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Need to remove B2B Bank from the HISA chart
December 23, 2019
10:32 am
Doug
British Columbia, Canada
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Per Laurentian Bank/B2B Bank's decision to stop selling the direct-to-consumer B2B Bank HISA without the intervention of an independent B2B Bank advisor, dealer, or deposit broker, B2B Bank needs to be removed from the HISA chart, per the second criterion for inclusion.

Fortunately, LBC Digital is still very much available for new sign-ups without the intervention of a B2B Bank advisor, dealer, or deposit broker, so it will remain atop the leaderboard of the HISA chart.

I'd also recommend merging the B2B Bank forum into the LBC Digital forum (no need for two forums essentially offering the same thing), and, likewise, deleting the B2B Bank profile page.

Cheers,
Doug

December 23, 2019
3:06 pm
Loonie
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That sounds good to me It has been very confusing having the two of them going.

December 23, 2019
5:12 pm
Canadianbull
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Just to be clear B2B is still paying 3.30% to those who already have hisa right?

December 23, 2019
5:37 pm
Doug
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Canadianbull said
Just to be clear B2B is still paying 3.30% to those who already have hisa right?  

Yes, that's correct. The issue is that new customers cannot open a B2B Bank account without first booking an appointment with an independent advisor using the B2B Bank B2C platform. sf-cool

Cheers,
Doug

December 23, 2019
6:31 pm
COIN
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Canadianbull said
Just to be clear B2B is still paying 3.30% to those who already have hisa right?  

The 3.3% could be the next change. Does anybody know why they are offering such a high rate in the first place? Maybe one of their clients needed some short term funding while trying to arrange permanent funding?

BTW: I called B2B to-day to ask for some free cheques. They said they have to order them from D&H so I would have to pay to get them.

December 23, 2019
6:37 pm
Canadianbull
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Doug said

Yes, that's correct. The issue is that new customers cannot open a B2B Bank account without first booking an appointment with an independent advisor using the B2B Bank B2C platform. sf-cool

Cheers,
Doug  

Thanks for the clarification.

December 24, 2019
7:29 pm
picassocat
Québec
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Doug said

Yes, that's correct. The issue is that new customers cannot open a B2B Bank account without first booking an appointment with an independent advisor using the B2B Bank B2C platform. sf-cool

Cheers,
Doug  

What would be the logic here? Steering the public towards LBC digital and businesses to B2b ?

Such measures should considerably reduce memberships with B2b and increase it with LBC digital. The fact that LBC digital will soon be officially available to Québec residents could be a factor? I always wondered why open two almost identical banks by Laurentian bank of Canada? B2b was/is traditionally reserved for «financial professionals including: financial advisors and their dealerships; deposit and mortgage brokers and their firms; mutual fund and insurance manufacturers; MFDA and IIROC members.» Wikipedia

Just noticed that existing B2b account members prior to January 21st 2019 will need an activation code to log in.

Conditions to open with B2b:
To open an account, you must meet the following criteria:

You must be the age of majority in your province or territory.
You must be a Canadian Citizen or a Permanent Resident of Canada.

You must have the referral code provided by your financial professional.

If you already have a B2b account, I wonder if there will be any advantages/disadvantages? Will interest rates remain the same in both banks? Products offered will differ substantially? Your guess is as good as mine is.

December 24, 2019
9:51 pm
Canadianbull
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picassocat said

What would be the logic here? Steering the public towards LBC digital and businesses to B2b ?

Such measures should considerably reduce memberships with B2b and increase it with LBC digital. The fact that LBC digital will soon be officially available to Québec residents could be a factor? I always wondered why open two almost identical banks by Laurentian bank of Canada? B2b was/is traditionally reserved for «financial professionals including: financial advisors and their dealerships; deposit and mortgage brokers and their firms; mutual fund and insurance manufacturers; MFDA and IIROC members.» Wikipedia

Just noticed that existing B2b account members prior to January 21st 2019 will need an activation code to log in.

Conditions to open with B2b:
To open an account, you must meet the following criteria:

You must be the age of majority in your province or territory.
You must be a Canadian Citizen or a Permanent Resident of Canada.

You must have the referral code provided by your financial professional.

If you already have a B2b account, I wonder if there will be any advantages/disadvantages? Will interest rates remain the same in both banks? Products offered will differ substantially? Your guess is as good as mine is.  

Is B2B going to send us activation code?

December 25, 2019
9:13 am
picassocat
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Canadianbull said

Is B2B going to send us activation code?  

See post #4 by Doug

December 25, 2019
12:42 pm
Norman1
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picassocat said

What would be the logic here? Steering the public towards LBC digital and businesses to B2b ?

Such measures should considerably reduce memberships with B2b and increase it with LBC digital. The fact that LBC digital will soon be officially available to Québec residents could be a factor? I always wondered why open two almost identical banks by Laurentian bank of Canada? B2b was/is traditionally reserved for «financial professionals including: financial advisors and their dealerships; deposit and mortgage brokers and their firms; mutual fund and insurance manufacturers; MFDA and IIROC members.» Wikipedia

Probably no logic and the decision wasn't thought through as much as it should have been.

Afterwards, the advisors and the deposit brokers likely complained and asked that the B2B Bank site be kept for advisor-based and broker-based offerings only.

The brokers and advisors may even have suggested to Laurentian that the more respectable thing to do would be to start a different brand, like Equitable Bank did with EQ Bank and Home Trust did with Oaken, if Laurentian wanted to dabble in digital-only direct-to-consumer offerings.

December 25, 2019
3:39 pm
Loonie
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However, the big attraction of B2B has been its HISA. Deposit brokers don't even deal with HISAs and I doubt they would be of great interest to advisors either. B2B still can, and probably will, try to steer its new customers to its advisors.

December 26, 2019
10:21 am
Norman1
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The deposit brokers and advisors are interested if they receive a ¼% per annum deposit brokerage trailer from the B2B Bank HISA.

However, they are likely not amused when they refer clients to the site for info about the B2B Bank High Interest Investment Account that pays 1.40%. The clients click around the site and find the B2B Bank HISA which pays 3.30% without going through their advisor.

December 26, 2019
8:13 pm
picassocat
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I’m very curious has to how this is going to play out, namely: will B2b bank and LBC digital keep the same interest rates? Will they «compete» against each other or will they continue to play copycat? What are the big advantages for clients of deposit brokers and advisors to go to B2b instead of LBC digital? Is there something amok?

December 27, 2019
6:17 am
AlainJF
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picassocat said
I’m very curious has to how this is going to play out, namely: will B2b bank and LBC digital keep the same interest rates? Will they «compete» against each other or will they continue to play copycat? What are the big advantages for clients of deposit brokers and advisors to go to B2b instead of LBC digital? Is there something amok?  

Based on what I read on this forum, and the advertisement about CDIC protections on both B2B and LBC websites, one of the advantages seems to get two separate $100K protections (B2B Bank + LBC Digital) from CDIC.

https://b2bbank.com/about-us/about-b2b-bank (CDIC reference)
https://www.lbcdigital.ca/en/about-us (CDIC reference)

From https://www.cdic.ca/your-coverage/protecting-your-deposit/ :
B2B Bank
"B2B Bank is a subsidiary of Laurentian Bank of Canada and a CDIC member in its own right.
Eligible deposits of up to $100,000 per category are protected separately from deposits at Laurentian Bank of Canada."

Laurentian Bank of Canada ("LBC Digital" is not specifically listed on the CDIC website)
"Laurentian Bank of Canada is a CDIC member institution.
Eligible deposits are protected up to $100,000 per category."

December 27, 2019
6:46 am
for interest sake
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I haven't been able to find anything online that discusses Laurentian Bank/B2B Bank's decision to stop selling B2B's HISA direct-to-consumer. Is there a link available?

December 27, 2019
8:21 am
Doug
British Columbia, Canada
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Norman's response likely further clarified the motivation. Don't forget that in early 2020, LBC Digital will be available to Quebec residents. It launched outside of Quebec first. 🙂

The fee-based advisors and deposit brokers likely received no compensation, beyond maybe a $25-50 new customer acquisition bonus, for opening direct-to-consumer HISAs as opposed to the trailer fee they receive on the broker-held HISAs.

Cheers,
Doug

December 27, 2019
8:22 am
picassocat
Québec
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for interest sake said
I haven't been able to find anything online that discusses Laurentian Bank/B2B Bank's decision to stop selling B2B's HISA direct-to-consumer. Is there a link available?  

In the FAQ's section of the B2b bank website:

«Effective December 15, 2019, a referral code, provided by your financial professional, is required to open a B2B Bank Deposit Account or to invest in a non-registered B2B Bank GIC through our digital platform.

B2B Bank works with your financial professional to offer you financial products to meet your individual needs, while Laurentian Bank offers products and services directly to clients.»

Maybe Laurentian wanted to make their digital product available across the country including Québec and B2b was ready. Laurentian digital wasn’t ready, but will be in early 2020, so there is no need for duplication. I’m just guessing.

December 27, 2019
8:27 am
Doug
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picassocat said
In the FAQ's section of the B2b bank website:

Effective December 15, 2019, a referral code, provided by your financial professional, is required to open a B2B Bank Deposit Account or to invest in a non-registered B2B Bank GIC through our digital platform.

B2B Bank works with your financial professional to offer you financial products to meet your individual needs, while Laurentian Bank offers products and services directly to clients.  

Was this reply directed at my reply? If so, why?

Further to my reply above, here's the press release confirming LBC Digital will be available in Quebec "early in 2020" (probably by February 29, 2020):

https://lbcfg.ca/press-room/?pr_article=http://www.globenewswire.com/news-release/2019/11/19/1949580/0/en/Laurentian-Bank-Financial-Group-launches-new-offering-to-help-Canadians-improve-their-financial-health.html

Cheers,
Doug

December 28, 2019
10:26 pm
picassocat
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For an interest troll like myself, the only advantage I now see with B2b bank over LBC digital is less traffic and maybe better service, but I wonder if the telephone help line service team is the same for both banks, albeit they have different numbers?

December 29, 2019
9:22 am
gicjunkie
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picassocat said
For an interest troll like myself, the only advantage I now see with B2b bank over LBC digital is less traffic and maybe better service, but I wonder if the telephone help line is the same for both banks, albeit they have different numbers?  

If you are looking for good service, avoid all Laurentian Bank companies, imho.

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