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Online Banks with fully digital account applications
July 27, 2020
1:02 pm
AltaRed
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EQ Bank has a fully digitized account application process using micro-deposits to affirm identity and to connect to an external account. No paper submissions or other verifications required. Do any other online banks (not credit unions) use this type of process?

July 27, 2020
4:20 pm
Bill
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LBC Digital too, I believe.

July 27, 2020
6:07 pm
AltaRed
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Bill said
LBC Digital too, I believe.  

Thanks. Checking the profiles section, that does appear to be the case. Anyone with recent experience opening an account with them? Can it be done smoothly in about 10 minutes? That is about all the patience I have.

July 28, 2020
10:48 am
pennysaver1
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AltaRed said

Thanks. Checking the profiles section, that does appear to be the case. Anyone with recent experience opening an account with them? Can it be done smoothly in about 10 minutes? That is about all the patience I have.  

From what I remember the process was fairly smooth when I signed up with them earlier this year. The only issue I ran into was with creating a password, apparently they don’t allow special characters in passwords (it didn’t say that anywhere during the sign up process at the time, had to call to find out). It still allowed me to create one with special characters but caused problems later on and prevented me from completing the process of opening an account. So make sure you only use alphanumeric characters when you create a password to avoid any issues with that. Good luck 🙂

July 28, 2020
10:51 am
AltaRed
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Thanks for the tip.

July 28, 2020
1:52 pm
Londonguy
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Be forewarned, the LBC site design and transfer procedures are a bit unconventional compared to most other online platforms -- I've gotten used to it so just ask if something doesn't seem to make sense. A few things I had to learn the hard way

July 28, 2020
2:12 pm
Bill
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I remember it being pretty easy, a few months ago, though I can't recall enough to guarantee a 10-minute threshold. Their site does have some unconventional features (and some of the wording's grammatically questionable but I put that down to translating from Quebec to English), I'm very careful to make no mistakes and then it seems to work fine.

August 8, 2020
8:12 am
AltaRed
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Follow up: Opening an LBC account was a breeze despite wonky website that cannot sometimes find internal URL links. Application made Tuesday (took 20 minutes due to wonky website needing me to fill in data twice), micro-deposits showed up in externally linked account Wednesday permitting account activation that same day. First transfer in made on Thursday. Thank you to Bill for the LBC suggestion.

There is no reason ALL online banking account openings should not work the same way as EQ and LBC.

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