B.C. credit union urges customers to pay more
- August 5, 2009 1:31 PM
- By Enza Uda
Vancity asking members to accept higher interest rates
Canada's largest credit union is under fire from a group of customers who say they are being pressured to pay higher interest rates on lines of credit than they originally agreed to.
Vancity has sent letters to 18,000 of its members, urging them to sign amendments to their credit line agreements. The new paperwork would allow the credit union to hike their rates unilaterally, which is not legally allowed under most of its existing contracts.
"Why are they asking us to do such a thing?" asked Vancity member Ross Paul. "It's not right. This isn't acceptable. We have an agreement."