To date, Scotiabank has provided over
$1 billion in total payment relief to
personal and business customers including assistance with
mortgages, loans, lines of credit, auto loans and credit
cards.
TORONTO, April 3, 2020 /CNW/ - Scotiabank announced that
effective April 1st 2020,
it will be reducing personal and small business credit card
interest rates to 10.99% for customers that are experiencing
financial hardship due to the COVID-19 pandemic and are receiving a
credit card minimum payment deferral.
"We recognize the financial impact that this public health
crisis is having on Canadians, right across the country. COVID-19
has made it increasingly difficult for many of our customers to pay
their bills," said Dan Rees, Group
Head, Canadian Banking. "Since this crisis began all our employees
have been working hard to be here for our customers, their
families, and their businesses to offer support and relief.
Lowering interest rates on credit card payments is an additional
step we're taking to make a financial difference to Scotiabank
customers experiencing difficulties as a result of the COVID-19
pandemic."
For customers that have already received a credit card payment
deferral, as of April 1st
the 10.99% interest rate will be applied to their account in the
form of an interest credit, and they do not need to contact
Scotiabank.
Customers impacted by COVID-19 can continue to apply for minimum
payment deferrals on their credit card accounts and for a reduced
rate of 10.99% on their account for the period of the deferral by
submitting a request through our online form, which will be
available beginning April
7th.
Additional online support available to eligible customers
impacted by COVID-19:
- A six month deferral option for mortgage payments, which has
already given more than 80,000 Canadians the peace of mind that
comes from financial relief.
- A deferral process for customers seeking mortgage relief,
personal and auto loan relief. Beginning next week, online requests
for payment deferrals will be available for credit card customers
online.
- Customers who are eligible for the Canada Emergency Response Benefit have the
ability to set up direct deposit payments from the CRA, via a
simple online process. More than 60,000 customers have used this
process over the past 3 days.
- The ability to transfer a credit card balance to an existing
Scotiabank line of credit that carries a lower interest rate.
Please go to Scotiabank.com for more information.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future," we help our customers, their families
and their communities achieve success through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of
approximately 100,000 employees and assets of approximately
$1.2 trillion (as at January 31, 2020), Scotiabank trades on the
Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE The Bank of Nova
Scotia