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January 25, 2020
9:43 pm
John H
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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?  

Aviva charge a monthly amount to my credit card.

January 25, 2020
10:46 pm
smayer97
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John H said

Aviva charge a monthly amount to my credit card.  

That's the difference. Thx.

January 27, 2020
10:35 am
Londonguy
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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

January 27, 2020
12:28 pm
smayer97
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@londonguy thanks for clarifying.

BTW, for anyone...I discovered that though Manulife does not have an option to pay monthly without using pre-auth debit, they do allow being set up on an Annual payment plan (at least for some policies) but do NOT require paying all at the start of the year but rather allow customers to pay in any instalments they want, as long as it is a minimum of 1/12 the annual amount. Nice option that works well with setting up monthly payments with a CT WE MC.

No such luck with The Personal. Anything that is not a monthly pre-authorized debit MUST be payment in full via cheque or credit card.

January 28, 2020
5:40 am
Londonguy
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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

February 2, 2020
4:47 am
Briguy
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Norman1 said

picassocat said

… It’s fun to pay your bills directly from the savings account and not go thru the checking account like tangerine.

Update : So I did pay my first bill (hydro) with this bank and yes it’s a great feature to being able to pay with the quick transfer option directly from the HISA account, but my balance wasn’t immediately updated (I paid the bill past midnight).…

I think you've found a way around one of their HISA restrictions!

Bill payments are not supposed to a feature of the B2B Bank HISA, according to 2.3 of the account terms and conditions:

2.3. If your Account is the B2B Bank High Interest Savings Account, the following features and services do not come with your Account:

a. no Debit Card or ATM privileges;
b. no cheque-writing privileges;
c. you cannot send or recieve an Interac e-Transfer®†
d. no bill payment privileges.

Withdrawal of funds from the B2B Bank Hight Interest Savings Account, is limited to electronic funds transfers to another account in your name with us or with another financial institution to which you have created a link in Online Services.

  

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.

February 2, 2020
6:07 am
smayer97
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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.

February 2, 2020
6:45 am
Briguy
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smayer97 said

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.  

I don't think it would be a cash advance if you have positive balance at MBNA. Who knows with B2B/LBC why it didn't deposit, but I'm saying would be prudent to just transfer into their chequing account.

February 3, 2020
5:07 pm
darealmccoy5
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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.

February 3, 2020
5:19 pm
smayer97
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Good point. I do not see it within the account anywhere. That said, it is still being advertised on the https://b2bbank.com/ site.

February 3, 2020
5:19 pm
Briguy
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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.

February 5, 2020
2:37 pm
picassocat
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Londonguy said
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  

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.

February 6, 2020
5:03 pm
Briguy
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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 .

February 9, 2020
9:22 pm
picassocat
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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.

February 10, 2020
6:56 pm
Briguy
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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.

February 10, 2020
9:20 pm
smayer97
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@Briguy thanks for the heads up about the % change.

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

February 11, 2020
3:28 am
Briguy
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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.

February 12, 2020
12:56 pm
bhuc
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B2B just announced they are cutting their HISA rate to 2.8 %

Effective March 1, 2020, the annual interest rate for the B2B Bank High Interest Savings Account (HISA) on deposits up to and including $500,000 will change from 3.30% to 2.80%.

The annual interest rate on deposits over $500,000 will remain unchanged.

Account balance Annual interest rate
on March 1, 2020
Up to and including $500,000 2.80%
$500,000.01+ 1.25%

February 12, 2020
2:31 pm
smayer97
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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.

February 12, 2020
4:50 pm
Briguy
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smayer97 said
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.  

You're being way too generous in your praise. On Nov 26. 2019 their executive vice president said this in a Globe and Mail article:

Craig Backman, the bank’s executive vice-president of personal digital banking, said 3.3 per cent was chosen because it’s an eye-catching number that tells people Laurentian is serious about competing on rates.

This is not meant as an introductory rate,” Mr. Backman said. “Our intent is come into the market and be very competitive into the future.”

This non introductory rate lasted a whole 2.5 month for LBC Digital, a bit longer for B2B.

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