jO-M Posted July 17, 2010 Report Share Posted July 17, 2010 Hi everyone, So I just signed with RBC, and I think I may have made a mistake/got a pretty bad deal, and I was wondering if other people have had the same experience, or I just got taken for a ride. The agreement was for $200,000, up front. Now you can't access that as a 'chequing' account with your debit card, but you move the money from your LOC to your chequing account, and then use your debit card, which sounded fine....except there are daily limits on my debit card. $1000 withdrawals, $2000 purchases, $1500 for transfers. Anyone else have that? That means that I can't buy a bed and desk at the same if it costs more than $2000, and the guy I was dealing with said that was standard, and to just charge it to my VISA (and if they didn't take VISA then get creative) (this all came out after I signed the paperwork) Also, that means I have to get RBC approval to take any large amounts out? Because apparently I can't write cheques on my LOC. Like paying back my parents for undergrad? That sounds wrong. Also, they made me sign the normal student line of credit agreement, which they admit is a problem and they are trying to fix, but there is a paragraph in there about changing the interest rate to something of up to prime+5% when I am no longer a student in a "accredited post-secondary educational institution" That raised a flag, but the guy I was dealing with (who is the med/dent specialist for UBC) said that is how it has always been. Ditto to the part about RBC unilaterally changing the terms of the contract and to the part about rolling this into a professional line of credit after residency/fellowship. Essentially I just had to take his word on it, which I don't like. Also, I wanted the Avion card, to build up points to fly to CaRMS interviews for free in 4th year, but he wouldn't waive the fee for me. I also didn't get any free cheques. Any thoughts? Is this what everyone got from RBC? Or just me. I have no compunction about flipping, as I 've drawn a grand total of $200 so far, but I need somewhere else to go, that doesn't have yearly maximums, and will let me take out a chunk right at the start. Can anyone who has signed for this year comment? And yes, I realize signing with these lingering questions was wrong, but they came out after I signed, plus RBC seemed like the only place without yearly maximums, which I don't want. I would really, really appreciate some help/feedback Thanks PS: For clarity, this is the med/dent rep that if you went to the UBC financial aid session this summer, is on the list for RBC on the handout comparing all the banks we got (just so I don't name names) Link to comment Share on other sites More sharing options...
future_doc Posted July 17, 2010 Report Share Posted July 17, 2010 Start from scratch with other banks and check them out. You can always swith banks, YOU are in the driver's seat! Link to comment Share on other sites More sharing options...
rmorelan Posted July 17, 2010 Report Share Posted July 17, 2010 some things in your offer do sound a bit off - the interest at the end for one! I have had two LOCs now with different banks than the one you are dealing with and similarly you have to move money to your chequeing account fomr the loc to use it - actually my personal loc at yet another bank worked the same way (so in total that would be rbc, td, and soctia). That really isn't an loc problem - everyone moves the loc money into an actual bank account before they use it. The limit on the debit card is also pretty standard although you can talk about raising the limit. It is there to prevent someone from stealing your card and cleaning out your accounts - some scams in the past with card readers were used to do that for instance. I moved/move bulk sums online at those three banks which can be done with no limit (I said my parents up as a payee and move the money directly into their account). Also the cheques I write can have no limit as well - both of those options will let you pay back your parents easily. Link to comment Share on other sites More sharing options...
dashley Posted July 17, 2010 Report Share Posted July 17, 2010 Hmmm I just saw that 5% thing too - it says we MAY charge you... I asked to sign something saying that it would stay at prime until it was paid off and the guy said there wasn't anything but that was how it had worked and it stayed that way until it was paid off even after residency. It is a little wary but the thing is that you can change at any point - if MD financial went up to 200k I'd go there in a heart beat because they guarantee it... so don't worry, just because you signed something doesn't mean you are stuck there. And it is super easy to transfer money online too... Link to comment Share on other sites More sharing options...
dashley Posted July 17, 2010 Report Share Posted July 17, 2010 Also, if you look under #11 of the agreement it tells you that you can use your LOC to take money out, write cheques, etc. just like a bank account - I got cheques, but now I don't know if they were for the chequing account or the LoC??!?! Link to comment Share on other sites More sharing options...
rmorelan Posted July 17, 2010 Report Share Posted July 17, 2010 Also, if you look under #11 of the agreement it tells you that you can use your LOC to take money out, write cheques, etc. just like a bank account - I got cheques, but now I don't know if they were for the chequing account or the LoC??!?! if they were issued cheques from the bank the aaccount number will be on them and you can tell what they come from by that. I suspect they are from the chequing account proper but let us know Link to comment Share on other sites More sharing options...
TheEggman Posted July 17, 2010 Report Share Posted July 17, 2010 It is a little wary but the thing is that you can change at any point - if MD financial went up to 200k I'd go there in a heart beat because they guarantee it... MD financial gives you an extra 50k during residency bringing the total by the end of school to 200k. Frankly 200k frightens me, that is a s***-ton of money. Even with fairly lavish spending for a student, using OSAP I shouldn't even use up the 150k. It would also be nice to start paying down some principal during residency once I start making an income, so I don't see myself using much of the extra 50k. Link to comment Share on other sites More sharing options...
jO-M Posted July 17, 2010 Author Report Share Posted July 17, 2010 Thanks for the feedback - yeah I'm thinking I can do it with cheques, but I'm not sure. Do they fall under "third-party payments?" (dashley, I guess you would be the one to ask...). I think the cheques you got were just for the chequing account proper, because when I tried to order some, I could only get them for my chequing account. And yeah, $200K is a ridiculous amount, and I would be okay with $150K, but I can't have the annual limits - I owe my parents a bunch, plus I made do with a lot of things until the end of the undergrad that no longer work (computer, desk, bed). My overall spending I think will be ridiculously conservative for the next few years, but it's all the costs now which made me go with RBC, although apparently TD will give you stuff up front as well? I'm just trying to figure this out before asking my rep again, as he made me feel like sh** for even asking about taking out a large amount (giving me the BMW lecture). Feel free to PM me if you don't want to post details like what I'm trying to find out on the forum board. Link to comment Share on other sites More sharing options...
onamountain Posted July 17, 2010 Report Share Posted July 17, 2010 Hmm, that is really strange. I just went and started an application with a rep on the island, and she was really warm and accommodating. She let me have both the avion visa and free cheques. I still haven't signed anything though. But in the end if your rep keeps giving you a hard time about your LOC, I think you should switch to somebody who cares more about keeping your business. You'll have to deal with them for at least a decade, so might as well shop around. Link to comment Share on other sites More sharing options...
shannn Posted July 18, 2010 Report Share Posted July 18, 2010 Hmm, that is really strange. I just went and started an application with a rep on the island, and she was really warm and accommodating. She let me have both the avion visa and free cheques. I still haven't signed anything though. But in the end if your rep keeps giving you a hard time about your LOC, I think you should switch to somebody who cares more about keeping your business. You'll have to deal with them for at least a decade, so might as well shop around. Avion Visa with no fees? I know the first year is free, but what about subsequent years? I was offered any RBC CC, but I stuck with their no fee Gold because it was pretty good to start with (ex/ travel insurance included, which will be nice when I finish school since it is already in our student health plan) Link to comment Share on other sites More sharing options...
astudentis Posted July 18, 2010 Report Share Posted July 18, 2010 Also, I wanted the Avion card, to build up points to fly to CaRMS interviews for free in 4th year, but he wouldn't waive the fee for me. I also didn't get any free cheques. I got the avion card free for one year (120$ credit)... which came with a 15K points bonus by the end of 4 years... you are like to only get only a flight maybe two at max with the amount of points you may accumulate... so dont count on it that much I also got free signature cheques... Link to comment Share on other sites More sharing options...
meds2014 Posted July 18, 2010 Report Share Posted July 18, 2010 How did all of you get 200K? Did the rep ask for a estimated cost of attendance budget sheet from the school? Because mine did, and only gave me $120K. That's it! How did you guys pull off $200K? Link to comment Share on other sites More sharing options...
shannn Posted July 18, 2010 Report Share Posted July 18, 2010 How did all of you get 200K? Did the rep ask for a estimated cost of attendance budget sheet from the school? Because mine did, and only gave me $120K. That's it! How did you guys pull off $200K? That's really strange, my budget sheet estimated my costs at $149K Link to comment Share on other sites More sharing options...
dashley Posted July 18, 2010 Report Share Posted July 18, 2010 I didn't fill out any budget sheets or anything... I had to tell them my current rent and that was about it. Just ask for the full amount, they can still go back and do it. They cannot tell you that you can only get so much because of a budget sheet - you're the customer, sometimes if people don't really understand the process or are jaded about giving a student that much money themselves they try and control it. Not their choice though... Link to comment Share on other sites More sharing options...
future_doc Posted July 18, 2010 Report Share Posted July 18, 2010 mine...only gave me $120K. You can switch banks in a nano second. Link to comment Share on other sites More sharing options...
dashley Posted July 23, 2010 Report Share Posted July 23, 2010 I just got my cheques in the mail today - and yup they are for the chequing account and I thought they were going to be for the LOC - too bad BMO didn't have a better deal because during undergrad I had one from their like that.... booo! Link to comment Share on other sites More sharing options...
RBCMed&Dental Specialist Posted March 18, 2011 Report Share Posted March 18, 2011 Hi there, sorry to hear you're having a hard time with your professional package...it is pretty straight forward and very easy to use. Feel free to contact me directly and I will be happy to answer any questions either by phone (902)421-4241 or e-mail marianne.decastro@rbc.com Good Luck Marianne De Castro Senior Account Manager Link to comment Share on other sites More sharing options...
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