What Laurentian’s move to NBC could mean for your accounts – MoneySense

While the duration of the transition is not yet known, Natasha Macmillan, Ratehub.ca’s daily banking expert, says customers should expect email or postal notifications about their accounts, loans or other banking products with Laurentian. She says an acquiring bank typically aims to minimize disruption because its goal is to retain customers and maintain high customer satisfaction.

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

“It’s good to do some digging into your personal data…so that when you’re transitioned to those products, you know how they’re performing,” Macmillan said. This means that you look at the new bank’s savings and investment instruments, such as a guaranteed investment certificate or a mortgage interest rate, and see whether that is what you are looking for.

This could also be a good opportunity to look for other options. “Anytime a transition occurs, it’s a good opportunity to evaluate whether your current accounts and products still meet your needs,” Macmillan said. “The most important thing to keep in mind is that you don’t have to hold all your financial products with one bank.”

National Bank will see its customer base expand by acquiring Laurentian’s $10.9 billion in retail loans and deposits and $1.4 billion in small and medium-sized business loans and deposits, adding to National’s approximately $594 billion in total assets as the smallest of the Big Six banks. National Bank also recently purchased Canadian Western Bank. That deal closed in February.

Macmillan said it’s important that your banking profile is updated with current address, email and phone number information so you don’t miss important communications. She also warned about fraudulent emails and suggested caution when sharing sensitive banking information on a forum sent via email. “This could be an opportunity where we could see fraud increase, so it’s just another reminder to be vigilant,” Macmillan said.

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