By rdnewsNOW staff

Financial Assistance

Canada’s six biggest banks take decisive action to help customers impacted by COVID-19

Mar 18, 2020 | 6:49 AM

Canada’s six largest banks have 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.

Officials with RBC Royal Bank say 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.

Officials say these measures are an important first step and underscore the resilience of Canada’s financial system and the strength of the country’s major banks.

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In addition, officials with RBC Royal Bank of Canada have announced $2 million in support of COVID-19 community response efforts.

Donations are said to be directed to communities dealing with the repercussions of the global health challenges posed by COVID-19 and will be used for programs serving at-risk populations, addressing food insecurity, scaling mental well-being support access, as well as providing other necessary services that are vital during challenging times like these.

As a first step, RBC will be donating funds to respond to community needs in Canada, the U.S. and globally to charitable partners including Food Banks Canada, Feeding America, and the World Health Organization’s COVID-19 Solidarity Response Fund.

Elsewhere, TD Bank announced on Wednesday that TD Ready Commitment funding of $1 million will go towards helping front-line community health centers meet local needs.

The TD Ready Commitment funds will support services being delivered around COVID-19 such as screening, testing and referral efforts. Other areas include education and outreach to support preventative efforts while ensuring patients are receiving the care they need.

Finally, social interventions and supports such as transportation, case management, and addressing health risks associated with social isolation will also be supported.

Banks are anticipated to continue monitoring the evolving economic conditions and are expected to consider other measures if necessary.

With many financial institutions in Canada currently reducing branch hours and gradually closing select branches temporarily, Canadians are encouraged to visit their financial institution’s website for more information on branch hours and closures.