Recent Experience with LBC Digital | LBC Digital | Discussion forum

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.

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.

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.

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.

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.

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.

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!

Yes, we found out earlier that one needs to open an LBC Digital chequing account to receive Interac e-transfers.