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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Researchers at UFV looking into effects of pandemic on activity and mental health

Survey is online now to gather data from people of all backgrounds on physical activity changes

Disinfectant wipes and sanitizer being stolen out of cars in Fraser Valley

RCMP reminding vehicle owners to remove all valuables from cars, even cleaning supplies

Call out for local committee members, to help Hope’s economy recover from COVID-19

Stabilizing businesses in the short term, and planning for recovery is the focus for AdvantageHOPE

Organ donation gives Fraser Valley RCMP officer a second chance at life

Cathleen Falebrinza celebrates Green Shirt Day after receiving a double lung transplant in 2016.

Stay off the tracks and stay alert, rail police warn

Last year, seven were killed and 10 seriously injured in rail crossing, trespassing incidents

COVID-19 death toll reaches 50 in B.C., while daily case count steadies

B.C. records 34 new cases in the province, bringing total active confirmed cases to 462

Reality TV show about bodybuilders still filming in Okanagan, amid COVID-19

Five bodybuilders from across the country flew to Kelowna to move into a house for a reality TV show

B.C.’s top doctor details prescription for safe long weekend

Yes, it includes hosting an online cooking show

Researchers to study whether plasma of recovered patients can treat COVID-19

Plasma is the liquid portion of the blood that contains the antibodies that protect against illness

B.C., Alberta health ministers urge public to stay home Easter weekend

Regional politicians, online petition calling for closure of provincial border to non-essential traffic

Human rights complaint over city’s Pride flag tossed out

Kari Simpson’s attempt to block Langley City’s flag raising has failed

Abbotsford prison has confirmed COVID-19 case

Pacific Regional Treatment Centre is the third prison in B.C. in one week to confirm case

Most Read