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Recent Experience with LBC Digital
May 22, 2022
5:46 am
cgouimet
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Any recent experience you'd like to share? We're thinking of opening accounts there ... Individual/Joint HISA's and Individual/Joint GIC's.

How is LBC to deal with?

Account Set-Up?

Online platform OK?

Joint accounts?

Thank you ...

CGO
May 22, 2022
6:31 am
savemoresaveoften
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cgouimet said
Any recent experience you'd like to share? We're thinking of opening accounts there ... Individual/Joint HISA's and Individual/Joint GIC's.

How is LBC to deal with?

Account Set-Up?

Online platform OK?

Joint accounts?

Thank you ...  

I would rank their online platform is below par compare to others.
Other than having another name that gives u another $100k CDIC room, no real reason to open an account with them in my mind.

May 22, 2022
6:41 am
Alexandre
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savemoresaveoften said

I would rank their online platform is below par compare to others.
Other than having another name that gives u another $100k CDIC room, no real reason to open an account with them in my mind.  

Same experience. I opened account with LBC Digital when they had attractive interest rate, moved money out when it was no longer the case.

Their online platform is adequate, but sluggish and with some minor annoyances. If you only plan to park your money at LBC and leave it for a while, it can do.

May 22, 2022
7:04 am
AltaRed
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I use LBC Digital to park money in their savings account. As others have said, their website is below par and sluggish but satisfactory for my use. AFAIK, they have a full range of free banking services with their chequing but unless their website improved considerably, it could be a frustrating experience. It is hard to believe a bank of Laurentian's size would have less than an efficient website.

May 22, 2022
7:34 am
cgouimet
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They do seem less competitive on HISA's but much better on GIC's ...

CGO
May 22, 2022
7:47 am
Loonie
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I recently read something about Laurentian's plans. Reading between the lines, it seemed that the CEO's priority is to improve their digital presence. She seems to be on the job but it will no doubt take time. Until then, I will continue to avoid.

May 22, 2022
8:36 am
KamWest
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I liked the online platform, was super easy to set up and add linked accounts. They sometimes have great rates.

The deposit limit is far too low for me and you get nothing on the part that goes over so I eneded up leaving.

Similar issues with B2B (exact same portal) and motus bank. All the deposit limits are too low.

May 22, 2022
4:13 pm
cgouimet
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KamWest said
I liked the online platform, was super easy to set up and add linked accounts. They sometimes have great rates.

The deposit limit is far too low for me and you get nothing on the part that goes over so I eneded up leaving.

Similar issues with B2B (exact same portal) and motus bank. All the deposit limits are too low.  

Deposit limits?

CGO
May 23, 2022
12:40 am
Norman1
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Loonie said
I recently read something about Laurentian's plans. Reading between the lines, it seemed that the CEO's priority is to improve their digital presence. She seems to be on the job but it will no doubt take time. Until then, I will continue to avoid.

One of those improvements is to get rid of the system behind LBC Digital.

They euphemistically call it "inconsistent customer experience." I call it incompetent execution.

May 23, 2022
1:41 am
Loonie
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Right! That's what I meant by "reading between the lines". A lot of gibberish, hoping you won't notice their failure.

May 23, 2022
7:41 am
gicjunkie
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We had a really poor GIC experience with these people a while back. "Incompetence" is a polite way of describing their behaviour. At maturity they misplaced our investment for a number of days. The discussions to retrieve it, with interest, were mind boggling. We vowed never to deal with them ever again. Buyer beware.

May 23, 2022
8:23 am
BlueSky
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Norman1 said

One of those improvements is to get rid of the system behind LBC Digital.

They euphemistically call it "inconsistent customer experience." I call it incompetent execution.  

Well put, Norman1.

May 31, 2022
11:19 am
picassocat
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I recently went back to test their system: stay away unless you just want to park money there. For daily banking: never. I made an internal transfer (checking to HISA) and I had to refresh twice before money showing up in the right place. Had to login 3 times before getting in (this is after answering the security question). I learned to my dismay that you cannot program a bill payment to a future date if you’re account has insufficient funds. I knew the money would be there in time from and internal transfer, but they will not allow this. They probably don’t want to payout more interest. Impossible to cancel (online) an internal transfer, you have to call them, it’s written at the bottom of the page, but when I did call them, they said they couldn’t cancel it and call another time. Again, LBC digital ONLY to park money. I will stick with Alterna bank, at least there, everything works.

May 31, 2022
7:46 pm
Shawguy
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If you ever send a message through online banking, then prepare for possibly getting no response. Or in my case two weeks later telling me to call anyways. The call centre agents they try to help but most times seem unequipped to help you with any technical or request outside of a balance inquiry. In my case I have been having interac e-transfer issues since March and I have contacted them several times and they keep just closing my case and not fixing the issue.

So, if you never have to deal with customer service.... it's fine, website is buggy and will constantly kick you out, but there are MUCH better banks out there in my opinion.

July 7, 2023
8:25 pm
LeBronBMT
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I just tried to send an e-transfer to my LBC dig account. When I click accept e-transfer it sends to a page saying "You have been logged out due to refresh action". I login again, and the money is not deposited.

I have no idea where the money is now.

July 7, 2023
8:54 pm
AltaRed
BC Interior
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You can recall your e-transfer if it has not yet deposited. Try that.

LBC Digital is the most pathetic, buggy website that I can imagine. I really cannot imagine LB re-inventing itself by pulling its digital operation back in-house will make any difference whatsoever. Someone needs to put a stake through the heart of this operation.

July 7, 2023
9:07 pm
Norman1
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There could be a fee to recall an Interac e-Transfer. I would click on the link in the e-mail again and try to deposit the e-Transfer again, either at LBC Digital or at another financial institution.

I agree. LBC Digital is an appalling implementation of online banking from Laurentian Bank. Especially since Laurentian Bank is not a startup and been around for over 170 years!

July 7, 2023
11:19 pm
Miked
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I can't e-transfer to my LBC dig account... only eft work. Believe U need to have an LBC CHECKING account to receive e-Xfers at LBC dig (I'll try dig it up --see below). This prob why Ur getting kicked out of site (which it does alot) ... hopefully U can get Ur money thru at their (presently have) great rates with BOC next week and all!!

There U go (2nd part web page)
https://www.lbcdigital.ca/en/receiving-interac-e-transfer

July 8, 2023
6:24 am
Norman1
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Yes, we found out earlier that one needs to open an LBC Digital chequing account to receive Interac e-transfers.

July 8, 2023
7:42 pm
BlueSky
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AltaRed said

LBC Digital is the most pathetic, buggy website that I can imagine.

Precisely the reason I ditched them over a year ago.

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