— This paper studies filter bank based multicarrier data transmission over wireless mobile channel. A complex modulated filter bank, based on cosine and sine modulated filter banks, is used as a transmultiplexer and a low complexity equalizer called AP-ASCET is used to compensate the channel distortion. At first, various filter bank design criteria are compared and analyzed based on their time-frequency localization (TFL) properties. Then, the system performance is simulated using the ITU-R Vehicular-A channel model. TFL measures and uncoded bit error rate (BER) results indicate that even short subchannel filters can provide sufficient performance in narrowband interference-free channel conditions. Furthermore, the filter bank design criterion has only a small effect on the system performance if AP-ASCET approach is used.