Canada\u2019s largest banks are coordinating their approach to the COVID-19 coronavirus outbreak to protect their employees and customers.<\/p>\n
Measures to support both health and finances will have some common elements across the \u2018Big Six\u2019 banks – RBC, CIBC, TD, Scotiabank, BMO, and National Bank of Canada, the Canadian Bankers Association said.<\/p>\n
Financial support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products.<\/p>\n
Individual Canadians or business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them.<\/p>\n
In keeping with advice from Canada\u2019s public health authorities, the response is also designed to support social distancing to control the virus\u2019 spread.<\/p>\n
That means that , while special care will be taken with those branches in rural communities.<\/p>\n
Critical services will be maintained and many banking services will continue to be available through ABMs, mobile apps, bank websites and telephone banking.<\/p>\n
Banks will be communicating with customers to explain the measures they are taking.<\/p>\n
Canada\u2019s banks are being supported by a reduction in the stability buffer required for a \u2018rainy day\u2019 and by other measures taken by the federal government and Bank of Canada in expectation of a potentially-prolonged downturn.<\/p>\n
With interest rates currently at 0.75%, there is room for the BoC to make further reductions in line with some other major economies. The .<\/p>\n","protected":false},"excerpt":{"rendered":"
Canada\u2019s largest banks are coordinating their approach to the COVID-19 coronavirus outbreak to protect their employees and customers. Measures to support both health and finances will have some common elements across the \u2018Big Six\u2019 banks – RBC, CIBC, TD, Scotiabank, BMO, and National Bank of Canada, the Canadian Bankers Association said. Financial support will include […]<\/p>\n","protected":false},"author":3,"featured_media":27971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10211"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=10211"}],"version-history":[{"count":2,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10211\/revisions"}],"predecessor-version":[{"id":26034,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10211\/revisions\/26034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/27971"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=10211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=10211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=10211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}