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LBC Digital: Another online-only offering from Laurentian Bank group
December 4, 2019
5:54 am
Londonguy
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butterflycharm said

MapleOne said
3. I was told there was no limitation on pulls initiated on the LBC Digital side to bring in money from other linked accounts. I was told there was a $50,000 limit on a push out from LBC Digital to another linked account, but that there was no limit on the number of pushes that could be done.
 

Thanks @londonguy and @key123 for weighing in.
#3 above there is another rule. You can't take more than $50,000 out and if you want to (not sure if it is at one transaction or anything above $50,000) they have to make a "case" and their admin will approve after two days to move the money out. I hope they do this to ask client to stay and give client better rates rather than fcukin around with the money (that would be very dirty for a bank but then again they rob...)  

AFAIK the $50,000 is only a "per transaction" limit and you can send out as many as you want -- it's the same routine as some other FIs, e.g. DUCA. However, if you envision it being a problem one day, then get out in front of it now and open a LBC chequing account (takes like 60 seconds if you already have a HISA) and then set up a link to LBC chequing in an external account. When it's time to leave LBC, move the money out of LBC savings into chequing, then go to your target FI and do an unlimited external pull on the LBC chequing account. Same drill with B2B

December 4, 2019
9:35 am
mw
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I can manage to open B2B savings account, but I cannot open LBC savings account after many attempts (I used different email address already, still not successful). very upset and waste of time.

And as above mentioned, online transaction, link accounts seem only working in business hours, outside business hours, screen always shown error, and cannot go through, very inconvenient.

December 4, 2019
9:52 pm
picassocat
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Slybanking said
The site is mentioning not available for Quebec before 2020. Anybody from Quebec tried to open an account anyway?  

B2b accepts Québec residents. If you want LBC, you will have to wait for 2020

December 4, 2019
9:54 pm
picassocat
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When you see the 5 year GIC rate at 2,25% you know that the 3,30% rate on HISA accounts wont last.

December 4, 2019
10:23 pm
picassocat
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Alexandre said

AlainJF said

Once you are on the website and on your HISA, is there a place where you see the current interest rate ? (something like "account details")
 

Perhaps, if we should ask nicely we'll have LBC digital included in HISA chart of this web site, separately from B2B? sf-smile

Till then, as B2B and LBC appear to be as close as Siamese twins, checking current B2B interest rate in HISA chart table to see if LBC rate moved should suffice.  

They have to be separate, since LBC doesn't allow Québec residents until 2020, but B2B allows QC.

December 4, 2019
10:27 pm
picassocat
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mechone said
one has to wonder how long this teaser rate will last ,then what back to 2%.Thou interested their GIC rates are not good meaning if after 2 months it chops it means moving money again  

Since LBC is only launching in Québec in 2020, I doubt the interest rate will change, and if it does, it won't be by much.

December 4, 2019
10:41 pm
Canadianbull
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Just a headsup and warning for others who open account with LBC. My wife tried to move money from LBC to questrade and she was doing via bill method. On her first attempt she received a error message to try later. She tried again after sometime but received same error message. On her sixth attempt system finally accepted the transection. This morning when she logged in to her account she was in shocked because her account was showing -250,000. Yes 300,000 showed up into the questrade account. How can you trust on such a crapy system. How the heck 250000 was pulled from a account that had only 50K cash?????!!!!!!!!

December 4, 2019
11:04 pm
picassocat
Québec
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key123 said

Last comment: If you need to phone in my suggestion is to be ready for a long, long wait. There was no call back option.  

I called the french line and it only took minutes. Happy me.

December 4, 2019
11:16 pm
picassocat
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Canadianbull said
Just a headsup and warning for others who open account with LBC. My wife tried to move money from LBC to questrade and she was doing via bill method. On her first attempt she received a error message to try later. She tried again after sometime but received same error message. On her sixth attempt system finally accepted the transection. This morning when she logged in to her account she was in shocked because her account was showing -250,000. Yes 300,000 showed up into the questrade account. How can you trust on such a crapy system. How the heck 250000 was pulled from a account that had only 50K cash?????!!!!!!!!  

Thanks for the heads-up, I have 3 Questrade accounts. I hope you didn't transfer into a registered account.

December 5, 2019
5:20 am
Bruford
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Canadianbull said
Just a headsup and warning for others who open account with LBC. My wife tried to move money from LBC to questrade and she was doing via bill method. On her first attempt she received a error message to try later. She tried again after sometime but received same error message. On her sixth attempt system finally accepted the transection. This morning when she logged in to her account she was in shocked because her account was showing -250,000. Yes 300,000 showed up into the questrade account. How can you trust on such a crapy system. How the heck 250000 was pulled from a account that had only 50K cash?????!!!!!!!!  

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.

December 5, 2019
5:28 am
Bruford
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Canadianbull said
Just a headsup and warning for others who open account with LBC. My wife tried to move money from LBC to questrade and she was doing via bill method. On her first attempt she received a error message to try later. She tried again after sometime but received same error message. On her sixth attempt system finally accepted the transection. This morning when she logged in to her account she was in shocked because her account was showing -250,000. Yes 300,000 showed up into the questrade account. How can you trust on such a crapy system. How the heck 250000 was pulled from a account that had only 50K cash?????!!!!!!!!  

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

December 5, 2019
8:05 am
Canadianbull
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picassocat said

Thanks for the heads-up, I have 3 Questrade accounts. I hope you didn't transfer into a registered account.  

Luckily not. It is a marginal account.

December 5, 2019
8:07 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.  

Dont you think all extra transactions should be canceled due to insufficient funds. LBC told my wife they will reverse the extra 5 transactions within next 48 hours.

December 5, 2019
9:02 am
picassocat
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Canadianbull said

Luckily not. It is a marginal account.  

Imagine if it had been a registered account, what a mess that would have been, trouble with CRA...

Therefore, if the system is not reliable, I will pay my bills via another F.I.

December 5, 2019
9:32 am
picassocat
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Norman1 said

Canadianbull said
Question: If you'll need to pick one FI in-between B2B and LBC. Which one would you pick or recommend?

I would pick LBC Digital. Its accounts are with Laurentian Bank of Canada which has a DBRS debt rating of A(low) and S&P debt rating of BBB.

In contrast, B2B Bank is unrated.  

I wouldn't worry, B2b is owned by Laurentian and in my case, I have to go with B2b because LBC does not accept Québec residents until 2020.

December 5, 2019
11:31 am
COIN
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All good so far with both B2B and LBD.

Transferring in funds working fine using the link. Have not tried transferring out any funds yet.

Was advised that depositing funds at an ATM can only go to the chequing and not saving account.

December 5, 2019
11:45 am
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picassocat said
When you see the 5 year GIC rate at 2,25% you know that the 3,30% rate on HISA accounts wont last.  

ORLY? If you can predict what interest rates will do in the future, why are you giving this priceless information away? You could be a billionaire.

December 5, 2019
5:23 pm
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Here is what I asked in a general inquiry email

=======================================
What is the maximum amount I can deposit in the high interest savings account?
Right now I use a number of banks for my savings and I would love to amalgamate here if I knew what the limit was.
03/12/2019 11:20:20
=======================================

Here was the answer

=======================================

Thank you for your email.
Please be advised that the maximum amount for the
High Interest Saving Account is 1 million dollars.
David Tran
Laurentian Bank Financial Group
03/12/2019 12:35:07
=======================================

December 5, 2019
5:30 pm
AlainJF
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I finally got everything setup with my LBC Digital HISA. It took a full week for me requiring many calls to LBC support. Good support, I must say, but I experienced many technical issues that I did not have before with any other FI for similar registration process.

So far, in my experience with this registration process, I would stop right there, but the advertised 3.3% interest rate is still interesting.

Before I move any money there, does someone know the limits of the money transfer OUT of LBC Digital HISA?

I did not find anything on their website about the transfer OUT limits, if any.

December 5, 2019
5:38 pm
MapleOne
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So do Laurentian x 1 million @ 3.3% and B2B x 1 million @ 3.3%

If you have any left over use Motive Savvy Savings at 2.8% and you got some cool interest happening.

Imagine that, way better than GIC's even although I have some motus gic's at up to 3.95%

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