EQ Bank Bonus Interest Offer Terms and Conditions
This document sets out the terms and conditions (the “Terms”) applicable to the EQ Bank Bonus Interest Offer (the “Offer”). All monetary amounts are in Canadian Dollars.
In these Terms, “EQ Bank”, “we”, and “our” refer to Equitable Bank, and “you” and “your” refer to a participant in the Offer, including any Eligible Customer.
General
The Offer consists of:
Interest paid at 3.50% (the “New Bonus Interest Rate”), which will be paid on an ongoing basis to customers who set up automatic and recurring payroll direct deposits of $2000 or more per month which qualify as Recurring Deposits (as defined below) and who comply with the requirements set out in these Terms. The New Bonus Interest Rate is based on the current base interest rate of 1.75% for the Personal Account, Joint Account and the EQ Bank Card balance (the “Bonus Interest Accounts”), plus an additional 1.75%.
For customers who do not qualify for the New Bonus Interest Rate: Interest paid at 3.50% (the “Recurring Deposits Bonus Interest Rate”), which will be paid for the remainder of the Bonus Fulfilment Period (as defined below), who as of July 31, 2024, have set up automatic and recurring payroll direct deposits of $500 or more per month which qualify as Recurring Deposits and who comply with the requirements set out in these Terms. The Recurring Deposits Bonus Interest Rate is based on the current base interest rate of 1.75% for the Bonus Interest Accounts, plus an additional 1.75%. The Bonus Fulfilment Period is a maximum of 12 consecutive months from the date the customer is first paid the applicable Bonus Interest Rate (as defined below).
The New Bonus Interest Rate and the Recurring Deposits Bonus Interest Rate, are collectively referred to as the “Bonus Interest Rate”.
Eligibility
This Offer is open to current and new EQ Bank customers. You must be eligible to become an EQ Bank customer to be eligible for this Offer.
Individuals who meet the above eligibility requirements for the New Bonus Interest Rate and otherwise comply with these Terms are referred to as “New Eligible Customer(s)”.
Individuals who meet the above eligibility requirements for the Recurring Deposits Bonus Interest Rate and otherwise comply with these Terms are referred to as “Existing Recurring Deposits Customer(s)”.
New Eligible Customers and Existing Recurring Deposits Customers are collectively referred to as “Eligible Customers”.
New Eligible Customers do not qualify to receive the Recurring Deposits Bonus Interest Rate. Further, if an Existing Recurring Deposits Customer stops their Recurring Deposits at any point during the Bonus Fulfilment Period, or becomes a New Eligible Customer, such customer will no longer qualify to receive the Recurring Deposits Bonus Interest Rate.
Offer Requirements
New Bonus Interest Rate
To qualify for the Offer and receive the New Bonus Interest Rate, a New Eligible Customer must satisfy all requirements in these Terms and must:
(i) be an EQ Bank customer; and
(ii) set up one or more eligible automated and recurring payroll direct deposits (categorized under the Canadian Payment Association codes set out in this section) (the “Recurring Deposit(s)”) totaling at least $2000 of deposits per month into an EQ Bank Personal Account or Joint Account.
To qualify as a Recurring Deposit, the deposit must be categorized as one or more of the following Canadian Payment Association codes:
Canadian Payment Association Code Description Credit or Debit 200 200 Payroll Deposit Credit 230 230 Pension Credit 231 231 Federal Pension Credit 232 232 Provincial Pension Credit 233 233 Private Pension Credit 240 240 Annuity Credit 308 Restricted – Government Use Only - 308 Child Tax Credit Credit 310 Restricted – Government Use Only - 310 Canada Pension Plan Credit 311 Restricted – Government Use Only - 311 Old Age Security Credit 312 Restricted – Government Use Only - 312 War Veterans' Allowances Credit 313 Restricted – Government Use Only - 313 Canadian Pension Commission Credit 314 Restricted – Government Use Only - 314 Family Allowances Credit 315 Restricted – Government Use Only - 315 Public Service Superannuation Credit 316 Restricted – Government Use Only - 316 Canadian Forces Superannuation Credit 318 Restricted – Government Use Only - 318 Employment Insurance Credit 600 Restricted – Government Use Only - 600 Provincial Government Credit 601 Restricted – Government Use Only - 601 Family Support Plan Credit 602 Restricted – Government Use Only - 602 Housing Allowance Credit 603 Restricted – Government Use Only - 603 Income Security Benefits Credit 604 Restricted – Government Use Only - 604 Provincial Family Benefits Credit 605 Restricted – Government Use Only - 605 Combined Fed-Prov/Terr Payment Credit 606 Restricted – Government Use Only - 606 Workers' Compensation Board Credit 607 Restricted – Government Use Only - 607 Employment Assistance Allowance Credit Recurring Deposits Bonus Interest Rate
To receive the Recurring Deposits Bonus Interest Rate, an Existing Recurring Deposits Customer must satisfy all requirements in these Terms and must:
(i) be an EQ Bank customer;
(ii) not qualify for the New Bonus Interest Rate; and
(iii) as of July 31, 2024 set up automatic and recurring payroll direct deposits of $500 or more per month which qualify as Recurring Deposits. If the Recurring Deposits are stopped at any point during the Bonus Fulfilment Period, or the Existing Recurring Deposits Customer becomes a New Eligible Customer, such customer will no longer qualify to receive the Recurring Deposits Bonus Interest Rate.
To qualify as a Recurring Deposit, the Recurring Deposit must total at least the minimum monthly dollar amount as set out in these Terms, and the payment instructions for each Recurring Deposit must be provided to EQ Bank from another financial institution. There can be multiple Recurring Deposits that total to the minimum monthly dollar amount and qualify.
Bonus Interest Accounts
If an Eligible Customer qualifies to receive the Bonus Interest Rate, the Bonus Interest Rate will apply to each of the Eligible Customer’s Bonus Interest Accounts for the Bonus Fulfillment Period (if applicable) as set out in these Terms. Any EQ Bank accounts of an Eligible Customer other than the Bonus Interest Accounts will continue to receive the current base rate of interest and will not receive the Bonus Interest Rate.
If Recurring Deposit(s) are set up partially or entirely to/from an Eligible Customer’s Joint Account, then the Bonus Interest Rate will apply to Bonus Interest Accounts that are held by all individuals that are account holders of the Joint Account that is receiving the Recurring Deposit(s).
Payment of Bonus Interest Rate
If the Recurring Deposit(s) is received into an Eligible Customer’s Personal Account(s) and/or Joint Account(s) on or before the last day of the month, the Bonus Interest Rate will be take effect and interest will begin accruing in the Bonus Interest Account(s) at the Bonus Interest Rate within the first two weeks of the following month (such date shall be determined in our sole discretion). For example, if a Recurring Deposit is received in an Eligible Customer’s Personal Account between January 1, 2025 and January 31, 2025, the Bonus Interest Rate will take effect and begin accruing in the Eligible Customer’s Bonus Interest Accounts within the first two weeks of February, 2025.
If the Recurring Deposit(s) are stopped at any point during the Bonus Fulfillment Period and are not present at the last day of a month, the interest rate on the applicable Bonus Interest Account(s) will revert to the current base interest rate within the first two weeks of the following month and the Bonus Interest Rate will no longer be received. For example, if the Recurring Deposit is not present between February 1, 2025 and February 28, 2025, the interest rate on the Bonus Interest Account(s) will revert to the current base interest rate within the first two weeks of March 2025.
If Recurring Deposit(s) are set up into a Joint Account, the Bonus Fulfillment Period (if applicable) will begin to run for all account holders of the Joint Account at that time, regardless of which joint account holder set up the Recurring Deposit(s).
If a Bonus Interest Account is no longer active and in good standing at any point during, the Bonus Interest Rate will no longer be received in that account.
Termination, Suspension, or Modification
Unless otherwise stated, these Terms shall take precedence over any other materials promoting the Offer. We reserve the right, without prior notice, to terminate, suspend, or modify the Offer (including but not limited to modification of the Bonus Interest Rate, eligibility requirements, or the minimum monthly dollar amount required in Recurring Deposit(s) ) in any way, in whole or in part or for select participants, for any reason in our sole discretion, or if the Offer cannot run as planned, including due to infection by a computer virus, bugs, fraud, tampering, unauthorized intervention, technical failures, or any other causes which corrupt or affect the security, administration, or conduct of this Offer. This includes the right to suspend, disqualify, limit, or revoke access to the Offer and to not pay the Bonus Interest Rate for any individual(s) we find or believe to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer. Bonus Interest Rates paid that are obtained through fraudulent activities or activities which violate these Terms will be null and void and repayment may be required by EQ Bank.
In addition to these Terms, all terms and conditions associated with your EQ Bank accounts and products will continue to apply, including those set out in the EQ Bank Personal Account Agreement and the EQ Bank Card Agreement.
Offer Limitations
The Bonus Interest Rate must be accepted as awarded and is non-transferable, non-saleable, non-assignable, and may not be exchanged for cash. No substitutions will be permitted. The Offer cannot be combined with any other offers except as expressly permitted by us.
Opting Out of the Offer
If all the conditions in these Terms are met, an Eligible Customer will automatically qualify for the Offer and receive the Bonus Interest Rate in the Bonus Interest Accounts. If you would like to opt out of this Offer, please email contact@eqbank.ca from the email address associated with your Personal Account with the subject line “Bonus Interest Opt Out” and include your first and last name.
Protection of Personal Information
By participating in the Offer, you consent to the collection, use, disclosure, and retention of your personal information for the purposes of administering the Offer and Bonus Interest Rate fulfillment.
For additional information, please see our Privacy Agreement at: https://www.eqbank.ca/legal/Privacy-Agreement.
Acceptance
By participating in the Offer, you confirm you have read and understood these Terms and agree to be bound by them. Any notice provided by us with respect to these Terms will be deemed provided on the day it is posted on our website or otherwise provided to you.
Governing Law
These Terms and the Offer shall be governed by the laws of the Province of Ontario and the laws of Canada applicable therein.
Language of Terms
For Québec residents only: You acknowledge and agree that you have first been presented with and have examined the French version of these Terms, and that you then have expressly requested that these Terms, and all related documents including notices, be drawn up in the English language and that you wish to and agree to be bound by the English version of these Terms. Vous reconnaissez et convenez que la version française de les présentes modalités vous a d'abord été présentée et que vous les avez examinées, et que vous avez ensuite expressément demandé que les présentes modalités et tous les documents connexes, y compris les avis, soient rédigés en anglais et que vous souhaitez être lié par la version anglaise des présentes et que vous acceptez de l'être.
facebook
Instagram
X
