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Carleton Banking Options
SwobyJ
Posted: Saturday, May 24, 2008 8:14:57 PM

Rank: Senior Student
Groups: Member

Joined: 3/12/2008
Posts: 143
Location: Owen Sound
On the topic of lines of credit... (*see my previous Topic smile )

Carleton University seems to sorta-kinda push using Scotiabank for on-campus banking there. I currently have 2 accounts and 1 credit card with Royal Bank - if I want to just get a line of credit with Scotiabank, would/should I just get out of Royal Bank?(after paying off the card of course...right?) If anyone has any experience or knowledge on Carleton, Scotiabank, and Student Lines of Credit, your help is VERY much appreciated.

~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa big grin~~~
Kaylya
Posted: Sunday, May 25, 2008 9:04:10 PM

Rank: Student Body President
Groups: Member

Joined: 3/4/2008
Posts: 1,111
Location: Ottawa
I think the machines I've seen on the campus for Carleton are Scotiabank (I've taken a couple classes there, as many of the Master's programs are sorta integrated. But I am not an expert on the campus).

That being said - you can keep accounts with multiple banks if that's what works for you. Particularly the credit card. There can be advantages to having the stuff together (e.g. perhaps transferring from the line of credit to your account is instant if they are the same bank vs. taking up to 3 days if they're different), but if the terms on the different products are better at one bank or the other, you can deal with them both.

I wouldn't necessarily switch to Scotiabank just because that's what's on campus - I'd look at what they offer students. But I would really want to know where the nearest Royal Bank is. Because even if, say, Royal Bank offers a lower fee account than Scotia, that probably doesn't matter if you end up always taking cash out from the Scotiabank machines.

SwobyJ
Posted: Sunday, May 25, 2008 11:40:14 PM

Rank: Senior Student
Groups: Member

Joined: 3/12/2008
Posts: 143
Location: Owen Sound
Thanks so much for your answers! cheers

The Royal Bank is a short busride away I believe, but Scotiabank is on campus.

I'll see in the next month what I want/need/am able to do. Ugh I need at least $8000 more than I can come up with myself, so a line of credit is..appealing now.

~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa big grin~~~
ally
Posted: Monday, May 26, 2008 10:18:19 AM
Rank: Frosh
Groups: Member

Joined: 5/25/2008
Posts: 10
Location: ontario
You can bank at more than one place. I guess for convenience you would want to have everything at one place, but it's not necessary. Also, DO NOT close your credit card with Royal Bank. Part of your credit rating is based on how long you have a credit card, so I'd keep that account active even if you barely use it. However if Scotia is going to offer you a more competitive interest rates then I would switch.


U of T


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