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Was the Laurentian Bank 3.3% savings account a bait and switch?
February 18, 2020
9:17 am
krwilson
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Was the Laurentian Bank 3.3% savings account a bait and switch?

Article written by Rob Carrick of the Globe and Mail today, Feb 18th, 2020.

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-was-the-laurentian-bank-33-savings-account-a-bait-and-switch/

You do need to be a subscriber to see the entire article.

February 18, 2020
12:05 pm
Bruford
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Do you work for Globe and Mail and are pulling a bait and switch with the article?

February 18, 2020
4:08 pm
Dean
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krwilson said

Was the Laurentian Bank 3.3% savings account a bait and switch?

. . .   

Yes, of course it was ... yet another example of short-term Bait Rates.

I don't know about you, but I've got better things to do with my time & money.

sf-cool " Live Long And Prosper " sf-cool

February 18, 2020
7:17 pm
2of3aintbad
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A bait and switch would be, for example, if the FI encouraged you (giving whatever reason) to lock into a GIC when you tried to open the 3.3% savings account. I don't see how that is applicable here.

February 18, 2020
7:29 pm
Joe
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3.5 months at 3.3%...not a bait and switch in my books. Now hopefully 2.8% for 3 more months.....times are good.

Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.

February 19, 2020
2:30 am
Loonie
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I think that in this case the "switch" is to a lower rate, so, yes, bait and switch. And more switching to come probably, but perhaps not as quickly. With their unreliable technology, money will quickly disappear if they go much lower. At that point, they may indeed try to switch you to GICs and/or to one of their "advisors".

February 19, 2020
7:12 am
Bud
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A high yield Lb2b gic would be nice

February 20, 2020
8:52 pm
picassocat
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I never kept all my day-to-day banking money here because their system is unreliable, but it’s getting better. I want to pay my bills NOW, I want to e-transfer out NOW, not tomorrow. I keep getting disconnected; I have to login repeatedly. They may get it right eventually, but I have to keep money elsewhere, in a bank that WORKS ALL THE TIME.

February 21, 2020
5:34 am
Bruford
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Yes it was a bait and switch for me.

Bait - the extra interest I gained compared to all other HISA

Switch - what I will do when their interest rate drops below other HISA

Personally I have never had a problem with my LBC account.

February 21, 2020
12:06 pm
smayer97
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Bruford said
Yes it was a bait and switch for me.

Switch - what I will do when their interest rate drops below other HISA

 

Then that means not yet ;)...since they will still match the highest offer out there at the moment (barring DUCA @ 3% until May 30; only in Ontario).

February 21, 2020
1:16 pm
Doug
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krwilson said
Was the Laurentian Bank 3.3% savings account a bait and switch?

Article written by Rob Carrick of the Globe and Mail today, Feb 18th, 2020.

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-was-the-laurentian-bank-33-savings-account-a-bait-and-switch/

You do need to be a subscriber to see the entire article.  

Absolutely not. The offer was outstanding for more than six months.

Manulife Bank, on the other hand, was more likely to be a bait-and-switch offer, as it was amended retroactively less than a month after offered, and subsequently capped.

Tangerine, Simplii Financial, and EQ Bank temporary "new customer" promo offers are, in effect, bait-and-switch.

This is neither of those.

Cheers,
Doug

February 21, 2020
1:50 pm
Koogie
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Doug said
Tangerine, Simplii Financial, and EQ Bank temporary "new customer" promo offers are, in effect, bait-and-switch.
This is neither of those.
Cheers,
Doug  

EQ ?! I think not. They are the antithesis of that. I had the same 2.30% rate with EQ for the last two years or more ! How many times did Tangelo change their rates in that time ?

As to LBC ? Yeah. That was a bait and switch for sure. Might as well change their name to Barnum Bank.

February 21, 2020
2:12 pm
Dean
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Koogie said

EQ ?! I think not. They are the antithesis of that. I had the same 2.30% rate with EQ for the last two years or more ! How many times did Tangelo change their rates in that time ?

As to LBC ? Yeah. That was a bait and switch for sure. Might as well change their name to Barnum Bank.  

.

    Yup ^

sf-cool " Live Long And Prosper " sf-cool

February 21, 2020
2:43 pm
dommm
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krwilson said
Was the Laurentian Bank 3.3% savings account a bait and switch?

Article written by Rob Carrick of the Globe and Mail today, Feb 18th, 2020.

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-was-the-laurentian-bank-33-savings-account-a-bait-and-switch/

You do need to be a subscriber to see the entire article.  

Please please, I want more of those bait & switch 3.3% deals.

February 21, 2020
7:48 pm
Inxses
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I've been with b2b for a few months, no problem setting it up and absolutely no problems since. All FI's are a bait and switch if you think about it, we all move or have moved our money around over the years. With the 2.8% b2b interest rate starting in March I'll continue to keep it there until something better comes around. We all have done the same thing year after year, we're all hooked with the bait & switch or we wouldn't be on these sites to find out where to put our funds with the best rates.

February 21, 2020
9:12 pm
Adam1
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picassocat said
I never kept all my day-to-day banking money here because their system is unreliable, but it’s getting better. I want to pay my bills NOW, I want to e-transfer out NOW, not tomorrow. I keep getting disconnected; I have to login repeatedly. They may get it right eventually, but I have to keep money elsewhere, in a bank that WORKS ALL THE TIME.  

What do you mean when you say their system is unreliable? Did etransfers and bill payments take long to process? Website under maintenance a lot?

I gave up trying to open an account with LBC/B2B a while ago. The Equifax verification questions were absurd and it kept failing. Never had a problem with online applications for other banks. Their customer support was useless lol.

I've had my Motive Financial account at 2.8% since I started using it almost a year ago and it's been reliable for me. I keep all my liquid money there. I can access money easily by free etransfers. They also have a tfsa account at 2.4%.

Adam

February 22, 2020
10:20 am
Norman1
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There was no bait-and-switch.

As Rob Carrick wrote in response to that reader question, those who applied for the LBC Digital 3.3% HISA actually did get a HISA that paid 3.3%.

February 22, 2020
11:02 am
Bill
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Exactly. People comment but no-one's even yet defined it here, i.e. bait and switch is understood to mean luring with one thing to sell another. Pretty clearly not what happened here. And everybody is aware that a normal feature of savings accounts is that their interest rates can go up or down at any moment and that today's rate, unless explicitly stated otherwise, is not guaranteed tomorrow.

February 22, 2020
2:36 pm
Doug
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Norman1 said
There was no bait-and-switch.

As Rob Carrick wrote in response to that reader question, those who applied for the LBC Digital 3.3% HISA actually did get a HISA that paid 3.3%.  

Bill said
Exactly. People comment but no-one's even yet defined it here, i.e. bait and switch is understood to mean luring with one thing to sell another. Pretty clearly not what happened here. And everybody is aware that a normal feature of savings accounts is that their interest rates can go up or down at any moment and that today's rate, unless explicitly stated otherwise, is not guaranteed tomorrow.  

I generally agree with both of you, especially Norman in this case. Bait-and-switch offers can be offers that are duly paid according to the terms of the offer, but they're usually qualified by being exceptionally gimmicky and/or ultra-short term, and often limited to one per customer (usually for life). In this case, there was none of those. The offer lasted for, what, 6-7 months? Hardly a gimmick or bait-and-switch. 😉

Cheers,
Doug

February 23, 2020
7:09 pm
picassocat
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Adam1 said
What do you mean when you say their system is unreliable? Did etransfers and bill payments take long to process? Website under maintenance a lot?
  

Early on, there were so many problems, it was almost impossible to use this bank for day to day affairs (unable to login, no e-transfers in or out, site unavailable, no immediate updates when paying bills, some functions blocked by simple chrome extension etc.). It’s much better now, just disconnects and e-transfers not available. I want to put all my money with them, but I keep a separate account elsewhere. Alterna Bank has no special offers that I know of, just a reliable bank, currently at 2.20 % and everything can be processed thru your HISA, so you do not need a checking account, unless you want to write a check.

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