Wednesday, August 12, 2009

Vancity Gets Half It's Marbles Back...


....By backing down on their coercive and duplicitous attempts to have members sign an egregious credit line amendment.

Fiona Anderson has the story in the VSun.

I think the following passage, which is most definitely not stenography, most fully explains why I was so upset by the notice I received from my credit union:

"....Credit line agreements at most other financial institutions already allow for rate increases to be made unilaterally. And holders of those lines of credit have received letters indicating rates have gone up.

But Vancity’s agreement didn’t allow the unilateral change, hence the amendment and the outcry.

What got many members upset was the tone of the letter which said that access to the line of credit could be disrupted if the amendment was not signed. The wording of the amendment was also broad, allowing Vancity to change any of the provisions, not just the rate....."


Now let's see if our CEO Ms. Vrooman has it in her to make things good for all those members we are currently screwing over in the wake of the sale of our online banking arm to a chartered bank that has no members, only clients.

And thanks for the heads-up from the Powell river persuader on the story from Ms. Anderson.
CBC, which broke the story that 18,000 Vancity members had been sitting on for weeks, also has an unbylined follow-up on the backdown.
Here's the 'official' Vancity version of events.


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