March 20, 2020 – Many Canadians are getting the cold shoulder from many of the ‘Big Banks’ for defer payments due to COVID-19.
Trying to get through is one thing. People are told they must call 48 hours before their mortgage is due and waits are up to two hours before reaching an employee at the Bank.
The Canadian Finance Minister Bill Morneau asked the heads of banks to allow people to defer mortgage payments but that does not seem to be the case.
When the federal government made they request banks responded by issuing a statement saying they “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; child-care disruption due to school closures; or those facing illness from COVID-19.”
Some banks are saying, Your mortgage is “new” or “you need to do a credit check and we will send it off the the credit department.” They are getting the run around and some people are being flat out refused, based on reports from numerous news outlets including CBC News.
Please let us know how you are being treated by your bank over the world crisis.