What happened: Credit union reveals new measures to help those affected by global crisis
Why it matters: Individuals and small businesses are facing financial uncertainty as pandemic grinds economy to a halt
Vancity (Vancouver City Savings Credit Union) is offering financial relief to members hit hard by COVID-19.
Its credit card interest rates are being slashed to 0% for the next six months for personal and business credit-cardholders that need to defer payments amid the coronavirus crisis.
Prior to Wednesday’s (April 8) announcement, the credit union had been working with credit card holders on a case by case business.
Vancity says for cardholders to be eligible, their Visa accounts must be in good standing and they must have experienced job loss, loss of income or have been “negatively impacted in another way.”
The credit union is also allowing its members to defer mortgages and other loans for up to six months if they’ve been impacted by the pandemic.
The interest on those deferred loans will be accrued on the balance of the loan, rather that compounding interest on interest during the six-month deferral period.
Vancity is also extending its previously announced waiver of e-Transfer and ATM fees from April 30 to September 30.
