6 Canadian banks to allow deferral of mortgage payments by 6 months
- Michael Kras
- 18 Mar 2020
Amidst the ongoing and unpredictable global outbreak of COVID-19, six big Canadian banks have announced they will allow for the deferral of mortgage payments for up to six months.
The banks extending this deferral option are TD Canada Trust, Bank of Montreal, National Bank of Canada, CIBC, Scotiabank, and the Royal Bank of Canada.
#BREAKING: Canada’s big six banks will allow mortgage payment deferrals for up to six months to help customers struggling amid the economic downturn. https://t.co/3otTwRpbkY
— Globalnews.ca (@globalnews) March 18, 2020
With one of COVID-19’s major impact on the financial situations of both businesses and individuals, the banks’ steps are an attempt to alleviate those who will be affected and struggling financially due to the continued spread of COVID-19 for the foreseeable future.
Individuals and business owners are encouraged to contact their respective banks to learn more about options and make arrangements.
On top of these actions, the Canadian Bankers Association has also announced that the aforementioned banks are taking additional steps to help mitigate the spread of COVID-19, including reduced operating hours and reduced branches physically open for business.
That said, many essential banking services will still be available through banks’ mobile apps, ATMs, websites, and via phone.
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