Six of Canada’s biggest banks say they will introduce changes such as mortgage payment deferrals to help people through the disruption caused by COVID-19.
Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank will have options such as a six-month payment deferral for mortgages, and the opportunity to defer payments on loans and credit cards and other credit products.
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The banks will work on a case-by-case basis with personal and small business customers to help them through challenges such as pay disruption due to COVID-19, childcare disruption due to school closures, or those facing illness from COVID-19.
Banks said they will monitor evolving economic conditions and consider other measures if necessary.
Individual Canadians or business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them.
“Canada’s banks have a long history of standing by Canadians through challenging times and this commitment will continue throughout this crisis and beyond,” the banks said in a join statement.
Clients in financial hardship can contact their CIBC Advisor or call 1-877-454-9030 to discuss options to improve their cash flow over the short term by reviewing their payment obligations.
Call 1-877-788-1923 to speak with a BMO representative.
TD customers directly impacted by COVID-19, and facing financial hardship, can call at 188-720-0075.
Please contact your bank to discuss these options.
