ploc end date?

[lawsttime]

Hi, does anyone have experience with TD for their LOC? I thought id have it available for the summer before articling but it appears the expiry date was April 30 (last day of classes). I spoke to a few people at TD and I keep getting mixed answers. I was told by a TD rep that I no longer qualify as a student and they cant un-suspend my LOC. The branch I initially got my LOC from said I need to provide proof that I am "currently articling" - which I wont be until August.

Is this common among all banks? From what I've heard, my friends using Scotia and RBC still have access to their LOC so I'm confused what the standard practice is.

(I realize I should already have this information but alas, here we are)

 

Edited May 3, 2024 by lawsttime

[canuckfanatic]

36 minutes ago, lawsttime said:

The branch I initially got my LOC from said I need to provide proof that I am "currently articling" - which I wont be until August.

I would just send them the articling job offer and see what happens

[Turtles]

On 5/2/2024 at 11:26 PM, lawsttime said:

Hi, does anyone have experience with TD for their LOC? I thought id have it available for the summer before articling but it appears the expiry date was April 30 (last day of classes). I spoke to a few people at TD and I keep getting mixed answers. I was told by a TD rep that I no longer qualify as a student and they cant un-suspend my LOC. The branch I initially got my LOC from said I need to provide proof that I am "currently articling" - which I wont be until August.

Is this common among all banks? From what I've heard, my friends using Scotia and RBC still have access to their LOC so I'm confused what the standard practice is.

(I realize I should already have this information but alas, here we are)

 

Same issue over here, rather unimpressed. Even if it's supposed to end access before articling (which wasn't my understanding at opening, and is ostensibly counter to the TD website which notes access continues during "post-graduate training" -- although admittedly it doesn't expressly clarify whether articling counts), you'd think they'd at least wait until June (when you graduate and cease to be an actively enrolled student) or August (when you usually get prompted to re-prove student status) and at least give some kind of notice before suddenly placing a hold against further drawing from it (no messages in my account; nothing on my account statements leading up; just a hold abruptly placed on an arbitrary day). 

Thankfully I don't "need" it, but I imagine some may have found themselves in for a surprise the night of April 30 when trying to draw rent money from their abruptly-frozen line of credit. Poor form.

Did you get it resolved? Worse case, you could probably still open a PSLOC with Scotia and transfer over any balance to close out the TD. 

[Turtles]

As an update:

* Apparently the rule (which branch advisors and call center borrowing team people did not know and required them to internally escalate) is that TD PSLOC access is scheduled to end on the last day of your 3L final term (which they assume to be April 30, even though this date does not come from my confirmation of enrollment submitted at the beginning of the 3L year) -- the date for termination of access to funds isn't tied to when you officially graduate nor convocation

* If you want access after the assumed last day of term, you'd have to show proof that you're actively enrolled in the term and that it finishes later than April 30 

* Despite the above, you can gain continued access to draw from the PSLOC during articling by providing confirmation of your articling position, which must demonstrate the exact dates of employment. Your articling offer letter is insufficient if it doesn't have exact start and end dates (thankfully my firm promptly generated a letter upon request).

* To submit proof, I reccomend reaching out to the person who originally set up your PSLOC, because the branch and phone people don't know their own rules and the internal TD employee reference site doesn't specifically mention "articling" but rather post-graduate training more generally and unfamiliar employees don't understand what that includes.

* You can still maintain access in the interim period between 3L and articling, even before starting articling, by providing sufficient proof of your incoming articling position (i.e., no need to wait for articling to start, you can maintain full access between 3L and articling as long as you submit the proof). 

* If you don't furnish proof of articling or aren't articling/clerking, access ends on the assumed or actual end of your final 3L term (i.e., you can no longer draw from it) and the 24 month interest-only-payments grace period then begins to run, before the eventual conversion to a term loan for fixed principal+interest repayments.

* My understanding is Scotiabank's PSLOC provides access to draw from the PSLOC one year beyond articling and doesn't cut off access right after 3L exams, so it may be much less hassle for new applicants. (But I had a shitty time with Scotia in the process, so this minor annoyance was still better for me).

[Milareen]

TD seems strict about the student to professional transition, while others like Scotia and RBC might be more flexible. Maybe try another TD rep or branch for a different answer. 

[AllRise]

Hi! My PSLOC at Scotiabank remains active during articling, and interest only payments for two years after the finish date for articling. I would highly recommend Scotiabank, but you really need to find someone who knows what they are talking about with regard to these products. I received incorrect advice from someone and then reached out to a different professional in my hometown and they were able to offer me the correct advice and extend the active period of my PSLOC during articling. 

Edit: Just perusing the above posts and wanted to add that they did not suspend it between me finishing school and starting articling, I've retained the ability to use it up until articling starts and for the duration of articling. I believe if you can produce your articling contract, you would likely be able to open a new PSLOC at Scotia (if you pay out the old PSLOC and have the necessary credit record and documents). 

Edited May 23, 2024 by AllRise

[lawsttime]

Thank you all for your replies. They ended up unpausing it - only until graduation though lol. Will have to call around.