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LBC Digital: Another online-only offering from Laurentian Bank group
December 30, 2019
12:21 pm
picassocat
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Norman1 said

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.  

They still have an ATM in Ottawa (in a Quickie)

December 30, 2019
9:48 pm
techno
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I initiated a link from EQ and Tangerine to LBC and the micro-deposits of both banks appeared on LBC the next day. The strange thing is that it does not indicate which bank it came from. I tried using the 2 micro-deposits that are in sequence but it did not work on 3 attempts on both banks. Strange?sf-surprised

December 30, 2019
11:42 pm
Norman1
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picassocat said

They still have an ATM in Ottawa (in a Quickie)  

I suspect the Laurentian Bank CEO had more than an ATM in mind when talking about "retail distribution" of their bank products!

I also wondered how Laurentian Bank would service that lone ATM with no branches in the city. Then, I saw their two nearby branches in Gatineau, Québec, just across the inter-provincial bridges.

December 30, 2019
11:47 pm
Norman1
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techno said
I initiated a link from EQ and Tangerine to LBC and the micro-deposits of both banks appeared on LBC the next day. The strange thing is that it does not indicate which bank it came from. I tried using the 2 micro-deposits that are in sequence but it did not work on 3 attempts on both banks. Strange?sf-surprised

The LBC Digitial online banking has no descriptive comments for the direct deposit credits? That's quite an oversight!

Perhaps, a more detailed description will show up for the transactions the next business day. RBC Royal Bank's online banking is like that.

December 31, 2019
7:50 am
techno
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Norman1 said
The LBC Digitial online banking has no descriptive comments for the direct deposit credits? That's quite an oversight!

Perhaps, a more detailed description will show up for the transactions the next business day. RBC Royal Bank's online banking is like that.  

It has been a few business days already. No detailed descriptions of the the bank if the push or pull transactions were initiated from another bank. You can add a note to the transaction for future reference.

sf-surprised

January 1, 2020
10:14 am
Norman1
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techno said

It has been a few business days already. No detailed descriptions of the the bank if the push or pull transactions were initiated from another bank. You can add a note to the transaction for future reference.

sf-surprised

One can add a note assuming one could figure out what each transaction was. Not sure how one would be able to do that in the mentioned situation of two pairs of microdeposits from two financial institutions posted the same day!

Sound like an area with much room for improvement from LBC Digital.

In contrast, RBC Royal Bank shows the transaction code and the originator for direct deposits and preauthorized debits coming from another financial institution. For example, "Misc Payment" and "Hubert transfer" for a pull originating at Hubert.

January 1, 2020
11:36 am
techno
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Norman1 said
One can add a note assuming one could figure out what each transaction was. Not sure how one would be able to do that in the mentioned situation of two pairs of microdeposits from two financial institutions posted the same day!

Sound like an area with much room for improvement from LBC Digital.

In contrast, RBC Royal Bank shows the transaction code and the originator for direct deposits and preauthorized debits coming from another financial institution. For example, "Misc Payment" and "Hubert transfer" for a pull originating at Hubert.  

What I mean is that, for example, sometimes I get direct deposit payments from various sources to my banks and some of them are taxable. I might not remember the details after a few months when I need to do my taxes. One way to keep track of the payments is by adding notes. Of course, there are other reasons to add notes as well.

This is the first bank that I've encountered that does not specify the source of funds. Hopefully they will correct this in the future.

January 1, 2020
11:41 am
techno
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For linking banks that are instigated from an external bank, what I did is to initiate one link at a time so that I know where the source is from.

January 1, 2020
8:29 pm
picassocat
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Norman1 said

Then, I saw their two nearby branches in Gatineau, Québec, just across the inter-provincial bridges.  

I have a funny anecdote here: I was having problems changing my NIP, so I went to a Laurentian Bank branch in Gatineau with my B2b card and I showed it to a bank representative. She knew nothing about this bank that is theirs. Funny.

January 1, 2020
9:04 pm
Interest
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I signed up flawlessly 1,2,3 and had my money transferred into the account within 2 days after linking... even got paid a day's interest based on the amount I told the bot to transfer before the money arrived.

However, although I don't need it, for the last few days the interac e-transfer option reports as an error with their service and to please try again or contact the CS help desk.

January 2, 2020
8:15 pm
davidgeorge
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How long is this 3.30% rate going to last? I need to find a place to park my money after DUCA 3% rate expires on January 31.

January 2, 2020
9:00 pm
picassocat
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davidgeorge said
How long is this 3.30% rate going to last? I need to find a place to park my money after DUCA 3% rate expires on January 31.  

My guess is 4 to 6 months after they officially accept Québec residents.

The bank CEO said their interest rates would remain competitive, so I expect LBC digital to stay in the comparison HISA chart for a long time.

January 5, 2020
12:35 pm
Norman1
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picassocat said

I have a funny anecdote here: I was having problems changing my NIP, so I went to a Laurentian Bank branch in Gatineau with my B2b card and I showed it to a bank representative. She knew nothing about this bank that is theirs. Funny.

I'm not surprised.

B2B Bank is technically a separate bank. The staff at the Laurentian Bank retail branches may not have access to information about the B2B Bank accounts. It is probably like the situation between Zag Bank and its owner the Desjardins Group.

For B2B Bank (institution 618), the Payments Canada Financial Institutions Branch Directory only contains two distinct addresses for its branches:

  • 199 Bay Street Suite 600, Toronto, ON M5L 0A2
  • 1981 McGill College 14th Floor, Montreal, QC H3A 3K3

Historically, B2B Bank dealt with its clients indirectly through an advisor of some sort.

January 10, 2020
11:44 am
davidgeorge
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I opened an account. I linked one external account and wait for two deposits. My questions are (1) It seems that I can only link the 2nd external account after my 1st external account is fully linked, i.e. after I confirm the two deposits, is this correct? (2) How many external accounts can I link in total? Thanks.

January 10, 2020
12:10 pm
wcg66
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davidgeorge said
My questions are (1) It seems that I can only link the 2nd external account after my 1st external account is fully linked, i.e. after I confirm the two deposits, is this correct? (2) How many external accounts can I link in total? Thanks.  

It seems to be that way, you can only link one at a time. I've been able to link two accounts so far but I had to wait to complete the first. I don't know what the limit is. So far, at least one transfer has been successful.

January 10, 2020
2:02 pm
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davidgeorge said
I opened an account. I linked one external account and wait for two deposits. My questions are (1) It seems that I can only link the 2nd external account after my 1st external account is fully linked, i.e. after I confirm the two deposits, is this correct? (2) How many external accounts can I link in total? Thanks.  

Yes, you have to wait until any link request is completed before you can begin to add another.

Linking Tip #1 - If you change your mind about a pending link and find yourself in limbo because it's still in progress, you can purposely answer the microdeposit confirmation amounts wrong 3 times and that will automatically kill the pending link operation, at which point the system will immediately let you begin another linking process.

The maximum number of external links you can set up at either LBC or B2B is 4.

Linking Tip #2 - Once your 4 links are established, if you want to change any of them, you have to call in and get back office to delete it manually because there is no user-accessible delete function. The CSR will also tell you to wait a couple days for the deletion to be processed, but in my own case it was gone the next morning

January 10, 2020
3:27 pm
davidgeorge
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Thank you!

wcg66 said

It seems to be that way, you can only link one at a time. I've been able to link two accounts so far but I had to wait to complete the first. I don't know what the limit is. So far, at least one transfer has been successful.  

Londonguy said

Yes, you have to wait until any link request is completed before you can begin to add another.

Linking Tip #1 - If you change your mind about a pending link and find yourself in limbo because it's still in progress, you can purposely answer the microdeposit confirmation amounts wrong 3 times and that will automatically kill the pending link operation, at which point the system will immediately let you begin another linking process.

The maximum number of external links you can set up at either LBC or B2B is 4.

Linking Tip #2 - Once your 4 links are established, if you want to change any of them, you have to call in and get back office to delete it manually because there is no user-accessible delete function. The CSR will also tell you to wait a couple days for the deletion to be processed, but in my own case it was gone the next morning  

January 12, 2020
11:02 pm
implode
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So I finally decided to open a LBC Digital account...but I can't. I'm on step 2 to verify my identify with Equifax, to select NEXT. Upon selecting NEXT, I get an error:

An error has occurred, please check the log files for more details.

January 13, 2020
6:21 am
Norman1
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Sounds like something went wrong on their website.

Try it again later, during the day if possible. People have reported their website works better during business hours. Not sure if that's because the site is not as busy then or there is IT staff in the office who can fix their system issues right away, instead of when the staff return the next morning.

January 13, 2020
7:12 am
Slybanking
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I had error messages too and I called customer services when I opened LBC and B2B. They were helpful and fixed it during same day.

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