MONTREAL, April 3, 2020 /CNW Telbec/ - National Bank is
announcing new measures for mortgage loans, credit cards and
everyday banking transactions to support its clients dealing with
the exceptional circumstances caused by COVID-19.
National Bank is doing three important things for its clients
with these measures:
- Compensating them for the additional interest charged if
they defer their mortgage payments, thereby eliminating the
interest payment on the interest incurred as a result of the
deferral.
- Reducing the impact of interest charges on credit cards
for clients who requested a deferral and who are most affected by
this crisis.
- Waiving certain banking fees temporarily.
National Bank is also launching a special measure for seniors.
The Bank will write to all its clients who are aged 75 or older,
and/or living in a long-term care facility or in a seniors'
residence to make sure they have all the information they need at
hand. We'll be implementing a process in our call centres to
prioritize their calls, starting next week.
"In the past few weeks, we've helped tens of thousands of
clients by offering them relief measures, payment deferrals and
valuable advice and support. Our employees are handling every
single request with the utmost care," said Lucie Blanchet, Executive Vice-President –
Personal Banking and Client Experience at National Bank. "The
measures announced today, which will be added to those already in
place, will allow us to offer extra help to people who need it
most, especially seniors."
The main measures announced are as follows. Please consult the
relevant pages on our website at www.nbc.ca for details on
each measure.
Mortgage loans
We'll be refunding interest charges: A few weeks
ago, we introduced a mortgage payment deferral measure. Today,
we're making a commitment to compensate all clients who defer their
mortgage loan payments for the additional interest incurred during
the deferral period. The amount will vary based on the mortgage
balance and interest rate.
Credit cards 1
- We'll defer monthly payments: clients can ask to defer
their minimum monthly payments on their National Bank Mastercard
credit card by up to 90 days.
- We'll reduce interest rates: We will temporarily reduce
the annual interest rate on credit cards to 10.9% for all credit
card holders who have been granted a payment deferral, based on
their financial situation.
- We offer one of the lowest interest rates: The Syncro
credit card offers one of the best annual interest rates on the
market—currently 8.9% on purchases.
- Clients can pay their balance with points: Several of
our credit cards allow clients to use their rewards points to pay
all or part of their account balance.
Everyday banking
We are temporarily waiving the following fees:
- Interac e-Transfers: We're waiving the $1 fee for clients who don't have a banking
package.
- Stop payments on cheques and pre-authorized debits: We're
waiving the $16/$30 fee.
- Overdraft interest on chequing accounts and High Interest
Savings Accounts will not be charged.
Related links
- National Bank – Update on COVID-19
- COVID-19: National Bank Clients Can Now Request a Payment
Deferral on Their Personal Loans Online
- National Bank Encourages its Clients to Stay Safe and Use
Digital Banking Solutions
- COVID-19: National Bank to Offer Support to its Clients
About National Bank of Canada
With $289 billion in
assets as at January 31, 2020, National Bank of
Canada, together with its
subsidiaries, forms one of Canada's leading integrated financial groups.
It has more than 26,000 employees in knowledge-intensive
positions and has been recognized numerous times as a top employer
and for its commitment to diversity. Its securities are listed on
the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities
at nbc.ca or via social media such as
Facebook, LinkedIn and
Twitter.
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For details,
please refer to the nbc.ca page for the appropriate credit
card.
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SOURCE National Bank of Canada