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I'm planning to switch from National Bank to Scotia, purely for convenience purposes.

 

I thought it would be a simple process. Application --> credit check --> transfer.

 

But obviously, scotia is being a pain at this point. They said they will let me know tomorrow. If they dont give me the full 200k, I am not switching.

 

Who are you talking to? I switch to scotia and had 0 problems.

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Who are you talking to? I switch to scotia and had 0 problems.

 

 

I'm speaking to the professional LOC specialist apparently. He just happened to set it up for a friend of mine. So I dont know wts going on. Sigh. I hate when people waste my time.

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yeah their scumbags, my bank completely violated their own contract multiple times… it's a lot worse than i say on here, i remember when fido pissed their pants after trying to collect 3 g for calls i made from the Philippines, and i found old legal statements from a previous case regarding deliberately ignoring red flag soft ware, that a woman's husband recorded an exec telling him at a conference… left me with precedent to file corporate criminal complaint of knowingly profiting from crime over some amount, they phone me the next day n bill was gone. lol i first did something like this at 17 when my job refused to pay me, i wouldn't have gained anything but they would have lost 20-35 g if i just made complaint… money would have went to shorted employees… just to rub it in i said i want it in by 8 am… yeah… growing up poor made me realize the law library was my best friend.

 

yeah, they do treat you quite differently, my dads a senior n came here impoverished at 16, i remember her using technical terms around him when we were younger for over a decade, almost like someone with self worth problems putting themselves on a pedestal by being rude to immigrants… n the reason was because my mom got really sick, so had to hire ppl to look after me… i always come to his now meetings know and use intelligentsia vocabulary, latin shorthand then laugh with her as if i expect she got it too, then be like oh, i'm sorry, i do a lot of editing for ppl, i meant to say (something really simple)… then i talk about how bad it would be for someone who works in a bank and know the cycle of debt to have inordinate loans because she does, then say something like you must warn new employees to manage their money well, you've been here so long. i'm so seeminlingly oblivious that i actually seem unintentionally aloof and complimentative.

 

i'm only this rarely, lol, i'm usually uber chill… welfare social workers are worse, lol.

 

 

Totally see you point muse

 

Growing we were poooor! Bankruptcies etc...

 

I myself have a family/kids etc... a lot of debt. Walked in and got a LOC (some problems there) then went to my previous bank to pay off a huge debt...they were shocked... in fact banker ran up to me outside asking if i needed a credit card and im preapproved cause i just paid this loan out. he was even calling me to discuss my LOC with my new bank WTF ... a few months ago when i didnt have an extra 50 dollars and asked to change the date of my next loan payment they said NOOOOOO

 

its just numbers though

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Anyone know of UWO contacts for TD Bank? Calling the general number for LOC info has been a waste of time thus far.

 

Don't quote me, but when I talked to a TD rep she said $200k and you will need a co-signer. We didn't get into the details of credit cards, fees, or whatever because I wasn't satisfied with the $200k and the co-signer requirement.

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Don't quote me, but when I talked to a TD rep she said $200k and you will need a co-signer. We didn't get into the details of credit cards, fees, or whatever because I wasn't satisfied with the $200k and the co-signer requirement.

 

Yeah I cut my conversation with them short as well... the rep seemed rather rude and was unhelpful over the phone.

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Does anyone know how the LOC works for MD/PhD students? I have heard that banks are often confused on what the dual program is and its an extra process to have them give you a LOC.

 

How does that work? Can you guys get OSAP (its weird because you are undergrad AND grad students at the same time)? Considering UofT covers tuition for MD/PhD students and then gives them $18 000/yr to cover expenses for the entire duration of the MD/PhD program, you may not need a line of credit, especially if you can get OSAP too...

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How does that work? Can you guys get OSAP (its weird because you are undergrad AND grad students at the same time)? Considering UofT covers tuition for MD/PhD students and then gives them $18 000/yr to cover expenses for the entire duration of the MD/PhD program, you may not need a line of credit, especially if you can get OSAP too...

 

My understanding from my phD/MD friends it doesn't have much of an effect really. You still get the same LOC - and since OSAP is independent from the rest of the system you can still get that each year. Now what the school is paying you can impact your max soap amount but of course you are getting effectively an income regardless so that makes sense :)

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Hi guys. I just wanted to say thank you to all those who posted and compiled so much information. It really has made the process much easier!

are you approved/have the LOC done already?

 

edit: I was approved for the full 250k. surprising, given the 3-year program. I was only offered the inifinite avion for with annual fee waived for one year. I'll be going for the signature reward then, with no annual fee.

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My understanding from my phD/MD friends it doesn't have much of an effect really. You still get the same LOC - and since OSAP is independent from the rest of the system you can still get that each year. Now what the school is paying you can impact your max soap amount but of course you are getting effectively an income regardless so that makes sense :)

 

Yuppers will confirm this, just sorted everything out at TD. Same MD LOC as everyone else (was worried they'd be concerned at the 7 vs 4 year timeline but they weren't).

 

Did people with TD get the Travel Infinite card with the annual yearly fee waived for all years? Or just the first year? This sounds greedy but did anyone get anything else this year? Maybe I'll ask for a green umbrella, they looked really nice (the dude had one behind his desk) :P

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Yuppers will confirm this, just sorted everything out at TD. Same MD LOC as everyone else (was worried they'd be concerned at the 7 vs 4 year timeline but they weren't).

 

Did people with TD get the Travel Infinite card with the annual yearly fee waived for all years? Or just the first year? This sounds greedy but did anyone get anything else this year? Maybe I'll ask for a green umbrella, they looked really nice (the dude had one behind his desk) :P

 

you can actually get one of those!

 

I thought someone in my class got it for all years (the visa that is). I mean you don't need that visa so much in year one - you need in year four when you are flying all over the place :)

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Guess I will put in what I know here.

 

For scotia, you are approved 200k (specifically 50k/year) Lock at prime till one year after residency. I think additional 15k/year during residency (you should be paid a salary by then) Choice of the scotia passport (gold one) or the momentum (cashback one). If you have exisiting credit card, they deduct that amount from the 200k unless you cancel those cards. If you want to keep, then they go 200k minus whatever amount and divide that by four. If you are applying during higher years, ie. second year, they will go 200k/3.

 

cheers.

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Guess I will put in what I know here.

 

For scotia, you are approved 200k (specifically 50k/year) Lock at prime till one year after residency. I think additional 15k/year during residency (you should be paid a salary by then) Choice of the scotia passport (gold one) or the momentum (cashback one). If you have exisiting credit card, they deduct that amount from the 200k unless you cancel those cards. If you want to keep, then they go 200k minus whatever amount and divide that by four. If you are applying during higher years, ie. second year, they will go 200k/3.

 

cheers.

 

Has anyone been approved for 250k from Scotia? I think that's essentially the only difference between RBC and Scotia. I will be spending very conservatively but based on the cost of attendance + interest + osap from undergrad that I would like to pay off after I graduate, I think this is close to 200k.

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you can actually get one of those!

 

I thought someone in my class got it for all years (the visa that is). I mean you don't need that visa so much in year one - you need in year four when you are flying all over the place :)

 

Yep, you can definitely get it waived every year. I did it just recently. :D

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Has anyone been approved for 250k from Scotia? I think that's essentially the only difference between RBC and Scotia. I will be spending very conservatively but based on the cost of attendance + interest + osap from undergrad that I would like to pay off after I graduate, I think this is close to 200k.

 

I can't find the thread I was reading earlier today about the Scotia interest rate during the payback period so I'm going to post it here. I'm holding my Scotia docs in hand. My package was up and running and I took my first advance last Friday. I was approved for $200K, $5000 Gold Passport Visa fee waived indefinitely, $5000 overdraft, free account, free bank drafts etc. Note that the small print in section 6 of my docs says that once I am in the payback period I have 10 years AT PRIME to pay it back if the balance is $10k or higher; 5 yrs if lower. Payback at prime is a big plus!

 

Scotia will also allow you another $75K ($15k per yr to max of 5 yrs) once in residency as long as your credit is still good and they will also give you an additional $30K to purchase a car in residency.

 

My experience has been great! BTW I got mine in my very small home town with the small business rep who was excellent.

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I don't think I am switching to scotia anymore. Apparently, they figure that you need 50k per year of schooling. So if you have 2 years left, then you need 100k, plus wtv amount you borrowed from your previous LOC.

 

so basically, if you switch into scotia, you have no room to pay off your student loans at the end of your four years.

 

I cannot believe how ridiculous this rule is.

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err I thought whatever you don't use from your previous years gets carried over, so by 4th year you still have 200k, minus whatever you've used

 

you do - but sometimes it seems if you switch LATE they are more restrictive. I have had people forced to reduce their loc at scotia and keep part of the loan elsewhere.

 

That being said I have always found it possible to actually get a full switch over later in the game ( myself included) with a little pushing :) I certainly have the full amount and switched post first year.

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