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
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
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.
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
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
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.
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.
For details, please refer to the nbc.ca page for the
appropriate credit card.