TORONTO, May 7, 2020 /CNW/ - As the disruption caused by
COVID-19 creates more pressure on Canadians and their finances,
CIBC's support measures have now helped over 200,000 personal and
small business banking clients with over $3
billion in improved cash flow through payment deferrals on
mortgages, loans, and credit cards, and loans to small businesses
through the Canada Emergency
Business Account. To date, CIBC has provided relief measures on
credit balances of $37 billion.
"We understand that every measure of financial relief and advice
during this difficult time makes a huge difference to our clients
by giving them added cash flow and the confidence that they can
manage through the near-term," said Laura
Dottori-Attanasio, Senior Executive Vice-President and Group
Head, Personal and Business Banking, CIBC. "Our goal is to help
every one of our clients in need by supporting them at a time when
we know household and small business finances are under pressure,
and helping to keep their long term goals and ambitions on
track."
CIBC has also implemented fee waivers and provided quick access
to government programs and co-lending initiatives to support
businesses facing financial hardship. Additionally, CIBC has seen a
significant spike in the number of clients requesting advice on
their investments and overall finances. Initiatives to date
include:
- Deferring mortgage payments for up to six months.
- Offering credit card relief by deferring monthly payments and
receiving a temporary effective lower interest rate of 10.99%.
- A reduced minimum purchase amount and fee rebate offered by the
CIBC Pace It installment plan at lower rates.
- Providing Canada Emergency
Business Account (CEBA) loans to provide much needed credit, as
well as payment deferrals, new borrowing arrangements, and cash
management solutions.
In addition, many Canadians have also accessed the Canada Emergency Response Benefit (CERB) and
Canada Emergency Wage Subsidy
(CEWS) through CIBC's simple direct deposit options to ensure fast
access to funds.
CIBC continues to ensure seniors and persons with disabilities
are served quickly in banking centres with our "you're next"
policy. Seniors are also being moved to the front of the line when
they call CIBC to bank by phone. Team members have proactively
called more than 400,000 seniors to offer help with their banking.
This includes helping with online and mobile banking options to
allow seniors to stay safe at home instead of visiting a banking
centre.
"These measures are making a difference in our clients' lives
and hopefully alleviates some of the stress related to COVID-19. We
will continue to look for ways to support our clients and
communities so we all get through this together," said Ms.
Dottori-Attanasio.
To learn more about financial relief and support programs
available through CIBC, visit the COVID-19 Relief support
section on cibc.com.
About CIBC
CIBC is a leading Canadian-based global financial institution
with 10 million personal banking, business, public sector and
institutional clients. Across Personal and Business Banking,
Commercial Banking and Wealth Management, and Capital Markets
businesses, CIBC offers a full range of advice, solutions and
services through its leading digital banking network, and locations
across Canada, in the United States and around the
world. Ongoing news releases and more information about
CIBC can be found
at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC