Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - BMO is going to increase existing HELOCs by 1%??

Bertuzzied · 02-09-2009, 03:41 PM

My friend who has had a BMO Heloc for 5-6 years now received a letter saying that his current rate at prime is going to prime +1%!!!

Can they do that? isn't it grandfathered in for existing clients? I would be super pissed! I know all the new Helocs are at that prime +1% rate. Whats stopping them from raising it again later?

My 2 helocs are with scotia and i have not received or heard any notification yet.

02-09-2009, 03:41 PM	#1
Bertuzzied Lifetime Suspension Join Date: Apr 2004 Location: Market Mall Food Court Exp:	BMO is going to increase existing HELOCs by 1%?? My friend who has had a BMO Heloc for 5-6 years now received a letter saying that his current rate at prime is going to prime +1%!!! Can they do that? isn't it grandfathered in for existing clients? I would be super pissed! I know all the new Helocs are at that prime +1% rate. Whats stopping them from raising it again later? My 2 helocs are with scotia and i have not received or heard any notification yet.