Many Canadians can breathe a sigh of relief after the six largest banks in the country announced they will provide some help for those not getting regular paycheques because of COVID-19.
The Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have offered support of up to a six-month payment deferral for mortgages and possible relief for other loans.
The banks said they will work with personal and small business customers on a case by case basis to provide flexible solutions to manage any pay disruptions. Customers are encouraged to contact their bank directly if they are having trouble keeping up with their accounts.
"These measures are an important first step and underscore the resilience of Canada's financial system and the strength of our major banks," the banks said in a joint news release issued Wednesday. "Banks will monitor evolving economic conditions and consider other measures if necessary."
