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

Seasons Ponoka residents in self-isolation

No presumed or confirmed cases

Ponoka chiropractor feeling the pinch of closure

Still doing emergency cases, but feels for people who need help

Red Deer County has three new confirmed COVID-19 cases

Government says Alberta up to 1,181 total cases

VIDEO: How doctors in Canada will decide who lives and dies if pandemic worsens

Officials in several provinces have been developing guides so that doctors don’t feel alone

UPDATED: How the coronavirus is impacting the Ponoka area

Precautions, advisories, and cancelled community events

A message from the publisher

Consider a voluntary subscription to Ponoka News

Woman scared for brother in Calgary long-term care home with COVID-19 deaths

Woman scared for brother in Calgary long-term care home with COVID-19 deaths

Person connected to Red Deer College tests positive for COVID-19

‘I wish this individual well,’ says president

COVID-19 crisis distracting from flood-prone First Nation’s plight: NDP

COVID-19 crisis distracting from flood-prone First Nation’s plight: NDP

Judge sides with woman accused of spying for Russia, orders new hearing

Judge sides with woman accused of spying for Russia, orders new hearing

Ont. court upholds murder conviction in death of girl found in burning suitcase

Ont. court upholds murder conviction in death of girl found in burning suitcase

British cancelled, Masters to November in major rescheduling

British cancelled, Masters to November in major rescheduling

Most Read