Paying bills

Paying bills on time is important for maintaining good credit and avoiding late-payment penalties or interest charges. At Vancity, we make it easy for you to pay on time, with options that fit your busy lifestyle.

Convenient ways to pay

As a Vancity member, you have a choice of convenient options:

Paying on time

Your payment will take the same amount of time to process whether you choose to pay your bills online, at a branch, by phone, or using the Vancity mobile banking app.

To ensure your payment is received on time, make your payment at least 2 to 3 business days before the due date indicated on the bill.

Remember, each bill has a different due date, so if you wait to pay all your bills at once, you might miss a due date by accident. If that happens, you’ll be charged interest and the late payment may affect your credit rating.

Note: For bills that cannot be processed electronically, you need to pay the vendor directly either in-person or by mail. Vancity will no longer accept them (except for Federal Government bills).

Late payment fees

Make it your goal to pay your balance in full by the due date. When you can only pay a portion of your balance, pay as much as you can. At the very least, make the minimum payment on time.

Keep in mind that the policy for late payment fees is different for each vendor so please review them carefully and avoid paying additional fees to late payments. Most vendors have pre-authorized payment options. To avoid late payment fees, try setting up pre-authorized payments .

For credit cards, if you miss the due date, interest will be charged on the full amount owing starting from the original transaction date, not from the due date. You can learn about how credit card interest works here and how to set up automatic payments here.

Cashing cheques to pay bills

When you cash a cheque to pay a bill, you need the funds to clear quickly so you can pay on time. At Vancity, we’ll do our best to make it happen. While we need time to verify the funds before releasing them, we’re always looking for ways to speed up the process.

For example, with a mobile device, you can now deposit a cheque in less than a minute—anytime, anywhere—using Vancity Mobile Deposit. We’ve also changed the way we process cheques to help you access funds sooner. Learn more about cashing cheques, or contact us, to find out how long it takes us to clear a cheque you’ve deposited, so you can access the funds in your account.

Borrowing money to pay bills

Missing just one bill can negatively affect your credit rating and cost you money in interest payments and penalties.

If you need money to cover the cost of your bills, the Vancity Fair & Fast Loan™ offers quick access to cash without high costs associated with a payday loan. You can apply for as little as $100 and up to $1,500 and get same-day access1 to the funds, so you can pay your bills, avoid stress, and protect your credit rating. To apply, visit your local branch or call the Member Services Centre.

1 Most applications received no later than 90 minutes prior to branch closing time and not requiring any additional information or verification will be funded the same day. Applications received at other times or requiring additional information or verification may not be approved and funded until the next business day.

Vancity Mobile Deposit™ is a trademark of Vancouver City Savings Credit Union. Apple, the Apple logo, iPhone, iPad, and iPod touch are trademarks of Apple Inc., registered in the United States and other countries. Apple Store is a service mark of Apple Inc. Apple Inc. is not a sponsor or participant of Mobile Banking or Vancity Mobile Deposit for Vancity Credit Union. Android and Google Play are trademarks of Google Inc.

™ enviro, enviroFund, Make Good Money, and Vancity are trademarks of Vancouver Savings Credit Union.
*Visa Int./Vancity, Licensed User.

Vancity Fair & Fast Loan™ is a trademark of Vancouver City Savings Credit Union.