum $10,000
Outbound Interac e-Transfer® Monthly Maximum $20,000
Inbound Interac e-Transfer®$25,000 per transaction

Electronic Funds Transfers [EFT]

$30,000 outbound to linked external bank, and $100,000 limit for inbound from external bank account per transaction.

Bill Payment $25,000 per payment
Payment to CRA $100,000 per payment
Maximum Balance Held Per Business

Maximum balance per Business is $500,000 across all accounts (maximum 10 per business). Customer will be unable to transfer additional funds into the EQ  Business Account if balance is over $500,000 

Maximum 20 GICs per business. The per GIC investment limit is $100,000. Aggregate GIC investment limit of $2,000,000 per business.

Interest Paid

Interest is paid on the full balance of Business Accounts, even if account is over Maximum Balance [e.g., $210K account balance, interest to be paid on full $210K balance] 

GIC can hold up to $2,000,000 in funds and interest will be paid on the full balance.


Hold Policy

When you make a deposit, a fixed hold period may apply to allow time for the deposit to clear before the funds are available to you. For more information about hold periods on deposits, please view the Equitable Bank Hold Funds Policy.

Interest Calculations

Interest begins to accrue on every dollar the day your account becomes active. Interest is calculated daily on the total closing balance and at the rates per annum, as offered. Interest is paid monthly.

Notice of Fee Changes

If a fee is increased or a new fee is introduced, we will provide notice of any such change in writing to you through electronic means, which may include posting a notice on the Message Centre accessible through EQ Bank online or mobile banking applications, on our Website, or by email, or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.

Electronic Transaction Details1

You can make electronic transactions through our mobile and online banking applications, or by telephone with the help of our Customer Care team. Our Customer Care call centre is capable of processing EFTs and bill payments but cannot initiate Interac e-Transfers®.

An Electronic Funds Transfer (EFT) is the electronic transfer of funds between your Accounts at EQ Bank, or between your EQ Bank Accounts and your linked external accounts at other Canadian financial institutions, or pre-authorized transactions, including direct deposits and pre-authorized debits.

It typically takes one to two business days for funds to arrive in your EQ Bank account or to your external account after the EFT request is made. However, the funds arriving in your EQ Bank account may be on hold to allow time for the deposit to clear before the funds are available to you. For more information please refer to our Hold Funds Policy.

Please see the EQ Bank Business Account Agreement for further details.

1 Electronic Transaction(s) means transactions with respect to an EQ Bank Account, including deposits; withdrawals, (which include bill payments; transaction cancellation instructions; transfers which include Interac e-Transfers®, Electronic Funds Transfers (EFTs), EQ to EQ Transfers and International Transfers); and other transactions with respect to an Account that we may permit through our online and mobile banking services.

Interac® is a registered trade-mark of Interac Inc. Used under license.

EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, International Money Transfers, RSP Savings Accounts, RSP GICs, EQ Business Account and EQ Business GICs. Additionally, the EQ to EQ transfers feature is not available in Quebec.

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