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Canada’s Big Six banks to allow deferral of mortgage payments by 6 months

PortandTerminal.com, March 18, 2020

Canada’s Big Six banks are taking coordinated action on the mortgage front as the nation’s economy faces the uncertainty of the COVID-19 outbreak’s impact.

TORONTO, ONTARIO – Canada six’s largest banks have announced they will be allowing the deferral of mortgage payments by six months amid the coronavirus pandemic.

In a press release late Tuesday, Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada said that effective immediately, they will work with personal and small business clients to cope with the economic fallout of the virus, including introducing mortgage payment deferrals of up to six months and relief on other credit products for customers facing hardship.

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.

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