The Canadian flag blows in the wind in the heart of the financial district in Toronto on June 27, 2018. HSBC Bank Canada says it will lower its prime lending rate by 50 basis points effective tomorrow. The bank says in a statement the rate will be 2.95 per cent — down from 3.45 per cent. The move matches action by several Canadian banks and financial institutions Monday. THE CANADIAN PRESS/Tijana Martin

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

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

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.

READ MORE: Canada-US border closing to non-essential travel

READ MORE: Trudeau unveils emergency fund to help Canadians stuck abroad due to COVID-19

The Canadian Press


Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Construction begins on homeless shelter near downtown Kelowna

The BC Housing project is anticipated to be completed by the fall

Battle of the Wines back for another year in the Okanagan

West Kelowna winery, Off the grid was crowned champion of the first event

Kelowna’s 45th annual Civic and Community Awards winners

Awards were handed out virtually to those who helped shine a positive light on the city in 2019

Richter Street bridge restoration to start on July 6

Two-way traffic will be maintained on Richter Street with intermittent interruptions

Finale of seven-week food drive arrives at FreshCo Kelowna

The new grocery store has partnered with the organization for a food drive

Hwy 1 flooding causes massive delays on certain Arrow Lakes ferry routes

Motorists have been waiting around three hours to get on ferries

Lower Mainland teacher facing child pornography charges

Elazar Reshef, 52, has worked in the Delta School District

UPDATE: Highway 1 open to single-lane traffic west of Revelstoke due to flooding

The Needles Ferry is also experiencing major delays due to traffic backed up from Highway 1

Man who rammed gate near Trudeau residence with truck faces multiple charges

The man, who police have not yet officially identified, will be charged with multiple offences

All community COVID-19 outbreaks declared over in B.C.

Abbotsford manufacturer cleared by Dr. Bonnie Henry

‘Tarantula moth’ spotted in broad daylight on Vancouver Island

Polyphemus moths are one of the largest insects in B.C.

B.C. First Nations vow to keep fighting after Trans Mountain pipeline appeal denied

Squamish Nation, Tsleil-Waututh Nation and Coldwater Indian Band made the application

Noose graffiti not tolerated by Vernon resident

Woman, son paint over hateful image painted on neighbourhood fence

Most Read