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July 6th, Rate decrease (2.05% to 1.65%)
July 7, 2020
7:16 am
picassocat
Québec
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July 7, 2020
10:31 am
rhvic
Victoria, BC
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I finally managed this morning to purchase 5 GICs at 10K each, for 1 year at 2.1%. The web site was annoyingly subject to several hiccups, belches, and flatulence, but eventually they all went through successfully.

Most residual cash at LBC will be pulled out to a better HISA at another FI.

July 7, 2020
3:28 pm
Londonguy
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rhvic said
I finally managed this morning to purchase 5 GICs at 10K each, for 1 year at 2.1%. The web site was annoyingly subject to several hiccups, belches, and flatulence, but eventually they all went through successfully.

Most residual cash at LBC will be pulled out to a better HISA at another FI.  

You're lucky you got your transactions done. I had 2 simple Interacs to do today from my LBC account, to different payees. The first one went through okay in the morning, but when I logged back in during the afternoon to send the second one, it kept failing at the confirmation stage after seeming to accept my instructions.

I gave up after 3 failures and then called them about it, but they couldn't explain why it kept failing and nobody knew what their error code meant. Eventually they said they'd open up an IT ticket and call me once they figure it out and correct the problem, but I'm not holding my breath. I still needed to make the second Interac payment so I used EQ instead.

Their GIC rates are definitely top shelf at the moment, but I'm not going to bite because of issues like this

July 7, 2020
3:55 pm
Briguy
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Londonguy said

You're lucky you got your transactions done. I had 2 simple Interacs to do today from my LBC account, to different payees. The first one went through okay in the morning, but when I logged back in during the afternoon to send the second one, it kept failing at the confirmation stage after seeming to accept my instructions.

I gave up after 3 failures and then called them about it, but they couldn't explain why it kept failing and nobody knew what their error code meant. Eventually they said they'd open up an IT ticket and call me once they figure it out and correct the problem, but I'm not holding my breath. I still needed to make the second Interac payment so I used EQ instead.

Their GIC rates are definitely top shelf at the moment, but I'm not going to bite because of issues like this  

I don't think LBC website is robust enough yet to use it as a full feature bank.

When you need the money out, just pull from EQ Bank. That has been my strategy with LBC- I had money in an HISA until this past Friday, then pulled it all out into EQ. If I didn't need the money I would have left it in there in GICs , since those rates are excellent.

July 7, 2020
8:52 pm
picassocat
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I kept hoping I could use LBC as my main and «full service bank», but I was wrong and still am. The platform is still unreliable such is why I kept money in another bank (Alterna) in case I needed reliable access to funds or pay my bills NOW. I’ve been with LBC for about 7 months and they still have a long way to go. Maybe the worse is behind them, just maybe, but I’m not sticking around, there are greener pastures out there.

July 8, 2020
3:23 am
pianoman8849
Halifax, NS
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All my $$$ I had in LBC are now safely in EQ. The balance is now nil. I wonder how long it will be before LBC contacts me or will they just let it sit there. How could they charge a dormancy fee if there's no money there to draw from? You can't get blood out of a stone.

July 8, 2020
4:46 am
AlainJF
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pianoman8849 said
All my $$$ I had in LBC are now safely in EQ. The balance is now nil. I wonder how long it will be before LBC contacts me or will they just let it sit there. How could they charge a dormancy fee if there's no money there to draw from? You can't get blood out of a stone.  

Could you elaborate or provide a link for the "dormancy fee". I am at nil too, both at B2B and LBC, due to the rate reduction from 2.05% to 1.65%.

July 8, 2020
7:07 am
Slybanking
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July 8, 2020
7:59 am
pianoman8849
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Thanks. I perhaps should have left a dollar in it. Not going to close it just in case interest rates do go up. Though I doubt we'll ever see 3.33 again...sf-frown

I'll just leave it as is. If they want the $ 25.00 after two years, send it to a collection agency...lol

July 8, 2020
8:13 am
picassocat
Québec
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pianoman8849 said
Thanks. I perhaps should have left a dollar in it. Not going to close it just in case interest rates do go up. Though I doubt we'll ever see 3.33 again...sf-frown

I'll just leave it as is. If they want the $ 25.00 after two years, send it to a collection agency...lol  

Just interac e-transfer-in 5$ every two years and withdraw immediately. You never know, you may be back to LBC.

July 8, 2020
12:31 pm
rhvic
Victoria, BC
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I have encountered another LBC oddity. They allow you to have up to four external accounts linked, bit if you wish to say delete one and add another, you have to ask them to do the deleting - you cannot do it yourself, hence an added delay to make a different external link. Most FIs I deal with allow the client to make such changes.

July 8, 2020
12:32 pm
Londonguy
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Just a follow-up on my Interac adventure at LBC in case this is news to anyone besides me.

I got a phone call today from LBC asking me if my Interac transaction from yesterday morning (the first one for $1,000) was legitimate. I confirmed that it was, and then I asked what had happened to the second one that had failed 3 times. The CSR responded that Interac is a third party entity not under control of LBC, and they occasionally request any bank involved in a given transaction to verify it. He went on to say that since Interac had flagged my first transaction, any attempt to make further Interac transactions would naturally be rejected as a matter of course until the query was cleared. He said now that I'd provided confirmation, I could probably try Interac again after about an hour.

I responded that I appreciated the security aspects of the process, but I wasn't too crazy about being left in the dark yesterday that my account had been temporarily frozen without my knowledge, particularly since I had made the effort to promptly call in to report the transaction failures in the first place, and that nobody at LBC said anything to me about any pending Interac confirmation that would prevent me from making further transfers. If they needed a confirm for the $1,000 transaction, I was right there on the phone with them yesterday, but nobody said squat.

Without addressing my point, he then commented that I should be happy that someone was "looking over my shoulder and making sure my account was safe". In view of that tone-deaf response I figured any further discussion was pointless so I just ended the call, but it definitely left a bad taste in my mouth.

Anyway, if anyone finds themselves in a similar situation with their Interac activity in the future, what LBC did to me might be happening to you

July 8, 2020
12:34 pm
Londonguy
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rhvic said
I have encountered another LBC oddity. They allow you to have up to four external accounts linked, bit if you wish to say delete one and add another, you have to ask them to do the deleting - you cannot do it yourself, hence an added delay to make a different external link. Most FIs I deal with allow the client to make such changes.  

Yes, most are self-serve, but as an example EQ Bank won't let you delete your external links either, you have to phone them.

I just went through this hassle because I had maxed out at 10 links and needed to make some changes

July 8, 2020
1:10 pm
Briguy
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Londonguy said
Just a follow-up on my Interac adventure at LBC in case this is news to anyone besides me.

I got a phone call today from LBC asking me if my Interac transaction from yesterday morning (the first one for $1,000) was legitimate. I confirmed that it was, and then I asked what had happened to the second one that had failed 3 times. The CSR responded that Interac is a third party entity not under control of LBC, and they occasionally request any bank involved in a given transaction to verify it. He went on to say that since Interac had flagged my first transaction, any attempt to make further Interac transactions would naturally be rejected as a matter of course until the query was cleared. He said now that I'd provided confirmation, I could probably try Interac again after about an hour.

I responded that I appreciated the security aspects of the process, but I wasn't too crazy about being left in the dark yesterday that my account had been temporarily frozen without my knowledge, particularly since I had made the effort to promptly call in to report the transaction failures in the first place, and that nobody at LBC said anything to me about any pending Interac confirmation that would prevent me from making further transfers. If they needed a confirm for the $1,000 transaction, I was right there on the phone with them yesterday, but nobody said squat.

Without addressing my point, he then commented that I should be happy that someone was "looking over my shoulder and making sure my account was safe". In view of that tone-deaf response I figured any further discussion was pointless so I just ended the call, but it definitely left a bad taste in my mouth.

Anyway, if anyone finds themselves in a similar situation with their Interac activity in the future, what LBC did to me might be happening to you  

Sorry to hear what you went through. I don't trust LBC, so I went the safer route of pulling my money from LBC into EQ, while logged into EQ, all in one go.

July 8, 2020
2:49 pm
picassocat
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Londonguy said
He went on to say that since Interac had flagged my first transaction, any attempt to make further Interac transactions would naturally be rejected as a matter of course until the query was cleared. you  

Wonder why it was flagged? I regularly e-interac the maximum (3000$) and never a problem, even the weekly 10,000$ limit. The odd thing here, if you interac under 100$ you get it within minutes, but over 100$, its 30 minutes wait, just like Tangerine. A REAL BANK doesn't hold your money hostage for half an hour. LBC is a banana republic bank.

July 8, 2020
3:07 pm
Rodster
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I purchased a GIC today without difficulty. Printed out my GIC certificate a few minutes ago.

July 9, 2020
1:08 pm
KamWest
Toronto
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I moved my funds from LBC and B2B over to Motive.

I love the interest rate at motive but I don't care for the website, I don't understand why there are so many complaints about the website at LBC, it's coming along nicely. Sure it goes down as they are developing it but I find it extremely easy to use and wish Motive and something even remotely as intuitive.

July 10, 2020
12:19 pm
Norman1
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LBC Digital used to be very unstable.

"An error has occurred. Please contact our Help Desk…" repeatedly. That would log one out and one would have to log back in again.

Those who followed the directions and called their Help Desk would just end up clogging their call centre needlessly. The agents can't do anything about what was essentially a loading issue with their web site.

July 10, 2020
12:23 pm
Norman1
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pianoman8849 said

I'll just leave it as is. If they want the $ 25.00 after two years, send it to a collection agency...lol

One could just acknowledge the notice:

5Inactive account notices will be sent at two, five and nine years of inactivity. If inactive notice is acknowledged within 60 days, there is no charge. If the balance of the dormant account is less than the fee to be collected, the charges correspond to the remaining balance.

Similar to one suggestion, one could transfer some money in once in a while and use it to pay a bill.

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