Canada's Six Biggest Banks Take Decisive Action To Help Customers Impacted by COVID-19

Email
bookmark

March 17, 2020 News Releases COVID-19 Insights

TORONTO, March 17, 2020 /CNW/ - Canada's six largest banks today announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19.

Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19.

This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products.

Individual Canadians or business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them.

These measures are an important first step and underscore the resilience of Canada's financial system and the strength of our major banks. Banks will monitor evolving economic conditions and consider other measures if necessary.

Canada's banks have a long history of standing by Canadians through challenging times and this commitment will continue throughout this crisis and beyond.

For updates from BMO on COVID-19, please visit: www.bmo.com/covid19

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $880 billion as of January 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group

News Releases COVID-19 Insights March 17, 2020

TORONTO, March 17, 2020 /CNW/ - Canada's six largest banks today announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19.

This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products.

Individual Canadians or business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them.

Canada's banks have a long history of standing by Canadians through challenging times and this commitment will continue throughout this crisis and beyond.

For updates from BMO on COVID-19, please visit: www.bmo.com/covid19

SOURCE BMO Financial Group

Select Language

Insights

Services

Industries

People

Insights

Services

People

Industries

New

Trending Insights

Explore Capital Markets

Trending Insights

Explore Capital Markets

Canada's Six Biggest Banks Take Decisive Action To Help Customers Impacted by COVID-19

Industries

Services

Research & Strategy

Culture

Careers

About Us