ICBC cuts credit lumps

ICBC no longer allows customers who are on monthly payment plans to make special lumpsum or early payments by credit card.

  • Nov. 12, 2015 7:00 a.m.

ICBC no longer allows customers who are on monthly payment plans to make special lumpsum or early payments by credit card.

There were 55,000 such payments made last year – a small fraction of the 1.4 million customers on monthly payment plans.

Regular monthly payments have always been required to be by preauthorized debit from a bank account, but early payments in advance of the regular ones or lumpsum payments to end the monthly plan could be made by credit card, said spokesman Adam Grossman.

The move to end that option effective Nov. 1 is expected to save ICBC up to $1 million a year in credit card merchant fees.

Monthly plan users can still make early or lumpsum payments by debit, cheque or cash.

“We as a company have to look at any of the premium costs that we can remove,” Grossman said.

About 44 per cent of all motorists use an ICBC payment plan, while the rest pay their annual insurance all at once, many of them by credit card. That option is not affected by the change.

A 5.5 per cent basic auto insurance premium increase announced last month by ICBC took effect Nov. 1. It’s still subject to approval by the B.C. Utilities Commission.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

TIME IS RUNNING OUT: Readers invited to share wildlife photographs

Aim, snap, shoot, and share your pictures of wildlife in Maple Ridge and Pitt Meadows to win!

LETTER: All Washington plate owners can’t be Canadian residents

A Maple Ridge man questions presence of U.S. vehicles in the Canada, despite closed borders

Residential real estate market rebounding well: long-time realtor

House prices, sales, and listings in Maple Ridge and Pitt Meadows are moving on an upward trajectory

Maple Ridge and Pitt Meadows are prepared for high Fraser River levels

Peak numbers are expected to be below trigger levels for both cities

‘Protect our jobs,” say laid-off hotel workers to MLA Lisa Beare

Delegation delivered a petition to Maple Ridge MLA office on Friday

VIDEO: Musqueam Chief captures captivating footage of bald eagle catching meal

‘This is why we have chosen to live here since time immemorial,’ Chief Wayne Sparrow’s nephew says

Semi and BMW collide on South Surrey highway

At least one person to hospital, both vehicles sustained significant damage

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Okanagan school drops ‘Rebels’ sports team name, citing links with U.S. Civil War

Name and formerly-used images “fly in the face” of the district’s human rights policy, says board chair

PHOTOS: B.C.’s top doc picks up personalized Fluevog shoes, tours mural exhibition

Murals of Gratitude exhibit includes at least one portrait of Henry alongside paintings of health-care workers

Langley vigil demands justice for Ontario animal activist killed protesting slaughterhouse

More than two dozen people gathered at Britco Pork to remember Regan Russell, and fight Bill 156

In troubled times: Independence Day in a land of confusion

Buffeted by invisible forces and just plain worn out, the United States of America celebrates its 244th birthday

Stop enforcing sex work laws during COVID-19, advocates say

There are provisions in Canada’s prostitution laws that make workers immune from prosecution, but not from arrest

Most Read