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Unable to transfer money out
March 30, 2020
4:38 pm
DeltaJoel
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It's March 30 today and I can't transfer money out to a linked (outside) account. I've tried all day. I get error messages. I've contacted them and haven't heard back. It's pretty bad when you can't get at your money from a bank. In Canada. These days.

March 30, 2020
5:26 pm
Bud
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I had no problem today

Welcome to the board

March 30, 2020
5:50 pm
Norman1
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LBC Digital seems fine tonight. Just a bit sluggish.

The transfer funds part of the site seems fine. Whatever the problem was, it is now gone.

March 30, 2020
6:00 pm
GICinvestor
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DeltaJoel said
It's March 30 today and I can't transfer money out to a linked (outside) account. I've tried all day. I get error messages. I've contacted them and haven't heard back. It's pretty bad when you can't get at your money from a bank. In Canada. These days.  

Try deleting history and cookies, or a different browser or try incognito.

April 9, 2020
12:20 pm
emax1234
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After months giving Laurentian's B2B and LBC services a trial (tempted by their initial promo rates), I have to pull the plug. Service levels are far too low. The website is broken more often than not. This isn't just an inconvenience but occasionally makes it impossible to transfer funds when needed.

I can't risk having my deposits held hostage like this, sometimes waiting for days until CS reps are back in the office to respond to calls. Most contact with CS staff has not been particularly responsive - far less helpful than my experience with other financial institutions.

I want a reliable online service that works when I need it - including evenings and weekends - and not a 1980s-style phone-for-service only to get a bureaucratic/unhelpful response. The small interest bonus (which has now dropped) simply doesn't compensate for the hassle, risk and wasted time.

Not recommended.

April 9, 2020
1:26 pm
Adam1
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emax1234 said
After months giving Laurentian's B2B and LBC services a trial (tempted by their initial promo rates), I have to pull the plug. Service levels are far too low. The website is broken more often than not. This isn't just an inconvenience but occasionally makes it impossible to transfer funds when needed.

I can't risk having my deposits held hostage like this, sometimes waiting for days until CS reps are back in the office to respond to calls. Most contact with CS staff has not been particularly responsive - far less helpful than my experience with other financial institutions.

I want a reliable online service that works when I need it - including evenings and weekends - and not a 1980s-style phone-for-service only to get a bureaucratic/unhelpful response. The small interest bonus (which has now dropped) simply doesn't compensate for the hassle, risk and wasted time.

Not recommended.  

At only 0.05% less interest right now, you can get reliable service from Motive Financial. I've never had to call them even once for problems transferring money or with online banking. One time I locked myself out from online banking and they resolved it quickly over the phone, asking a few security questions. They have the autodeposit and request money options for etransfers which a lot of small banks don't have. Most banks have a daily etransfer limit of 3k sent, but Motive allows you to use your entire 10k weekly limit on the same day, if you send multiple etransfers no more than 3k each. Free unlimited transfers between chequing and savings, so you use the chequing account for withdrawals since the savings account only allows 2 free per month. Chequing account has free unlimited etransfers.

Adam

April 9, 2020
1:55 pm
SaverJunior
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DeltaJoel said
I can't transfer money out to a linked (outside) account.  

I had similar experience but in the other way. Last year December, I pushed (initiated) some money from Tangerine to B2B. After 10 days, the deposit still did not show up on my B2B account. I called B2B and they said they never received it. After submitting my Tangerine bank statement and records, eventually B2B bank posted the deposit back to my account although much later. They did not back date the deposit which I think they should as it was their mistake. So lost some interest, almost lost the principal if I had not keep track of the money. It was an eye opener. With your shared experiences, I am more in conviction of random shady practices than technical glitches. I won't come back to this unless 3.30% or above is offered and make sure CDIC limit is in check.

April 10, 2020
11:35 am
emax1234
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It's amazing to me how different financial institutions can give such radically different customer service experiences. You would think a large-ish company like Laurentian Bank of Canada (they offer both the B2B and LBC accounts) would have the resources to train their people properly and implement decent systems. Seems not.

I called Laurentian twice, after two requests via their online form went unanswered, and both conversations went nowhere. "The system says X so I can't help you", "there's nobody more senior I can transfer you to", etc. Absolutely zero attempt to resolve issues or even answer questions.

I can't help but compare with my experience at DUCA, an Ontario-based credit union, who regularly offer very good interest rates (right now 3% thru Jun 30). Their online system is also limited but that's because it's older software, not poorly-designed and flaky new software like at B2B and LBC. So I have to call DUCA to transfer funds to the special 3% promo account. I've called them a half dozen times over the past couple of years and every time has been excellent, they get the job done and are pleasant people to deal with.

Talk about a tale of two cities.
It was the best of times: DUCA
It was the worst of times: B2B and LBC.
I would say avoid anything offered by Laurentian Bank.

April 10, 2020
12:12 pm
Norman1
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It looks like Laurentian Bank had inexperienced people create their LBC Digital and B2B Bank web sites.

Unnecessary load on their system from needlessly showing the recent transactions across all my accounts on the main page.

Maybe I signed in to transfer funds. I just need to see the last balance on my accounts and then maybe see the last few transactions on the one account I selected based on balance.

Maybe I signed in to download the monthly statement. Their site will fetch the transactions three times! Once to show all the recent transactions of all the accounts on the main page. Again, after I select the account to generate the statement for. Third time, after I request the monthly statement for download!

My impression is the extra interest on the LBC Digital and B2B Bank accounts is "guinea pig" pay.

April 10, 2020
3:36 pm
Bill
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Didn't someone on here once say Laurentian is the only unionized bank?

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