Does a Credit Union have the right to change your interest rate from what is in your contract? - credit union interest rates
I was Assistant Branch Manager in a small town credit union, while my husband worked in the city. We will be refinanced our vehicles through them at low interest rates and perhaps one years later, we learned that we were displaced. Approximately 3 months later we received a letter in the mail saying that it was no longer an employee, and because she had left the state, our rates have increased from 8%! Is this legal? Never heard of it, and I received another statement from them ... Prices are terrible, and we expect to refinance locally, but I wonder whether it justifies the price change? Can someone enlighten us?
Thursday, January 14, 2010
Credit Union Interest Rates Does A Credit Union Have The Right To Change Your Interest Rate From What Is In Your Contract?
3 comments:
Maybe. There are 2 parts to higher interest rates first, which is not an employee and the second in the state.
The first part is very likely, you've probably been given special discounts on interest rates. When he left UC after a short time he lost the rebate.
Secondly, when he moved from the state, I think, has changed banks? Credit unions from higher interest rates for those who are not members.
As an Assistant Branch Mgr I'm surprised you do not know these things.
They were Assistant Branch Manager, not knowing the status of the Credit Union? Read your contract, just like you, if you take the loan. If not specified in the loan agreement or a contract of employment or office manual, then no, they have no rights.
What if there is a clause in his contract that gives that right.
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