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LBC Digital: Another online-only offering from Laurentian Bank group
November 19, 2019
5:10 pm
Norman1
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Laurentian Bank of Canada (B2B Bank's owner) has launched two online-only accounts that are quite similar to the ones from B2B Bank:

  1. LBC Digital High Interest Savings Account that pays 3.30%
  2. LBC Digital Chequing Account
November 19, 2019
5:45 pm
lisa
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Do you have coverage for $100,000.00 at LBC and also B2B or is it combined $100,000 coverage?

November 19, 2019
6:07 pm
Bill
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November 19, 2019
6:36 pm
Norman1
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The LBC Digital accounts are deposits with CDIC member Laurentian Bank of Canada.

The B2B Bank accounts are deposits with a different CDIC member B2B Bank.

So, the CDIC coverage of the LBC Digital accounts is separate from the coverage of the B2B Bank accounts.

November 19, 2019
6:59 pm
lisa
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Thanks! I love this forum!

November 20, 2019
5:12 am
savemoresaveoften
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I have no issue signing up for B2B few months ago, but with the LBC digital, I am not able to get thru when signing up, keeps failing at the credit check screen (ask me to answer questions except it does not show me any questions....).

November 20, 2019
7:41 am
Bud
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Apparently they are claiming if u got b2b already u have to use a different email for lbc.

GIC King

November 20, 2019
10:57 am
Jowett
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Well opening that LBC a/c was easy. About 15 mins and it's open. Just have to wait for the 2 small deposits into my associated bank a/c.
Very different from Simplii that I started to open almost 3 weeks ago and still have not received confirmation of my associated bank to transfer funds from.

November 20, 2019
11:19 am
savemoresaveoften
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savemoresaveoften said
I have no issue signing up for B2B few months ago, but with the LBC digital, I am not able to get thru when signing up, keeps failing at the credit check screen (ask me to answer questions except it does not show me any questions....).  

yes they seem to use your email address as the key to identify an account. So one already has B2B account, either use a diff email to sign up (which does not quite make sense) or use same email but ur psd will be same too...

Further to my report that I am unable to finish application, I was sent a email this mrng saying my account is now open ??? However I am not able to see any account info nor perform a link account.

November 20, 2019
12:40 pm
FMC
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savemoresaveoften said

yes they seem to use your email address as the key to identify an account. So one already has B2B account, either use a diff email to sign up (which does not quite make sense) or use same email but ur psd will be same too...

Further to my report that I am unable to finish application, I was sent a email this mrng saying my account is now open ??? However I am not able to see any account info nor perform a link account.  

Same here ... spoke to someone there ... told I will need a new login ID different than that for B2B. Same as posted above.

November 20, 2019
2:32 pm
Canadianbull
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Just like B2B I was not able to open account but my spouse was able to open without issue. sf-smile

November 20, 2019
2:40 pm
Doug
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I predicted they would do this back in April or so, after their AGM. sf-cool

Difference here, though, is you'll need separate online banking logins. But that's not a huge deal; it's just like dealing with a totally different financial institution (not combined as in Home Trust/Home Bank, Equitable Trust/Equitable Bank, and Peoples Trust/Peoples Bank).

Cheers,
Doug

November 20, 2019
2:43 pm
Canadianbull
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Question: If you'll need to pick one FI in-between B2B and LBC. Which one would you pick or recommend?

November 20, 2019
5:16 pm
bali
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I have a B2B HISA and I just opened a LBC HISA. My B2B HISA is over the CDIC limit so I want to transfer the excess amount into my LBC HISA by linking the accounts. I assume that I will be able to do this using the B2B linking procedure. Will give it a try.

November 20, 2019
6:03 pm
Canadianbull
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bali said
I have a B2B HISA and I just opened a LBC HISA. My B2B HISA is over the CDIC limit so I want to transfer the excess amount into my LBC HISA by linking the accounts. I assume that I will be able to do this using the B2B linking procedure. Will give it a try.  

Smart move!

November 20, 2019
6:13 pm
Norman1
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savemoresaveoften said

yes they seem to use your email address as the key to identify an account. So one already has B2B account, either use a diff email to sign up (which does not quite make sense) or use same email but ur psd will be same too...

Would one's B2B Bank e-mail address and password just work with LBC Digital, without having to onboard again from scratch with LBC Digital?

November 20, 2019
6:20 pm
Norman1
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Canadianbull said
Question: If you'll need to pick one FI in-between B2B and LBC. Which one would you pick or recommend?

I would pick LBC Digital. Its accounts are with Laurentian Bank of Canada which has a DBRS debt rating of A(low) and S&P debt rating of BBB.

In contrast, B2B Bank is unrated.

November 20, 2019
6:26 pm
Norman1
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The official press release announcing the launch LBC Digital:

Laurentian Bank Financial Group launches new offering to help Canadians improve their financial health

I actually saw their online banner ads before the press release.

November 20, 2019
6:45 pm
Canadianbull
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Norman1 said

Canadianbull said
Question: If you'll need to pick one FI in-between B2B and LBC. Which one would you pick or recommend?

I would pick LBC Digital. Its accounts are with Laurentian Bank of Canada which has a DBRS debt rating of A(low) and S&P debt rating of BBB.

In contrast, B2B Bank is unrated.  

Thank you. Appreciate the feedback on this!

November 20, 2019
6:54 pm
Bud
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From LB:

"Please note that you are able to open an account with B2B Bank and LBC Digital however 2 different email addresses are required. The system will not allow the same email address to be registered with LBC Digital and B2B Bank."

GIC King

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