Dwayner Posted June 25, 2007 Report Share Posted June 25, 2007 Here it is, I met will all the banks and do not waste your time... RBC has a very good program. Unlike other banks such as BMO (no hard feelings) who do not have a solid program up and running yet. My own bank - CIBC would not even match the offer RBC gave me. RBC has the best offer and it is a no ****er sticker - I would be very surprised to see a better offer. I read many of these forums before hand and met with all the major banks - many totally wasted my time... Some major points at RBC: -no co-signer -can have what ever ammount you want - I asked for the standard 150,000 and they said are you sure you do not want more... I said that was that was good for now -can spend it all on day one (if you want to invest some or buy a house or whatever - there is no 30,000 a year limit crap and definitely you do not have to give them a budget - thats none of their business. If I want to spend it all on cars or women or whatever I can... -prime rate - you do not have ask for it (thats irritating) -it remains a student loc until one year after residency!!!. then it still remains at prime (forever!!!) you just have to start paying principle. but that extra year is big because you are making real money then. -EVERYTHING is free. accounts, cheques, money orders, bank drafts, no overdraft charge, everything!!! The only restraint is that you can only write 2 cheques from loc a month... But I just use visa and transfer it all online anyway. -I got the first year for the Avion visa fee waived (120 dollars) plus all the bonus miles for signing up... I can already fly vancouver to calgary for free. NOTE - I got the fee waived because I had the competitors card (cibc). Anyway... there have been tons of postings on this and I have seen enough. No bank is going to beat the rbc deal - and they just give it to you - no bartering. how can any bank beat this - you are not getting better than prime, you can not do better than free everything, there is no principle repayment until 1 year after resedency, ect... I have no invested interest in this - I just appreciate the time and resources that rbc has put into this program. other banks are trying to follow suit, but having to barter for the same thing - why bother. Save yourself the head ache and then we can post on something more interesting. get er done... Link to comment Share on other sites More sharing options...
JewelLeigh Posted June 25, 2007 Report Share Posted June 25, 2007 If someone has already banked with a particular bank for quite some time, then I understand why someone would "waste their time" looking for a competitive med LOC at their home bank. Additionally, it is smart to develop a relationship with a bank - your med school costs are not the only major investment you are going to make with a bank's help. If someone knows a particular bank to be in line with their own future plans and goals, it also seems reasonable to "barter" with that bank to get a market-equivalent deal at that bank for their med LOC. I would imagine repeat customers are looked upon favourably when it comes to doing business with a bank. Finally...from what I know, BMO's current med student LOC does offer exactly what RBC's offers. The problem that remains (which BMO guy's new position will likely at least partially fix) is that the individuals at the community BMO branches know nothing about the med student LOC and thus you feel you have to "barter" even though the details of the LOC are posted clearly on BMO's website. BMO guy - as a suggestion to fix this particular problem, once you have settled into your position, perhaps you could do some teleconference training with 1 individual at each BMO branch that is near a med school? Then there would at least be one person who knows generally about the med student LOC. Sounds like this may already be in the works from what you've been saying Also to BMO guy - in response to your reply about the airmiles program - many thanks! I have set up my LOC through my hometown branch in Ontario. I'm in Halifax now for a few more months, so I think once I have returned to Ontario, I'll bug you to help them to help me get a bank account and airmiles set up! Thanks Link to comment Share on other sites More sharing options...
BMO guy Posted June 25, 2007 Author Report Share Posted June 25, 2007 Dwayner, None offence taken! We are always glad to hear input as to how to improve our products and services for professional programs. But from what you have listed in your comment I believe BMO can either match or beat those criterias. I am always available and happy to show you how we can be competitive with the terms you have shown for RBC or any other financial institutions. And Jewel, thank you for your suggestions. I will definitely be more diligent in making sure our reps become more aware and knowledgeable in this area, as to reduce "bartaring time". I look forward to you "bugging" me when you return to Ontario, at which time I will also have the contacts to the specialists in Ontario for you as well. Also, any BMO rep can add airmiles to your line of credit regardless of where you are or where your home branch is, every month is precious airmiles wasted, so just stop by any BMO and demand them to add airmiles to your line of credit and give you free banking to start collecting airmiles. They SHOULD know how, but just in case they don`t, tell them to email me and i`ll show them. All the best! Link to comment Share on other sites More sharing options...
PMS Posted July 20, 2007 Report Share Posted July 20, 2007 when does repayment begin on the principle amount with line of credits if we are only payin interest during school...? and does it stay a student line of credit until i pay it off? Link to comment Share on other sites More sharing options...
Darla Posted July 21, 2007 Report Share Posted July 21, 2007 when does repayment begin on the principle amount with line of credits if we are only payin interest during school...? and does it stay a student line of credit until i pay it off? I found this depended on the bank. TD wanted principle repayment during residency, almost everyone else wants it 12 months after the completion of residency. Re. the student LOC, that's different too. One bank I spoke to said they reserve the right to renegotiate during the time that you're paying back "but since we'll want your practise's business, I'm sure we'll keep it at prime", others guarantee the interest rate at prime during the entire amortization. The guaranteed rates, however, were on shorter amortization periods (the time to pay the LOC back). Link to comment Share on other sites More sharing options...
BMO guy Posted August 20, 2007 Author Report Share Posted August 20, 2007 when does repayment begin on the principle amount with line of credits if we are only payin interest during school...? and does it stay a student line of credit until i pay it off? Repayment starts 1 year after residency and the rate stays at prime for the life of the loan until it is paid off in full. BMO has 3 types of repayment options available, 2 of which is escalating interest and principle amounts year after year, and the third option lets you amortize the loan over 15 years and you make a fixed monthly payment. And yes, it stays a student line of credit until it is all paid off. Link to comment Share on other sites More sharing options...
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