Seniors & Us

Equitable Bank is committed to supporting our senior customers. As a member of the Canadian Banker’s Association (CBA), Equitable Bank has adopted the voluntary Code of Conduct for the Delivery of Banking Services to Seniors.

The Code centres on several principles designed to respond to any potential health, mobility, or cognitive changes that may affect the ability of seniors to bank.

It recognizes that seniors are a diverse group, and that while not all seniors will be affected by the same issues, certain issues may affect a higher proportion of seniors than individuals in other age groups.  

As we continuously strive to create a better banking experience, we’ve dedicated this section to information, tips, and resources that may be relevant to this unique demographic.

Banking with us

We’re proud to offer a broad range of products that can be customized to fit all lifestyles, including those of senior Canadians.

Our Equitable Bank Reverse Mortgage turns a portion of your home equity into an additional source of cash. This means you’ll have access to a dependable source of funds—tax and payment-free. 

Considering a reverse mortgage is part of a larger financial decision when it comes to your home and your family. As you discuss this option with your loved ones, you’ll be better prepared to make a decision that’s right for you. To ensure that you fully understand the legal aspects of your reverse mortgage, Equitable Bank requires all clients (including non-title holding spouses) to obtain Independent Legal Advice (ILA).

ILA is advice that each person involved in a legal matter receives from their own lawyer. The lawyer providing you with ILA will not represent the Bank or any other interested party. ILA is provided for your benefit to ensure you understand the legal aspects of the reverse mortgage. To learn more about our reverse mortgage, click here.

An Equitable Bank Cash Surrender Value (CSV) Line of Credit allows you to leverage your whole life insurance policy, borrowing up to 90% of the cash surrender value of your policy, tax-free. Canadian residents that are age of majority and hold a whole life policy with one of Equitable Bank’s insurance partners are eligible to apply for this option. To protect you, we partner with well-known Canadian insurers to provide you with the value of expertise.

Contact your insurance provider or review your policy summary to discuss how you can do more with the convenience of the Equitable Bank CSV Line of Credit Suite. Here are more details about our Equitable Bank CSV Line of Credit Suite.

At Equitable, we operate largely through a trusted network of brokers. You can find a broker through the Mortgage Professionals of Canada (MPC) or through other broker associations.

If you prefer to connect with us directly, please visit us here.

Power of attorney & joint account: What you need to know

Many Canadians are concerned about how to manage their money, property, and finances as they age or as life changes take place.

It’s a good idea to plan for a time when you may need help, or are unable to deal, with your own finances.

Two tools you can use for managing your financial affairs—and your peace of mind—are:

  • power of attorney (POA)
  • joint deposit account

A Power of Attorney for Property allows someone to make decisions about your property and finances on your behalf. The terms of the POA outline what an attorney(s) can do on your behalf. For example, they can sign cheques, handle your banking, or even sell real estate for you. It can give you peace of mind that someone you trust will be able to make financial decisions to ensure your well-being in the future.

A joint bank account offers the same features and benefits as a personal chequing or savings account held by one person. As joint accounts are designed for people who know each other well, make sure you trust who you’re joining up with. Keep in mind, all joint account co-holders have full access to the account and the funds that are in it.

Before you use either a POA or joint account, however, it’s important to know how each works, as there are pros and cons to both. The Government of Canada has issued general information, including the advantages, risks, and what to consider for both POAs and joint accounts here.

If you still would like to appoint an attorney after having read the Government of Canada guidance noted above and consulting with your own legal counsel, Equitable Bank would be happy to assist you in this regard by offering you our Power of Attorney Form.

You are under no obligation to use our form. You can provide us with any POA that meets the applicable provincial or territorial requirements and is acceptable to us.

If you choose to use our form, we still encourage you to consult your own legal counsel to discuss it, and how it will impact the management of your financial affairs or other related legal documents you may already have in place.

To learn more about powers of attorney and joint accounts, click here.

Accessibility

At Equitable Bank, we believe in removing barriers to a better banking experience. As such, for any documents that require downloading and/or printing, where possible we follow the industry best practice of providing forms in a 14-point font size.

While browsing our website, you can make the text larger by using a simple keyboard shortcut:

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Understand elder abuse & financial fraud

Learn how to spot the signs of elder abuse—including financial abuse—and how to protect yourself and others.

Financial abuse is the illegal or unauthorized use of someone else's money or property. It includes pressuring someone for money or property.

To learn more about financial abuse, click here.

Follow these three steps to prevent elder abuse:

Protect yourself

What is elder abuse? Stay informed and know your rights to help protect yourself.

Learn the signs

Learn the signs and symptoms to find out if you or a senior you know might be experiencing elder abuse or neglect.

Reach out

If you think you’re experiencing any form of elder abuse, reach out for help. Here are resources for your province or territory.

Fraud and Scams

Fraud is the number one crime against older Canadians. Though people of all ages can be victims of fraud, older people are targeted more than others.

Fraudsters use a variety of ways to reach people, including the internet, phone calls, and even door-to-door visits. There has also been a rise in scams that play on fears related to COVID-19 and you should be very cautious when receiving emails or text messages that appear to be from a financial institution asking for personal or financial information. 

Financial institutions will never ask for personal information, login credentials or account information by email or text message. If you receive unsolicited or suspicious emails or text messages from a financial institution, do not click on the links or attachments. Remember: If you didn’t initiate contact with a financial institution, you don’t know who you are dealing with.

If you are suspicious about information you receive electronically related to your Equitable Bank accounts, contact us directly before taking any action. 

As always, don’t share your personal information, including your Social Insurance Number (SIN) or banking information, such as passwords, with anyone.

You can find out more about common types of fraud and scams here, and COVID-19-related fraud and scams here.

All fraud and scams should be reported, even if you are embarrassed or feel the amount of money is too small to worry about. While you might not be able to get your money back, you can help stop the con artist from scamming other people.

Report all fraud and scams to your local police, or call PhoneBusters at 1-888-495-8501.

For more information, visit Canada.ca/Seniors or visit your local Service Canada office.

We’re happy to answer any questions you may have—contact us today at 1-866-407-0004.