Vancity drops plan to hike line of credit rates
- August 11, 2009 1:33 PM
- By Enza Uda
Canada's largest credit union is backing away from a controversial proposal to pressure customers to agree to higher interest rates on their lines of credit, after CBC News' Go Public first reported on members' outrage.
Following the backlash from outraged members, Vancity now says it will not move ahead with the rate hikes.
Chief Executive Officer Tamara Vrooman said members have made it clear the move was "too much, too fast."
But Vrooman said something will still need to be done to keep the credit union financially healthy and staff are considering options, but no decisions have been made yet.