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

Revelstoke resident finds welcoming letter on her Alberta-registered truck

There have been multiple reports online of vandalism to vehicles with Alberta licence plates

Two bears killed in Revelstoke so far this year

Society warns this year could be similar to 2016 when 26 bears were killed

Pregnant Revelstoke woman catches COVID-19 days before giving birth

Michelle Hunter said it was like a horror movie when caught COVID-19

Mount Revelstoke and Glacier National Park to partially reopen June 1

The Meadows in the Sky Parkway is expected to open

New Revelstoke staycation contest worth $1K launched

It’s to stoke locals for exploring their own backyard

Kelowna couple pedalling past loss of sight

Pauline and Jim Marshall said it’s important to be patient with each other

Okanagan-shot film “The Color Rose” wins two cinematography awards

Locations in the Okanagan were used such as; The Casorso residence, BNA, Father Pandosy, Venture Academy and Idabel Lake Resort

Kids raise $10,000 to feed Kamloops wildlife

Bottle drive initially set out to raise $2,000 to feed the animals at the wildlife park

COLUMN: Plate hate has no place in B.C.

B.C. transplant still drives with red plates, but hopes her car will be safe from COVID hate

Driver damages Shuswap playground after alleged pellet gun shooting

RCMP report vehicle drove through Memorial Park before coming to a stop

POLL: Drinks in the park in Vernon?

City councillor wonders if allowing drinks in public places may help local businesses

Kelowna’s Rock the Lake officially postponed until 2021

The new dates have been scheduled for August 6-8, 2021

Summerland to reopen playgrounds and recreational facilities

Some outdoor spaces will reopen on June 1, but arena and aquatic centre remain closed

Owner of Kelowna country bar permanently closes Langley cabaret

Nightclub showcased local talent, connected friends, and even hosted a wedding during its 34 years

Most Read