RBC Med/Dental LOC Specialist Information

[Guest wylie348]

Can anyone tell me the answer to these two questions:

 

1) How have you set up your LOC to withdraw amounts when necessary but minimize expenses related to withdrawing (ie. Cheque fees...)

 

2) How have you established the payment of interest on your LOC - for instance RBC will debit another account to cover interest costs.

 

The reason I am asking is that after setting up my LOC with RBC, I am stuck determining whether I need to create an account with RBC for writing cheques and so on.

 

RBC says that it still will cost me to write cheques on my LOC?

 

Any input much appreciated!

[Guest Lurkergonepublic]

RBC wouldn't let me set up a LOC without a checking account as well. They set up to automatically withdraw the interest payment from that account, and I can setup (online) some automatic transfers every few weeks from the LOC to the checking. The checking account is no fee, but the LOC checks are not free (online transfers are). The key to avoid fees is to do as much online as possible, but that requires an RBC account.

 

Wylie, if you're not working with Linda at the RBC branch near Northlands mall in Calgary you should be. I think someone already posted her contacts in this thread. If not, PM me and I'll pass it on.

[Guest wylie348]

Thanks Lurker. I was the one that posted Linda's info earlier - and I just received an email from her that pretty much clears everything up - thanks for the help!

[Guest kacgal]

Anyone know the rep for the UofManitoba?

thanks

K

[Guest biomedengr]

Hey kacgal,

 

I think there's two specialists. I met with Bill Bronsdon at the Southdale Square Branch. He was really informed and seemed to know everything about the program. However, he's off on vacation until July 24th. I don't know who the other specialist is....sorry!

 

Hope it helps.

[Guest RBCmedicalStudentLOC]

The other specialist for U of Manitoba is Mary Buchanan, her contact info is below.

 

Mary Buchanan

204-988-6070

2855 Pembina Hwy, Unit 26

mary.buchanan@rbc.com

[Guest loud noises]

I was told by someone at RBC that you do not receive the full $150 k, if you already have student loans from a previous degree...if I'm getting $150 k - current loans, that doesn't sound that fantastic. Anyone else been told this?

[Guest QMD2010]

that's false, unless there is some major problem with your credit history

[Guest sunE]

Loud noises,

 

I was told the exact same thing by my RBC specialist. So what she did was give me $150,000 - student loans. Fortunately I only had a $2,400 student loan, so she put down $150,000 - $2,400 = $147,600.

 

Which was fine by me, but when the application went through and came back, they just approved it for $150,000.

 

However, I read on the website that it certainly is $150,000 - student loans. However, in my exeperiences, it depends on your specific RBC specialist, since they can put down whatever amount they wish.

[Guest loud noises]

Thanks sunE for the reply!

 

I must say that I'm not really impressed with RBC with information that sometimes is true/sometimes isn't deal depending on who you are and on who you deal with.

 

I think I am going to wait until MD Management does the presentation at UofA during O-Week to sign with them because they sound like they'll give a better offer.

[Guest TimmyMax]

Hey,

 

Go with MD Management. They are better for the reasons that you have quoted (and a ton of others).

 

Best of luck!

Timmy

[Steve-0]

Could I please get the information for the U of C rep? Is it then necessary to go to a specific branch to talk with this person or does this person just answer questions?

[Talon01]

Could I please get the information for the U of C rep? Is it then necessary to go to a specific branch to talk with this person or does this person just answer questions?

 

Hopefully someone from U of C can give you the representative that they deal with who knows the most about the professional student LOC program. I find if you just walk into a random branch the level of knowledge of the representatives can be hit-or-miss.

[RBCMedicalSpecialistLOC]

Please see link below for the RBC Specialist in your area.

 

http://www.rbcroyalbank.com/RBC:Sagl@o71A8cAByBu4MM/student/medical/specialists.html

[chanjawa]

I currently live in Ottawa, but will be moving to Hamilton to go to McMaster.

 

Is it best to sign up directly through the specialist at McMaster?

 

Can I instead sign up with a specialist here in Ottawa (savesa trip to Hamilton), then go through the specialist at McMaster once I move? Or will I have to always go through the specialist in Ottawa whenever I need assistance with my account?

 

Thanks

[flying kumquat]

I don't see why you couldn't start things off in Ottawa. My RBC guy is in Ottawa and I went to Queen's. I rarely needed to see him, but I was able to phone or email him if I needed to (twice in 4 years, maybe?). I wouldn't go down to Hamilton just for a bank appointment.

[chanjawa]

Okay, sounds good, thanks. Do you remember the name of your rep, was he good to deal with?

[shaolin_28]

I currently live in Ottawa, but will be moving to Hamilton to go to McMaster.

 

Is it best to sign up directly through the specialist at McMaster?

 

Can I instead sign up with a specialist here in Ottawa (savesa trip to Hamilton), then go through the specialist at McMaster once I move? Or will I have to always go through the specialist in Ottawa whenever I need assistance with my account?

 

Thanks

 

Hey. I went with a specialist from scotiabank for McMaster (numbers were available online) and they were able to set up everything either over the phone, or by fax to get approved, and I'm coordinating this from boston. They are then couriering the package to a local scotiabank branch in Ottawa where i normally live, so i can sign and finalize the paperwork. Look into that. PM me if you are ever interested in rides from Hamilton to Ottawa, I'll be driving back fairly frequently.

[Samira]

Hey does anyone now if Canadian residents can get LOC from canadian banks (or OSAP) if they enrolled in USA medschools.

[Jochi1543]

Hey does anyone now if Canadian residents can get LOC from canadian banks (or OSAP) if they enrolled in USA medschools.

 

Yeah, but you'll need a cosigner for sure, and they might want a cosigner with equity.

[Samira]

Can my parents be a cosigner? and why it's different from canadian med schools?

[Jochi1543]

Word of warning about RBC, especially for the ladies. Just spoke with a rep and if you decide to have a baby during residency, even though you are not technically finished schooling and are on maternity leave, RBC WILL make you start repaying the loan. She told me about a resident she just dealt with who got pregnant without knowing it and it was a total disaster - they couldn't afford to have her not work AND start paying back $1000 a month on her husband's salary (whatever he did), so she had to have the baby and continue with residency full-time.

 

I am not planning on getting pregnant anytime soon, but this is 9 years we're talking about where I couldn't get pregnant without finding myself in a total financial hole, so I'm not going to go with RBC.

[ontariostudent]

Word of warning about RBC, especially for the ladies. Just spoke with a rep and if you decide to have a baby during residency, even though you are not technically finished schooling and are on maternity leave, RBC WILL make you start repaying the loan. She told me about a resident she just dealt with who got pregnant without knowing it and it was a total disaster - they couldn't afford to have her not work AND start paying back $1000 a month on her husband's salary (whatever he did), so she had to have the baby and continue with residency full-time.

 

I am not planning on getting pregnant anytime soon, but this is 9 years we're talking about where I couldn't get pregnant without finding myself in a total financial hole, so I'm not going to go with RBC.

 

WOW. Thanks for the heads up. Is Scotia better?

[Jochi1543]

WOW. Thanks for the heads up. Is Scotia better?

 

Dunno, I'm going with MD Management.

[chemgirl]

They will do this to you as well if you have a baby during medical school. I have a friend who went through hell dealing with RBC because of this. Not only did they make her start repaying the LOC while she was away from school for one year, they raised the interest rate to prime+3.5% and did not allow her to use the LOC anymore. If this is a situation you find yourself in and you want advice, pm me.

 

I am with MD Management and I have been able to extend my degree to six years from four years and they have not blinked an eye. So there are better options if this is a concern for you. In my case, I had no idea I would get sick, you just can't predict the way life will go sometimes. It's nice to have the security knowing that in the event of something unforeseen, you will not be penalized for it.

 

Word of warning about RBC, especially for the ladies. Just spoke with a rep and if you decide to have a baby during residency, even though you are not technically finished schooling and are on maternity leave, RBC WILL make you start repaying the loan. She told me about a resident she just dealt with who got pregnant without knowing it and it was a total disaster - they couldn't afford to have her not work AND start paying back $1000 a month on her husband's salary (whatever he did), so she had to have the baby and continue with residency full-time.

 

I am not planning on getting pregnant anytime soon, but this is 9 years we're talking about where I couldn't get pregnant without finding myself in a total financial hole, so I'm not going to go with RBC.