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Canadian banks to allow deferral of mortgage payments, to help customers amid pandemic

Thursday 19 March 2020 06:03 CET | News

Canada’s large banks have announced plans to provide financial breathing room to customers hurt by disruptions from the steps taken to slow the spread of COVID-19.

The online publication The Star has announced that the big six banks will allow customers to defer mortgage payments for up to six months among other changes. Furthermore, 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.
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Keywords: Canadian banks, coronavirus, mortgage payments, branch operating hours, Canada, finance
Categories: Banking & Fintech
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Countries: Canada
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