It's normal to change without notice? Says who?UrbanPoet wrote: ↑Sep 12th, 2017 5:34 pmIts normal in that its perfectly legal for them to change any and all the terms anytime they want. Its actually kinda scary sounding if you read all the fine print.
Its not normal from a customer service standpoint. It would be couteous if they let customers know. They usually do it through mail.
We will give you at least 30 days written notice of any increase of your standard interest rate(s) (other than increases because of an increase of our Prime Rate).
http://www.rbcroyalbank.com/credit-card ... eement.pdf
Interest for credit lines is composed of two factors. The first is our prime rate which is announced by us from time to time. In addition to our prime rate, we will also set an adjustment factor. We will change our prime rate from time to time and will post a notice of this in our branches. We may also change the adjustment factor at our discretion, but we will give you prior written notice of any increase in the adjustment factor, stating the effective date of the change. Note for accounts secured by real property: if you increase your credit limit, we may increase your adjustment factor, but we will give you prior written notice.
http://www.scotiabank.com/ca/common/pdf ... let_lc.pdf
BMO's doesn't seem to be posted online, but I would be surprised if it was different. Usually they do say the interest rate is subject to change without notice, but that's because of the prime rate. When has a bank claimed they can change the non-prime portion without notice?
However as someone said above, the notice doesn't have to be obvious. They can include it as one sentence at the bottom of your statement, which many people will miss.
You need someone with an umbrella not a fork