About bank
Laurentian Bank is a financial institution founded in 1846 in Montreal. It is operating in Quebec primarily but also has commercial and business banking offices in Alberta, British Columbia, Nova Scotia, and Ontario.
Laurentian Bank serves 1.5 million clients across Canada, and the number of its employees exceeds 2,800.
Features
Laurentian Bank is a Schedule 1 financial institution.
All Laurentian Bank deposits are safe and secure as long as the bank is a registered member of the Canada Deposit Insurance Corporation.
Laurentian Bank also has a membership with Interac.
In 2022, the bank’s assets reached CAD 48 billion.
Pros and cons
Let’s outline the benefits of Laurentian Bank:
A variety of personal and business banking solutions
No charges for electronic paper statements
Discounts and other advantages for students and seniors
A $300 welcome bonus for opening a chequing account
Competitive interest rates with savings accounts
Business solutions for specific market segments
Here are the potential drawbacks:
To make a deposit at an ATM, you must use paper envelopes
Monthly fees apply to bank accounts
Monthly fees for paper statements
If you have no activity with your bank accounts, a lack of activity charge will apply
Limited geographic availability of Laurentian Bank branches
Products
The following personal banking products are available at Laurentian Bank:
Chequing accounts for everyday banking needs with either a fixed or unlimited number of monthly transactions included
High-interest savings accounts to earn interest of up to 0.25% on balances of $2,500 and more
U.S. dollar accounts to perform transactions in USD and accumulate interest on balances of $1,000 and more
Youth accounts with zero monthly fees and unlimited transactions included
Seniors accounts with zero monthly fees when making up to 4 transactions per month
Students Advantage offers featuring an $8 discount on monthly fees and access to financial privileges like student lines of credit and credit cards with zero to $3.50 monthly fees
60+ Advantage offers for seniors with a $5 discount on monthly fees
Credit cards of different types with benefits like premium perks, higher cash back, reward points, or lower interest rates
Mortgage solutions including fixed-rate and variable-rate mortgages, mortgages with cash back, equity lines of credit, and retirement lines of credit
Lines of credit with lower interest rates than credit cards have and a revolving credit limit
Personal loans of $3,500 and more for any of your borrowing needs
RRSP financing to optimize your RRSP contributions and catch up on an unused contribution room
Investment products, including guaranteed investment certificates (GICs), term deposits, and mutual funds
Registered plans to help you save and grow money for various life goals — your retirement, your child’s education, and many more
Products for business offered by Laurentian Bank include:
Current accounts in Canadian dollars, U.S. dollars, or euros to conduct your daily banking transactions
U.S. dollar chequing accounts to conduct transactions like deposits, withdrawals, pre-authorized debits, and cheques
Business packages designed to fit the transaction needs of different business clients
Visa business credit cards featuring the longest payment terms across the Canadian financial institutions, overall credit limits of up to $25,000, and up to 1.25% cash back
Short-term financing solutions like lines of credit, pre-authorized revolving credits, and bank acceptance financing
Long-term financing including term loans for expansion or modernization projects and small business loans for a variety of business goals
Investment products including fixed-rate investments (term deposits and GICs), short-term investments (treasury bills, banker’s acceptance, and commercial paper), and long-term investments like bonds, stripped coupons, and residuals
Services
Businesses can reach out to Laurentian Bank for the following services:
Day-to-day banking transactions services included in bank accounts to make deposits, withdrawals, bill payments, and money transfers
Payment services including pre-authorized payments, accelerated payments, international electronic data interchange (EDI), deposit collection, and account collection for cash inflow, and pre-authorized payments and direct deposits for cash outflow
The 24h Deposit Box allowing to make business deposits 24/7
International services for businesses operating in foreign markets including exchange transactions (spot, forward, and swap) and international transaction settlement through issuing letters of credit, providing corresponding banking, and funding transfers (either in Canadian dollars or in USD)
Real estate financing options tailor-made for your business to implement your residential, industrial, or commercial real estate projects
Equipment financing solutions crafted by a dedicated team specialized in your industry
Industry-specific financing solutions tailored to your business reality covering manufacturing, food processing, daycare centers, and general insurance industries
