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On March 17, 2020, Canada’s big 6 banks issued a joint statement announcing that they’ll be helping individuals and small business clients cope with the economic fallout caused by the global coronavirus pandemic, effective immediately.
What shape this help will take depends on the individual customers and which bank they use, as every situation is going to be different.
How Canada’s big 6 banks are trying to help
While there aren’t a lot of details available at this point, relief will take the form of mortgage payment deferrals and relief on other credit products for people facing difficulties in these complicated financial times.
Here’s what we know so far…
For customers impacted by the coronavirus, BMO started a “financial relief program” which includes up to 6 months mortgage deferral as well as loan and credit card payment deferrals. For specific questions, call 1-877-788-1923 or visit their site.
CIBC has said that they will work with customers on a case-by-case basis to help manage current financial problems, including up to a 6 month deferral for mortgages and possibly some relief on other credit products.
If you are in need of assistance, they ask that you call your CIBC Advisor or call 1-877-454-9030. There is more information available on their site.
National Bank is offering measures that may include payment deferrals of up to 6 months on mortgages, or relief on other products. Special loans may also be offered to help cover living expenses for individuals in need.
They will also be offering flexible arrangements for business clients who are having problems due to current events.
They ask that you contact them through the usual means, or visit their site.
Scotiabank is also stepping up to help their customers, offering flexible support measures including payment deferrals for mortgages and relief on other credit products for individuals who qualify.
Contact your bank branch, advisor, or relationship manager directly, or visit their site.
RBC has similarly put flexible financial relief programs in place for personal and business clients who are having financial issues due to the global coronavirus pandemic. These include some self-serve options including the ability to skip:
- a mortgage payment,
- an auto-loan payment, or
- a personal loan payment.
For longer relief (including up to 6 months on mortgages) and further financial assistance, you should call RBC, but they ask that you use their online booking tool to schedule a time to speak with them by phone. For more information, visit their site.
TD has also committed to working with individuals and small businesses to help navigate financial problems at this time, such as issues with pay, childcare, school closures, and illness. This support will include up to a six-month payment deferral for mortgages and possible relief on other credit products.
If you are a TD customer who is directly impacted by COVID-19, call them at 1-888-720-0075, or visit their site.
This is a rare action by Canada’s banks, underscoring the seriousness of the global crisis at hand.
Have you ever seen the major banks cooperate or coordinate on this level?
How else do you think they could be working together to help Canadians in these trying times?
Let us know in the comments.