TORONTO, May 7, 2020 /CNW/ - As the disruption caused by COVID-19 creates more pressure on Canadians and their finances, CIBC's support measures have now helped over 200,000 personal and small business banking clients with over $3 billion in improved cash flow through payment deferrals on mortgages, loans, and credit cards, and loans to small businesses through the Canada Emergency Business Account. To date, CIBC has provided relief measures on credit balances of $37 billion.
"We understand that every measure of financial relief and advice during this difficult time makes a huge difference to our clients by giving them added cash flow and the confidence that they can manage through the near-term," said Laura Dottori-Attanasio, Senior Executive Vice-President and Group Head, Personal and Business Banking, CIBC. "Our goal is to help every one of our clients in need by supporting them at a time when we know household and small business finances are under pressure, and helping to keep their long term goals and ambitions on track."
CIBC has also implemented fee waivers and provided quick access to government programs and co-lending initiatives to support businesses facing financial hardship. Additionally, CIBC has seen a significant spike in the number of clients requesting advice on their investments and overall finances. Initiatives to date include:
- Deferring mortgage payments for up to six months.
- Offering credit card relief by deferring monthly payments and receiving a temporary effective lower interest rate of 10.99%.
- A reduced minimum purchase amount and fee rebate offered by the CIBC Pace It installment plan at lower rates.
- Providing Canada Emergency Business Account (CEBA) loans to provide much needed credit, as well as payment deferrals, new borrowing arrangements, and cash management solutions.
In addition, many Canadians have also accessed the Canada Emergency Response Benefit (CERB) and Canada Emergency Wage Subsidy (CEWS) through CIBC's simple direct deposit options to ensure fast access to funds.
CIBC continues to ensure seniors and persons with disabilities are served quickly in banking centres with our "you're next" policy. Seniors are also being moved to the front of the line when they call CIBC to bank by phone. Team members have proactively called more than 400,000 seniors to offer help with their banking. This includes helping with online and mobile banking options to allow seniors to stay safe at home instead of visiting a banking centre.
"These measures are making a difference in our clients' lives and hopefully alleviates some of the stress related to COVID-19. We will continue to look for ways to support our clients and communities so we all get through this together," said Ms. Dottori-Attanasio.
To learn more about financial relief and support programs available through CIBC, visit the COVID-19 Relief support section on cibc.com.
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.