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

Over 440 complaints issued in 3 months about Central Kootenay governments: B.C. Ombudsperson

Most common complaints were about decisions and bylaw enforcement in local governments

Nakusp store launches delivery service by donation for those in need during COVID-19 crisis

Hilltop Convenience Store has been getting up to three calls a day for the service

Castlegar hospice director says COVID-19 measures make serving the dying heartbreaking

Social distancing brings big challenges to offering support

Slocan Valley craft distiller wading through obstacles to help fight COVID-19

From raw materials to licences to bottles, getting production ramped up has been a challenge

Outrage over illegal dumping at Nakusp Landfill

Online photo shows garbage bags, cardboard boxes and bottles thrown around landfill container

VIDEO: ‘Used gloves and masks go in the garbage,’ says irked B.C. mayor

Health officials have said single-use gloves won’t do much to curb the spread of COVID-19

General exposure to public low after inmate tests positive for COVID-19: Interior Health

The Okanagan Correctional Centre inmate is receiving appropriate care

Sex workers face new risks during COVID-19 pandemic

‘Desperation has kicked in’ for vulnerable, undocumented workers unable to access help

Unclear if Cowichan couple refusing to self-isolate will face penalty

No fines or charges have been laid to date, including Cowichan couple who won’t self isolate

COVID-19: Postponed surgeries will be done, B.C. health minister says

Contract with private surgical clinic to help clear backlog

Black Press Media ad sparks discussion about value of community newspapers

White Rock resident hopes front-page note shines light on revenue loss during COVID-19 crisis

Don’t stop going to the doctor, just do it virtually: B.C. association

Doctors encourage patients to access telephone, online visits

Businesses advised to prepare for federal, B.C. COVID-19 assistance

Canada Revenue Agency portal expected to open next week

Most Read