COVID-19 Situation

Frequently Asked Questions (FAQ)

1.Is your branch network open?

Most of our branches remain open since they offer services considered essential. However, branch opening hours have been reduced from 10 a.m. to 2 p.m. for an indefinite period.

Please consult the branch locator before visiting one of our locations.

Despite some closures, our teams are here and ready to help you with your financial needs. Please do not hesitate to contact your advisor. Book your telephone appointment.


2.Which branches are closed to the public?

As this time, nine branches are temporary closed. Your advisor is ready to help you with your financial needs over the telephone. Book your telephone appointment. For an urgent banking transaction (e.g. replacement of a client card), you can visit one of the alternative branches suggested below:

Branches temporary closed Alternative branches
#002 – Sainte-Catherine East branch
1155 Sainte-Catherine St. East, Montreal
#001 – Downtown Montreal point of service
1360 René-Lévesque Blvd. West, Montreal

3.Are your branch hours affected?

We continue to be there for our customers. However, opening hours for branches and points of service still open to the public are now 10:00 a.m. to 2:00 p.m., Monday to Friday. Advisors remain available to help you with your financial needs at all times, during regular hours. Customers are asked to make an appointment before showing up.

Our branch opening hours may be reduced without notification due to the unpredictable nature of the situation. Please consult the branch locator before visiting one of our locations.


4.What options do I have to avoid visiting a branch?

Several solutions are available to do your banking 24/7:

  • LBCDirect electronic services, both online and over the phone.
  • The Telebanking Centre, by calling 1-800-252-1846.

Your advisor is ready to help you with your financial needs. Banking transactions throughout our entire network can be completed by telephone. Book your telephone appointment.


5.Are the ABMs still functional?

Yes, most of Laurentian Bank’s ABMs are operational, including those located in shopping malls. Note that the following ABMs in these locations are closed indefinitely:

ABMs temporarily closed
400 Beaubien Street East, Montreal 1675 Notre-Dame Street, Lachine
5487 Monkland Avenue, Montreal 491 Ste-Marie Street, Marieville
5000 St-Denis Street, Montreal 1025 Du Séminaire Blvd. North, Suite 2, St-Jean-Sur-Richelieu
253A Dorval Avenue, Dorval 320 Bank St., Brownsburg
11497 Gouin Blvd. West, Roxboro  

To find the closest alternative ABM, please check the locator. Note that Laurentian Bank ABMs are subject to the increased cleaning measures and they are being stocked as usual.


6.Have you implemented specific hygiene measures at your points of service?

Yes, we have taken several preventive measures to protect our clients and employees, such as adding alcohol-based antiseptic gel dispensers and sanitizing wipes, Plexiglas installation, adding floor markers to help individuals respect the two-metre distance and increasing the frequency of cleaning services. Gloves and masks were also available to employees to ensure everyone’s safety.

Furthermore, access to our branches and points of service is prohibited for anyone who has recently travelled, who has been in close contact with someone who has travelled or is exhibiting symptoms, or who are themselves experiencing symptoms. We are constantly re-evaluating the situation to provide a safe environment for our employees and customers.


7.Have you implemented special hygiene measures in the ABM areas?

Yes, we have increased the cleaning frequency. In addition, anyone wishing to use ABMs must comply with social distancing rules by keeping a minimum distance of two metres when waiting for and when using ABMs. We are constantly re-evaluating the situation to provide a safe environment for our employees and customers.


8.What is Laurentian Bank doing to help its clients who are struggling financially during this difficult time?

Laurentian Bank Financial Group (LBCFG) is committed to supporting its personal and business customers during the COVID-19 pandemic. We are committed to working with them to help find solutions. As everyone’s situation is unique, they will be carefully reviewed on a case-by-case basis and relief measures – such as payment deferrals of up to 3 months, with the possibility of a further 3-month extension or special loans – may be available We invite our clients in immediate need to contact their advisor or account manager to discuss solutions tailored to each situation.

To request a payment deferral for a mortgage for the first time, please make a request before September 30, 2020.

If the three-month deferral on your mortgage payments is coming to an end shortly and you’re experiencing financial hardship, you could be eligible for an additional three-month deferral. Please fill out this form before September 30, 2020 to make a request.

To request a payment deferral for a personal loan, book a telephone appointment.

To request a payment deferral for a Visa credit card, fill out this form.


9.Should I continue to make payments on my financing products?

Yes, you must continue to make payments on your financing products, otherwise you will be deemed in default of payment. If your financial situation is affected by the COVID-19 crisis, it may be possible to defer your mortgage or personal loan payments to avoid such an issue.

To request a payment deferral for a mortgage for the first time, please make a request before September 30, 2020.

If the three-month deferral on your mortgage payments is coming to an end shortly and you’re experiencing financial hardship, you could be eligible for an additional three-month deferral. Please fill out this form before September 30, 2020 to make a request.

To request a payment deferral for a personal loan, book a telephone appointment.

To request a payment deferral for a Visa credit card, fill out this form.


10.I am facing financial hardship as a direct result of COVID-19. What are my mortgage (conventional or insured) payment deferral options?

We want to work with our clients during these difficult times. During the COVID-19 crisis, Laurentian Bank is offering the following payment relief solution for mortgages (conventional & insured): Principal and interest payment deferral and property tax payment deferral (if applicable) up to 3 months, with the possibility of a further 3-month extension. In addition, NO fees will be charged for payment deferral or non-sufficient funds.

To request a payment deferral for a mortgage for the first time, please make a request before September 30, 2020.

If the three-month deferral on your mortgage payments is coming to an end shortly and you’re experiencing financial hardship, you could be eligible for an additional three-month deferral. Please fill out this form before September 30, 2020 to make a request.

Similar measures may apply for business clients. Please contact your account manager so that he or she can review your situation and assess the options available to you.


11.I want to request a mortgage payment deferral, but my regular payment is due in less than two business days. What will happen?

As processing time can take up to five business days, your regular payment will be drawn as usual. The payment deferral will then take effect on the date of your next regular payment. If you feel you are having problems making the upcoming payment, please contact your advisor, who will review the various available options with you.


12.I want to renew my mortgage or postpone my mortgage payments, but my co-borrower is hospitalized. What do I do?

If the hospitalized person is available by phone, your advisor will arrange a conference call or separate calls with all co-borrowers to obtain their consent before finalizing the transaction.

If the hospitalized person is in intensive care or cannot be reached, our compliance team will analyze the situation to assess the options available to you.


13.I am facing financial hardship as a direct result of COVID-19. What are my personal loan payment options?

We want to work with our clients during these difficult times. During the COVID-19 crisis, Laurentian Bank is offering the following payment relief solution for personal loans: Payment deferral (capital and interest) of up to 3 months, with the possibility of a further 3-month extension. In addition, NO fees will be charged for payment deferral or insufficient funds.

To request a payment deferral, book a telephone appointment.


14.I applied for a payment deferral. I would like to cancel it because my financial situation has improved. How do I go about this?

You can cancel your payment deferral. However, before going ahead, we suggest that you weigh the various options available to you to maximize your financial health between now and the end of the deferral period:

  • Create an emergency fund with the money saved;
  • Apply the amount saved to your mortgage, in excess of the principal, once the payment deferral period is over;
  • Apply the amount saved to higher-interest debts;
  • Take advantage of the opportunity to contribute more to your RRSP, RESP or TFSA.

To determine the best strategy for you, please contact your advisor.


15.If I defer my mortgage or personal loan payments, will my credit rating be affected?

No, payment deferrals will not be deemed a default on payment and they will not affect your credit rating.


16.I am facing financial hardship as a direct result of COVID-19. What are my Line of Credit (LOC or HELOC) payment options?

We are still confirming our Line of Credit (LOC, RRSP or HELOC) payment relief options. For the moment, please make minimum payments.


17.I am facing financial hardship as a direct result of COVID-19. What are my Visa Credit Card payment options?

Cardholders experiencing financial difficulties may be eligible to a 3-month deferral of your minimum monthly payment (free of charge) and a temporary interest rate reduction to 10.99% will be automatically applied to your next 3 account statements. A credit limit increase is also available to clients that will request one.

To request a payment deferral, fill out this form.

If the minimum monthly payment deferral period on your card has expired or ended, you may apply for an additional three-month extension for a total of six months. Note that certain conditions apply. To request an extension, fill out the request form

For questions regarding our Visa relief measures, consult the FAQ – Visa.

If you hold a Visa Business card, please contact your branch or account manager who can help review the various options available to you. We review each situation on a case-by-case basis. Other relief measures may be available, including the Canada Emergency Business Account (CEBA).


18.I need more available credit. What financing solutions can you offer?

We have various products that can help you. Depending on your personal situation, we can increase the limit of your current credit products or provide you with additional options. Please call 1-800-252-1846 to speak with one of our customer service representatives, or call your advisor or account manager directly. Our team will be happy to provide a solution that works best for you.


19.I am struggling financially due to the COVID-19 crisis and my cheque/pre-authorized payments may be refused due to insufficient funds. What should I do?

If you are experiencing financial hardship because of the pandemic, we may, on an exceptional basis, issue stop payments even if your account balance is insufficient to cover the amount of the cheque or pre-authorized payment. The Bank has implemented a range of relief measures to help its clients experiencing hardship. We invite you to contact your advisor or branch to learn about the best solutions available to you


20.Will there be a slowdown in the processing of financing files?

We are striving to process all requests as quickly as possible given the current situation. As the situation evolves, we will share information with our customers and the public on our websites, social media and/or by email.


21.My mortgage is due for a renewal/should be paid within a few days/weeks. Can you guarantee that it will be processed in a timely fashion?

Our teams are prioritizing customer requests and we are striving to process all requests as quickly as possible given the current situation. A member of our team will contact you to follow up on your file.


22.Can I still access my available funds through ABMs?

Yes, most of Laurentian Bank’s ABMs are operational and being supplied as usual. We also want you to know that we have increased the frequency with which our ABMs are cleaned during the COVID-19 pandemic.


23.I do not have access to the Internet. How can I make my minimum payments?

LBCDirect services are also available over the phone. You can also use your client card to do your banking at Laurentian Bank and THE EXCHANGE® ABMs - at no additional cost. Both services are available 24/7. To find an ABM near you, consult the ABM locator.


24.How can I keep up to date with Laurentian Bank notices?

Please ensure that you've provided up-to-date contact information, including your email address, so we can send you the latest updates. You can easily change your contact information under LBCDirect's "My profile" section or by dialing 1-800-252-1846.


25.I worry about my investment portfolio. What can I do?

We understand that you may be concerned about the current market situation and we recommend that you contact your advisor for guidance. As a financial professional, they will be able to review your investor profile and ensure that it aligns with your investment portfolio. Since each investor’s situation is unique, they will also be able to advise you on the best strategies to adopt. Book your telephone appointment.

This article may interest you : "COVID-19 and market volatility - Risk or opportunity?"


26.Are my assets with the Bank protected?

Rest assured that your assets are well protected. The Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which protects your insurable deposits. We remain a strong financial institution. For more information, visit https://bit.ly/2xKN7nZ.


27.I think I’ve been a victim of fraud. What should I do?

If you believe you have been a victim of fraud or phishing, please contact our Fraud Prevention Centre (514-284-7570 or 1-800-263-8980). Here how to spot a scam to avoid becoming a victim: https://bit.ly/2Qyig4O


28.I have questions about my Visa travel insurance, who do I contact for more information?

Medical emergencies: If you are abroad in a situation of medical emergency, please contact your insurer's medical team and assistance specialists by phone. The phone numbers to reach this service are generally at the bottom of your travel insurance distribution guide.

Other questions: Please consult the information available on the website at http://canassistance.com/en/faq-covid-19/, including the FAQ updated regularly. You can also contact customer service agents at 1-877-287-8334.


29.Can I use my LBC Visa credit card to make contactless (payWave) payments for grocery and pharmacy purchases of more than 100$?

Yes, you can now use your Laurentian Bank Visa card to make contactless (payWave) payments for transactions of up to $250 in grocery stores and pharmacies only. However, contactless payment limits are also determined by merchants. This measure is being implemented temporarily to help our customers during the COVID-19 pandemic.


31.I live in a retirement home and I need to go to a branch or meet with my advisor. What should I do?

In order to comply with the provincial government’s directives, access to our branches and points of service is prohibited to people under mandatory quarantine. Since these directives ask people who live in retirement homes to avoid going outside without supervision, we ask that you talk to your advisor about remote transactions and the other options offered to you.


32.I have a student loan and my cash flow has been reduced during the COVID-19 crisis. What can you do to help me?

Due to COVID-19, the government is postponing student loan debt repayment, which means that you will have no payments to make during the next six months. In addition, no interest will be calculated or added to your loan debt. There is nothing you need to do. The measure automatically applies to all Aide financière aux études clients, including those whose accounts are in collection. For more information, visit https://www.quebec.ca/en/education/student-financial-assistance/repayment/.


34.I’d like to set up CRA direct deposit to receive the Canada Emergency Response Benefit. How do I go about this?

Sign up for direct deposit in just a few clicks through LBCDirect. Note that to receive it, you will need to set up a CRA "My Account" on the Canada Revenue Agency (CRA) site.

For questions regarding direct deposit, consult the FAQ – Direct Deposit​.


35.I signed up for direct deposit to receive the Canada Emergency Response Benefit (CERB) but I received a cheque by mail for my first payment. Why?

Due to an exceptional delay, you have received your first benefit payment by mail. Rest assured however that future payments will be made by direct deposit, using the account information you provided. To verify the direct deposit information that’s on file for you, please go to the Canada Revenue Agency (CRA) website and sign in to “My Account”.


36.If I deposit my Canada Emergency Response Benefit cheque at the ABM, will there be a hold on my funds?

Depositing this cheque is subject to the holding policies in effect based on your personal limit (personalized rating) and the amount of the cheque. For more information, please contact your advisor or branch.

Direct deposit is a quick and convenient way to receive the Canada Emergency Response Benefit (CERB) and other refunds from the Canada Revenue Agency (CRA) without your funds being held. To sign up for direct deposit, go to LBCDirect or call the Telebanking Centre at 1-800-252-1846.

Refer to the section on Direct Deposit.