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December 7, 2019
8:42 am
picassocat
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Bill said
Laurentian is the only unionized bank in Canada, thanks for that info, I didn't know that.

 

I was also surprised with that fact. Banks make so much money and I wonder how they were able to keep the unions out?

December 7, 2019
8:58 am
picassocat
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I have a question if anyone has the answer: are deposits via interac e-transfers frozen for x days or does this only apply to electronic fund transfers? How long is the holding time? Thanks.

December 7, 2019
10:02 am
smayer97
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picassocat said
I have a question if anyone has the answer: are deposits via interac e-transfers frozen for x days or does this only apply to electronic fund transfers? How long is the holding time? Thanks.  

There is no holding time for IEMT but processing can take up to 30 mins or so, though most often happens within minutes.

December 7, 2019
10:16 am
picassocat
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smayer97 said

There is no holding time for IEMT but processing can take up to 30 mins or so, though most often happens within minutes.  

Thanks for your answer. So IEMT's are accepted usually within minutes, but can I withdraw those same funds as I receive them or are they frozen in my account for x days? Thanks !

December 7, 2019
12:13 pm
Norman1
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There are no holds on accepted incoming Interac e-Transfers.

An Interac e-Transfer is final once the payee accepts it.

December 7, 2019
12:18 pm
Norman1
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butterflycharm said
… I would be very cautious to put more than $100,000 in their accounts. Either B2B or LCB (LBC??) can probably go down without Laurentian going down. So be careful with your money as they can afford to play with two of their brands and be risky...

That's only true with the B2B Bank-branded deposits that are with another bank, B2B Bank, owned by Laurentian Bank.

In contrast, LBC Digital-branded deposits are actually with Laurentian Bank itself.

December 7, 2019
3:45 pm
smayer97
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picassocat said

Thanks for your answer. So IEMT's are accepted usually within minutes, but can I withdraw those same funds as I receive them or are they frozen in my account for x days? Thanks !  

A hold on funds means funds that are posted in an account are NOT available. No holding time means funds are released/available as soon as they are posted to they account. IEMTs have no holding time.

December 7, 2019
9:36 pm
picassocat
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Just now tried to deposit with an interac e-transfer and got the message: «an error has occurred, please call». I gave it 3 shots to no avail. What an awful banking system. I finally deposited elsewhere. I’ll try tomorrow and they will hear from me Monday.

December 8, 2019
5:41 am
deepcman
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I opened an account Friday and just waiting to link accounts. This morning I tried to log in and got the message "an error has occurred, please call ...". I not impressed to say the least.
I know sites have technical issues at times but at least acknowledge and post a general statement that "we are having technical difficulties"
I'm having second thoughts about putting money here.

December 8, 2019
6:35 am
fbeaulie
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deepcman said
(...) This morning I tried to log in and got the message "an error has occurred, please call ...". I not impressed to say the least. (...)

I'm getting "invalid username or password" this morning. I'm 100% certain that the information entered is correct.

December 8, 2019
8:43 am
picassocat
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It’s Sunday morning and I was finally able to transfer-in money with interac e-transfer. I wasn’t able to download the transaction confirmation pdf file because I had add blockers on. By the time I tried to shut off the blockers, my option to download the pdf file disappeared. An add blocker should never prevent a banking system from working, never. The list of thing that is not working properly is getting long and I haven’t been with them for a week now.

I have a new name for them:

The Phénix Bank

December 8, 2019
9:59 am
picassocat
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Has anyone wondered why Laurentian opened two virtual banks? Why two? LBC & B2b are sister banks and are fully owned by Laurentian, but opening two would normally require twice as many resources (and not one works properly). I don’t get it.

December 8, 2019
11:16 am
Bill
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LBC is not owned by Laurentian, it IS Laurentian. B2B is separate, but is owned by Laurentian.

I'm guessing the same staff got these two new systems up and running, so pretty much for the price of one, plus with two new online operations they can harvest more dough more quickly, would be my guess.

December 8, 2019
4:58 pm
butterflycharm
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Bill said
LBC is not owned by Laurentian, it IS Laurentian. B2B is separate, but is owned by Laurentian.

I'm guessing the same staff got these two new systems up and running, so pretty much for the price of one, plus with two new online operations they can harvest more dough more quickly, would be my guess.  

They can bring in more money (remember we the savvy users put only no more than $100,000 in banks that are flimsy and for the right reason). One price, two systems - so why not.

December 8, 2019
6:59 pm
picassocat
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butterflycharm said

They can bring in more money (remember we the savvy users put only no more than $100,000 in banks that are flimsy and for the right reason). One price, two systems - so why not.  

I don't disagree with what you are saying, but there mustn't be that many people keeping more than 100,000k in a savings account or so, maybe I'm wrong. I would invest. And would this alone be worth opening two banks; maybe?

December 8, 2019
9:29 pm
butterflycharm
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picassocat said

I don't disagree with what you are saying, but there mustn't be that many people keeping more than 100,000k in a savings account or so, maybe I'm wrong. I would invest. And would this alone be worth opening two banks; maybe?  

Or probably they are looking to default on one...who knows...I won't trust them anywhere as much as I would trust EQ Bank.

Their portal is down every weekend...

December 9, 2019
9:33 am
Londonguy
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picassocat said

I don't disagree with what you are saying, but there mustn't be that many people keeping more than 100,000k in a savings account or so, maybe I'm wrong. I would invest. And would this alone be worth opening two banks; maybe?  

There's lots of people around with well over $100K to park in a HISA or three or five, especially older depositors who are not interested in exposing all their financial assets to market risk at this stage of their lives -- like me for instance -- and at the moment, Canadian bond and GIC rates are quite inferior to available HISA rates

December 9, 2019
11:10 am
picassocat
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Londonguy said

There's lots of people around with well over $100K to park in a HISA or three or five, especially older depositors who are not interested in exposing all their financial assets to market risk at this stage of their lives -- like me for instance -- and at the moment, Canadian bond and GIC rates are quite inferior to available HISA rates  

I agree with you about GIC rates being inferior, but if you look around you will find Canadian bonds can pay much more, see ZLC, ZPL, XLB etc. Even Canadian preferred shares (ZPR 5,42%) pay better dividends. Just like you, I'm very weary of the present market.

December 9, 2019
11:24 am
picassocat
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butterflycharm said

Their portal is down every weekend...  

I wrote to them about this and I suggested that working on their platform should be late nights from Sunday to Thursday, most people are off on week-ends.

December 9, 2019
12:07 pm
picassocat
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I just got off the phone with a service rep, phone rang and got immediate service, no waiting in French (I don’t know about the English lines, but I suspect the waiting must be LOOOONG). Anyway, all my grievances were reported by email but account balances not being updated after an operation is serious, especially if your account goes in the negative following a failed positive. (the transaction goes thru, but doesn’t show up in your account). Had to phone to avoid NSF fees. I suspect I’ll get to know all operators.

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