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Canadian banks move to help customers, allow deferral of mortgage payments

Last Updated Mar 18, 2020 at 9:03 am PDT

Bank towers are shown from Bay Street in Toronto's financial district, on Wednesday, June 16, 2010. Canada's big banks are moving to help customers hurt by the disruptions caused by the steps taken to slow the spread of COVID-19. THE CANADIAN PRESS/Adrien Veczan
Summary

Big banks in Canada are moving to give customers more time to pay mortgages amid the COVID-19 pandemic

The big six banks say they'll allow customers to defer mortgage payments for up to six months, among other changes

Banks urged Canadians or business owners to contact their financial institutions to discuss options

TORONTO — Canada’s big banks are moving to provide financial breathing room to customers hurt by disruptions from the steps taken to slow the spread of COVID-19.

The big six banks say they will allow customers to defer mortgage payments for up to six months among other changes.

The banks urged Canadians or business owners facing hardship to contact their bank directly to discuss options that may be available.

The move comes as the large banks work together in their efforts to limit the spread of the novel coronavirus by temporarily limiting branch operating hours and reducing the number of branches, while maintaining critical services.

Public health officials have urged people to limit contact with others in an effort to limit the threat of the novel coronavirus.

Businesses across the country have responded by cutting back, changing their operations and finding ways to allow employees to work from home.

This news comes just ahead of a federal announcement during which Ottawa is expected to unveil a multi-billion dollar stimulus package to help Canadians and businesses struggling amid the pandemic.

Companies in this story: (TSX:R, TSX:TD, TSX:BNS, TSX:BMO, TSX:CM, TSX:NA)