EQ Bank Canada

Niieo's Avatar


28 Mar, 2023 11:13 PM

I am trying to connect my canadian account from EQ Bank to moneydance +. After providing the right login information on plaid, it gives me the following message:
Your account settings are incompatible. Your account could not be connected because the multi-factor authentication method it uses is not currently supported.
Question, is this a bug since I do receive the code from the bank?

  1. 1 Posted by dwg on 28 Mar, 2023 11:22 PM

    dwg's Avatar

    For an aggregator to work with a bank that does MFA the bank must support the concept of trusted devices so that a code is not required every time they connect.

    Aggregators are not doing on-demand updates, they work behind the scenes to get updates and hold them for your later collection, so they cannot request a new code from you in order to get updates.

  2. 2 Posted by Niieo on 28 Mar, 2023 11:30 PM

    Niieo's Avatar

    Hmm not sure if I completely understand what you mentioned. I currently have many banks connected that request this authentication code if I want to download my transactions. This is quite annoying but understandable.
    However with EQ, I receive the verification code, but the plaid website states the method of verification used by this bank is not supported?

  3. 3 Posted by dwg on 29 Mar, 2023 12:12 AM

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    It means how you bank has implemented MFA is not something that the aggregator can handle. As to why no one here is likely to know.

  4. 4 Posted by Niieo on 29 Mar, 2023 12:15 AM

    Niieo's Avatar

    Ok thank you. Its what I figured but was just wanted to verify others are having the same issues. Was just not sure whether it was my bank or moneydance since again the code does come through via text/email.

    Much appreciate your fast response.

  5. 5 Posted by dwg on 29 Mar, 2023 12:43 AM

    dwg's Avatar

    If I was to guess I would say that Plaid trying to use the Internet Banking site for access, there is probably no other alternative, and the way the site works is geared toward interactive use by the account holders rather than the automated access that the aggregators require.

    One way this may manifest itself is if you need to enter a code everytime you log onto the Internet site.

  6. System closed this discussion on 28 Jun, 2023 12:50 AM.

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