How do deposits work using online banking?

A client can deposit funds into an existing Equitable Life Savings and Retirement policy directly from the comfort of home. This additional deposit is done the same way that a bill payment is set up through a bank. The funds will be invested according to the investment instructions on file. Your client will require the policy number to deposit the funds. From the bank's online bill payment screen, your client should select Equitable Life - Savings Plan. The commission is paid the exact same way.

Banks set up for online deposits to Equitable Life include:

  • Bank of Montreal (BMO)

  • Scotiabank

  • Tangerine

  • Royal Bank (RBC)

  • TD Canada Trust

  • CIBC

  • Simplii Financial

  • HSBC

  • Desjardins

  • ATB

  • Credit Unions that are members of “Central 1 Credit Union”

  • Telpay