National Bank of Canada outlined additional measures to support its customers affected by the coronavirus outbreak.
Pursuant to the bank's previously announced mortgage payment deferral measure, it will compensate all clients who defer their mortgage loan payments for the additional interest incurred during the deferral period. The amount will depend on the mortgage balance and interest rate.
On credit cards, customers can request to defer their minimum monthly payments on their National Bank Mastercard credit card by up to 90 days.
The bank will temporarily reduce the annual interest rate on credit cards to 10.9% for all holders who have been granted a payment deferral, based on their financial situation.
Clients will also be allowed to pay all or part of their account balance using their rewards points.
Additionally, the bank will temporarily waive several fees, including the C$1 fee for Interac e-transfers for clients who don't have a banking package; the C$16/C$30 fee related to stop payments on cheques and pre-authorized debits; and overdraft interest on chequing accounts and high-interest savings accounts.
The bank is also launching a special measure for seniors, where it plans to prioritize calls from clients aged 75 or older, and/or living in a long-term care facility or in a seniors' residence.