What Laurentian’s move to NBC could mean in your accounts

While the duration of the transition will not be yet known, Ratehub.ca’s day-to-day banking expert Natasha Macmillan says customers should expect to receive email or mail notifications regarding their accounts, loans or other banking products with Laurentian. She says that an acquiring bank generally goals to attenuate disruption as its goal is to retain customers and maintain high levels of customer satisfaction.

For example, when HSBC Canada was acquired by RBC two years ago, Macmillan says, customers robotically switched to RBC products with minimal or no motion required on their part. However, customers must be aware that some products may change as a part of the transition, corresponding to fee structures, rates of interest and account features.

“It’s good to start by researching your personal information … so that when you transition to these products you know how they perform,” Macmillan said. This means taking a look at the brand new bank’s savings and investment tools, corresponding to a guaranteed investment certificate or a mortgage rate of interest, and see if that is what you are in search of.

This is also a very good opportunity to search for other options. “Any time a transition occurs, this is a good opportunity to assess whether your current accounts and products still meet your needs,” Macmillan said. “The most important thing is that you don’t have to keep all your financial products with a single bank.”

National Bank will expand its customer base because it acquires $10.9 billion in Laurentian’s retail loans and deposits and $1.4 billion in small and medium-sized business loans and deposits, increasing National’s total assets because the smallest of the Big Six banks by roughly $594 billion. National Bank also recently purchased Canadian Western Bank. This deal was accomplished in February.

Macmillan said it is vital to maintain your banking profile updated with up-to-date address, email and phone number information so you do not miss any essential communications. It also warned against fraudulent emails and advised caution when sharing sensitive banking information in an emailed forum. “This could be an occasion where we would see an increase in fraud, so just an additional reminder to be vigilant,” Macmillan said.

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