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Official LBC Digital No-fee Chequing and HISA Thread (3.30% p.a., as at November 20, 2019)

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  • Dec 11th, 2019 11:37 am
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Official LBC Digital No-fee Chequing and HISA Thread (3.30% p.a., as at November 20, 2019)

Source press release: https://www.globenewswire.com/news-rele ... ealth.html

Link: https://www.lbcdigital.ca/

Coming on the heels of the soft launch of the B2B Bank direct-to-consumer digital banking and HISA offering, which had been only in the brokered deposits and banking space, Laurentian Bank yesterday launched its no digital-only offering outside of Quebec. It's essentially the same as Motive Financial's, Alterna Bank's, Simplii Financial's, and Innovation Credit Union's offering, though their HISA is a market-leading 3.30% (tied with subsidiary B2B Bank and besting perennial leader Motive Financial).

As with their subsidiary, B2B Bank, you get free and unlimited Interac e-Transfers, surcharge-free access to The EXCHANGE ATM Network, and debit card and cheques (cheques at standard cost, but available through cheaper alternatives like ASAP-Cheques.com and DiscountCheques.com).

Per the press release, which @jacnel and I were wondering, "Beginning in early 2020, the offer will be promoted in Quebec." They also plan, "(i)n the coming months, (to) continue to develop more digital products, services and transactions to enhance (their) offering and stay on top of (their) customers' needs." So, it seems likely that as they complete their full-scale banking system migration to Celero Systems' Temenos core banking system and to a new online banking platform, they likely plan to basically turf the old Laurentian Bank website.

See also: B2B Bank No-fee Chequing and HISA Official Thread

Cheers,
Doug
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someweirdo wrote:
Nov 21st, 2019 4:46 am
*moseys over to B2B thread*

1. copy

2. paste
Long threads on related bank offerings help no one. It is better to have a separate thread for this offering from a separate bank, even if both are owned by Laurentian Bank.

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Doug
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dmehus wrote:
Nov 21st, 2019 10:24 am
Long threads on related bank offerings help no one. It is better to have a separate thread for this offering from a separate bank, even if both are owned by Laurentian Bank.

Cheers,
Doug
On that note, does anybody know if they are covered separately by the CDIC? Meaning are they insured as separate entities if you had money in both?
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cartfan123 wrote:
Nov 21st, 2019 6:22 pm
On that note, does anybody know if they are covered separately by the CDIC? Meaning are they insured as separate entities if you had money in both?
Yes, exactly, as @Samiracle confirms below. With LBC Digital, you will be banking with a virtual branch transit of Laurentian Bank. With B2B Bank, you will be banking with a virtual branch transit of B2B Bank. Because they use separate online banking portals, you'll need to have separate customer logins; however, once signed up with each, it be further possible to book GICs with multiple Laurentian issuers (at LBC Digital), such as LBC Trust and Laurentian Trust. Likewise, at B2B Bank, you can separately book GICs and HISAs, at least in the brokered deposit channel, through B2B Bank, B2B Trust, B2B Trustco, and similar.

Lots of possibilities here.

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I find Laurentian's approach very odd. I'm curious why they decided to have two separate virtual methods of pretty much offering two virtual banks that are more or less identical. The only thing I would see Laurentian-branding being better is to attract Quebec customers who are aware of the brand. And I am assuming with the Laurentian version, there could be access to other services such as Mackenzie funds via the Series LB etc. that are found with the main banking, but if that was the case, then why have B2B Bank be stand alone to begin with when that can continue to be an advisor/agency service?

Either way, the fact that Laurentian is still going with 3.3% with the main line version seems to suggest that they are really trying to expand market share here. We'll see if they succeed.

Just seems convoluted and expensive for Laurentian in the long run
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User455957 wrote:
Nov 21st, 2019 8:33 pm
Meanwhile, Tangerine is a sinking ship
Said like a baws.

Fortunately not all of CIBC's poison is tickling Simplii. But...most of BNS's catastrophic magic is rotting the tangerine.
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titaniumtux wrote:
Nov 21st, 2019 9:15 pm
Said like a baws.

Fortunately not all of CIBC's poison is tickling Simplii. But...most of BNS's catastrophic magic is rotting the tangerine.
I abandoned Tangerine a long-time ago when they were playing the new money rate game where the higher rate only applied on funds over $50K.
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Guess it didn't like my iPad for the Equifax verification worked on PC browser.
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xgbsSS wrote:
Nov 21st, 2019 8:04 pm
I find Laurentian's approach very odd. I'm curious why they decided to have two separate virtual methods of pretty much offering two virtual banks that are more or less identical. The only thing I would see Laurentian-branding being better is to attract Quebec customers who are aware of the brand. And I am assuming with the Laurentian version, there could be access to other services such as Mackenzie funds via the Series LB etc. that are found with the main banking, but if that was the case, then why have B2B Bank be stand alone to begin with when that can continue to be an advisor/agency service?

Either way, the fact that Laurentian is still going with 3.3% with the main line version seems to suggest that they are really trying to expand market share here. We'll see if they succeed.

Just seems convoluted and expensive for Laurentian in the long run
Yes, I like the LBC Digital branding better as well, @xgbsSS, and I agree with you it's a bit odd they didn't consolidate things. Mind you, even Manulife Bank doesn't let you book Manulife Trust GICs and HISAs online, at least not yet. It's not completely unprecedented, but it's definitely odd.

On the branding and website layout, I really like how concisely LBC Digital has presented their sundry service fees and product features. It reminds me of FatCow web hosting.

Cheers,
Doug
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titaniumtux wrote:
Nov 21st, 2019 9:15 pm
Said like a baws.

Fortunately not all of CIBC's poison is tickling Simplii. But...most of BNS's catastrophic magic is rotting the tangerine.
I don't disagree with you, but what are the major downsides of Simplii Financial, @titaniumtux, since you bank with them? For me, it's only really three things:
(1) External account linking process is cumbersome relative to a plethora of competitors (bank and credit union);
(2) Surcharge-free ATM network is small-ish; it's ahead of only TD Canada Trust and BMO Bank of Montreal. Decent coverage in rural areas, but their spate of branch closures and loss of co-branded ATM partnerships has hurt them slightly; and,
(3) Lack of transaction narrative detail on online banking histories and e-Statements.

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dmehus wrote:
Nov 22nd, 2019 2:39 pm
I don't disagree with you, but what are the major downsides of Simplii Financial, @titaniumtux, since you bank with them? For me, it's only really three things:
(1) External account linking process is cumbersome relative to a plethora of competitors (bank and credit union);
(2) Surcharge-free ATM network is small-ish; it's ahead of only TD Canada Trust and BMO Bank of Montreal. Decent coverage in rural areas, but their spate of branch closures and loss of co-branded ATM partnerships has hurt them slightly; and,
(3) Lack of transaction narrative detail on online banking histories and e-Statements.

Cheers,
Doug
@dmehus what I don't like about Simplii:
  1. rates are okay (or should I say okurrrrr). Promo rates can be good, but quickly irrelevant with Laurentian subbies and the likes
  2. Their ATM's still use the easily cloaked green card slots (fraudsters can easily cap 'em with their own readers), and one of their ATM's recently "hanged" on me. That aside, I love their ATM availability in YOW (mega lousy in Gatineau, though...and Gatineau is a terrific destination for some cash transactions)
  3. My only gripe with externally linked accounts is no nicknames, and can't see their transfers in upcoming transactions. Setup process is a bit annoying, but you do it once and it's done
  4. bill pay list is missing the exotic payees (too exotic for Simplii), meaning linking Simplii to PayTM is imperative
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