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

South Surrey boy’s lemonade stand raises $670 for baby Lucy on BC Day weekend

Zach Young, 6, wanted to help with purchase of Vancouver infant’s costly drug ‘to help her get better’

Former White Rock mayor, MP shares community connections via YouTube

Gordie Hogg aims to highlight those who’ve impacted South Surrey, White Rock

Surrey’s Boze Corn Maze set to open with one big ‘50’ in the design

This year’s maze has some ‘social-distancing bubbles’ built into it, says farmer Mike Bose

Surrey Fire Fighters Charitable Society doing ‘better than we were expecting’ amid COVID-19

At one point, the board thought it might have a donation shortfall of $250,000

QUIZ: Do you know the truth?

In what has been described as a post-truth era, how much do you know about truth and lies?

Fraser Valley Bandits fall to Edmonton in CEBL final

Bandits lose 90-73 to Stingers in Sunday’s Summer Series final

Simon Cowell breaks his back falling from electric bike

Incident happened at his home in California

VIDEO: Internet famous Yukon-based bhangra dancer explores Vancouver Island

Gurdeep Pandher spreads joy through dance, forms cross-cultural connections amid pandemic

Unofficial holidays: the weird and wonderful things people celebrate around the world

On any given day of the year, there are several strange, silly or serious holidays to observe

Fraser Valley Bandits advance to CEBL Championship Game

Bandits post comeback 76-75 win over Hamilton Honey Badgers in Saturday’s semifinal

IHIT on scene of suspicious early-morning fire on rural Mission property

Entrance to Gunn Avenue property cordoned off while investigation takes place, updates coming

Moving on: Tanev scores 11 seconds into OT as Canucks oust Wild

Vancouver beats Minnesota 5-4 to move into first round of NHL playoffs

Most Read

l -->