Canada’s six largest banks announced plans yesterday to provide financial relief to Canadians impacted by the economic consequences of COVID-19.
According to an RBC News release, “Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19.”
“This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products,” said Gillian McArdle spokesperson with RBC Communications.
McArdle says individual Canadians or business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them.
“These measures are an important first step and underscore the resilience of Canada’s financial system and the strength of our major banks,” McArdle said. “Banks will monitor evolving economic conditions and consider other measures if necessary.”
McArdle says Canada’s banks have a long history of standing by Canadians through challenging times.
“This commitment will continue throughout this crisis and beyond,” McArdle concluded.