Royal Bank LOC

[Guest DocaLatte]

Hey Everyone,

 

I will be signing up for the Royal Bank LOC at the Kingston Branch this week, and I was wondering if anybody else has, or will be getting, one at the Kingston Branch as well? The reason being is that you get a 100 dollar sign bonus if you refer another student to the LOC at the same bank. So, I'm thinking we split the 100 bucks and everyone wins. If you're interested, please give me a private messgae on ezboard and we'll figure it out after that.

 

Any takers?

 

Brian.

[Guest ET]

Brian,

 

I'll let ya know if I go with RBC. Currently, I'm trying to see who's got the best deals for med students. Right now I'm a Bank of Montreal client. Anybody have some good advice on who offers the best deals? According to the discussions I've had with banks and the details I've seen on their websites, they're all more or less the same. "Prime interest rate + 1%, only pay interest on what you take out, etc etc". I'm deciding between RBC and BMO.

 

-Elisha

[Guest DocaLatte]

Hi Elisha,

 

It's definitely a good idea to check out all the banks, but I think you may be mistaken with the LOC interest rates. For medical students, the main banks offer at Prime until one year after your residency I'm pretty sure. Not all branches know about the med student LOC, so be careful not to get roped into a less than stellar deal when there's better out there. For more info on this, make sure you check out the ezboard discussion in the Temporary Med Students board under the heading LOC. Most of the info you need will be stated there.

 

I hope that helps.

 

Brian.

[Guest CareBear15]

In Kingston, I believe that RBC offers the best LOC because Gail Fraser who handles med student accounts knows what she's doing. That is not to say BMO or MD Management has not been great for other students as well.

 

Don't accept an interest rate that isn't at prime.

[Guest kaisermark]

Hey DocaLatte,

 

I'm interested in RBC LOC but I've been told that a whole bunch of different banks are going to wine and dine us in the first week of September. Since our fees aren't due till the end of that month, I was going to wait till I hear all their presentations, and then take out an LOC. Could I still join your referral group then if I do end up going with RBC?

[Guest DocaLatte]

Hey Kaisermark,

 

No worries, we can definitely work out something once you get to Kingston.

[Guest olgalina]

hi guys,

 

i'm trying to narrow down b/t RBC and MD financial for LOC. It seems that they are both pretty similar...interest at prime, charged only on what you take out. I was wondering if anyone had the details about paying back loans though. I know you can choose to start paying back after residency but how is it set up? Can you able to put in extra money (in addition to regular monthly payments) without being charged a penalty?

 

Thanks.

[Guest nextstopmd]

Hi olgalina,

 

There is also a big thread on LOCs over in the Med Student section of the board.

 

p084.ezboard.com/fpremed1...ID=1.topic

 

I think you can pay the whole thing back at once without penalty if you wanted (assuming you won the lottery or something )

 

nextstopmd

[Guest EMOC]

Has anyone not signed up for a LOC? Does anyone know if the banks will be meeting with us during the first week?

[Guest kaisermark]

EMOC,

I haven't signed an LOC yet because I'm told that the banks will wine and dine us the first week. I'm going pay attention then and sign up with one right after.

[Guest EMOC]

Great!

 

That's what I was planning to do also, I was just a little worried that I was tthe only one tthat hadn't signed yet!

 

Erin

[Guest CareBear15]

There's no rush to get an LOC at all. You can get one anytime. It's just that some people need it before others, that's all. Also, don't be afraid to switch banks if you become unhappy during some course of your LOC.