lost__in__space Posted June 12, 2012 Report Share Posted June 12, 2012 Hey guys thanks for all the responses. So for UofT, Deborah told me that they don't confirm you are a student until August. So what I did as "proof" is just gave them my OMSAS log-in and together showed them that I had a Firm-Accept registered on it and that worked. Also for TD, just for everyone out there: your repayment doesn't start until after residency and during residency your interest is at prime. Also, get your Travel TD VISA.... I got 2 years fees waived off the price of it. Did anyone get more? Link to comment Share on other sites More sharing options...
DeeDoc Posted June 12, 2012 Report Share Posted June 12, 2012 Sooo... I applied for an RBC line of credit. But I am having buyers remorse. I want to cancel it and move away from RBC's LOC. I'd much rather go with Scotiabank. How do I proceed? I should add, that I was feeling pretty uncomfortable with the guy at RBC anyways. I did most of my banking with RBC throughout the last 6+ years, so I thought they'd treat me better. Guy was stand offish and very evasive when I kept saying, I want prime, he goes "I think it's prime + 0.5% now...but the rates are changing." He also didn't tell me if I was approved or anything... Link to comment Share on other sites More sharing options...
Dr.Henderson Posted June 12, 2012 Report Share Posted June 12, 2012 Sooo... I applied for an RBC line of credit. But I am having buyers remorse. I want to cancel it and move away from RBC's LOC. I'd much rather go with Scotiabank. How do I proceed? I should add, that I was feeling pretty uncomfortable with the guy at RBC anyways. I did most of my banking with RBC throughout the last 6+ years, so I thought they'd treat me better. Guy was stand offish and very evasive when I kept saying, I want prime, he goes "I think it's prime + 0.5% now...but the rates are changing." He also didn't tell me if I was approved or anything... If you haven't signed papers then I imagine its easier than if you have- you should be able to just walk away. Every application dings your credit though, I believe. Basically any time anyone told me anything different from what I knew was right I'd just show them their webpage. "I want: http://www.rbcroyalbank.com/student/medical/plan.html <-- that". Definitely ask for more than what they're offering (e.g. upgraded visa), but never take anything less. Link to comment Share on other sites More sharing options...
DeeDoc Posted June 12, 2012 Report Share Posted June 12, 2012 If you haven't signed papers then I imagine its easier than if you have- you should be able to just walk away. Every application dings your credit though, I believe. Basically any time anyone told me anything different from what I knew was right I'd just show them their webpage. "I want: http://www.rbcroyalbank.com/student/medical/plan.html <-- that". Definitely ask for more than what they're offering (e.g. upgraded visa), but never take anything less. I signed a paper to apply. I have pretty good credit actually, so I could care less about the ding. Link to comment Share on other sites More sharing options...
future_doc Posted June 12, 2012 Report Share Posted June 12, 2012 Let it go through amd then switch. Link to comment Share on other sites More sharing options...
KMMD Posted June 12, 2012 Report Share Posted June 12, 2012 If you haven't signed papers then I imagine its easier than if you have- you should be able to just walk away. Every application dings your credit though, I believe. Basically any time anyone told me anything different from what I knew was right I'd just show them their webpage. "I want: http://www.rbcroyalbank.com/student/medical/plan.html <-- that". Definitely ask for more than what they're offering (e.g. upgraded visa), but never take anything less. Did you contact one of these people? They should know what they are doing. That is who I dealt with and had ZERO problems http://www.rbcroyalbank.com/student/medical/specialists.html Link to comment Share on other sites More sharing options...
pluripotent Posted June 12, 2012 Report Share Posted June 12, 2012 If I recall correctly, I also signed a paper to apply, but the application and the agreement are two different things. After I was approved at RBC for the full LOC ($250k I think), I had to go back in again to sign the actual LOC contract, which is a much longer document than the application and also documents the whole prime+5% issue (in fine print, somewhere in section 2, I believe). So... just don't sign the actual LOC papers. Tell them you've found a better offer elsewhere. They will of course try to pressure you to stay with them and may even intimate that the application is binding. Regarding the latter, anyone who does so should be reported to the Better Business Bureau. Just tell them you don't want it anymore and you want to close all your accounts with them (presuming you don't have any other outstanding debts with RBC). They can't stop you from doing that. Even if you have signed the LOC papers (remember, different from application!), call it off and close it without borrowing anything. It is important to do this before you apply to an LOC with another bank, so it doesn't look like you already have $250k in credit already. Remember your future worth. You have a lot of leverage. Don't be afraid to, well, lever a little. Link to comment Share on other sites More sharing options...
DeeDoc Posted June 12, 2012 Report Share Posted June 12, 2012 If I recall correctly, I also signed a paper to apply, but the application and the agreement are two different things. After I was approved at RBC for the full LOC ($250k I think), I had to go back in again to sign the actual LOC contract, which is a much longer document than the application and also documents the whole prime+5% issue (in fine print, somewhere in section 2, I believe). So... just don't sign the actual LOC papers. Tell them you've found a better offer elsewhere. They will of course try to pressure you to stay with them and may even intimate that the application is binding. Regarding the latter, anyone who does so should be reported to the Better Business Bureau. Just tell them you don't want it anymore and you want to close all your accounts with them (presuming you don't have any other outstanding debts with RBC). They can't stop you from doing that. Even if you have signed the LOC papers (remember, different from application!), call it off and close it without borrowing anything. It is important to do this before you apply to an LOC with another bank, so it doesn't look like you already have $250k in credit already. Remember your future worth. You have a lot of leverage. Don't be afraid to, well, lever a little. Perfect. I haven't seen that paper yet. I will not sign those papers. I will terminate the application and I am most likely going to go with Scotia. I am awaiting an email reply from Catherine Hall. Link to comment Share on other sites More sharing options...
rmorelan Posted June 12, 2012 Report Share Posted June 12, 2012 Perfect. I haven't seen that paper yet. I will not sign those papers. I will terminate the application and I am most likely going to go with Scotia. I am awaiting an email reply from Catherine Hall. She is pretty quick - we work with her a lot at the school. Link to comment Share on other sites More sharing options...
Dr.Henderson Posted June 12, 2012 Report Share Posted June 12, 2012 Did you contact one of these people? They should know what they are doing. That is who I dealt with and had ZERO problems http://www.rbcroyalbank.com/student/medical/specialists.html No I dealt with a local account manager, she was wonderful in terms of doing everything she could to help/work with me. She just didn't know the ins and outs of the med package, so I went through the webpage with her and got everything I wanted without any issue really. I think the key here is to be well informed yourself rather than entrusting everything to anyone, be it an account manager or a specialist. This is a ton of money so I went in being well informed. RBC offered the most flexible package that worked with my needs and I got good service, so I'm happy. Link to comment Share on other sites More sharing options...
mm88 Posted June 12, 2012 Report Share Posted June 12, 2012 Walk away from RBC. I remain thoroughly unimpressed by how they handled it. Did you contact one of these people? They should know what they are doing. That is who I dealt with and had ZERO problems http://www.rbcroyalbank.com/student/medical/specialists.html My RBC "student champion" was also a bit of a prick. Doesn't answer call or emails, I went ahead and also applied for LOCs at Scotia and TD. MY credit will take a few points hit, but its better than dealing with unfriendly people. UGH! They act like I owe them something by coming in to apply for a loan! Link to comment Share on other sites More sharing options...
DeeDoc Posted June 13, 2012 Report Share Posted June 13, 2012 My RBC "student champion" was also a bit of a prick. Doesn't answer call or emails, I went ahead and also applied for LOCs at Scotia and TD. MY credit will take a few points hit, but its better than dealing with unfriendly people. UGH! They act like I owe them something by coming in to apply for a loan! As an earlier poster stated.. they should be wanting our business. Not acting like tools. Link to comment Share on other sites More sharing options...
rmorelan Posted June 13, 2012 Report Share Posted June 13, 2012 My RBC "student champion" was also a bit of a prick. Doesn't answer call or emails, I went ahead and also applied for LOCs at Scotia and TD. MY credit will take a few points hit, but its better than dealing with unfriendly people. UGH! They act like I owe them something by coming in to apply for a loan! yeah don't even worry about the microscope "hit" - your credits are already taken care of (LOC + residency) that that will be lost way before it could even affect you Link to comment Share on other sites More sharing options...
john2901 Posted June 13, 2012 Report Share Posted June 13, 2012 Thank you very much for your replies everyone, it was a relief to know that I am not the only one who is being messed with by RBC. I will call Scotiabank first thing tomorrow. I also want to check out MD management at National Bank. Has anyone else dealt with them and would recommend their LOC? If yes, please comment on the clarity of their contract in terms of the LOC being prime throughout MD+residency+grace year. Link to comment Share on other sites More sharing options...
Rext Posted June 13, 2012 Report Share Posted June 13, 2012 I just got off the phone with the Scotiabank person for McMaster...AND SHE WAS AMAZING! So friendly and kind, she even offered to meet me at McMaster instead of the branch for my convenience. The RBC person on the other hand...well... She did her job Link to comment Share on other sites More sharing options...
holiday1001 Posted June 13, 2012 Report Share Posted June 13, 2012 still 50k/year for a total of 150k? Link to comment Share on other sites More sharing options...
DeeDoc Posted June 13, 2012 Report Share Posted June 13, 2012 I canceled RBC, got it all squared away. Going to meet Scotiabank person next week Link to comment Share on other sites More sharing options...
BigM Posted June 13, 2012 Report Share Posted June 13, 2012 I canceled RBC, got it all squared away. Going to meet Scotiabank person next week I did that a couple months ago, haven't regretted it since. Link to comment Share on other sites More sharing options...
DeeDoc Posted June 13, 2012 Report Share Posted June 13, 2012 I did that a couple months ago, haven't regretted it since. That's great to hear. I was very unimpressed with RBC. Link to comment Share on other sites More sharing options...
Rext Posted June 13, 2012 Report Share Posted June 13, 2012 still 50k/year for a total of 150k? Its 66k a year for McMaster for a total of 200k during medical school and an additional optional 15k per year of residency after. Link to comment Share on other sites More sharing options...
funshine_bear Posted June 13, 2012 Report Share Posted June 13, 2012 Hey guys thanks for all the responses. So for UofT, Deborah told me that they don't confirm you are a student until August. So what I did as "proof" is just gave them my OMSAS log-in and together showed them that I had a Firm-Accept registered on it and that worked. Also for TD, just for everyone out there: your repayment doesn't start until after residency and during residency your interest is at prime. Also, get your Travel TD VISA.... I got 2 years fees waived off the price of it. Did anyone get more? Which TD branch did you go to? I tried to get one from my local branch in north Toronto and they told me it wasn't possible to waive the fees at all. They said it was done on a branch-by-branch basis, but it seemed like they didn't really believe me when I said I heard of someone who had 2 years of fees waived. Link to comment Share on other sites More sharing options...
future_doc Posted June 13, 2012 Report Share Posted June 13, 2012 And I believe they pay a referral fee. So get together, let someone bring you in and receive a payment, then take you out for a good meal! Link to comment Share on other sites More sharing options...
BigM Posted June 14, 2012 Report Share Posted June 14, 2012 And I believe they pay a referral fee. So get together, let someone bring you in and receive a payment, then take you out for a good meal! I would be willing to work something out with someone if they wanted to use me as a referral to Scotia in London . I can give you plenty of reasons why Scotia is awesome. Link to comment Share on other sites More sharing options...
future_doc Posted June 14, 2012 Report Share Posted June 14, 2012 Makes sense Link to comment Share on other sites More sharing options...
DeeDoc Posted June 14, 2012 Report Share Posted June 14, 2012 I would be willing to work something out with someone if they wanted to use me as a referral to Scotia in London . I can give you plenty of reasons why Scotia is awesome. You wanna buy me dinner? *gulp* is this like... a date? Link to comment Share on other sites More sharing options...
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