TORONTO, March 17, 2020 /CNW/ - Canada's six largest banks today announced plans to provide financial relief to Canadians 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 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.
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. Banks will monitor evolving economic conditions and consider other measures if necessary.
Canada's banks have a long history of standing by Canadians through challenging times and this commitment will continue throughout this crisis and beyond.
Clients in financial hardship can contact their CIBC Advisor or call 1-877-454-9030 to discuss options to improve their cash flow over the short term by reviewing their payment obligations.
For reference - Meeting your needs in challenging times - https://www.cibc.com/en/personal-banking/advice-centre/covid-19.html
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.