Fair sales

Our Commitment to You

Biggar & District Credit Union is committed to dealing fairly in its relationship with you. We will provide relevant and meaningful information pertaining to products and services we offer to enable you to make informed decisions. We will, from time to time, offer you products and services that we feel will help you meet your financial goals. However, you will not be unduly pressured to buy a product or service that you do not want in order to obtain another desired product or service. The credit union may show its interest in your business or appreciation of your loyalty by offering preferential pricing or bundling of products and services with more favorable terms. These practices should not be confused with coercive tied selling.

What is bundling of products and services?

Products or services are often combined to give consumers better prices, incentives, or more favourable terms. By linking or bundling products or services, businesses are often able to offer them to you at a lower combined price than if you bought each product on its own. Bundling of products is permitted because you have the choice of buying the product or service individually or as a package.

Preferential Pricing

What is Preferential Pricing?

Preferential pricing means offering individual members a better price or rate on all or part of their business. We may be able to offer you preferential pricing – a higher interest rate on investments or a lower interest rate on loans – if you use more of our products or services.

Example:

After approving your application for a home mortgage, the mortgage specialist tells you that this mortgage would be available at a lower interest rate if you transferred your investments to the credit union or one of its affiliates.

This practice is acceptable. The approval of your mortgage is not conditional on you taking another credit union product or service.

Coercive Tied Selling

What is Coercive Tied Selling?

Coercive tied selling is imposing undue pressure, or coercing a person, to obtain a product or service from a particular person or entity. This includes a person or entity compelling a customer to obtain a product or service as a condition of obtaining another product or service.

Example:

The mortgage specialist tells you that you qualify for a home mortgage. However, you are also told that your mortgage will be approved only if you transfer your investments to that financial institution or its affiliates. You want the mortgage, but you do not want to move your investments.

Risk Management

The law allows us to have consumers meet certain conditions to obtain a loan or to provide a specific service. We consciously limit our requirements to the extent necessary for us to manage our risk and cost or to comply with the law.

Fairness

We will not knowingly take advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of facts, or any other unfair dealing or unethical activity.

We will not discriminate against you on the basis of race, religion, age, pregnancy, marital status, gender, sexual orientation, ethnic or social origin, disability, colour, ethics, belief, culture, language, or birth, except to the extent that a distinction is required or justified by law.

If you have any questions about your dealings with our credit union, please talk to one of our representatives.