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LBC Digital: Another online-only offering from Laurentian Bank group
January 13, 2020
4:52 pm
bubbasweet
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This Bank is a bunch of Morons. I also have the same problem upon sign up I get an Equifax error every time and neither side can explain why? I finally just gave up. I would think twice about trusting these idiots with your money if they cannot fix a simple sign up problem. I have many other Hi Interest savings accounts so it is nothing to do with my credit. But the fact that no one there can figure it out tells me somthing.

January 13, 2020
9:24 pm
implode
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I called up Customer Service and I was told my account did get created, except there was no online service attached. CS added that for me. I couldn't log in. They reset my password and I still couldn't log in. CS tried too and failed as well. CS fired off a ticket for support to investigate and will get back to me. So far, not a good start with LBCD.

January 25, 2020
9:59 pm
picassocat
Québec
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Just noticed that Québec residents can now officially open an account with LBC digital.

February 13, 2020
12:59 pm
Bill
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Wife tried to open account online today, all the credit check questions were incorrect re her (you have a mortgage, you have a car loan, your middle name is, etc), at end it said didn't work, call the number, she did and within a few minutes the guy had it open. So still account opening problems but if you call in they are not surprised and get it open pronto, it seems.

February 13, 2020
3:01 pm
Briguy
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Bill said
Wife tried to open account online today, all the credit check questions were incorrect re her (you have a mortgage, you have a car loan, your middle name is, etc), at end it said didn't work, call the number, she did and within a few minutes the guy had it open. So still account opening problems but if you call in they are not surprised and get it open pronto, it seems.  

There's no incentive of LBC over Motive anymore- why bother with LBC and their unreliable web site at this point?

February 13, 2020
3:22 pm
Bill
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Can't put more into Motive without exceeding CDIC limits, can move more from lower-rate institutions.

March 4, 2020
5:59 pm
picassocat
Québec
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Does anyone know if LBC digital has a hold period when receiving funds via an EFT? The money is being pushed in. Thanks.

March 4, 2020
8:06 pm
smayer97
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Typically when $ is pushed in there is no holding period. It is only when $ is pulled that there is a holding period. But I'll have to double check.

In LBC & Digital, it seems like they make no distinction...it is 5 business days after the initial deposit.

March 5, 2020
6:31 am
Londonguy
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smayer97 said
Typically when $ is pushed in there is no holding period. It is only when $ is pulled that there is a holding period. But I'll have to double check.

That is correct. Pushed funds are immediately available upon receipt because the transaction is non-reversible

March 5, 2020
5:40 pm
Norman1
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I can confirm first-hand that there are no holds on funds received by the LBC Digital chequing account through an Interac e-Transfer.

There are also no holds on funds pushed at another financial institution to the LBC Digital chequing account.

That's expected. As Londonguy said, such fund transfers are final and cannot be reversed by the sending financial institution.

March 5, 2020
6:53 pm
picassocat
Québec
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Thanks for your answers! Finally, there was no hold time on money that was pushed in via an electronic fund transfer.

June 3, 2023
3:40 pm
hwyc
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https://www.lbcdigital.ca/en/faqs

Capture-lbcdigital.ca-faqs.JPG

First B2B, now LBC Digital too ... since when?
And a little googling show they ended teller services in 2019 around the time when this thread started sf-confused

June 4, 2023
5:33 pm
Bill
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Looks like the LB HISA pays same 3%, though not LB GICs..........
https://www.laurentianbank.ca/en/personal/accounts/high-interest-savings

June 6, 2023
6:20 am
Doug
British Columbia, Canada
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Bill said
Looks like the LB HISA pays same 3%, though not LB GICs..........
https://www.laurentianbank.ca/en/personal/accounts/high-interest-savings  

Yeah, with Laurentian Bank having closed something like 70-80% of its Quebec-based branches (they had something like 120+ branches less than two years ago, went down to between 60-80 after the 'great purge' and now are down to between 30-40), I expect they fully intend to source new clients digitally, it doesn't make sense to be sourcing clients through B2B Bank (with an advisor), through their LBC Digital direct branch operation, and via the Laurentian Bank website. As well, they were using, I believe, Celero Systems as their new core banking system for LBC Digital but there were migration and integration problems, so they had to pivot again, write off those I.T. costs, and have since selected Central 1 Credit Union's Forge as a unified core banking/online banking system/platform (what FirstOntario, Alterna, and First West all use currently). For online customer applications, they are using an all-digital customer acquisition system called Thirdstream. Coast Capital Savings Federal Credit Union uses it, and it reportedly is very efficient. 🙂

I suspect they'll eventually migrate LBC Digital clients to the Laurentian Bank system, or they may do what EQ Bank did and mandate they open new Laurentian Bank accounts prior to their LBC Digital accounts being closed. They might even create a migration and switch tool that assists with this process. LBC Digital GICs will likely be stop sold soon.

Cheers,
Doug

June 7, 2023
2:43 pm
hwyc
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... found news from Nov 2021

https://www.globenewswire.com/news-release/2021/11/23/2339745/0/en/Laurentian-Bank-updates-timing-on-strategic-plan-and-provides-information-on-certain-charges-impacting-fourth-quarter-2021-results.html

In order to simplify the structure of the Bank and improve the customer experience the Bank will consolidate its two digital platforms into one. As a result, the Bank expects to record an impairment charge of approximately $93 million as follows: 1) goodwill for an amount of $35 million, 2) software and intangible assets for $53 million and, 3) premises and equipment for $6 million.

June 7, 2023
7:30 pm
Norman1
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$35 million for goodwill. Good grief!

That sounds like Laurentian Bank acquired some company for the third-rate banking platform that LBC Digital ran on and paid $35 million above net asset value for the company!

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