VANCOUVER, B.C. (CN) – A class action claims the Vancouver City Savings Credit Union cheated customers by issuing lines of credit, then sending letters claiming it was “mandatory” for them to agree to pay higher interest rates.
Lead plaintiff Marilyn Kidson claims the bank demanded she agree to the new terms a year after it issued her an $81,000 line of credit.
She claims in B.C. Supreme Court that the bank “misrepresented to the plaintiff that signing the amended agreement was mandatory and that her failure to sign the amended agreement may result in her line of credit being disrupted or at some unspecified risk.”
Kidson says the new terms breached contract and were “inequitable and adverse” and deceptive.
The class is represented by Sarando Matheos.