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

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BY THE CANADIAN PRESS AND NEWS STAFF

Posted Mar 18, 2020 7:44 am EDT Last Updated Mar 18, 2020 at 9:30 am ED
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 effected 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.

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