Guest dhowser Posted June 24, 2004 Report Share Posted June 24, 2004 Hey everyone, I've read lots about RBC and MDM but nothing about CIBC. My brother works for CIBC(although not in the LOC dept) but I was going to check that out first. Has anybody had any experiences with them (pros & cons)? THanks!!! Link to comment Share on other sites More sharing options...
Guest chemgirl Posted June 24, 2004 Report Share Posted June 24, 2004 Hi there, I'm in Edmonton and i went with CIBC for the line of credit. They were easy to deal with and the LOC is $25000 a year at prime, an extra $25000 in year three for a car, an extra $5000 after graduation at start of residency, and you pay only interest (which stays at prime) until after your residency is over (you may have a grace period here, I don't quite remember). I was happy in my dealings with them. Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted June 24, 2004 Report Share Posted June 24, 2004 I am with CIBC and I find their service great. Just to add a bit. They give you a debit card (no fees) and free cheques. There is also a credit car,d but I cut it up. DOn't need credit card that I will pay with.. umm.. credit.. Their life insurance is something like $0.20/1000 spent. CC Link to comment Share on other sites More sharing options...
Guest dhowser Posted June 25, 2004 Report Share Posted June 25, 2004 thanks guys! One question, how the residency part work then? I know it's 25K for four years, does it also extend to 25K/year of residency? and then the extra 20K in 3rd year and 5K when you graduate are just extras? thanks again dhowser Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted June 25, 2004 Report Share Posted June 25, 2004 In residency, you might get $15,000 or something like that for each of the first two years of residency, and probably nothing after that. Still, you shouldn't need that much money as you are earning an income of around $40,000+ each year of residency, and are no longer paying tuition (a token tuition, if at all). That LOC money is there in case you need it for moving expenses, transportation, etc. It's not meant for you to survive upon (which is what it's used for when you're in medical school). Ian Link to comment Share on other sites More sharing options...
Guest joachimho Posted June 27, 2004 Report Share Posted June 27, 2004 My name is Joachim and I actually work at CIBC at UBC. The program structure begins with an annual max limit of $25000 per year. During your third and fourth year, an optional increase for $25000 is allowed subject to individuals condition. (usually for one time expenses like living and transportation cost for relocation during residency). Joachim 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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