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

Just Posted

Chilliwack RCMP seeking witnesses to hillside hit-and-run

Did you see a man struck by a white Honda near Teskey and Stoneview Drive on Friday night?

Chilliwack partners unite to make sure kids don’t go hungry during the pandemic

Food donations to be dropped off Tuesday, April 7, at Salvation Army Church on Brooks Avenue

Fraser Valley auto sound business starts producing face shields

Certified Auto Sound & Security is doing what it can to help frontline healthcare workers.

Fabrication work for Vedder Bridge roundabout art project is well underway

Funds of $255K held in reserve from new bridge budget do not represent a new cost for artwork

Chilliwack school trustees using Zoom to conduct meetings during pandemic

Public participation not available, but staff taking public questions before and after meetings

B.C. wide burning restrictions come into effect April 16

‘Larger open burns pose an unnecessary risk and could detract from wildfire detection’

B.C. secures motel, hotel rooms for COVID-19 shelter space

Community centres, rooms reserved for pandemic self-isolation

Look at hospitalizations, not recovery stats for COVID-19, B.C. professor says

Cases in hospital are a definitive count of people who have the novel coronavirus

B.C. First Nations want to launch fight of Trans Mountain pipeline approval

Last month, the Supreme Court of Canada decided not to hear five challenges about the pipeline

N95 masks on the way for Canada after 3M reaches deal with White House

The Trump White House had ordered 3M to stop shipping masks to Canada

Here’s how to talk to people who aren’t taking physical distancing seriously

Approach the conversation with empathy says conflict expert

Fraser Valley auto sound business starts producing face shields

Certified Auto Sound & Security is doing what it can to help frontline healthcare workers.

B.C. clears more acute hospital beds as COVID-19 case growth slows

Province holding about 40% of beds empty for peak still to come

Most Read