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Line Of Credit Policies - Comparing The Big Banks

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Hey guys,


McMaster and U of T just released summary sheets of the offers by the big banks. I thought others would find them useful. I would have loved to have these when I was shopping around (although I'm happy with my choice).


Enjoy, and let me know which offer you prefer/chose.




Edited by PhD2MD
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They're all basically the same 


There are 3 main differences:

-Cash up front vs spread over 3 years (should not matter because you shouldn't spend it all right away anyways)

-Credit card perks (over the life time of the loan, might make a minor difference depending on your spending habits)

-Being with a rep who knows about med loans. This is the BIGGEST and most important difference. If you're in hamilton and looking for a great rep, Josh at Scotia Bank was amazing. Msg me for details.

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Even then, having a good rep isn't vital. Once the account is set up you'll rarely ever see them again. Majority of interactions are online and on the apps. Minority of people with more complex banking needs may need to see the rep however on occasion.

except for later on - the reps I have worked with were very helpful in setting up mortgages, and for others they also are the ones that help set up your practise.

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I beg to differ about a comment above earlier today that having a good rep isn't vital. On the contrary, I find it to be essential. I am with RBC and had a great rep for years. She was so great, gave excellent service always and dealt with toruble shooting on the rare occasions this was necessary that ultimately, she was promoted. The result was that her replacement was a dufus, he gave no service whatsoever, could not be reached and he never responded when needed. As I was otherwise happy with RBC and had already changed banks once, I opted to find a better rep at another branch and was successful. This new rep of mine sorted out all the outstanding issues within 48 hours and also, within the same time frame, confirmed my LOC limit was raised to the maximum.  

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