Guest Aidan Posted July 10, 2004 Report Share Posted July 10, 2004 For those of you that have done the research and signed up for an LOC already, how did you decide between Royal Bank's LOC and MD Management's LOC with National Bank? They both seem pretty good to me, but I'm a little queasy about picking one over the other when I can't tell which is best. I like the fact that MDM is non-profit and offers other services like financial planning, but Royal Bank offers unlimited yearly use of the LOC (this could also be a BAD thing!) If anyone has any tips/insights, I would be forever grateful. Link to comment Share on other sites More sharing options...
Guest Kirsteen Posted July 10, 2004 Report Share Posted July 10, 2004 Hi there, As a medical student you will be able to access the services of MDM regardless of whether you have a line of credit with them. Thus, if cash flow is a factor for you, i.e., you'd like to be able to take as much as possible from a larger pool of cash (I believe Royal was offering a larger LOC than MDM at some point :rolleyes ), then you might wish to go with Royal. Also, MDM's LOC is not entirely non-profit. It comes courtesy of the lending power of the National Bank. Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Guest Ollie Posted July 10, 2004 Report Share Posted July 10, 2004 Hi, The LOC's themselves are pretty much the same. The main differences are the RBC gives you all the money right away (and as you said this could be a bad thing), and that RBC will detuct from your chequing account every month the interest that has accumulated on the LOC. This might necessitate you withdrawing from you LOC in order to pay the interest. With MDM, the interest will just accumulate, and will be added to the principle that you owe. It's pretty much six and half-a-dozen, but I preferred the idea of not having to make sure that I have sufficient balance in my chequing account to make the interest payments. Personally I just got a better feeling from MDM and would rather give them by business than a big bank. (although National Bank will be getting my money, I don't really think of them as one of the big bad banks ) Link to comment Share on other sites More sharing options...
Guest Koppertone Posted July 10, 2004 Report Share Posted July 10, 2004 I signed up with MD but I'm starting to wish that I had gone with RBC, but only b/c there are more RBC branches in BC than there are National Banks (there are only two here, and they're both 4 hours away). Luckily there's a branch in Edmonton where I'm moving to, so I lucked out I suppose. But for convience factor check out and see if there's a branch where you're going to be moving. Link to comment Share on other sites More sharing options...
Guest Aidan Posted July 11, 2004 Report Share Posted July 11, 2004 Koppertone, Do you think the the lack of National Bank branches really make a difference? What will I need to visit the branch for after I have the LOC? I thought once you had the LOC credit/debit card (or whatever it is) that's all you need -- no reason to visit branches anymore. My regular bank account is with Scotiabank, and as I understood, I can keep my accounts there and just use the National Bank LOC card as I need it. I'm in Toronto, so I think there is a branch rather close by anyway. Link to comment Share on other sites More sharing options...
Guest Kirsteen Posted July 11, 2004 Report Share Posted July 11, 2004 Hi there, One plus (from my point of view) of using Royal's LOC was that I could keep all of my Royal Bank banking products in view in one website. I'm sure other banks offer similar, but Royal's online interface is generally easy to use and efficient (except for that one day a few weeks ago when they whole system went wonky ). It's nice to be able to easily transfer funds from the LOC to another account and immediately see the results of those transfers and be able to track transactions online. Additionally, Royal used to offer this in past years along with their LOCs, but if you're considering a Royal LOC, you may be able to request a VIP package which generally consists of no banking fees, free cheques and a gold VISA with a $5,000 credit limit, among other perks. Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Guest Koppertone Posted July 11, 2004 Report Share Posted July 11, 2004 Well, if I ever wanted to make a deposit into my account I'm not sure how that would be done in the absence of a national bank ATM. Mind you, I don't really expect to make any deposits into that account for four years But that was the one qualm I had with the MD management option. Link to comment Share on other sites More sharing options...
Guest lex Posted July 12, 2004 Report Share Posted July 12, 2004 The National Bank is accessible through the exchange network (HSBC, Van City, other credit unions) for deposits, bill payments, withdrawals, and other ATM transactions. If anyone's curious, check out the ATM locator at: http://www.the-exchange.ca Link to comment Share on other sites More sharing options...
Guest Koppertone Posted July 16, 2004 Report Share Posted July 16, 2004 Well, then suddenly it seems much better Link to comment Share on other sites More sharing options...
Guest thatuvicguy Posted February 2, 2005 Report Share Posted February 2, 2005 Bringing the Line of Credit chat back to life... I just wanted to share my experience with RBC thus far: I have been accepted to an osteopathic medical school in the US and went in to the bank to see about an LOC. They were very helpful and didn't even bat an eye at "osteopathic." I gave them a copy of my acceptance letter and a congratulatory letter from the Dean and this combined with the fact that I have already paid a seat deposit was enough for them to do a preapproval for me. Even with a substantial credit blip from a few years back, I was pre-approved for $75,000 first year, available as soon as I want to sign on the line. The max available is $150,000 over 4 years and exceptions are made to have the whole amount made available from the beginning - my blip meant that they were only willing to part with $75,000 for the first year. I was even upfront about the fact that I may yet change schools (I have an interview at UBC - my top choice) and this was not a problem at all since I already held an acceptance and was obviously going to end up somewhere. The experience was very positive and the Representative who helped me stated that RBC is really interested in attracting med students and have attempted to make their package the best out there. While they certainly stand to make a pretty sum from me when this is all over, I left feeling that they really have helped take part of the stress out of this med school thang. Just thought I would share (especially for any out there who may have some booboos on their credit - chances are you'll be ok and not need a cosigner. Cheers, thatuvicguy Link to comment Share on other sites More sharing options...
Guest druggist Posted March 19, 2005 Report Share Posted March 19, 2005 Hey everyone, Just curious, I received my acceptance at MUN this week and was looking into Scotia Bank's line of credit. Seems fair, they offer prime for interest and do not require you to pay anything until you graduate from your residency. If anyone has personal interest with this plan or just some insight, I would appreciate your thoughts. Cheers, Druggy Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted August 7, 2005 Report Share Posted August 7, 2005 Floating back to the top. Ian Link to comment Share on other sites More sharing options...
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