needing help: TD bank increases interest rate on my line of credit

[doublesky]

I wonder if anyone here may give me some advice to help me.

I just received a letter from TD bank. The bank will increase interest rate on my line of credit of real estate secured account. My current rate was set as the bank's prime rate five years ago when I got my house mortgage. Now the bank will increase it to 1% + the prime rate.

The bank lists reasons such as impacts of economic recession and the current low rate. I wonder if it is legal for the bank to change the interest rate by themselves without getting agreement from me. The line of credit has been registered and it should be a legal contract.

By the way, is there any possibility that I may lock my balance in the line of credit back to a mortgage?

Thanks for any help in advance.

 

[blueray]

check the agreement and you may not have chance against the bank because the bank may have the right to do it although the arguments of the bank are not convincing. Almost all banks made huge loss(own faults) and have to collect more money from their customers.

 

[西西妈]

Scotia bank 在六月和七月的statement里都加了一条声明，说line of credit interest rate 在八月的statement之后涨1％,我家的情况也是prime+1%。看样这些银行是商量好了一起干的。