B2B Bank | Page 16 | B2B Bank | Discussion forum

smayer97 said
@londonguy & @john h

how do you pay your car and home insurance? I looked into this today and my insurance companies say that if I do not use pre-authorized debits from my bank account then I can only pay the FULL ANNUAL amount using the "full invoice"... no other option. They even accept credit card payment but only for the FULL ANNUAL amount.

Is that what you do or do your insurance companies offer more choice?  

FWIW I pay my entire bill at once when it comes in at the end of May -- they have my CC number on file. I know I could probably make a few bucks by switching over to monthly payments and investing the lump sum upfront but IMO it isn't worth the trouble. My insurance cost for 2 cars and the house is less than $3K so we're not talking about freeing up a lot of capital

So after all the recent discussion here about Laurentian's online "Quick Transfer" function letting people pay bills directly from their HISA, this morning I logged into LBC to pay a bill using Quick Transfer but my registered payees didn't populate. I had to move the payment money into my chequing account first and pay the bill from there.

So either it's my turn in Laurentian glitch town today or maybe they've plugged the hole

Afternoon EDIT several hours later: So I happened to have cause to re-enter my LBC account this afternoon after this morning's experience, only this time my payees are all showing up in the Quick Transfer module again.

Reminds me of an old Chrysler I used to own -- sometimes the dashboard gauges would work, sometimes they wouldn't

Briguy said

One of the members on RFD tried to push some of his money form his MBNA credit card to B2B HISA and it never showed up till he phoned B2B . He was told that he should have sent it to the chequing account. Good data point that we shouldn't be using LBC/B2B savings account for anything other than holding money, even if the other functions seem to work. Doesn't take more than a second to transfer between accounts in LBC/B2B so take the extra time to do that . B2B/LBC is flaky enough without us trying to game the system.  

the push of money from MBNA to B2B should have been treated as a simple deposit..it would be a cash advance (as it is reported here).... not sure what the issue would be.

When you guys log into your B2B account, does it say anywhere that your account is still earning 3.3%?

When I first created my B2B account in 2019, I recall my HISA account summary indicated this piece of information but now it seems to be gone.

As a result, I'm always skeptical whether my money is actually earning at 3.3% every month unless I go and do calculations to confirm.

darealmccoy5 said
When you guys log into your B2B account, does it say anywhere that your account is still earning 3.3%?

When I first created my B2B account in 2019, I recall my HISA account summary indicated this piece of information but now it seems to be gone.

As a result, I'm always skeptical whether my money is actually earning at 3.3% every month unless I go and do calculations to confirm.  

I have LBC, and it doesn't say the rate within my account, but it does on their main page. Maybe because now they only pay 3.3 % on the first 500,000 and 1.5 % on the rest, so don't want to have to split it up that way on everyone's account.

picassocat said

Hole plugged, the quick transfer to pay bills from your HISA is not available anymore. Banks like to paternalise their customers from doing their daily banking from their HISA, those measures belong to a foregone time. The old logic was, you used your checking account for daily banking and pay your bills (you received your bills by mail, wrote a check and send it off in the mail) and your savings was left in your savings account, your piggy bank. The new generations don't do it that way anymore; Generation X, Millennials & Generation Z have probably never written a check, only people who refuse to evolve pay by mail or at the teller. I’m a boomer myself and the only time I write a check is to pay my taxes.

Banks WANT you to go thru your checking account for both deposits and withdrawals in the hope you will leave some money there gaining next to nothing in interest. The debit card is linked with your checking, so if you want quick money, you need money in your checking account. Such an antiquated practice is behind the times, A PRACTICE THAT SERVES THE BANKS NOT THE CUSTOMER.

At least Alterna bank is with the times, everything can be done FROM YOUR HISA, everything, except write a check.  

Why aren't you paying your tax bills with Canadian Tire credit card bill pay? You'll make 1% , or about 50.00 a year. More importantly, avoiding the risk involved with Canada Post losing your mail.

I still use cheques for places that don't allow me to pay by credit card or bill pay function from my bank account. eg. Foresters life insurance, wedding gift, workmen who come to house etc.

I would also advise that if you push funds from another FI to LBC/B2B, push to LBC/B2B chequing account, as I've read stories of money going missing when sent to HISA .

picassocat said
Recently everything was running smoothly, but today, late afternoon, impossible to interac e-transfer out and CS closed. My friend will have to wait for his money. Reliability is not their strong point and impossible for me to recommend this bank for day-to-day banking.  

Plus starting March 1 it's down to 2.8 % rate.

smayer97 said
@Briguy thanks for the heads up about the % change.

BTW DUCA is offering 3% until end of May for those in Ontario.  

That's a good deal, and DUCA is a good credit union to deal with. I'll probably just take the path of least resistance and keep my money in LBC Digital until their rate drops below 2.8%, and then transfer it to my Motive Savvy Savings account that is already set up. I'm like Bill, have a lot of accounts already set up which I don't use most of the time, so I don't want to keep setting up more and more.

Which is better than most other banks that simply change their rate and do not announce it. B2B has announced in on their site, when you call in there is a message, and now an email. Very commendable.

@Briguy actually it was introduced late Aug so by the end of it this rate will have been offered for over 6 months, so not so shabby, though many of use got in much later, but I get your point. Then again 2.8% is still not bad (though DUCA is still offering 3% until end of May).