[Paulie Walnuts]

Originally Posted by Jimmy Stang

Semi-related: I got a letter from my bank telling me that my home equity line of credit interest rate would be increasing to Prime + 1.75% from Prime + 0.5%. "A recent review..." My HELOC is almost at zero anyway, but I wanted to nip this in the bud before it took effect.

So I called them, politely said that was nonsense as my debt is very low (and lower than it has ever been in my adult life), credit is spotless, etc. She put me on hold, talked to a supervisor, and they agreed to maintain the current rate if Prime + 0.5%.

So just a heads up that, as rates start coming down a bit, the banks might be trying to cover that by casually increasing your rates on borrowing products like HELOCs, etc. and hoping that you just accept it, or don't notice.

Just wait for the banks to adjust prime on lending by .15% but start chopping GIC and Savings account rates by .50%