mo444 Posted May 22, 2009 Report Share Posted May 22, 2009 The guy is the rep in charge of med students. I got his number on rbc web site isn't he supposed to be aware of everything? He said its a new thing and RBC is trying to do as every other bank but I guess i'll just go to the branch close to my house and ask to talk to the manager as you said because thats the only plus RBC has over others is having access to all the funds right away Link to comment Share on other sites More sharing options...
whale.of.a.time Posted May 22, 2009 Report Share Posted May 22, 2009 Absolutely with RBC you should be able to access all your funds right away. Or make whatever kind of yearly budget you want and be able to change it anytime. i.e. You decide that you want 40k for the 1st year, but then you realize you need 10k extra. You should be able to call them and they'll authorize it. If they are not being that flexible with you, talk to someone else. The guy is the rep in charge of med students. I got his number on rbc web site isn't he supposed to be aware of everything? He said its a new thing and RBC is trying to do as every other bank but I guess i'll just go to the branch close to my house and ask to talk to the manager as you said because thats the only plus RBC has over others is having access to all the funds right away Link to comment Share on other sites More sharing options...
chanjawa Posted May 23, 2009 Report Share Posted May 23, 2009 This may be a stupid question, but does it matter where you get your LOC from? On the link for RBC reps posted above, they have reps at each university. I currently live in Ottawa, but will be attending McMaster in the fall. So should I be going to a rep at the University of Ottawa (where I currently live) or make a trip all the way to McMaster, or does it not matter? Link to comment Share on other sites More sharing options...
Jochi1543 Posted May 23, 2009 Report Share Posted May 23, 2009 I just spoke with an RBC rep today and I learned that they want to do like every other bank regarding the LOC ie they will only give a certain amount per year which the guy told me would be 30k a year for 150k total. He also said that they are about to change the information on their website. Did anyone else got that kind of info? I spoke to the RBC rep today and they give the entire amount up front. Think about it, it's better for them if you do stupid things and withdraw obscene amounts of money right away. By putting caps on how much you can withdraw per year, they are putting caps on their interest income. So MD Financial is actually doing something nice for you by reining you in. I'm very strongly leaning towards RBC right now (99% sure I'm going with them). Link to comment Share on other sites More sharing options...
Jochi1543 Posted May 23, 2009 Report Share Posted May 23, 2009 BTW, guys, make sure you ask about repayment/interest policies in fellowship, too, since some of you may want to do a fellowship after your residency. Also, I've asked every bank about what would happen if I didn't match and had to wait a year to do R-1 once again. Keep in mind all the possibilities, including the depressing ones. Link to comment Share on other sites More sharing options...
BMO guy Posted May 28, 2009 Report Share Posted May 28, 2009 Thought I would clarify a few things regarding BMO discussed on this thread: 1. Generally, as long as your credit is in good condition and you meet normal credit guidelines (hehe..yes, "guidelines") then you will not need a co-signor if you are studying in Canada. 2. For medical and dental students, the rate is currently at prime rate for the line of credit. For other professional students like law, mba, opto, pharm, nursing, BMO offers line of credits (at varying amounts) at prime+0.5% 3. Just to help our my colleagues at RBC a little bit, I am 100% certain their rate for med and dent student are at prime, which is the industry norm (currently). 4. There are rumors of rate hikes for students (including med and dent students)...I am trying to get more concrete details, however, if it does happen it should only affect new students how have not yet signed up for the line of credit, and not existing clients who already have a line of credit. 5. Unfortunately, BMO does not yet have "specialists" established in Ontario (currently only in BC and Alberta). However our professionals program is a national program, so if you are having trouble dealing with your branch regarding the rate, terms of the loan or anything else, please have them contact me and I can walk them through it. I am a district resource, and not tied to any branch, so there is no conflict with other branches. Howe Gu BMO Professionals Program BC District howe.gu@bmo.com Link to comment Share on other sites More sharing options...
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