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Posts posted by ScotiabankMedsAdvisor

  1. 4 minutes ago, SunAndMoon said:

    I was told the grace period was 12 months by the advisor I spoke to a few weeks ago. Is this a recent change?


    4 minutes ago, SunAndMoon said:

    I was told the grace period was 12 months by the advisor I spoke to a few weeks ago. Is this a recent change?

    No it’s been that way for about a year.  Wasn’t well documented within the policy until this week.  You are still eligible for it regardless as long as you haven’t already gone into repayment.

  2. 10 minutes ago, insomnias said:

    Can't any student get the student banking advantage plan? It's what I've had for the past few years as a non-med student.

    In other words: what's stopping you from double-dipping and just setting up two chequing accounts (one ScotiaOne with the LOC; one SBAP)?

    Edit: Ah, well I suppose if you're in residency, you can't really keep the SBAP.

    I personally always set up the student account now as it allows unlimited e-transfers.

  3. 2 hours ago, GTA Scotiabank Med Advisor said:

    We don't have any information on anything like that right now, unless maybe @ScotiabankMedsAdvisor knows something I don't. :)

    I do not know of any additional changes coming.  As it stands today the plan is follows.

    -300,000 max limit available entirely at setup

    -free unlimited chequing account for school, residency/fellowship,  grace period

    -Passport Infinite & Gold Amex with fees waived for duration of school, residency/fellowship & grace period

    -Fees on personal account and credit cards continue to be waived afterwards if you setup the professional plan

    -2 year grace period

    -Option to convert to professional line.  To my knowledge we are the only bank that has this option.

    For any dental students reading the thread the max limit for dental school has increased to 350,000.

  4. 47 minutes ago, finallymed2018 said:

    Hi guys. Just wanted to add my 2 cents!

    I have been a lurker on this thread for a long time (probably because I'm super frugal with my money) and I see that a lot of people in this forum are debating between the Scotia LOC and the RBC LOC. I have been leaning towards Scotia for a long time but I just spoke with an advisor from RBC who clarified the following:

    Yes, the perks of Scotiabank's credit cards and no mandatory monthly LOC payment seems very attractive at first. However, what many students don't account for is compound interest.  Since Scotiabank adds your monthly interest to the principal borrowed amount at the end of every month, your interest is being compounded. 

    Let's say that both banks are offering you interest at prime - 0.25 calculated daily with prime being 3.45: 

    $10000 * (3.45%-0.25%)/365*30 = $26.30

    With Scotiabank, you are borrowing $10000 in September to pay for your school tuition. At the end of September, your balance becomes $10026.30. At the end of October, your balance becomes 10026.30 + 27.25 = $10053.55. At the end of November, it is $10079.99, and by Christmas, your balance is: $10,107.36. You have accumulated $107.36 interest.

    Now with RBC, you are also borrowing $10000 in September to pay for your school tuition. However, you are required to pay your interest at the end of every month. Thus, at the end of September, you must pay $26.30. This means that your principal borrowed balance REMAINS at $10,000. At the end of October, you pay an interest of $27.18. November, you again pay $26.30, and December, you pay $27.18. For the four months, you have paid a total of $106.96 in interest. 

    This might seem minimal, but over 4 years of MD + 2-5 years of residency...

    (Let's go with $100,000 for 6 years)

    With compound interest (Scotia): you will be paying at total of $ 121,166.03 ($21,166.03 in interest over 6 years). 

    With no compound interest but monthly payments (RBC), you will be paying a total of $119200.00 ($19,200 in interest over 6 years). 

    Note that it will may take 10...20 years until your line of credit is fully paid off. Maybe I'm just overthinking (maybe you can save just as much with the credit card perks...) but I just wanted to share my knowledge with the rest of you because reading some of your comments these past few months have been very helpful. Thanks for reading : )

    PS: If someone can confirm this is true, that would be great and would really help me pick a suitable institution! 

    My advice to clients on this is to always use up any money they have sitting in their bank accounts before using the line of credit.  

    As medical students you do not have the time to work so where does the money come from to make the interest payments.  It comes from the line of credit.  On paper other banks lines of credit don’t compound because you have to make interest payments.  Don’t be fooled by this as you are going to take money from the line to make the interest payment.

  5. 20 minutes ago, Eudaimonia said:

    I suppose it could be taken from your credit card limit, or from LOC limit (latter was my case). Keeping in mind that the minimum limit for their credit cards is 5000 and you can only have 10000 of revolving credit with Scotiabank. To have any more would decrease your LOC limit (did that happen to you?), so it seems the limits on these two products are sort of interchangable 

    As of today any outside revolving credit that you wish to keep open reduces the line of credit limit.  The reduction is dollar for dollar for the limits you keep open.  Outside credit cards do not affect the credit card limits at all.  This is also supposed to be tweaked for the better with the changes.

  6. 1 hour ago, Organeer said:

    Almost 3 weeks since the acquisition of MDFinancial by Scotia. Scotiabank advisors: I can see that the bank has yet to make an official announcement and I get that not too much detail can be released here prior to that. Would you be able to provide any colour on whether or not it is worth waiting for the announcement before signing up, particularly if we are not in a rush to get LoC funds?

    I can’t speak to the acquisition of MD as I know about as much as you at this point.  The changes that are coming were already in process before the acquisition took place.

     I have been in touch with the product people to get an update and it sounds like we should have the updates by the end of the month.

  7. 13 minutes ago, Laughter said:

    Any chance the upcoming changes will include the Momentum Infinite?

    I don’t care much for rewards points and airport lounges, would prefer cash :)

    To my knowledge they will not include the Momentum Infinite.

    Right now you may not think that the rewards and lounges are useful.  But once you are travelling for clerkship, electives and interview tour the points are as good as cash.  They pay for your hotels and flights so you don’t have to.  You will spend a lot of time in airports as well.  All of the graduating students think the perk of the lounges is great with how much they are in airports.

    With respect to your other question yes RBC requires you to make interest payments on a monthly basis.  We on the other hand simplify things an the interest is automatically added to your line of credit balance.  Line of credit is completely open so you are able to make payments just not required to.  I’ve seen a lot of students credit be damaged as they forgot to make there interest payments at other banks.


  8. 1 hour ago, Eudaimonia said:

    Also the two cards Scotia offers are under the same rewards program. They essentially offer you the Amex which has an aggressive 4x points on certain categories, but give you a backup Passport to use with merchants that don't accept Amex. So in this case, splitting expenses gets you more rewards than using either card alone. 


    Not to mention the full suite of travel insurances.  No premium on foreign currency transactions and 6 free lounge visits.  The redemption options are also way more flexible than most travel cards.  They can be redeemed for any travel purchase as long as you pay for it on the card.  This can be a hotel, flight, rental car, all inclusive resort.  These can also be booked through any booking site.

    Also the fees are waived on both cards as part of the plan for the duration of school, residency/fellowship & grace period.  Not to mention they continue to be waived after the grace period if you set up the professional plan.

  9. 8 hours ago, Organeer said:


    ScotiabankMedsAdvisor / Rod, would you be able to comment on what Coronaxtra's saying?

    I will do my best to explain.  The Momentum Infinite card is not part of plan.  The fee on this card is not to be waived.  To give you an idea I have the Momentum Infinite and I cannot get the fee waived on my card.

    My opinion is the combination of the Passport Infinite & Gold Amex is the best cards that come with any of the plans.  The Amex gives you 4 times the points on gas, groceries, dining & entertainment.  Most gas stations and major restaurants accept Amex.  Passport Infinite comes with 2 times the points on groceries, dining & entertainment and transit purchases.  No 2.5 % premium on foreign currency transactions.  Also you receive 6 free lounge visits per year.  The points on the cards can be combined and redeemed post booking.  

    I hope this helps as I know there seems to be a lot of confusion.  Sorry for my grammar i’m on a field trip with my son and listening to 40 screaming kids ;)

  10. 56 minutes ago, fz90 said:

    @ScotiabankMedsAdvisor Thanks for the updates, they are much appreciated! I have a question with regards to LOC eligibility. If I have a mortgage under my name (as a co-owner) for my primary residence does that jeopardize my eligibility for the LOC? Would it affect the amount of money I can qualify for with a LOC? 



    My pleasure.  Having a mortgage will not affect the amount that you will be approved for on the professional line.

  11. 1 hour ago, rmorelan said:

    Ha - I am out of touch - although one of your colleagues last week said it was still broken up (new to the position I believe). 

    More examples of competition in action :)

    I see how they could be confused.  Quite a few of our professional programs have annual limits still.  Medicine is one of the exceptions to this however.

    Competition at its finest alright.  The amount of changes that have taken place over the last 10 years since I started working with medical students is astonishing.:D

  12. 38 minutes ago, rmorelan said:

    one of the reasons that isn't updated yet is some of the plans are in flux - there are both new overall adjustments being made, and some local variations (whether those are real or advisers not being fully updated on policy is sometimes a debate)

    You may not get all of that perfectly from any one bank - I mean the best travel card I believe is the Scotia one, with meets everything else you asked for except often gives out a fraction of the money each year (a large fraction mind you - no one is starving on any of these plans). RBC would typically give it all to you but has weaker cards. Those two banks are "in it to win it" mode with med students and tend to have better deals and are more responsive to adjustments the other players are making. 

    We did change our plan a couple years ago and now give access to the full approved amount up front as well.

  13. 18 minutes ago, jumbocup said:



    Have just received confirmation from my local RBC professional student LOC advisor that they do indeed convert from the student to professional following residency/fellowship. No mention of the specific interest rate though. 

    Just to confirm with RBC they don’t convert to the professional line.  You must reapply and the limit approved is based on income.  Our conversion is preapproved and you would maintain the same limit.

  14. 40 minutes ago, canada747 said:

    Does anyone know when Scotia requires the principal of the loan to start being paid? RBC has it as 2 years after residency, but can't find anything on the Scotia site.

    Ours is 2 years after residency/fellowship.  With the option to convert to a professional line of credit.  It’s important to note that we include fellowships as most banks do not.

  15. 58 minutes ago, rmorelan said:

    Ha, you are keeping us in suspense! 

    I am still trying to organize a central place to store all the facts about the LOCs on the forum to make things clearer. Post exam I will try to pull every thing there. 

    I know it wasn’t suppose to take this long.  As I mentioned before I am impatiently waiting as well.  You would think me calling them every day  would speed up the process :angry:

  16. 13 minutes ago, PhD2MD said:

    BS, especially getting letters from the other banks, haha. Also, you don't need to close non-Scotia credit cards BUT you're total revolving credit can only add up to 15k (so if you've got 5k somewhere else, they can only give you 10 between your cards).

    My suggestion would be to just get another rep (even if you can't meet them in person) who gives you the best deal upfront without having to haggle. If this guy is a hassle before you're his customer, I'm worried about how he'll be after you've signed. I recently helped a UBC student connect with my rep (who I'm very partial too) even those she's across the country. PM me if you're interested.

    Some of this is correct.  As of today any outside credit cards have to be closed to obtain the max line of credit.  If you want to keep them open that is fine as well but it reduces the maximum line of credit limit by the limits you keep open.  Stay tuned as this is another small tweak coming with the changes.  I would just keep the cards open and reduce your limit and have the advisor do an amendment once the changes are made.

    With  respect to the letters from CIBC and BMO the only thing I can think of is that you did an application with them recently.  There are people out there that trick the system and get more than one line so this may be a precaution being taken by the underwriter as they can see another credit check.  I personally have done hundreds of professional lines however and have never seen that condition.

  17. You can certainly start looking.  The vast majority of the program will not change.  Account will remain the same with fees waived.  Credit cards will stay the same with passport infinite and gold Amex with fees waived for duration of school & residency .  2 year grace period after completion of residency/fellowship with ability to convert to a professional line.  Interest rate will remain the same.  If you set it up before the changes you can always amend it after.

  18. I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

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