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LBC Digital: Another online-only offering from Laurentian Bank group
December 14, 2019
9:10 am
Norman1
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The LBC Digital site is currently choking on the account page shown after one clicks on the HISA on the home page.

Looks like something breaks as it is retrieving all the transactions for the account:

An error has occurred. Please contact our Help Desk 1.866.249.

December 14, 2019
11:13 am
AlainJF
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Norman1 said
The LBC Digital site is currently choking on the account page shown after one clicks on the HISA on the home page.

Looks like something breaks as it is retrieving all the transactions for the account:

An error has occurred. Please contact our Help Desk 1.866.249.…  

About each time I do something on LBC outside of the window "Mon to Fri, between 9am-5pm", I get some errors with no meaning. It is about the same thing with B2B.

"An error has occurred. Please contact our Help Desk 1.866..."

What you describe does not surprise me at all. Also, the type of the issues change from day to day.

Again, "Mon to Fri, between 9am-5pm" seems to work better, from what I have experienced so far.

December 14, 2019
4:08 pm
picassocat
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And the saga continues: took 4 tries before the system accepted two small deposits (.04/.05) to link with external bank. Now, interact e-transfers is off-line. Such a great bank. sf-surprisedsf-yell

Addendum: I’m trying to e-transfer out some money, but the system says I surpassed the (weekly) limit. I went to the transaction history and it’s impossible to know when my limit will have any space to transfer out, because they record every failed attempt and the balance in this registry is out of whack and they even registered a failed attempt for TOMORROW the 15Th of December (we are the 14th, 10:30 pm EST).

December 14, 2019
6:50 pm
Bruford
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Sour grapes. Your whining is getting boring. Close your account and be done with it.

December 14, 2019
7:34 pm
picassocat
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Bruford said
Sour grapes. Your whining is getting boring. Close your account and be done with it.  

You are correct, I'm trying to get my money out and all the trouble I'm getting with them is reported here to forewarn others. Call it whining if you may, but it's the intelligent thing to do. Buy the way your post is useless.

December 15, 2019
9:35 am
Norman1
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AlainJF said

About each time I do something on LBC outside of the window "Mon to Fri, between 9am-5pm", I get some errors with no meaning. It is about the same thing with B2B.

"An error has occurred. Please contact our Help Desk 1.866..."

Could be the load we clients are putting on their system and not their business hours.

Lots of us individual clients may have day jobs and be at work during those weekday, 9 am to 5 pm, hours. Consequently, not much online banking being done during that time and their systems would not be heavily loaded.

In contrast, evenings and weekends would be very busy times for online banking!

LBC Digital and B2B Bank may have misjudged the market like EQ Bank did years ago when they launched.

EQ Bank came out with an initial 3% rate for their HISA. EQ Bank thought another existing competitor would match the 3% rate and it would be a stretch to get 10,000 new accounts after a year.

It turned out no-one else matched the 3% rate and EQ Bank was overwhelmed by the account opening requests. 15,000 new account applications in first six weeks and the applications were still pouring in!

December 16, 2019
11:09 am
wcg66
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EDIT: I'm in now. Strange.

So, I was able to create an account on LBC where I never could with B2B. However, just after logging in and setting up an external account link, it kicked me out. Now, every time I login, I get a "session timed out" message and it takes me back to the log in screen.

Has anyone else seen this? I haven't received any email confirmation of creating the account and can't log in again. I'm wondering now if my account actually exists.

December 16, 2019
11:27 am
Alexandre
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wcg66 said
... I haven't received any email confirmation of creating the account ...   

My email confirmation came 5 days after I've opened an account. I have been able to access it the moment I've completed account opening process.

December 16, 2019
11:29 am
wcg66
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Alexandre said
My email confirmation came 5 days after I've opened an account. I have been able to access it the moment I've completed account opening process.  

Thanks, it looks like I'm in, and I was able to complete the linked account setup. I jumped the gun a bit 🙂 I'll see how this goes, I never got this far with B2B.

December 16, 2019
3:55 pm
picassocat
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Just received my debit card and my PIN at the same time, in separate letters, but at the same time. Holy smoke.

I requested an EFT Saturday and it came in on Monday evening: pretty good time.

December 18, 2019
6:53 pm
picassocat
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Tried to change my NIP, but to no avail, learned later that the card has to be activated before doing so. Once activated, I did change the NIP, but when I tried to access my balance, I got the message: «not available». This was done at a National bank branch ATM.

December 21, 2019
4:58 pm
COIN
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"EQ Bank came out with an initial 3% rate for their HISA. EQ Bank thought another existing competitor would match the 3% rate and it would be a stretch to get 10,000 new accounts after a year.

It turned out no-one else matched the 3% rate and EQ Bank was overwhelmed by the account opening requests. 15,000 new account applications in first six weeks and the applications were still pouring in!"

I vaguely remember the original EQ cap was $500,000 and later they reduced the cap to $100,000(?) but they grandfathered the depositors that had the $500,000 cap. LBC should do the same for the depositors who had an account and the $1,000,000 cap before the January 2020 reduction of the cap to $500,000.

December 29, 2019
4:54 am
Loonie
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I just finally got around to reading this long thread.
Thanks to all who posted their experiences and advice.

I think I won't bother with LBC.

Apart from all the glitches and time-consuming communications etc., the lack of a joint account is, as always, a bone of contention for me.

And, having done a little math, I don't think it's worth it, to me.

At a maximum of 100K insured deposits, an account holder could potentially earn an extra $500 p.a. over, say, Motive (which does offer joint accounts).
But we can be fairly sure this rate will not last a year. If it lasts six months, which I think is generous, that's $250 max before tax per person. It's not so different from the bonuses you can get for opening accounts elsewhere, opening credit cards accounts etc., but a lot more potential hassle. I'm sure Laurentian has all this factored in.

It's not good enough for me to contend with all their issues, especially things like double withdrawals! I also have a concern about having to deal with an estate with bank HQ in QC where civil law is very very different - it may not ultimately be an issue but it's not worth my time looking into it all in order to feel secure, for maybe $200 net.
I'd need, seriously, about 8% interest for all that.

December 29, 2019
5:35 am
Keith1
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Could not agree more with Loonie as the net gain is minimal also add in the time spent and the real gain is likely negative!

December 29, 2019
6:33 am
Norman1
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Loonie said

It's not good enough for me to contend with all their issues, especially things like double withdrawals! I also have a concern about having to deal with an estate with bank HQ in QC where civil law is very very different - it may not ultimately be an issue but it's not worth my time looking into it all in order to feel secure, for maybe $200 net.

That won't be an issue. The LBC Digital accounts are at Laurentian Bank branch 06031 in Toronto and not at their headquarters in Montréal. So, the accounts would actually be subject to Ontario estate laws and not Québec ones.

December 29, 2019
7:20 am
Loonie
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That's strange, but OK. Thanks, Norman.
Perhaps some others will be interested in knowing this.
On the other hand, especially with a smaller bank, I have found in the past that my accounts got moved to other branches of the bank's choosing when they decided to close the one I had patronized. So far, they have all been within the GTA but some quite inconvenient. I had one in Markham that was moved to the core of the city and another that was moved somewhere I didn't want to go.
One was HSBC and I think the other was National Trust, which got amalgamated a couple of times and moved. This also happened with TD, but they only moved a few blocks.
But what's to stop them deciding they no longer need a physical presence in Toronto? You will say that's unlikely, and probably true, but not something I want to have to think about.

For me, it was just that extra little bit of worry. I will pass on this account for the other reasons I have mentioned.

In the Carrick article posted by someone here, the CEO is quoted and as much as says they picked the rate out of a hat. The number was a marketing ploy which they thought would sound good to people. Perhaps 3's have good karma in some taxonomy I've never heard of! Obviously he has no intention of honouring it for any longer than necessary.

I am told the number 8 is fortuitous in some Chinese cultures. I'm going to hold out for 8% on this one! In fact, 8.88% has a nice ring to it...sf-wink

December 29, 2019
9:35 am
Canadianbull
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Bruford said

So probably LBC paid the bill 6 X $50K but there was only $50K available, hence the -$250K balance.  

Bruford said

Sometimes LBC crashes or kicks you out mid-transaction. Same thing happened to me with a pull transfer. When I logged back in and redid the transfer, it turned out the first one had already gone through, so I ended up making it twice. Later got dung with NSF from the pull bank and a charge from LBC for a rejected transfer. I complained and got LBC to accept responsibility. Still waiting for NSF reimbursement.  

It took 17 days to resolved the matter. Thanks to LBC for cancelling the NSF fee.

December 30, 2019
8:00 am
Norman1
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Loonie said

On the other hand, especially with a smaller bank, I have found in the past that my accounts got moved to other branches of the bank's choosing when they decided to close the one I had patronized. So far, they have all been within the GTA but some quite inconvenient. I had one in Markham that was moved to the core of the city and another that was moved somewhere I didn't want to go.
One was HSBC and I think the other was National Trust, which got amalgamated a couple of times and moved. This also happened with TD, but they only moved a few blocks.
But what's to stop them deciding they no longer need a physical presence in Toronto? You will say that's unlikely, and probably true, but not something I want to have to think about.

That won't be an issue with the LBC Digital products.

LBC Digital accounts do not come with teller branch service. That Laurentian Bank branch location in Toronto is just for legal purposes, like for Bank Act subsection 461(4):

Situs of indebtedness

(4) The indebtedness of a bank by reason of a deposit in a deposit account in the bank shall be deemed for all purposes to be situated at the place where the branch of account is situated.

It is also where the executor will serve notice of an account holder's death.

According to the LBC Digital launch press release, Laurentian Bank has "not been present outside Quebec in retail distribution since 2003." So, the presences one sees outside Québec today are likely what they will be for a long time.

This past fall, Laurentian Bank ended the remaining branch teller services in their Québec branches.

December 30, 2019
8:26 am
Loonie
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Thanks for the info but I don't like the sound of it. A branch that isn't a branch, for "legal purposes". Do they even have staff, one wonders, and , if so, do they have anything to do except wait for people to show up with legal documents. Perhaps it's just some kind of drop box with a phone that rings in another city. Sounds too much like they are emulating some fly-by-night operations.

Regardless, I'm out!

December 30, 2019
11:27 am
Norman1
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It is nothing as nefarious!

That 6th floor on 199 Bay Street in Toronto is likely one of Laurentian Bank's processing centres, judging from some of the names of their other "branches" that share the address in the Payments Canada Financial Institutions Branch Directory:

01651-039 BLC-Agency, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
02251-039 B2B BANK FINANCIAL SERVICES INC (MRS, 199 BAY STREET SUITE 600, Toronto, ON M5L 0A2
02261-039 B2B BANK SECURITY SERVICES (MRS SSI), 199 BAY STREET SUITE 600, Toronto, ON M5L 0A2
02271-039 B2B BANK INTERMEDIARY SERVICES (MRS, 199 BAY STREET SUITE 600, Toronto, ON M5L 0A2
02441-039 LBC-Non Prime Mortgages, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
02471-039 BLC SFAP, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
02761-039 Self Directed RRSP, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
02791-039 Branch OPTI RRSP, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
02991-039 B2B Bank Estates, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
03791-039 AGF Mortgages, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06011-039 LBC Mortgage Administration, 199 Bay street Suite 600, Toronto, ON M5L 0A2
06031-039 Laurentian Bank, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06061-039 B2B Bank Agent Deposit QC, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06071-039 B2B BANK AGENT DEPOSITS, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06081-039 B2B Bank Agent Deposit MTL, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06211-039 B2B Mortgage Admin, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06221-039 B2B Bank Deposit Registreted, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06231-039 Advisor's Choice, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06241-039 Sears POS Loans, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06251-039 Investment Planning Counsel (IPC), 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06261-039 Schwab Canada, 199 Bay Street Suite 600, 4th Floor, Toronto, ON M5L 0A2
06271-039 Cartier Partners, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06281-039 Canadian Tire LBC, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06291-039 Invis Financial Group, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06341-039 Berkshire Securities Inc., 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06351-039 B2B Bank Banking Products Back Off, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06361-039 AEGON Dealer Services canada, 199 Bay Street Suite 600, Toronto, ON M5L 0A2
06521-039 Banque Laurentienne (Employe SLA), 130, Adelaide Street West 2nd Floor, Toronto, ON M5H 3P5
06531-039 Laurentian Bank (SLA Staff), 199 Bay Street Suite 600, Toronto, ON M5L 0A2
08101-039 Self-Directed RSP, 199 Bay Street Suite 600, Toronto, ON M5L 0A2

They very likely do have people waiting there for legal documents for all sorts of their products.

Please write your comments in the forum.