Scotiabank versus TD Bank

[Chewy]

I followed with both TD and Scotiabank. TD’s grace period is two years after articling IF it’s stated in your letter of enrolment that the articling period is required in order to graduate, which I assume is the case for most, if not all, schools. 
 

With Scotia, you receive two credit cards each with a $5000 limit. Not sure if you do with TD. 
 

TD’s limit is $150K. Scotia is $135K.

[Shaheer]

Has anyone from Osgoode secured PSLOC with Scotia or TD? Osgoode is not providing me with the proof of enrollment as its still too early. 

[scooter]

4 hours ago, Chewy said:

IF it’s stated in your letter of enrolment that the articling period is required in order to graduate, which I assume is the case for most, if not all, schools. 

Articling isn't required to graduate, it's required as part of the licensing process after graduation.

3 hours ago, Shaheer said:

Has anyone from Osgoode secured PSLOC with Scotia or TD? Osgoode is not providing me with the proof of enrollment as its still too early. 

You need an actual proof of enrolment to finalize the line of credit with Scotia (this is the same for all schools). They are quite cautious about the documentation they require now - it has gotten more strict in recent years.

[chameli B]

Quote

You need an actual proof of enrolment to finalize the line of credit with Scotia (this is the same for all schools). They are quite cautious about the documentation they require now - it has gotten more strict in recent years.

@scooter It could be different where you are, but I was approved and given full access to my line of credit at Scotia ( about a month ago in BC). They just required my acceptance letter and a credit check. I was approved and had the funds in my account within 2 days of my application. TD wanted enrolment proof (cannot get until July), significant savings, tax slips, and account statements. TD was also pretty rude when I told them I did not have significant savings. The theme on these forums and Reddit seem to indicate that TD is stricter/ worse customer service than Scotia regarding obtaining a PSLOC. All banks in Canada are good, it just comes down to ease of approval/customer service. In my experience, Scotia is better than TD.

Edited May 24, 2023 by chameli B

[Megjackson]

I tried to get mine through TD first because I already have accounts with them. Found it to be a complete headache. They spoke to me like I was trying to scam them and like they were doing me a favor by considering the application. Told me they sent my application through and set up an appointment with me the following week. I assumed it was to update me on my application but it was a new rude person starting the application all over. I told her I did this whole process already and they had no record of it. 

Scotia bank was much more friendly and the process is easier. Offered more money too. 

I would never suggest TD to anyone now. 

22 hours ago, scooter said:

You need an actual proof of enrolment to finalize the line of credit with Scotia (this is the same for all schools). They are quite cautious about the documentation they require now - it has gotten more strict in recent years.

I was given access to my line of credit by getting a letter from my school as an alternative to proof of enrollment. 

Scotia also provided me a form they can stamp as an alternative to proof of enrollment. 

[Chewy]

 

50 minutes ago, Megjackson said:

Scotia bank was much more friendly and the process is easier. Offered more money too. 

How much? I was told their limit for JD is $135K, whereas TD is $150K (not that it matters a whole lot).

[Megjackson]

1 hour ago, Chewy said:

 

How much? I was told their limit for JD is $135K, whereas TD is $150K (not that it matters a whole lot).

Yeah TD is 150 but they offered me 90 🤷‍♀️

[Octoprophet]

Thanks for all this information everyone.

After having meetings with both TD and Scotiabank, I'm going with Scotiabank. They have better deals and Scotiabank felt like I was talking to an expert in these types of loans, TD felt like they were bothered that I made an appointment with them and they had to figure out the whole application while I waited in their office for almost an hour doing nothing. 

[evergreen]

21 hours ago, Octoprophet said:

Thanks for all this information everyone.

After having meetings with both TD and Scotiabank, I'm going with Scotiabank. They have better deals and Scotiabank felt like I was talking to an expert in these types of loans, TD felt like they were bothered that I made an appointment with them and they had to figure out the whole application while I waited in their office for almost an hour doing nothing. 

Hi

From what I am reading here, it seems TD is offering more money. I am considering taking out a loan myself and would appreciate it if you could share some details of the offers you received from both lenders. Who offered more money, and how had better terms?

[noname12]

Hey, I just got my LOC from Scotiabank, and it was the easiest process in the world. They have my vote for sure.

[Octoprophet]

On 5/26/2023 at 9:09 AM, evergreen said:

Hi

From what I am reading here, it seems TD is offering more money. I am considering taking out a loan myself and would appreciate it if you could share some details of the offers you received from both lenders. Who offered more money, and how had better terms?

It boiled down to the fact that TD needed a cosigner and Scotiabank didn't. Scotia was also much more professional and they have advisors that work directly with the law schools. 

[Teejah]

I was just approved for the full amount (150k) with TD.

I do have outstanding student loan debt, other LOC debt and credit cards. No savings, but a recently purchased home with a small down payment that might have made a difference (or not). In contrast to others my experience was very easy and painless. Booked a phone appointment. Took maybe 20 minutes to do chat with the rep and do the paperwork and was approved a couple of days later.

That said, experiences with the banks are going to vary. Everyone should do what is right for them.

[theaukr]

Maybe someone has had the same issue and can advise! 

I was just approved through Scotiabank for an LOC. The only condition is that I reduce my current credit cards, and provide proof of this. I cancelled one of them (ATB Mastercard, I don't bank with them) because I just haven't used it in years and it was of no use and asked if I could get some kind of proof and was told they don't do anything like that. Soooo, how do I obtain proof of this lol? Has anyone had a similar experience? I'm going to call again today but I'm sure I will be told the same thing. 

[GoBigOrGoHome]

1 hour ago, theaukr said:

Maybe someone has had the same issue and can advise! 

I was just approved through Scotiabank for an LOC. The only condition is that I reduce my current credit cards, and provide proof of this. I cancelled one of them (ATB Mastercard, I don't bank with them) because I just haven't used it in years and it was of no use and asked if I could get some kind of proof and was told they don't do anything like that. Soooo, how do I obtain proof of this lol? Has anyone had a similar experience? I'm going to call again today but I'm sure I will be told the same thing. 

If they already approved you for the Scotiabank LOC, I wouldn't worry too much about it. The only thing I could think of is logging in and it showing no account or your final invoice. 

They wanted me to cancel all of my BMO cards and LOC. I had over $60,000 credit available to me through BMO between LOC and credit cards. I kept forgetting to. I finally got around to cancelling the LOC after 1L and cancelled the BMO credit cards last week. That said, I was never asked for proof that I did it. I never heard from Scotiabank and don't know how they go about extending more credit to me in 2L. 

I kind of regret cancelling the BMO cards and LOC but I wasn't using the credit available to me. 

Be prepared for your credit to fall a bit (maybe a lot depending on your utilization rate) when you close the accounts. My credit score dropped 10 points but I am at a 2% utilization rate right now. This will only matter if you are not yet approved for the Scotiabank LOC and your credit history is concerning to them. 

[TobyFlenderson]

10 hours ago, GoBigOrGoHome said:

I never heard from Scotiabank and don't know how they go about extending more credit to me in 2L. 

They’ll ask for proof of enrolment sometime during the summer. I sent pictures of my schedule after course registration and that was enough.