LBC Digital: Another online-only offering from Laurentian Bank group | Page 6 | LBC Digital | Discussion forum

butterflycharm said

MapleOne said
3. I was told there was no limitation on pulls initiated on the LBC Digital side to bring in money from other linked accounts. I was told there was a $50,000 limit on a push out from LBC Digital to another linked account, but that there was no limit on the number of pushes that could be done.
 

Thanks @londonguy and @key123 for weighing in.
#3 above there is another rule. You can't take more than $50,000 out and if you want to (not sure if it is at one transaction or anything above $50,000) they have to make a "case" and their admin will approve after two days to move the money out. I hope they do this to ask client to stay and give client better rates rather than fcukin around with the money (that would be very dirty for a bank but then again they rob...)  

AFAIK the $50,000 is only a "per transaction" limit and you can send out as many as you want -- it's the same routine as some other FIs, e.g. DUCA. However, if you envision it being a problem one day, then get out in front of it now and open a LBC chequing account (takes like 60 seconds if you already have a HISA) and then set up a link to LBC chequing in an external account. When it's time to leave LBC, move the money out of LBC savings into chequing, then go to your target FI and do an unlimited external pull on the LBC chequing account. Same drill with B2B

Slybanking said
The site is mentioning not available for Quebec before 2020. Anybody from Quebec tried to open an account anyway?  

B2b accepts Québec residents. If you want LBC, you will have to wait for 2020

Alexandre said

AlainJF said

Once you are on the website and on your HISA, is there a place where you see the current interest rate ? (something like "account details")
 

Perhaps, if we should ask nicely we'll have LBC digital included in HISA chart of this web site, separately from B2B?

Till then, as B2B and LBC appear to be as close as Siamese twins, checking current B2B interest rate in HISA chart table to see if LBC rate moved should suffice.  

They have to be separate, since LBC doesn't allow Québec residents until 2020, but B2B allows QC.

Just a headsup and warning for others who open account with LBC. My wife tried to move money from LBC to questrade and she was doing via bill method. On her first attempt she received a error message to try later. She tried again after sometime but received same error message. On her sixth attempt system finally accepted the transection. This morning when she logged in to her account she was in shocked because her account was showing -250,000. Yes 300,000 showed up into the questrade account. How can you trust on such a crapy system. How the heck 250000 was pulled from a account that had only 50K cash?????!!!!!!!!

Canadianbull said
Just a headsup and warning for others who open account with LBC. My wife tried to move money from LBC to questrade and she was doing via bill method. On her first attempt she received a error message to try later. She tried again after sometime but received same error message. On her sixth attempt system finally accepted the transection. This morning when she logged in to her account she was in shocked because her account was showing -250,000. Yes 300,000 showed up into the questrade account. How can you trust on such a crapy system. How the heck 250000 was pulled from a account that had only 50K cash?????!!!!!!!!  

Thanks for the heads-up, I have 3 Questrade accounts. I hope you didn't transfer into a registered account.

Bruford said

So probably LBC paid the bill 6 X $50K but there was only $50K available, hence the -$250K balance.  

Dont you think all extra transactions should be canceled due to insufficient funds. LBC told my wife they will reverse the extra 5 transactions within next 48 hours.

Norman1 said

Canadianbull said
Question: If you'll need to pick one FI in-between B2B and LBC. Which one would you pick or recommend?

I would pick LBC Digital. Its accounts are with Laurentian Bank of Canada which has a DBRS debt rating of A(low) and S&P debt rating of BBB.

In contrast, B2B Bank is unrated.  

I wouldn't worry, B2b is owned by Laurentian and in my case, I have to go with B2b because LBC does not accept Québec residents until 2020.

picassocat said
When you see the 5 year GIC rate at 2,25% you know that the 3,30% rate on HISA accounts wont last.  

ORLY? If you can predict what interest rates will do in the future, why are you giving this priceless information away? You could be a billionaire.

I finally got everything setup with my LBC Digital HISA. It took a full week for me requiring many calls to LBC support. Good support, I must say, but I experienced many technical issues that I did not have before with any other FI for similar registration process.

So far, in my experience with this registration process, I would stop right there, but the advertised 3.3% interest rate is still interesting.

Before I move any money there, does someone know the limits of the money transfer OUT of LBC Digital HISA?

I did not find anything on their website about the transfer OUT limits, if any.