Summary of key changes resulting from the acquisition of Laurentian Bank’s portfolios by National Bank

The purpose of this section is to provide an overview of the main changes resulting from National Bank’s acquisition of Laurentian Bank’s portfolios. It is also designed to help you quickly locate the information most relevant to you in this guide. However, it is not an exhaustive presentation of the differences and should be supplemented by the detailed sections of the guide, which describe all the changes by product and service.

 

Although this document highlights some changes in order to support you in the transition, it is important to note that the integration with National Bank gives you access to even more comprehensive products and services, additional digital functionality and an expanded banking network across Canada. Beyond the changes that are presented, you will have access to a comprehensive offer designed to help businesses grow, optimize their operations and achieve their ambitions.

 

Section 1 of the guide (pages 10 to 22) presents the general framework, including contractual terms, day‑to‑day banking, access to online and in‑branch banking, and the main operational impacts on payments and transactions. It also describes the transitional measures put in place to ensure business continuity, including the temporary redirection of certain services (cheques, direct deposits, wire transfers) and your obligations with respect to resetting recurring and post‑dated payments.

Important transitional measures

The following temporary redirection measures require your bank account number to be updated with your suppliers quickly:

 

  • Direct deposits, pre‑authorized debits and EDI credits to your Laurentian Bank account will be redirected to your National Bank account for a maximum period of 6 months.
  • Wire transfers received in your Laurentian Bank account will be redirected to your National Bank account for a maximum period of 3 months.

 

Order cheques from National Bank as soon as possible. Cheques drawn on your Laurentian Bank account will be redirected to your National Bank account for a maximum period of 6 months.

 

For more details on transitional measures, please refer to section 1.5 of the guide (page 19).

Welcome offer

As part of the migration, National Bank is pleased to provide you with a welcome offer designed to facilitate your transition and help ensure your banking activities continue without interruption. Until February 28, 2027, you will benefit from the following favourable terms:

 

  • No monthly fees on your current accounts and packages.
  • Unlimited debit and credit transactions in your bank account with no fees, including cheque deposits and withdrawals at National Bank ABMs.
  • No fees on deposit contents (banknotes, coins, cheques).
  • No charge for the key provided to access the around‑the‑clock depository.
  • Your first cheque order free of charge (up to $200).
  • No charge for the SecurID token provided to access wire transfer services, depending on your eligibility.
  • No one‑time enrolment fee for the Government Remittance service.
  • An additional 15% discount on monthly electronic funds transfer (EFT) volumes for pre‑authorized debits or direct deposits.
  • If applicable, National Bank will cover the cost associated with using Technicost for manual EFT entry.
  • Refund of salary deposit service fees.
  • No fee for paper account statements for CAD and USD current accounts.

 

Products adapted to your needs:

If the package or products assigned to you do not fully meet your needs, you can change them at any time after the migration and choose others that suit you better.

Summary of key differences by product and service

The migration entails certain functional and operational differences between Laurentian Bank’s products and services and those of National Bank. The table below shows Laurentian Bank’s products and services along with comparable products at National Bank to which they will be migrated, as well as an overview of the main differences that have been identified. This is not an exhaustive list. We encourage you to consult the detailed sections of this guide for a complete overview of the differences by product and service.

  Laurentian Bank product National Bank product Main differences
Packages on National Bank current account (CAD)

Section 2.2.1 of the guide (page 25)		 — Business Complicité
— Business 10
— Business 25
— LBCDirect monthly fees		 National Bank Digital Package Separate fee structure, with standard packages and inclusions depending on usage levels.
— Business 45
— Business 65		 National Bank Hybrid Package
— Business 90
— Business 150
— Business 180
— Business 225
— Business 300		 National Bank Premium Package
National Bank current accounts

Section 2.2.2 of the guide (pages 26 and 27)		 — Business Current Account (non‑interest‑bearing) National Bank current account (CAD)
  • National Bank does not offer fixed rates in an interest‑bearing current account. If you currently have a fixed rate, it will be replaced by an equivalent variable rate.
  • Separate fee structure.
  • Laurentian Bank’s reference rates are replaced by National Bank’s reference rates.
— Day by Day Plus US Dollar Account National Bank current account (USD)
— Business Current Account (interest‑bearing) (CAD and USD)
— More Interest Savings Account		 National Bank interest‑bearing current account (CAD and USD)
— Consolidated Business Current Account and Day by Day Plus US Dollar Account (interest‑bearing and non‑interest‑bearing) National Bank consolidated current account (CAD and USD)
— Trust account for professionals National Bank current account with trust account program
GICs and term deposits

Section 2.3 of the guide (pages 28 and 29)		 GICs and Term Deposits National Bank Redeemable CAD GIC – 12 months, redeemable after 30 days
  • Laurentian Bank GIC products will be converted to National Bank GIC products while maintaining the remaining terms and honouring the rates applied prior to conversion, with new investment account numbers.
  • Cash account held at National Bank does not bear interest.
  • National Bank does not offer the option of receiving the principal and interest by cheque at maturity on GICs.
National Bank Non‑Redeemable CAD GIC
Credit cards

Section 3 of the guide (page 30)

Your Laurentian Bank Visa™ business credit card is not affected by the migration weekend and will remain functional during and after the migration weekend.		 Visa business credit card Cashback credit card
  • More information about your credit card, including timelines, terms and conditions and any actions to take, will be communicated at a later date.
  • Bill payments: If you wish to make payments on your Laurentian Bank Visa credit card using the bill payment feature available on National Bank online banking for business, you will need to add “Laurentian Bank Visa” as the supplier.
Credit card payments Update
Demand financing

Section 4.1 of the guide (pages 32 and 33)		 Business line of credit (CAD) Operating line of credit (CAD)
  • Laurentian Bank’s prime rates (CAD and USD) are replaced by National Bank’s prime rates.
  • Interest management for demand financing differs at National Bank, particularly in terms of collection and associated payment requirements.
Business line of credit (USD) Line of credit on account overdrafts (USD)
Demand Loan (CAD) Demand loan (CAD)
Term financing

Section 4.2 of the guide (pages 34 to 36)		 Fixed‑ and variable‑rate term loan (CAD and USD) – without revolving privilege Fixed‑ or variable‑rate term loan (CAD and USD)
  • Laurentian Bank’s prime rates (CAD and USD) are replaced by National Bank’s prime rates.
  • National Bank has different term financing arrangements, including calculation of interest, payment dates and treatment of rate changes.
Fixed‑ and variable‑rate term loan (CAD) – with revolving privilege Revolving term credit (CAD)
Commercial mortgage loan (CAD) Commercial mortgage loan (CAD)
Accounts receivable

Section 5.1 of the guide (pages 37 to 40)		 Interac e‑Transfer Interac e‑Transfer
  • The Interac Request Money feature is not available at National Bank.
  • Monthly EFT payment limits will be set at migration.
  • Deposits can only be made to chequing accounts.
Wire transfer service Wire transfers (incoming)
LBC e‑Flex™ (Electronic Funds Transfer [EFT]) Electronic Funds Transfer (EFT) – Pre‑Authorized Debits
Accounts payable

Section 5.2 of the guide (pages 41 to 46)		 Interac e‑Transfer Interac e‑Transfer
  • SecurID authentication is required to approve online outgoing EFTs.
  • Post‑dated and recurring transfers to and from your Laurentian Bank bank accounts (including transfers between your Laurentian Bank accounts) will not be transferred.
  • Bill payment and government remittance beneficiaries will be transferred. They should be validated and any missing ones should be added, if applicable.
  • Bill payment and government remittance beneficiaries will also need to be reviewed and added as necessary.
  • Cheques can only be issued from current accounts.
Wire transfer service Wire transfers (outgoing)
LBC e‑Flex (Electronic Funds Transfer [EFT]) Electronic Funds Transfer (EFT) – Direct deposits or salary deposit
Government remittances Government remittances
Bill payments Payments (bill payments/other billers)
Official cheques Bank drafts
Foreign currency accounts and foreign exchange

Section 6.1 of the guide (pages 47 to 49)		 Foreign currency account Business account in foreign currency
  • If you have access to Laurentian Bank’s foreign exchange operations platform, then you will have access to a specialized online platform, supported by experienced currency traders, enabling flexible management of foreign exchange transactions.
  • No payment of interest or overdraft protection.
  • No minimum amount required per agreement.
  • Forward exchange rates based on the spot rate and adjusted for market conditions.
  • Settlement on a fixed date or over an open period of time (30 to 180 days).
Spot FX transactions Spot FX transactions
Foreign exchange risk solutions – Forward contracts Foreign exchange risk solutions – Forward contracts
Foreign exchange risk solutions – Collars Foreign exchange risk solutions – Collars
Foreign exchange risk solutions – Average‑rate forward contracts Foreign exchange risk solutions – Average‑rate forward contracts
Foreign exchange risk solutions – Other foreign exchange derivative products Foreign exchange risk solutions – Other foreign exchange derivative products
International trade services

Section 6.2 of the guide (page 50)		 Letters of guarantee / Standby letters of credit Letters of guarantee / Standby letters of credit International trade products will be maintained during migration.
Letters of credit or documentary credit Documentary credit
Documentary collection Documentary collection
Creditor insurance

Section 4.3 of the guide (page 36)		 Loan and line of credit insurance provided through the insurer Industrial Alliance Insurance and Financial Services Inc. Loan and line of credit insurance provided through the insurer National Bank Life Insurance Company. Your creditor insurance related to your loans and lines of credit will be maintained, with a new insurer: National Bank Life Insurance Company (NBLIC). You will receive the new product summaries and certificates as part of the migration.

This concludes the summary of your changes. We encourage you to consult the following sections of this document for more information.

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