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Taking multiple student LoCs at the same time


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I was looking though the preliminary paperwork for med student LoCs and there doesn't seem to be a clause that ensures you stay exclusively with a single bank. So whats stopping someone from opening up and having access to multiple student LoCs at the same time to have access to the whole assortment of perks and credit cards?

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5 minutes ago, Crunch said:

I was able to pull it off - you need the right advisor though. i went through a few until i found somebody who knew the system really well and got it done without any shadiness or rule breaking 

you managed to hold this? I mean at my bank they check every year etc as a part of their system. I suppose if it was all used by that point they might be stuck although that would bump up the interest? 

basically it sounds dangerous (?)

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3 hours ago, rmorelan said:

you managed to hold this? I mean at my bank they check every year etc as a part of their system. I suppose if it was all used by that point they might be stuck although that would bump up the interest? 

basically it sounds dangerous (?)

my second LOC is a secured LOC so it’s not like it won’t appear two professional LOCs. I pay interest right away on the second LOC which covers my home and replaces mortgage payments (i’d be paying the same amount of interest with a full mortgage anyways). 

edit: since people are wondering, my advisor was Milan Milojevic and his contact is Milan.Milojevic@scotiabank.com

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4 minutes ago, Crunch said:

my second LOC is a secured LOC so it’s not like it won’t appear two professional LOCs. I pay interest right away on the second LOC which covers my home and replaces mortgage payments (i’d be paying the same amount of interest with a full mortgage anyways). 

edit: since people are wondering, my advisor was Milan Milojevic and his contact is Milan.Milojevic@scotiabank.com

ok so that is a bit different - what is it secured against?  A house it sounds like(?) - is there also mortgage or is basically this second LOC is acting like one? 

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