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Lines of Credit for Medical Students (Scotia is the best option)


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Honestly,    Thank you to pm101 for helping the mandem out. You all are so great. This sharing of information takes the power away from the banks and puts back in our hands. They were trying to play

I contacted RBC and scotiabank recently and this is a comparison: 1. Credit cards annual fee: both top of the line cards, mostly similar/comparable perks with Scotia having slight upper hand. Dif

true - it isn't the money though.   It is the entire point of this process - to make sure you are at a bank that has your back. Everyone will give you prime and enough money. You are trying to enter

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59 minutes ago, trnsatlnticism said:

Did anyone negotiate other perks besides the two credit cards with Scotia? Free cheques, unlimited e-transfers etcetera? I want to make sure I'm getting any extra perks I can!

I've got free cheques. Don't know about etransfers. I don't use them much.

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1 hour ago, trnsatlnticism said:

Did anyone negotiate other perks besides the two credit cards with Scotia? Free cheques, unlimited e-transfers etcetera? I want to make sure I'm getting any extra perks I can!

 

3 minutes ago, PhD2MD said:

I've got free cheques. Don't know about etransfers. I don't use them much.

The standard (at least what I was told when I contacted a rep) is free cheques and 2 e-transfers a month. Not sure if anyone's negotiated the e-transfers, it just seems really inconvenient after I've gotten so used to RBC's unlimited free e-transfers.

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12 minutes ago, xiphoid said:

 

The standard (at least what I was told when I contacted a rep) is free cheques and 2 e-transfers a month. Not sure if anyone's negotiated the e-transfers, it just seems really inconvenient after I've gotten so used to RBC's unlimited free e-transfers.

You should get unlimited e-transfers in school.  Have them setup the student banking advantage plan account which gives unlimited e-transfers.

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2 minutes ago, canada747 said:

Can we apply for an LOC with only our proof of admission? Or do we need to have an invoice for tuition first?

Thanks!

I was told by RBC and Scotiabank that the LOC wouldn't be released until you provide verification of enrollment. Scotia said they could release $5000 before that though if I needed it to put a deposit on first and last month's rent. But you can apply with just the admission letter.

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1 minute ago, canada747 said:

Can we apply for an LOC with only our proof of admission? Or do we need to have an invoice for tuition first?

Thanks!

My application got accepted at Scotiabank with just the med acceptance letter. I would imagine RBC is the same. Only heard of some branches in Toronto I think that required proof of enrollment 

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18 minutes ago, Eudaimonia said:

My application got accepted at Scotiabank with just the med acceptance letter. I would imagine RBC is the same. Only heard of some branches in Toronto I think that required proof of enrollment 

sometimes that depends on the relationship with the bank and school and how exactly the school phrases things (had one schools acceptance flat out state it was conditional for instance on certainly things that aren't available until later - as an example graduating. Officially then you are technically in limbo until then etc, but some banks go ahead anyway.)

 

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On 5/24/2018 at 1:58 PM, Eudaimonia said:

My application got accepted at Scotiabank with just the med acceptance letter. I would imagine RBC is the same. Only heard of some branches in Toronto I think that required proof of enrollment 

The proper policy is that we can approve the line of credit with an offer of admission.  We cannot give access to the funds however until we have proof that you have accepted the offer.  As mentioned above if you need access to a small limit to make the deposit this can be done.

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I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

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1 minute ago, ScotiabankMedsAdvisor said:

I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

So does that mean wait for those changes to go through first before looking at LOCs?

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15 minutes ago, ScotiabankMedsAdvisor said:

I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

Same question as above... Was planning on signing perhaps next week or the week after, so should I wait?

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1 hour ago, ScotiabankMedsAdvisor said:

I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

Same question as the others - I planned to set up a meeting next week, but wondering if I should wait? Or would it still be valuable to meet and then finalize at a later point when the new offer comes out?

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You can certainly start looking.  The vast majority of the program will not change.  Account will remain the same with fees waived.  Credit cards will stay the same with passport infinite and gold Amex with fees waived for duration of school & residency .  2 year grace period after completion of residency/fellowship with ability to convert to a professional line.  Interest rate will remain the same.  If you set it up before the changes you can always amend it after.

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12 hours ago, ScotiabankMedsAdvisor said:

You can certainly start looking.  The vast majority of the program will not change.  Account will remain the same with fees waived.  Credit cards will stay the same with passport infinite and gold Amex with fees waived for duration of school & residency .  2 year grace period after completion of residency/fellowship with ability to convert to a professional line.  Interest rate will remain the same.  If you set it up before the changes you can always amend it after.

So the new standard for Scotia is the Passport Infinite instead of the Passport Gold?

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@Mac the Marauder The plans have changed a bit since the document but you should get the gist of the various factors by reading this thread

1 hour ago, Snowmen said:

So the new standard for Scotia is the Passport Infinite instead of the Passport Gold?

Yeah I guess their website is outdated. I was offered the Infinite upfront without any negotiating. 

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