A message from Tamara Vrooman, President and CEO
April 09, 2020
Dear Members,
The crisis that landed on our doorsteps just a few weeks ago hit our community very quickly. Aside from the very real health impact of COVID-19, the pandemic is carrying a financial wallop that might last longer than the health crisis. Just in March, more than a million Canadians were unemployed as companies and organizations began closing their doors and starting layoffs. Through no fault of their own, many people right now are facing serious financial difficulty.
As a credit union, we’ve always been about members helping members, and that matters now more than ever. I’d like to share how Vancity is helping our members and community, we:
- are working with members to defer loans, such as mortgages, for up to six months
- are lowering our credit card interest rates to 0% and deferring minimum payments for credit cardholders facing financial difficulty as a result of COVID-19
- are waiving fees for transactions made through online and telephone banking so you can you bank in the safest way
- set-up dedicated telephone banking lines for small businesses and another for seniors aged 65 or older that may require additional support
- created the Unity Term Deposit to give members a way to invest their money and support the people, small businesses and non-profits impacted by COVID-19
- partnered with other BC organizations to create the Community Response Fund which will support services and programs for the most vulnerable populations across British Columbia
We’re cutting credit card interest rates to 0%
Things like grocery shopping that were just everyday, ordinary tasks a few weeks ago have suddenly become more complicated and a little fraught. In all of this, credit cards have become an important lifeline for us all. Whether it’s getting food and medicine delivered while in self-isolation or buying groceries from a store that no longer accepts cash, credit and debit cards are now essential.
This is why we announced that we’re lowering our credit card interest rates to 0% and deferring minimum payments for Vancity credit cardholders facing financial difficulty as a result of COVID-19. Please reach out to the Vancity Visa team at 604-877-4999 or 1-800-611-8472 if you need help.
We’re working with each member to find solutions
So far, we’ve approved 97% of the loan deferral requests. We’ll continue to work with you on a personal basis to defer loans, such as mortgages, for up to six months, and to offer more tailored solutions.
Providing this kind of personalized support requires a lot of work and dedication from our employees. I want to thank them for their commitment to serving our members. We still have some backlog of loan deferral applications and we’re working to get through these as quickly as possible. If we haven’t gotten back to you yet on your application, please know you will be hearing from us soon.
I want to emphasize that Vancity members do not pay a penalty because they need financial support. We’re not charging extra fees. When Vancity defers your loans, interest is accrued only on the balance of the loan. We do not compound interest on interest during the deferral period.
I want to ask you for your help, please:
- start banking from home through online banking, Vancity app or telephone banking.
- set-up your account to receive direct deposits from the CRA to get your emergency government support as quickly as possible.
It’s important to do as much of your banking as possible over the phone and online. It keeps you safe. And it keeps our employees safe.
To make it easier for you to avoid coming into our branches, we’re waiving fees, including for INTERAC e-Transfer® and ATMs in Canada until September 30, 2020. If you’re a senior aged 65 or older, or a small business member, we have also set up dedicated telephone banking lines to serve you more quickly.
For our members who qualify for emergency government support, I know how important it is to get this money as quickly as possible. The fastest way is through a direct deposit from CRA.
We all want things to return to normal as soon as possible. But no matter how long it takes, we’re here to help you with your financial needs as you do your own part to follow the advice of our health authorities. We’ll get through this together.
-Tamara Vrooman, President and CEO