Laurentian Bank — details about bank, customer reviews, hotline, customer service

Detailed information

Laurentian Bank is one of Canada's oldest banks, with over 175 years of history.

Legal name

Laurentian Bank of Canada

Short name

Laurentian Bank of Canada

Legal address

1981 Mcgill College Ave, 20th Floor Montreal

About bank

Laurentian Bank of Canada stands as a cornerstone of financial services in the Canadian landscape, boasting a rich history spanning over 175 years. Since its inception as the Montreal City and District Savings Bank in 1846, the institution has evolved into a prominent Schedule 1 bank, catering primarily to the province of Quebec while extending its footprint into key regions like Ontario, Alberta, British Columbia, and Nova Scotia. Over the years, Laurentian Bank has garnered a reputation for its commitment to serving families, businesses, and communities, embodying values centered around diversity, equal opportunity, and customer-centricity.

With a workforce of over 2,800 employees spread across Canada and the United States, Laurentian Bank operates under a unified vision of building a winning team that thrives on collaboration and innovation. As the only bank in North America to have had a labor union, Laurentian Bank has navigated various milestones, including its public listing on stock exchanges in Montreal and Toronto and strategic rebranding efforts. Embracing Environmental, Social, and Governance (ESG) principles, the bank remains steadfast in its mission to simplify operations, prioritize customer satisfaction, and make responsible choices that resonate with its values and societal expectations.

Laurentian Bank

Key features

Comprehensive Banking Services. Offering a wide range of financial products and services tailored to meet the diverse needs of individuals, businesses, and communities.
Regional Focus. Primarily serving the province of Quebec while maintaining a presence in key regions across Canada, including Ontario, Alberta, British Columbia, and Nova Scotia.
Customer-Centric Approach. Prioritizing customer satisfaction by maintaining a relentless focus on understanding and meeting the evolving needs of clients and communities.
Environmental, Social, and Governance (ESG) Practices. Incorporating ESG principles into business activities and operations, aligning with the bank's commitment to making responsible choices and contributing positively to society.

Pros and cons

Pros

Competitive Advantage. Leveraging size as an advantage to stay agile in assessing new opportunities and maintaining competitiveness within the financial services industry.

Simplified Operations. Streamlining internal processes and enhancing efficiencies to provide seamless banking experiences for customers and improve overall organizational effectiveness.

Public Listing. Shares of Laurentian Bank are publicly listed on major stock exchanges, including the Montreal Stock Exchange and the Toronto Stock Exchange.

Cons

Competitive Landscape. Competing with larger Canadian banks, Laurentian Bank may face challenges in terms of scale and resources.

Market Volatility. As a publicly listed company, Laurentian Bank's performance may be subject to market fluctuations and economic conditions.

Limited Geographic Reach. While the bank has a presence in key regions across Canada, its primary focus on Quebec may limit its accessibility to customers outside this region.

Laurentian Bank requirements

Residency Status. To open an account at Laurentian Bank, you must either be a Canadian resident with a permanent resident visa, a student visa, or a landed immigrant.
Canadian Citizenship. Alternatively, if you are a Canadian citizen, you will need to present two identification documents, one of which must include a photograph. Acceptable forms of identification include a passport, birth certificate, or driver’s license. While a passport is considered valid identification, it does not exempt you from providing a second form of identification.
Proof of Residency. Along with identification documents, you must provide proof of residency. This could include documents such as utility bills or rental agreements.
Credit Check Authorization. It's important to be aware that Laurentian Bank may request authorization to conduct a credit check as part of the account opening process. This is a standard procedure to assess creditworthiness and eligibility for certain banking services.

Access on the go

Mobile Banking App. Laurentian Bank offers a user-friendly mobile banking app, providing customers with convenient access to their accounts anytime, anywhere. The app is designed to offer a seamless banking experience, allowing users to perform various transactions, check account balances, transfer funds, pay bills, and manage their finances on the go. With robust security features, such as biometric authentication and encryption protocols, customers can trust that their personal and financial information remains protected while using the app.
Online Account Management. In addition to the mobile banking app, Laurentian Bank provides customers with access to online banking services through its website. Through the online portal, customers can view account statements, monitor transaction history, set up alerts, and update account information from the comfort of their own homes or offices. Online banking with Laurentian Bank offers flexibility and convenience, allowing customers to manage their finances efficiently without the need to visit a physical branch.
ATM Network. Laurentian Bank maintains a network of ATMs across Canada, providing customers with convenient access to cash and basic banking services. With a large number of ATMs strategically located in various cities and towns, customers can easily withdraw cash, check account balances, transfer funds between accounts, and perform other transactions outside of traditional banking hours.

Laurentian Bank products

Chequing Accounts. Laurentian Bank offers a variety of chequing account options tailored to meet the diverse needs of its customers. These accounts typically provide features such as unlimited transactions, cheque-writing privileges, access to online banking, and optional overdraft protection.
Savings Accounts. Laurentian Bank provides a range of savings account options designed to help customers save and grow their money. These accounts may offer competitive interest rates, flexible withdrawal options, and the ability to set up automatic savings plans.
High-Interest Savings Accounts. For customers looking to maximize their savings potential, Laurentian Bank offers high-interest savings account options that typically provide higher interest rates compared to traditional savings accounts. These accounts may have minimum balance requirements and offer the benefit of earning higher returns on deposited funds. Interest is either compounded annually (paid at maturity) or paid annually to the LBC Digital account of your choice.
Investment Accounts. Laurentian Bank offers investment accounts that allow customers to invest in a variety of financial products, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). These accounts may offer personalized investment advice and portfolio management services.
Credit Cards. Laurentian Bank provides a selection of credit cards with various features and benefits, including cashback rewards, travel rewards, low-interest rates, and premium perks such as travel insurance and concierge services.
Loans and Mortgages. Laurentian Bank offers a range of lending products, including personal loans, lines of credit, mortgages, and home equity lines of credit (HELOCs). These products may have flexible terms, competitive interest rates, and options for both fixed and variable rates.
Insurance Products. Laurentian Bank offers insurance products to help customers protect themselves and their assets. These products may include life insurance, disability insurance, critical illness insurance, and home and auto insurance policies.

Laurentian Bank services

Online Banking. Laurentian Bank provides online banking services that allow customers to manage their accounts, pay bills, transfer funds, and access account statements securely from any internet-enabled device.
Mobile Banking. The bank offers a mobile banking app that provides customers with convenient access to their accounts on the go. The app allows users to perform various banking transactions, including mobile check deposits, fund transfers, bill payments, and account balance inquiries.
Investment Advisory Services. Laurentian Bank offers investment advisory services to help customers achieve their financial goals. These services may include financial planning, portfolio management, retirement planning, and investment advice tailored to individual needs and risk tolerance.
Wealth Management. Laurentian Bank provides wealth management services to high-net-worth individuals, families, and organizations. These services may include estate planning, tax optimization, philanthropic giving, and legacy planning.
Business Banking. Laurentian Bank offers a range of banking services tailored to meet the needs of businesses, including business accounts, commercial loans, cash management solutions, merchant services, and business credit cards.
Financial Planning. The bank offers financial planning services to help customers create personalized financial plans tailored to their goals and circumstances. These services may include retirement planning, education planning, investment planning, and risk management.
Customer Support. Laurentian Bank provides customer support through various channels, including phone, email, and in-person assistance at branch locations. The bank's customer service representatives are available to assist with account inquiries, technical support, and general banking assistance.

Which associations does Laurentian Bank belong to?

Canadian Deposit Insurance Corporation (CDIC). Laurentian Bank is a member of CDIC, which is a federal Crown corporation that provides deposit insurance to eligible deposits held at member financial institutions. CDIC protects deposits up to certain limits in case a member institution fails.
Interac Association. Laurentian Bank participates in the Interac network, which facilitates electronic debit transactions between financial institutions and merchants in Canada. Interac provides secure, efficient, and reliable payment solutions for consumers and businesses across the country.

Laurentian Bank reliability

Assessing the reliability of Laurentian Bank involves considering various factors such as its long-standing presence in the Canadian banking sector, its adherence to regulatory requirements, and its track record in serving customers and managing financial operations. While Laurentian Bank has a rich history spanning over 175 years and is a member of key financial associations and regulatory bodies in Canada, it has faced challenges and undergone strategic reviews in recent years. As with any financial institution, customers may wish to conduct their due diligence and consider factors such as customer reviews, financial stability ratings, and the bank's response to industry changes when evaluating its reliability for their banking needs.

Editorial opinion

With a long history and regional focus primarily on Quebec, Laurentian Bank has established itself as a reputable financial institution, offering a range of banking products and services to its customers. However, recent challenges, including strategic reviews and regulatory scrutiny of Laurentian Bank Securities, may raise questions about its resilience and adaptability in a rapidly evolving industry. While some customers may appreciate its localized approach and personalized services, others may seek the broader reach and resources offered by larger national banks. Ultimately, individual preferences and priorities will play a significant role in determining the suitability of Laurentian Bank for specific banking needs.