Guide

Published09 November 2020

COVID-19: Support measures being offered by financial institutions

minute read

Kate Yurkovich

Associate

Heather Fisher

Associate

Tom Cumming

Partner

Geneviève Cloutier

Partner

Leader, Restructuring & Insolvency Group (Canada)

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Support measures being offered by financial institutions

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The programs noted below are in addition to relief programs offered under the BCAP program being administered by financial institutions in co-operation with BDC and EDC.

Bank of Montreal (BMO)
DESCRIPTION	BMO is offering up to a 6-month payment deferral on loans, credit cards, and lines of credit with no fee. Payments will be deferred but interest will continue to accrue.
ACCESS AND ELIGIBILITY	BMO customers can request financial relief online through the bank's online request portal
LINKS	Visit BMO's COVID-19 update webpage here

Canadian Imperial Bank of Commerce (CIBC)
DESCRIPTION	CIBC is offering various financial relief programs for their customers including: Mortgage Deferrals: customers can request to defer regular mortgage payment for up to 6 months if experiencing financial hardship caused by COVID-19 Credit Card Payment Deferrals: customers can request to defer credit card payments for up to 3 months, and benefit from an effective lower interest rate of 10.99% during the deferral period that will be applied as a rebate on upcoming statements Loan and Line of Credit Payment Deferrals: customers can request to defer regular loan payments for up to 2 months
ACCESS AND ELIGIBILITY	CIBC customers can request financial relief online through the bank's online request portal
LINKS	Visit CIBC's COVID-19 response webpage here See Investment Executive's Article dated April 8, 2020 here

Canadian Imperial Bank of Commerce (CIBC)

DESCRIPTION

CIBC is offering various financial relief programs for their customers including:

Mortgage Deferrals: customers can request to defer regular mortgage payment for up to 6 months if experiencing financial hardship caused by COVID-19
Credit Card Payment Deferrals: customers can request to defer credit card payments for up to 3 months, and benefit from an effective lower interest rate of 10.99% during the deferral period that will be applied as a rebate on upcoming statements

Loan and Line of Credit Payment Deferrals: customers can request to defer regular loan payments for up to 2 months

ACCESS AND ELIGIBILITY

CIBC customers can request financial relief online through the bank's online request portal

LINKS

Visit CIBC's COVID-19 response webpage here

See Investment Executive's Article dated April 8, 2020 here

National Bank of Canada
DESCRIPTION	National Bank of Canada is offering various financial relief programs for their customers including: Mortgage Deferrals: customers can request to defer regular mortgage payment for up to 3 months if experiencing financial hardship caused by COVID-19. Customers that require more than 3 months deferral can make such request. Credit Card Payment Deferrals: customers can request to defer payments on their National Bank Mastercard balance for 90 days Personal Loan Deferrals: customers can request to defer regular loan payments for up to 3 months Temporary Waiver of Transaction Fees: National Bank is waiving the $1 Interac e-Transfer fee from March 16, 2020 until July 5, 2020
ACCESS AND ELIGIBILITY	Details on National Bank's Payment Deferral Program can be found here
LINKS	See National Bank's COVID-19 notice updated April 16, 2020 here

National Bank of Canada

DESCRIPTION

National Bank of Canada is offering various financial relief programs for their customers including:

Mortgage Deferrals: customers can request to defer regular mortgage payment for up to 3 months if experiencing financial hardship caused by COVID-19. Customers that require more than 3 months deferral can make such request.
Credit Card Payment Deferrals: customers can request to defer payments on their National Bank Mastercard balance for 90 days
Personal Loan Deferrals: customers can request to defer regular loan payments for up to 3 months

Temporary Waiver of Transaction Fees: National Bank is waiving the $1 Interac e-Transfer fee from March 16, 2020 until July 5, 2020

ACCESS AND ELIGIBILITY

Details on National Bank's Payment Deferral Program can be found here

LINKS

See National Bank's COVID-19 notice updated April 16, 2020 here

Royal Bank of Canada (RBC)
DESCRIPTION	RBC is offering various financial relief programs for their customers including: Payment Deferrals: deferral payments are being granted for Canadians in need of immediate cash-flow on mortgages, credit cards, installment loans, auto loans, and business loans Fee Waivers: RBC has waived feed on stop payment and ATM statements Reduced Credit Card Interest: customers will be provided with a credit to their account reimbursing them for 50% of the interest charged to their accounts during the relief period Increases to operating line of credit limits for businesses
ACCESS AND ELIGIBILITY	RBC Customers can apply for the various relief programs through links provided on the bank's website here RBC's CEO has stated that, as of April 8, 2020 the bank had fulfilled 250,000 requests dealing with payment deferrals for mortgages and other loans.
LINKS	See RBC's COVID-19 update here See the Bloomberg article dated April 8, 2020 here See the Bloomberg article and interview dated April 8, 2020 here

Royal Bank of Canada (RBC)

DESCRIPTION

RBC is offering various financial relief programs for their customers including:

Payment Deferrals: deferral payments are being granted for Canadians in need of immediate cash-flow on mortgages, credit cards, installment loans, auto loans, and business loans
Fee Waivers: RBC has waived feed on stop payment and ATM statements
Reduced Credit Card Interest: customers will be provided with a credit to their account reimbursing them for 50% of the interest charged to their accounts during the relief period

Increases to operating line of credit limits for businesses

ACCESS AND ELIGIBILITY

RBC Customers can apply for the various relief programs through links provided on the bank's website here

RBC's CEO has stated that, as of April 8, 2020 the bank had fulfilled 250,000 requests dealing with payment deferrals for mortgages and other loans.

LINKS

See RBC's COVID-19 update here

See the Bloomberg article dated April 8, 2020 here

See the Bloomberg article and interview dated April 8, 2020 here

Scotiabank
DESCRIPTION	Scotiabank is offering various financial relief programs for their customers including: Mortgage Deferrals: customers can request to defer regular mortgage payment for up to 6 months if experiencing financial hardship caused by COVID-19. Credit Card Payment Deferrals: customers can request to defer minimum payments on their credit cards for up to 3 months. Effective April 1st, Scotiabank has reduced the interest rate on credit cards to 10.99% Personal Loan and Auto Loan Deferrals: customers can request to defer regular loan payments for up to 3 months Line of Credit Deferrals: customers can defer up to 3 months of minimum payments
ACCESS AND ELIGIBILITY	Scotiabank customers can apply for a mortgage payment deferral here Scotiabank customers can apply for a deferral of personal or auto loans here Scotiabank's CEO has stated that the bank has deferred payments on around $25 billion in loans, with mortgages making up the greatest share of that amount.
LINKS	See Scotiabank's COVID-19 FAQ's here See the Reuter's article dated April 7, 2020 here

Scotiabank

DESCRIPTION

Scotiabank is offering various financial relief programs for their customers including:

Mortgage Deferrals: customers can request to defer regular mortgage payment for up to 6 months if experiencing financial hardship caused by COVID-19.
Credit Card Payment Deferrals: customers can request to defer minimum payments on their credit cards for up to 3 months. Effective April 1st, Scotiabank has reduced the interest rate on credit cards to 10.99%
Personal Loan and Auto Loan Deferrals: customers can request to defer regular loan payments for up to 3 months

Line of Credit Deferrals: customers can defer up to 3 months of minimum payments

ACCESS AND ELIGIBILITY

Scotiabank customers can apply for a mortgage payment deferral here

Scotiabank customers can apply for a deferral of personal or auto loans here

Scotiabank's CEO has stated that the bank has deferred payments on around $25 billion in loans, with mortgages making up the greatest share of that amount.

LINKS

See Scotiabank's COVID-19 FAQ's here

See the Reuter's article dated April 7, 2020 here

The Toronto-Dominion Bank (TD)
DESCRIPTION	TD is offering various financial relief programs for their customers including: Business Banking Principal Payment Deferrals: businesses financially impacted by COVID-19 can request to defer the equivalent of up to four monthly principal payments on business term loans and up to six months on real estate secured business term loans. New Credit Requests: TD is taking proactive measures, unrelated to Government Programs. Businesses financially impacted by COVID-19, can request new or additional credit to help with cashflow challenges. Mortgage Payment Deferrals: TD is offering up to 6 months of monthly payment deferrals on mortgages TD Home Equity FlexLine Term Portion Payment Deferral: customers can request to defer up to 6 months of principal payments on their Term Portion Credit Card Payment Deferral and Interest Rate Relief Option: customers can request to (i) defer minimum payments on credit cards for 3 months; and/or (ii) be credited 50% of the interest charged on credit cards for 3 months (eligible customers only)
ACCESS AND ELIGIBILITY	TD is offering various financial relief programs for their customers including: Business Banking Principal Payment Deferrals: businesses financially impacted by COVID-19 can request to defer the equivalent of up to four monthly principal payments on business term loans and up to six months on real estate secured business term loans. New Credit Requests: TD is taking proactive measures, unrelated to Government Programs. Businesses financially impacted by COVID-19, can request new or additional credit to help with cashflow challenges. Mortgage Payment Deferrals: TD is offering up to 6 months of monthly payment deferrals on mortgages TD Home Equity FlexLine Term Portion Payment Deferral: customers can request to defer up to 6 months of principal payments on their Term Portion Credit Card Payment Deferral and Interest Rate Relief Option: customers can request to (i) defer minimum payments on credit cards for 3 months; and/or (ii) be credited 50% of the interest charged on credit cards for 3 months (eligible customers only)
LINKS	See TD's COVID-19 update here

The Toronto-Dominion Bank (TD)

DESCRIPTION

TD is offering various financial relief programs for their customers including:

Business Banking Principal Payment Deferrals: businesses financially impacted by COVID-19 can request to defer the equivalent of up to four monthly principal payments on business term loans and up to six months on real estate secured business term loans.
New Credit Requests: TD is taking proactive measures, unrelated to Government Programs. Businesses financially impacted by COVID-19, can request new or additional credit to help with cashflow challenges.
Mortgage Payment Deferrals: TD is offering up to 6 months of monthly payment deferrals on mortgages
TD Home Equity FlexLine Term Portion Payment Deferral: customers can request to defer up to 6 months of principal payments on their Term Portion

Credit Card Payment Deferral and Interest Rate Relief Option: customers can request to (i) defer minimum payments on credit cards for 3 months; and/or (ii) be credited 50% of the interest charged on credit cards for 3 months (eligible customers only)

ACCESS AND ELIGIBILITY

TD is offering various financial relief programs for their customers including:

Business Banking Principal Payment Deferrals: businesses financially impacted by COVID-19 can request to defer the equivalent of up to four monthly principal payments on business term loans and up to six months on real estate secured business term loans.
New Credit Requests: TD is taking proactive measures, unrelated to Government Programs. Businesses financially impacted by COVID-19, can request new or additional credit to help with cashflow challenges.
Mortgage Payment Deferrals: TD is offering up to 6 months of monthly payment deferrals on mortgages
TD Home Equity FlexLine Term Portion Payment Deferral: customers can request to defer up to 6 months of principal payments on their Term Portion

LINKS

See TD's COVID-19 update here

TD Insurance
DESCRIPTION	TD Insurance is offering various solutions to customers including: Premium payment deferral: Eligible TDI home and auto customers who are impacted by COVID-19 can request up to a 90-day monthly payment deferral on insurance premiums. Premium adjustments: Temporary premium adjustments to reflect changes in personal vehicle usage are also available for eligible auto insurance customers whose driving habits have changed significantly and those who are using their vehicles less frequently as physical distancing, work from home, and other health measures have taken effect across our communities. Elimination of NSF penalties: Additional COVID-19 relief for TDI home and auto customers includes the waiving of Non-Sufficient Funds (NSF) fees that may occur on policies during this global health pandemic. Suspension of policy cancellations: TD Insurance has temporarily suspended the cancellation of home and auto insurance due to non-payment. Physical distancing compliant: If you've been in an accident, our TD Insurance Auto Centers remain open in many locations across Canada from Alberta to Nova Scotia. On-site and phone-based advisors are available to help manage your insurance claims and applications. To help reduce the spread of COVID-19, TDI has implemented physical distancing, screening methods, enhanced cleaning and reduced hours in our Auto Centre locations.
LINKS

TD Insurance

DESCRIPTION

TD Insurance is offering various solutions to customers including:

Premium payment deferral: Eligible TDI home and auto customers who are impacted by COVID-19 can request up to a 90-day monthly payment deferral on insurance premiums.
Premium adjustments: Temporary premium adjustments to reflect changes in personal vehicle usage are also available for eligible auto insurance customers whose driving habits have changed significantly and those who are using their vehicles less frequently as physical distancing, work from home, and other health measures have taken effect across our communities.
Elimination of NSF penalties: Additional COVID-19 relief for TDI home and auto customers includes the waiving of Non-Sufficient Funds (NSF) fees that may occur on policies during this global health pandemic.
Suspension of policy cancellations: TD Insurance has temporarily suspended the cancellation of home and auto insurance due to non-payment.

Physical distancing compliant: If you've been in an accident, our TD Insurance Auto Centers remain open in many locations across Canada from Alberta to Nova Scotia. On-site and phone-based advisors are available to help manage your insurance claims and applications. To help reduce the spread of COVID-19, TDI has implemented physical distancing, screening methods, enhanced cleaning and reduced hours in our Auto Centre locations.

LINKS

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