Guest stephenk Posted July 17, 2002 Report Share Posted July 17, 2002 I have read several posts on this notice board from different people saying they have prime interest rates on their Medical school lines of credit. I haven't been able to get that. I have been offered prime plus one from my own Royal Bank Branch and one in Vancouver, but they say that they won't give prime unless I have something big for collateral. Can anyone point me in the right direction? Especially people from Vancouver or BC? I need some help. I'll go with another bank if I need to, but even if I could find one bank to offer me prime I could lean on RBC a little without bluffing. Link to comment Share on other sites More sharing options...
Guest Sil Posted July 17, 2002 Report Share Posted July 17, 2002 I got my line of credit without colateral from the Bank of Nova Scotia. I got prime without any problems in fact they offered me prime right away. I think the plans for RBC and scotia are similar. The only difference is that Scotia allows you to borrow up to 147000 (including provincial funding), while I think the max with RBC including provincian funding is 125000. I have kind of a bias towards Scotia as every time I try to have some business with RBC there is some kind of trouble (but perhaps that is just me ). In any case try contacting Scotia and see if they offer you prime. I know that I am in Ontario so maybe things in BC are different as you lucky guys will be paying less tuition than we do. Link to comment Share on other sites More sharing options...
Guest stephenk Posted July 17, 2002 Report Share Posted July 17, 2002 thanks! I just talked to someone at Scotia Bank and they offered me prime right away plus only $2.95 a month in user fees for unlimited transactions! I left a message with RBC, I'll at least give them a chance to do better. Thanks for the advice! Steve Link to comment Share on other sites More sharing options...
Guest MayFlower Posted July 17, 2002 Report Share Posted July 17, 2002 stephenk, Call Katherine Kane (613-564-0240)...she is with RBC in Ottawa...she arranged very large medical student line of credit for me at prime...no questions asked. All you have to do is prove you've been accepted or are in med school. She is a mobile broker for the RBC and she should have no problems helping you out with your local branch. MayFlower Link to comment Share on other sites More sharing options...
Guest Sil Posted July 17, 2002 Report Share Posted July 17, 2002 Hey stephenk: I don't work for the bank of nova scotia or anything but I also like the fact that all transactions (ie all checks, interac, ATM Scotia withdrawal, ect) is covered with the $2 fee. But it just comes from somebody who experienced terrible customer service with RBC and perhaps you will have better luck with them Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted July 18, 2002 Report Share Posted July 18, 2002 Royal offers to cover all banking fees with their plan. . . see if you can use that as leverage with Scotia. Link to comment Share on other sites More sharing options...
Guest Kirsteen Posted July 18, 2002 Report Share Posted July 18, 2002 Hi there, In reading the above a wee thought struck... Maybe all those who haven't yet gotten around to securing a line of credit should get together and use some buyer power, i.e., select a target bank and, en masse, request prime minus one, a car loan, no transactions on anything and their firstborns. You may be surprised what a little enticement can do. Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Guest MUNMED2006 Posted July 18, 2002 Report Share Posted July 18, 2002 I've already secured my line of credit for this upcoming year and I didn't realize that I could negotiate for prime!!! I'm stuck with prime + 1, but now that I think about it I would like to try to get prime. Can I do this?? I'm pretty lost when it comes to banking. Is it useless to go back to the bank (BTW, I'm with Royal) ?? If I don't get it this year, would I be stupid to go to another bank next year in hopes of getting prime?? Does anyone have advice?? Link to comment Share on other sites More sharing options...
Guest MayFlower Posted July 18, 2002 Report Share Posted July 18, 2002 MUNMED2006, While you may not reside in Ottawa, I would give Katherine a call (see post above). If anybody can arrange this for you, she can. MayFlower Link to comment Share on other sites More sharing options...
Guest Sil Posted July 18, 2002 Report Share Posted July 18, 2002 Hey MUNMED2006: I believe you can cancel your agreement with any bank as long as you have not used any money from the line of credit (I believe it will take a month for them to process your cancelation). You can also cancel if you pay all of what you owe back to them. Perhaps you could tell them this and they may reconcider. At the end of the day, I think if you are the customer they should try to offer you the best deal. Call other banks I think Scotia and the Bank of Montreal offer similar prime rates. Link to comment Share on other sites More sharing options...
Guest arcticaguy Posted July 18, 2002 Report Share Posted July 18, 2002 Hi all, I spoke to someone at a Scotia branch in Halifax and the lady was insistent that they don't offer anything below prime +1/4% I tried to negotiate and informed her of the Royal's willingness to offer prime but she countered with something re. the life insurance plan costs with royal and that it would more than make up the difference. Btw. what is the royal's life ins. policy like (costs wise)? Any advice? cheers! Link to comment Share on other sites More sharing options...
Guest Sil Posted July 18, 2002 Report Share Posted July 18, 2002 How bizarre. I am telling you it seems like different people are uninformed at the branches were they work at. With Scotia Bank at prime you still have to pay insurance and it costs $16 a year. Perhaps try contacting their number 1-800-972-6842 and ask for a professional line of credit and whom to contact in your province. Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted July 18, 2002 Report Share Posted July 18, 2002 I think we get charged 50¢ or something with Royal for life insurance. And you don't have to pay it if you don't want to, though they really try to pressure you into it. MUNMED2006 - you can TOTALLY try to renegotiate. Just say you've found a better deal with someone else (you don't even have to disclose who) at prime and that unless RBC will offer you the same you think you'll switch. I wouldn't be surprised if they not only gave you prime, but also gave you a free keychain or something to make sure you stay. Link to comment Share on other sites More sharing options...
Guest TimmyMax Posted July 19, 2002 Report Share Posted July 19, 2002 Hey MUNMED2006, I'm with UWOMED2005- totally play the banks off of each other. After all, it is YOU who is the hot commodity whose business it is that the banks should be clamoring for. Don't be afraid to remind them of this. Plus, I heard that banks often schedule/sponsor events for med students at the various schools. You could always casually mention something along the lines of "oh well, I'll just see what Scotia has to offer during their O-Week picnic", or something like that. Usually when faced with a loss of business, banks will fold. So don't be afraid to close up your current line and wait for a better deal. It will come! Best of luck! Tim P.S. I'm with Sil, I think RBC kind of stinks Link to comment Share on other sites More sharing options...
Guest JSS02 Posted July 21, 2002 Report Share Posted July 21, 2002 For those of you who have secured a line of credit, which bank are you going with? Link to comment Share on other sites More sharing options...
Guest hmsdread Posted July 21, 2002 Report Share Posted July 21, 2002 I seem to be one of the only people to have gone with CIBC. I actually went with my home branch in Windsor, too. I brought in my acceptance letter, and the info sheet that RBC sent out in our package. It's amazing the kind of power you have at banks... anyone out there who is receiving slack about getting prime interest - don't do business with that bank! And tell them that they are losing your business now, and forever. Within a few days, I got $120,000 at prime from CIBC, was offered a free Visa, and they waived all the processing fees. Now that being said, my parents were required to cosign for the line. But since I don't plan to default on it, it should be ok! hmsdread Link to comment Share on other sites More sharing options...
Guest milkytooth Posted July 21, 2002 Report Share Posted July 21, 2002 I obtained a max amount of 75000$ for line of credit from National Bank. A proof of full-time studies was the only requirement. Link to comment Share on other sites More sharing options...
Guest V Posted July 21, 2002 Report Share Posted July 21, 2002 MayFlower, How come you went to get a loan? I thought.... Link to comment Share on other sites More sharing options...
Guest MayFlower Posted July 21, 2002 Report Share Posted July 21, 2002 V, As part of planning for an acceptance I wanted to ensure everything was in place well in advance. A line of credit was one of the things I required to have in place prior to even considering a spot in medical school. You can't do these things too early... MayFlower Link to comment Share on other sites More sharing options...
Guest V Posted July 21, 2002 Report Share Posted July 21, 2002 true Link to comment Share on other sites More sharing options...
Guest TimmyMax Posted July 21, 2002 Report Share Posted July 21, 2002 Hey Mayflower, They gave you one of these huge LOCs even w/o an acceptance letter? Wow, you must be some, like, awesome negotiator dude (surfer voice)! Now you can afford those outrageous OMSAS application fees! Best of luck! Timmy Link to comment Share on other sites More sharing options...
Guest MayFlower Posted July 21, 2002 Report Share Posted July 21, 2002 Hey, TimmyMax, (in my best surferdude voice) like it doesn't take any negotiating skills whatsoever...you, of course, don't get to start using the line of credit until you can produce a letter of acceptance...it's really easy to get pre-approval for up to 125K though... MayFlower Link to comment Share on other sites More sharing options...
Guest TimmyMax Posted July 22, 2002 Report Share Posted July 22, 2002 Like, gnarly, dude! Link to comment Share on other sites More sharing options...
Guest stephenk Posted July 22, 2002 Report Share Posted July 22, 2002 Thank you all for your advice. I feel like an expert now. If I had any advice (for UBC students), it would be to call Michael Wang at MD management for some free advice. (604) 736-7778 or 1-800-663-7460. He knows everything! Lots of stuff I would never have even thought to inquire about. Here is a web adress for the rest of the student consultants across the country. It's free for all medical students! www.cma.ca/staticContent/.../index.asp In case any of you are wondering, I found prime mortgage rates at CIBC and ScotiaBank. I used this to pressure Royal Bank and they are now giving me prime. If I hadn't gone with RoyalBank I would have gone with CIBC because they have free unlimited transactions on their line of credit and they are so helpful. Link to comment Share on other sites More sharing options...
Guest monkey Posted July 22, 2002 Report Share Posted July 22, 2002 hey stephenk did you just talk with the MD consultatnt about all possible rates available? i want to do some more thorough checking before i sign up with RBC...so thanks! Link to comment Share on other sites More sharing options...
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