I’ve heard of that happening to people with other HELOCs at other banks as well. It is unfortunate that as prime when lower, the banks raised the credit lines to prime+1. I would keep an eye on their website, and as soon as they start showing prime+0 again, give them a call to see if it can then be set back.

Of course they’re not likely to go back to just prime until the prime rate starts to go up at least another percent!

I’m under the same plan at prime rate. Scotia recently informed me they’ll increase it by 1% at the end of this year. They said this applies to all their secured lines. When I signed up I didn’t know they can change the rate on me at any time. They tell me they can! I broke my mortgage to get into this product thinking I pay prime while it’s low but now it will be prime plus 1%. I’m not too happy about this. Any suggestions/advice?