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Email this6:48 pm
April 6, 2013
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I received a letter from Laurentian Bank.
LBC Digital chequing accounts will be closed September 30, 2026. Any debit cards associated with the accounts will also be deactivated then.
The LBC Digital HISA will remain open.
12:32 pm
January 7, 2020
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Got my letter from Laurentian today-- plus the identical letter from B2B BANK
I find it curious that the letter(s) make no mention of what they would do with any remaining funds, in an account that they are closing .
(I pulled all mine out some time ago, so not an issue for me)
5:46 am
September 21, 2022
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The LBC Digital HISA will remain open.
still wondering what this means once Fairstone eventually takes over LBC Digital hisa & gic's.. will it be treated as a "3rd branch of Oaken" (HomeBank & HomeTrust being other two) or will it be also be closed/merged? what of existing gic's? if they keep it open will this result in an other cdic umbrella coverage? guess we need to wait and see
8:05 am
October 27, 2013
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From https://www.cdic.ca/depositors.....rces/faqs/
What happens to coverage if two CDIC members merge?
If two or more CDIC member institutions amalgamate, insured deposits made at each institution before the amalgamation continue to be insured separately up to $100,000 per depositor per category, as if the institutions had not amalgamated. The amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature (or are redeemed). Coverage with respect to any deposits made with the entity that resulted from the amalgamation depends on the aggregate volume of the deposits you made at the institutions before they amalgamated.
If your existing deposits (i.e., the sum of deposits you had with the entities immediately prior to the amalgamation) add up to a total of $100,000 or more, any new deposits you make at the institution after amalgamation will exceed the $100,000 maximum, so they will not be insured by CDIC.
If your existing deposits add up to a total of less than $100,000, any new eligible deposits you make at the amalgamated institution will be added to those previous deposits, and the total will be insured to a maximum of $100,000.
1:03 pm
April 6, 2013
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No indication yet that Fairstone Bank will assume the remaining LBC Digital deposits. Those deposits can be left as Laurentian Bank deposits.
Laurentian Bank isn't disappearing like Canadian Western Bank did. Fairstone is only buying up all the common shares of Laurentian Bank. The Laurentian Bank preferred shares will still be listed and trade publicly.
