NaiNoremac Posted July 20, 2012 Report Share Posted July 20, 2012 I was able to get it for one year waived and then I was going to haggle more next year.. I have a friend who's going to Ottawa who managed to get it waived until after residency.. it totally depends on who you talk to, younger reps might be more easily swayed I'm not sure.. it does go against policy but it depends.. I went one RBC and they flat out said no.. went to another one and she said yes for a year... I was sick of having to schedule meetings and said **** it and just went with it. My friend was only able to get a LOC of 225,000 and I got 250,000 so balances out in the end I figure Link to comment Share on other sites More sharing options...
Sol32 Posted July 20, 2012 Report Share Posted July 20, 2012 I was able to get it for one year waived and then I was going to haggle more next year.. I have a friend who's going to Ottawa who managed to get it waived until after residency.. it totally depends on who you talk to, younger reps might be more easily swayed I'm not sure.. it does go against policy but it depends.. I went one RBC and they flat out said no.. went to another one and she said yes for a year... I was sick of having to schedule meetings and said **** it and just went with it. My friend was only able to get a LOC of 225,000 and I got 250,000 so balances out in the end I figure I spoke with my representative, and she told me that if you know the branch and representative that waived the card's fee for your friend, they'll be able to match it- they just need to confirm that another branch has done this. So if you know where and with who you your friend got their LOC, we could get the fee waived as well. So if you could find that out, it'd be great Link to comment Share on other sites More sharing options...
Mighty Molar Posted July 20, 2012 Report Share Posted July 20, 2012 Does anyone know the differences between the Infinite Avion and Platinium Avion Visa? They are both at $120 per year with similar benefits (from the booklet) Link to comment Share on other sites More sharing options...
mnbv Posted July 20, 2012 Report Share Posted July 20, 2012 Could you let us know what your documents say exactly? I recently completed an application with Scotia, and here are some excerpts from the contract that might help to clarify the interest rates during repayment: (section) 2. INTEREST RATE - You agree to pay interest on your loan from the date of each advance in the following manner. Interest is comprised of our Prime rate, which is currently 3.00% plus an adjustment factor of .00%. We will change the Prime rate from time to time and will post a notice of this in our branches. We may also change the adjustment factor, but we will give you prior written notice of this, stating the effective date of the change (my italics) ... ... (section) 6. PAYMENT AFTER FINISHING STUDIES OR LEAVING SCHOOL EARLY - ... We may agree to a longer amortization period if you wish and the interest rate will be the same as in section 2 (my italics) So it would appear that at face value Scotia is offering you prime throughout school and for the duration of your repayment period following completion of residency. However, section 2 does say they have the power to increase the "adjustment factor" at any time, and you will have to abide by this rate during repayment. Seems like an escape clause for Scotia. Are any banks stating in the contract that this adjustment factor will not change, or is Scotia still the best option, although it is still somewhat of a gamble knowing that they could change the adjustment factor to whatever they want and you are stuck with it? +1. Mine says exactly the same thing. Maybe it's a canada wide policy and branches cannot make changes to the agreement? Can anyone confirm if their agreement says something OTHER than this? This seems standard, although I have heard some talk of repayment at prime being written into the contract. Link to comment Share on other sites More sharing options...
Dr.Henderson Posted July 21, 2012 Report Share Posted July 21, 2012 Can anyone confirm if their agreement says something OTHER than this? This seems standard, although I have heard some talk of repayment at prime being written into the contract. The other few in this thread who stated that their repayment at prime was written into their contract said they couldn't be bothered to quote from their contracts. I'm inclined to believe lloyder's posted contract is the standard one and people just assumed that meant that they would be assured prime throughout repayment. Chances are everyone will be repaying at prime, but it just goes to show that nothing is guaranteed in that regard. Link to comment Share on other sites More sharing options...
future_doc Posted July 21, 2012 Report Share Posted July 21, 2012 That's my take too. Link to comment Share on other sites More sharing options...
NaiNoremac Posted July 21, 2012 Report Share Posted July 21, 2012 The other few in this thread who stated that their repayment at prime was written into their contract said they couldn't be bothered to quote from their contracts. I'm inclined to believe lloyder's posted contract is the standard one and people just assumed that meant that they would be assured prime throughout repayment. Chances are everyone will be repaying at prime, but it just goes to show that nothing is guaranteed in that regard. I was anal about this, I had the representative and branch manager handwrite and initial that repayment would be at prime.. whether that holds any water in the long run.. I dunno just covering my ass for if policy change occurs Link to comment Share on other sites More sharing options...
mnbv Posted July 21, 2012 Report Share Posted July 21, 2012 That's my take too. Ya, most probably. It is quite sneaky of Scotiabank to tout repayment at prime as a selling point, but be unwilling to write that into the contract. Link to comment Share on other sites More sharing options...
A Second Daniel Posted July 21, 2012 Report Share Posted July 21, 2012 The other few in this thread who stated that their repayment at prime was written into their contract said they couldn't be bothered to quote from their contracts. I'm inclined to believe lloyder's posted contract is the standard one and people just assumed that meant that they would be assured prime throughout repayment. Chances are everyone will be repaying at prime, but it just goes to show that nothing is guaranteed in that regard. I wouldn't worry about this stuff at all to that extent. You're not going to have significant differences between any of the major banks because they have all received the same government charter to start with, all are heavily regulated by government and the BoC, all own one another via stocks and other forms of equity, and all are run by the same people. At the end of the day, which bank you go with has no significant bearing to get worked up over. Link to comment Share on other sites More sharing options...
future_doc Posted July 21, 2012 Report Share Posted July 21, 2012 Ya, most probably. It is quite sneaky of Scotiabank to tout repayment at prime as a selling point, but be unwilling to write that into the contract. Yes, but they write more than most and apparently, they never raised the rate. Link to comment Share on other sites More sharing options...
mm88 Posted July 21, 2012 Report Share Posted July 21, 2012 I wouldn't worry about this stuff at all to that extent. You're not going to have significant differences between any of the major banks because they have all received the same government charter to start with, all are heavily regulated by government and the BoC, all own one another via stocks and other forms of equity, and all are run by the same people. At the end of the day, which bank you go with has no significant bearing to get worked up over. Except when they refuse to advance funds for purposes other than tuition! Link to comment Share on other sites More sharing options...
mnbv Posted July 23, 2012 Report Share Posted July 23, 2012 Yes, but they write more than most and apparently, they never raised the rate. Here's to hoping that doesn't change 10 years from now! Link to comment Share on other sites More sharing options...
crete Posted July 25, 2012 Report Share Posted July 25, 2012 TD has sub-par services. No joke. I went there they wanted to give me prime +1 %, $200K and required a co-signor with 60K/year. I'm glad they left. Interestingly, they have started to racially discriminate against people with Iranian background, regardless of whether they are Canadian or not. They have been closing accounts based on "Sanctions for people in Iran", but these people aren't in Iran. Anyway, I don't like TD. http://www.cbc.ca/news/canada/toronto/story/2012/07/11/iranian-canadian-td-accounts269.html Not to hijack this thread - but I don't care what the bank offers me - the fact that this is the ONLY bank shutting down accounts of Iranians in Canada makes me wonder who's account they will just freeze next time. No thanks. Link to comment Share on other sites More sharing options...
ScotiabankMedsAdvisorLOC Posted July 26, 2012 Report Share Posted July 26, 2012 Please understand that a student line of credit is completely open and can be paid out and transfered to another financial institution at any time if they offer better rates and conditions. We value you as a client and we are going to do our best to provide the best service and rates possible. Ya, most probably. It is quite sneaky of Scotiabank to tout repayment at prime as a selling point, but be unwilling to write that into the contract. Link to comment Share on other sites More sharing options...
Doritos Posted July 30, 2012 Report Share Posted July 30, 2012 hey guys Ill need to write a big check on my FIRST day of school so I need to get a LOC as soon as possible, Im wondering if I could just go to the bank I want and ask for a LOC(because people I called were on vacations...) however, they will probably ask me for admissions infos? acceptation letters? I have none... all my papers were sent on internet and Im not even "registered" yet (they register us later) I received my semester schedule and some infos about vaccination (ON MY EMAIL) but my name is not even on it so I dont see the point of printing those??...? What to do? Link to comment Share on other sites More sharing options...
rmorelan Posted July 30, 2012 Report Share Posted July 30, 2012 hey guys Ill need to write a big check on my FIRST day of school so I need to get a LOC as soon as possible, Im wondering if I could just go to the bank I want and ask for a LOC(because people I called were on vacations...) however, they will probably ask me for admissions infos? acceptation letters? I have none... all my papers were sent on internet and Im not even "registered" yet (they register us later)I received my semester schedule and some infos about vaccination (ON MY EMAIL) but my name is not even on it so I dont see the point of printing those??...? What to do? Your school can provide you a letter mostly likely - where are you going in the fall? That is all the prove you need. Link to comment Share on other sites More sharing options...
Cass Posted July 30, 2012 Report Share Posted July 30, 2012 Fantastic thread! I had a quick question. Would a cashback credit card be better (ex: Scotia's momentum infinite visa card with 4% cashback on all eligible gas station and grocery store purchases; 2% cash back on eligible drug store purchases and recurring bill payments; 1% cash back on all other eligible purchases etc) OR a travel visa credit card (ex: RBC's avion or Scotia's Passport Gold)? I'm not sure how much travelling I'd do in the first two years of med but from what other people are saying, a travel credit card would benefit in fourth year when we're flying all over the place for interviews? If we get one type of card now, are we able to "switch" over later on? Link to comment Share on other sites More sharing options...
crete Posted July 30, 2012 Report Share Posted July 30, 2012 Awesome question! I have the L'earn Scotia Student Visa and I was able to rack up a significant Money-back last year - and it's only 1%! I am having the same debate. I am leaning towards the Travel Card only because there is full auto insurance coverage and I don't have a car and would like to rent one sometimes to go home etc... It will end up probably saving me some money in the long run. Moneyback does really work though - such a tough call. Fantastic thread! I had a quick question. Would a cashback credit card be better (ex: Scotia's momentum infinite visa card with 4% cashback on all eligible gas station and grocery store purchases; 2% cash back on eligible drug store purchases and recurring bill payments; 1% cash back on all other eligible purchases etc) OR a travel visa credit card (ex: RBC's avion or Scotia's Passport Gold)? I'm not sure how much travelling I'd do in the first two years of med but from what other people are saying, a travel credit card would benefit in fourth year when we're flying all over the place for interviews? If we get one type of card now, are we able to "switch" over later on? Link to comment Share on other sites More sharing options...
Cass Posted July 31, 2012 Report Share Posted July 31, 2012 Awesome question! I have the L'earn Scotia Student Visa and I was able to rack up a significant Money-back last year - and it's only 1%! I am having the same debate. I am leaning towards the Travel Card only because there is full auto insurance coverage and I don't have a car and would like to rent one sometimes to go home etc... It will end up probably saving me some money in the long run. Moneyback does really work though - such a tough call. That's the thing - I don't live far from home and wouldn't mind taking public transportation (more convenient anyways) as I don't have a car. So I'm thinking the cash back might be better... Link to comment Share on other sites More sharing options...
zeroNINE Posted July 31, 2012 Report Share Posted July 31, 2012 I ended up picking the Momentum card from Scotia. But I would like to know if we could pick up the Scotia Gold after a couple years as well. Side benefit, the debit card you get from Scotia is a Scene debit card which means for ever $5 you spend using the card, you get 1 Scene point. Scotia/Scene is partnered with Cineplex Odeon. 1000 Scene points = 1 movie. Just by opening a chequing account with Scotia you get 4000 Scene points = 4 free movies. Of course no fees on the account, free cheques, no fees on either VISA card. So make sure you get that chequing account. Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted August 1, 2012 Report Share Posted August 1, 2012 I ended up picking the Momentum card from Scotia. But I would like to know if we could pick up the Scotia Gold after a couple years as well. Side benefit, the debit card you get from Scotia is a Scene debit card which means for ever $5 you spend using the card, you get 1 Scene point. Scotia/Scene is partnered with Cineplex Odeon. 1000 Scene points = 1 movie. Just by opening a chequing account with Scotia you get 4000 Scene points = 4 free movies. Of course no fees on the account, free cheques, no fees on either VISA card. So make sure you get that chequing account. Which Momentum card is that? I have the 1%/2% card and they're charging me $40 a year. Link to comment Share on other sites More sharing options...
Doritos Posted August 1, 2012 Report Share Posted August 1, 2012 I'm really happy with the service I got with RBC, I went there with my acceptance letter printed, the account manager never dealt with a med student before but he made a short call to get informed and offered me everything! Link to comment Share on other sites More sharing options...
zeroNINE Posted August 2, 2012 Report Share Posted August 2, 2012 Which Momentum card is that? I have the 1%/2% card and they're charging me $40 a year. It's called the no-fee Momentum card, and you really just have to push for it. If they don't give it to you, ask at another branch or at the branch closer to your school. It's the same cash back as yours as well. On that note, I forgot to ask did anyone sign up for any of the insurances your bank tells you about? Like life insurance, disability, etc? My manager was saying how most people don't take it, but he has to offer it anyway. Any suggestions? Thanks! Link to comment Share on other sites More sharing options...
sirnoodleton Posted August 2, 2012 Report Share Posted August 2, 2012 It's called the no-fee Momentum card, and you really just have to push for it. If they don't give it to you, ask at another branch or at the branch closer to your school. It's the same cash back as yours as well. On that note, I forgot to ask did anyone sign up for any of the insurances your bank tells you about? Like life insurance, disability, etc? My manager was saying how most people don't take it, but he has to offer it anyway. Any suggestions? Thanks! I didn't take it because I have no assets, and no immediate family that would be responsible for my debts. Until I get married and own something, I won't need the insurance. Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted August 2, 2012 Report Share Posted August 2, 2012 It's called the no-fee Momentum card, and you really just have to push for it. If they don't give it to you, ask at another branch or at the branch closer to your school. It's the same cash back as yours as well. On that note, I forgot to ask did anyone sign up for any of the insurances your bank tells you about? Like life insurance, disability, etc? My manager was saying how most people don't take it, but he has to offer it anyway. Any suggestions? Thanks! http://www.scotiabank.com/ca/en/0,,87,00.html That's 0.5%/1%, are you sure that's not the one you got? Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.