This is my last update for my Vancity Secured Visa.

There was a little bummer [with Vancity Visa] along the way but in the end it was okay.

So after one year (the 1 year term deposit ended back in May 2011) I called Vancity to move my $500 deposit with them upon maturity (May 26, 2011 i guess) to my basic savings account as I need the money right away. I thought this was automatic and easy but it's not. The CSR on the phone told me there was a "hold" by Vancity Visa so I must called them to release the hold.

And so anyway, the thing is, I called Vancity Visa, and they ask some basic information about me and my current employment status. What happened during that time (1 year) is that I've changed my employment so on their record so when they ask about it, I told them that I no longer work on the company that I wrote on my application 1 year ago. [I am a guy and this is only my perspective, when I talk to a CSR on the phone and if it is a male, there is this "air" of un-comfortability, you know what I mean? If it is a girl, the conversation is okay but if it was a guy it is not. in my experience, girls are more accommodating] anyway back to the topic:
I was told by a female CSR that because I have a new job i must wait for my probation to be completed [and be a full time] so then they can release the hold.

Of course at this point of time I was thinking, what the heck, what does my employment status has something to do with my $500 w/1 year term deposit that has matured anyway? I am not entitled with my own money?

Anyway, the next day, I called them again about my $500 hold and [this time I spoke with a male CSR] and explained to him, what if I will not finish my probation and will find a better work again on different company? Especially with this rocky economy we have right now, finding a good paying job [let alone a JOB] is hard. But the guy said, its policy. [So he is basically saying I'll just have to stick with my current job till probation ends. LOL] Anyway, my probation period will be completed June 2011. It is still May 2011 that time. oh well, what I did was I went to my HR, asked my boss about a letter stating that I am working in my company with a full-time status. I faxed the letter to Vancity Office. Waited 2 days then called Vancity Visa and asked them about my hold. The CSR said, the money is now released and is ready for withdrawal.

[Side story]
This time, I am not so happy with my Vancity Visa. I am actually planning on ending it. Anyway, I went online and applied for a CIBC credit card. Not the secured card anymore since I believe I already have a credit record on Equifax/TransUnion made upon by my Vancity Visa. After 3 days I got a call from CIBC saying I'll wait for a local CIBC branch to call me and pick up my card from a CIBC branch near my address. And then, I got the call from CIBC. Went to a CIBC Branch and got my new shining Visa card. I have an initial $1,500 credit limit. I called CIBC Visa and asked for an increase, but the CSR said, I have to use the card for some time first before I will be given a credit limit increase. Anyway I am happy with my new card. My so called "replacement" card.

[Back to the main story]
So I went to Vancity and withdraw my $500. During the time with the teller, she was hesitant at first but I told them, the hold is already released. She did some verification whatever on her computer and BingO! finally my money is back to me. I have the $500 plus the $5 interest.

Fi-na-lly! I am already planning on giving up my Vancity. Why, I already have my CIBC and they never give me a hard time. But of course, i do not want to lower my utilization on my credit report so I did not cancel my Vancity Visa.

Come early July 2011 I received a mail from Vancity Visa asking if I want to have my credit limit increase. [At this time, my card will be also expiring Sept 2011]

I signed the form and mailed it back to them. This month, I received a new Vancity Visa card [expires 2014] with a new $1,500 credit limit.

So I have currently two Visa cards.
I noticed that via online statements that my expenses posting, Vancity posts more faster than CIBC though. Vancity is more "real time."

THE END.

thanks for the update. oh well, i did a research on Capital One [which seems okay but you know, since im a local BC resident, why not do it right here locally. im still a little bit hanky panky with "online" financial institutions you know. so I went on to Vancity anyway and applied a secured credit card. i did deposit $500 just like the ad said plus $5 membership to the credit union. good luck to you and me.
keep posting!

I am still secured with them, I keep tabs on my Credit Report and they did a soft check after 4 months. I called them about clearing the deposit and they said, it takes abt 1 year but I always pay my balance in full even b4 the statement arrives and my balance shows as 0 in credit report to keep it bumping

I will wait for them to call me, infact I am on my way to get a mortgage as well ( after clearing my credit with settlements and being on top of credit reports )

Also, have you tried Capital One? - they also give secured card but VANCITY is local and I'd prefer them over Cap one

Hi Reggie,

im a BC resident and may i ask what is the status of your secured credit now at Vancity? Any update about it? Right now the available choice i have is the RBC secured credit card (requirement of a huge $1000 deposit though, no chance for me) and the Vancity Enviro Secured (required $500 deposit is much okay dokay)

Funny thing is i tried to apply for a credit card (the normal one, a.k.a unsecured) before and always got "NO" for an answer. I applied for

a. TD Bank - failed.
b. Scotiabank - failed.
c. RBC - failed.
d. Visa Desjardins - failed.
e. Presidents Choice MasterCard - failed.
f. CIBC - failed.

I got all mail from them saying i have failed in their credit checking.
But never did they tell me to go get myself FIRST a secured credit card and establish a credit history.
Only now that I realize when I did this little research and stumble on this forum.

I didn't see any post on Vancity so I wanted to let everyone know

Secured Enviro Visa Card

https://www.vancity.com/MyCommunity/OurChangeProductsAndServices/FinancialLiteracyAndBasicBanking/CreditAndDebt/

I recently settled all my debts and wanted to starts fresh
I got
1) Capital One - $300 ( Non-Secured )
2) Vancity - Secured $2K

Very nice and easy to work with, you apply at the branch and they pull up your credit report right there. You forward them a cheque ( min. $500 ) which is in a term deposit

Pros:
1) No Fee ( Annual or Monthly)
2) Earn 1% Interest on your deposit
3) Systematic way where they check your activities and payments every month and once they see you are good, they release the term deposit

Cons:
Only in British Columbia

Another Important thing: I was told by my Bank ( Scotia ) to settle the debts so they could give me credit and mortgage etc, I started on that path and took me an easy 10 months to settle my debts and being diligent in checking my Credit Reports and making sure it says settled. When I went back to Scotia they told me that I settled the debts so it seems I only paid half ( I mean what does it matter ) and told me to build credit with the Capital One and come back in a year to show good payments. Apparently they said they are a *Conservative* Bank. I went to RBC and their receptionists said the same thing ( Conservative ).

Both the banks have secured cards BUT only for new immigrants

Vancity says it on their website
1) Credit Establishment
2) Rebuild Credit

So if anyone in BC looking for a secured card, go with Vancity
Goodluck