EQ Bank supports mobile cheque deposit through its app — a critical feature for an online-only institution with no physical branches. Mobile deposit is the primary method for getting cheque payments into an EQ Bank account. Without it, clients would need to deposit at another bank and transfer funds each time.
Standard limits are $5,000 per cheque and $10,000 per day. USD cheques are not supported — EQ Bank is a CAD-only institution.
EQ Bank Mobile Cheque Deposit Limits
| Limit Type | Amount | Notes |
|---|---|---|
| Per cheque | $5,000 | Single cheque maximum |
| Daily limit | $10,000 | Resets at midnight ET |
| USD cheques | Not supported | Deposit at another bank; transfer funds |
| Fund availability | $100 next day; remainder 4–7 days | Standard for personal accounts |
How to Deposit a Cheque at EQ Bank
- Open the EQ Bank mobile app and log in
- Tap Deposit Cheque from the account screen
- Select the account to deposit into (Savings Plus, TFSA, RRSP, or FHSA)
- Enter the cheque amount
- Endorse the back: sign your name and write “For EQ Bank mobile deposit only” below your signature
- Photograph the front of the cheque — all four corners visible, in focus, no glare
- Photograph the back of the cheque
- Review the details and submit
- Note the confirmation and retain the physical cheque for 90 days
After 90 days with no dispute, you can safely shred the cheque.
Fund Availability Schedule
| Cheque Type | First $100 | Remainder |
|---|---|---|
| Standard Canadian bank cheque | Next business day | 4–7 business days |
| Government of Canada cheque | Next business day | Faster hold — often 1–2 days |
| Certified cheque or bank draft | Next business day | Typically 1–2 business days |
| New account (< 90 days) | May be held longer | Up to 7 business days |
| First deposit or large amount | May trigger review | Up to 7 business days |
If you need funds immediately, consider depositing at a branch-based bank with an existing relationship and transferring to EQ Bank after the hold clears.
Cheques Over $5,000: What to Do
EQ Bank has no branch or ATM envelope deposit option for large cheques. For amounts exceeding $5,000:
- Deposit at another bank — any branch-based bank will accept the cheque (even if you do not have an account there for some services, or use an existing account at a Big 5 bank)
- Wait for the hold to clear at that institution
- Transfer to EQ Bank via EFT (linked external account) or Interac e-Transfer (up to $3,000/transaction)
For a $20,000 cheque transferred via e-Transfer: you would need seven $3,000 transfers ($21,000 would cover it), or use EFT for the full amount in a single transaction. EFT limits at most banks are higher than e-Transfer limits — use EFT for large transfers.
EQ Bank vs Big Five: Cheque Deposit Options
| Bank | Mobile Deposit | ATM Envelope Deposit | Branch Deposit | USD Cheques |
|---|---|---|---|---|
| RBC | Yes | Yes | Yes | Yes (branch) |
| TD | Yes | Yes | Yes | Yes (branch) |
| CIBC | Yes (Snap & Deposit) | Yes | Yes | Branch only |
| Scotiabank | Yes (ScotiaDeposit) | Yes | Yes | Branch only |
| BMO | Yes | Yes | Yes | Branch only |
| EQ Bank | Yes | No | No | Not supported |
| Simplii Financial | Yes | CIBC ATMs | No | Not supported |
EQ Bank and Simplii are both branch-free institutions. The difference is Simplii clients can use CIBC ATM envelope deposits as a backup for cheques over the mobile limit, while EQ Bank clients have no equivalent option and must use a separate institution.
Important: No Cash Deposits at EQ Bank
EQ Bank does not accept cash deposits under any circumstance — there are no branches, no ATMs that accept deposits, and no mail-in cash option. To deposit cash into EQ Bank:
- Deposit the cash at any bank branch or ATM that accepts it
- Transfer the funds to EQ Bank electronically (EFT or e-Transfer)
This is the primary workflow limitation of using EQ Bank as a sole banking relationship for anyone who receives cash payments regularly.