The six largest banks in Canada have committed to providing financial relief to Canadians who are impacted by the economic consequences of COVID-19.
Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank, and TD Bank say they will 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.
The support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products.
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," they say in a prepared announcement. "Banks will monitor evolving economic conditions and consider other measures if necessary."