To help Canadians stay in their homes, six of Canada's biggest banks will be allowing mortgage payment deferrals for up to six months, according to City News.
As a result of the coronavirus pandemic, Bank of Montreal, CIBC, TC Canada, National Bank of Canada, RBC Royal Bank, and Scotiabank, will give borrowers help in mitigating the financial fall-out of the economic crisis.
Additionally, these banks will also make releif available for other credit accounts. Canadians account holders and small business owners are encouraged to reach out to their banks to find out how they can take advantage of these plans.
These banks are also working together to try to contain the spread of the coronavirus, by limiting both branch hours and reducing the number of open branches. They intend to keep critical services functioning. Banks are paying attention to rural branches so as not to leave them without banking resources.
Mobile services and bank machines will not be affected during these closures, and telephone banking is still available.
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