Problems obtaining LOC

[Newmeds]

Hello all,

First time poster, long time reader. I am happy to say that I got into meds this year at the U of A, and have some big travel plans for the summer. These need financing, so I'm eager to obtain my LOC asap to enjoy this summer.

story:

Went to RBC with my acceptance letter on Friday, got everything set up, and got my approval. I was told by the branch manager yesterday that as soon as the approval came in on Saturday I will have access to my funds. I got a call today from a different account manager to come sign the papers. In the course of doing the paperwork, they said they can't release any funds till they get my confirmation of enrolment, which they said I usually get in August.
I am surprised since, from what I've read, people have gotten their LOC's as soon as they got their acceptance.

Can anyone confirm the same experience, or direct me to someone who'd be more willing to be accomodating to a new medical student?

[Lactic Folly]

I would consider an alternate bank with a greater emphasis on customer service.

[dumbadum]

ScotiaBank has a pretty good LoC program for professional students. Services pretty good too from what I hear

[aaronjw]

If you hadnt gotten into med school how were you going to finance your travel plans?

[Newmeds]

Wasnt going to travel in that case but that's off topic.

Can anyone who's gotten their loc with just their acceptance letter please post which bank they went to.

[ellorie]

they did this to me too when I went last week.
My banker told me that an email from the school indicating that I have confirmed my acceptance and will be registering in the program is enough.

[Newmeds]

Which bank was this ellorie?

[psychoswim]

I'm planning on going to RBC (my current bank), just haven't decided if I want to go right away or just wait until the fall when school has started. I don't need the money right away anyways so might as well wait until I can print a schedule I guess?

[MD2015]

It makes sense to set it up before school starts. Also why not check out BN for sake of comparison.

[psychoswim]

From what I've seen they're all very similar. For me, RBC seems to offer everything I need with the same prime rate (I think) so it's just easier to stay with my current bank where I also have my financial aid set up :) I'll wait for my mailed letter and maybe check then.

[MD2015]

Makes sense and RBC are excellent.

[ellorie]

Also RBC - they hit me with the exact same thing they told you.

[gb35]

Wasnt going to travel in that case but that's off topic.

Can anyone who's gotten their loc with just their acceptance letter please post which bank they went to.

I went with RBC and they gave me access to the funds right away... All I had was my acceptance letter.

[bloh]

I went with RBC and they gave me access to the funds right away... All I had was my acceptance letter.

Are you able to pull out funds or just set up your account? I can't remember what was the case for me since I didn't need the money right away but I vaguely remember them saying I needed to be officially registered before being able to take out money (which is well before school starts btw).

[psychoswim]

Question: did you guys just show up at the bank you picked, or talked to the med school "specialists" beforehand? RBC has a list of people by school, so should I first call them?

[MD2015]

Question: did you guys just show up at the bank you picked, or talked to the med school "specialists" beforehand? RBC has a list of people by school, so should I first call them?

Yes, call the designated RBC person for your med school and set up an appointment. It will be straightforward.

PS: bring peanut butter

[gb35]

Are you able to pull out funds or just set up your account? I can't remember what was the case for me since I didn't need the money right away but I vaguely remember them saying I needed to be officially registered before being able to take out money (which is well before school starts btw).

Yeah I've been able to use the money.

[liszt]

I went to MD Management with my acceptance letter and was able to set up a LOC quickly & easily. They've been really great along the way.

[psychoswim]

Yes, call the designated RBC person for your med school and set up an appointment. It will be straightforward.

PS: bring peanut butter

lol of course!! Thanks!

[MD/CMA]

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