Canada’s six largest banks are teaming up to provide financial relief to Canadians impacted by the economic consequences of COVID-19.
Specifically, Bank of Montreal, CIBC, National Bank of Canada, RBC, Scotiabank and TD Bank are working together with immediate effect.
The banks will work with personal and small business banking customers on a case-by-case basis. The aim is to provide flexible solutions to help them manage through COVID-19 financial challenges. Examples include pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19.
This support includes up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products.
Customers facing hardship are asked to contact their bank directly to discuss options available to them.
The big six banks say they will monitor evolving economic conditions and consider other measures if necessary.
As the impact of COVID-19 continues to be felt across our communities, it brings me great pride to see our teams coming together to support our customers and navigate through these unprecedented times,” says Dan Rees, Group Head, Canadian Banking, Scotiabank.
“While we are taking a number of extensive precautionary measures to help slow the spread of COVID-19, we remain ready to support our customers’ banking needs from coast to coast to coast and to provide relief measures to those impacted by the virus.”
COVID-19 Canada: temporary branch closures
RBC will temporarily close a number of branches, starting this week. The move follows advice from the government and aims to protect the health and well-being of employees, clients and communities.
“I am incredibly proud of how our employees have come together to support one another and our clients during these unprecedented times,” says Katie Dudtschak, EVP, P&CB Regional Banking, RBC.
“We are guided by federal, provincial and municipal governments, and public health authorities to ensure we do all we can to slow the spread of COVID-19. We remain committed to providing essential services to our clients throughout this situation.”
Meantime, Scotiabank also plans a slight reduction in branch opening hours. It will also close select branches temporarily to support industry-wide social distancing.