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6 Canadian banks to allow deferral of mortgage payments by 6 months

Last Updated Mar 18, 2020 at 3:28 pm EDT

The Canadian flag blows in the wind in the heart of the financial district in Toronto on June 27, 2018. HSBC Bank Canada says it will lower its prime lending rate by 50 basis points effective tomorrow. The bank says in a statement the rate will be 2.95 per cent -- down from 3.45 per cent. The move matches action by several Canadian banks and financial institutions Monday. THE CANADIAN PRESS/Tijana Martin
Summary

Bank of Montreal, CIBC, TD Canada, National Bank of Canada, RBC Royal Bank and Scotiabank are participating.


The banks say their plans will help those affected by the financial consequences of COVID-19.


There will also be an opportunity for relief on credit products.


Canada six’s largest banks have announced they will be allowing the deferral of mortgage payments for up to six months amid the coronavirus pandemic.

Bank of Montreal, CIBC, TD Canada, National Bank of Canada, RBC Royal Bank and Scotiabank say their plans will help those affected by the financial consequences of COVID-19.

There will also be an opportunity for relief on credit products.

They are encouraging individual Canadians and small businesses owners to contact their bank directly to discuss the options available to them.

The Canadian Bankers Association also announced Tuesday the country’s six biggest banks are working together in their efforts to limit the spread of COVID-19 by temporarily limiting branch operating hours and reducing the number of branches, while maintaining critical services.

The association says special care will be given to branches in rural communities.

It says many banking services will continue to be available through bank machines, mobile apps, bank websites and telephone banking.

RBC and CIBC both said they would be offering limited hours at several of their branches, while some will temporarily close.