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Scotiabank rolls out relief services to its customers including payment deferrals

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Posted: Tuesday, March 31, 2020. 3:37 pm CST.

By BBN Staff: Scotiabank has joined the list of businesses countrywide that are rolling out measures to assist their customers cope with the economic impact of the COVID-19 pandemic.

Today, the Bank announced a series of relief measures being implemented to retail, business, and corporate customers. The bank is offering to differ mortgage and loan payments for retail and business banking customers for up to 6 months (3 months upfront and the possibility of extending after.) Those wishing to access that service are encouraged to contact either their branch representative, send an email to [email protected], or call 227-2200.

Scotiabank’s retail customers with credit cards (which includes Business Banking credit cards), revolving credit lines, other term loans and auto loans will also have their payments automatically deferred for up to 6 months following the same formula for the loan payment deferrals, though customers wishing to continue their payments can contact to the bank to arrange those payments.

The Bank also said that its corporate and commercial customers across various industries will be receiving assistance so that they can maintain their operations. That assistance includes temporary principal payment relief on term loans for up to 6 months, accompanied by a corresponding extension on the loan.

 

“Providing relief is an important step to support customers during this difficult and constantly evolving situation.  We especially want to provide any assistance we can to those who may be impacted by a loss of income and those who are experiencing challenges with meeting their financial obligations,” explained Sarah Hobbs, Managing Director of Scotiabank Belize Ltd.

The bank also strongly encouraged customers to use its online banking facilities, given the public health guidelines around social distancing. Scotiabank noted that its new mobile banking application can be used to do a variety of transactions including bill payments, transfer of funds, and checking account activity.

 

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