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Canadian Banks Working to Provide Financial Relief for Those Impacted by COVID-19

TORONTO — Canada’s six largest banks are working to provide financial relief to Canadians impacted by the economic consequences of COVID-19.

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 available to them.

These banks have indicated they’ll continue to monitor evolving economic conditions and consider other measures if necessary.

In order to help slow the spread of COVID-19, many banks have begun altering hours and/or temporarily closing some branches.

BMO will temporarily close approximately 15 per cent of its Canadian branches, which will take effect over the coming days, with a focus on maintaining services in rural areas and small towns. It will also be adjusting hours of operation at branches across Canada.

RBC has also temporarily closed a number of its branches. The decision as to which branches will close is still being being determined based on consultation with local RBC leaders to ensure Canadians still have access to services. Special consideration will be given to branches in rural communities.

Scotiabank has also announced it will be “slightly reducing” branch hours and gradually closing select branches temporarily to support industry-wide social-distancing efforts.

TD is closing “many branches” temporarily, effective March 19, and has voiced a commitment to keep rural branches open where possible. Additionally, all branches will change operating hours to 10 a.m. to 6 p.m. through the week and 11 a.m. to 4 p.m. on weekends, unless otherwise specified.

Details for individual branches will be made available online and through the banks apps.

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