Our support measures for personal banking
COVID-19: Discover our solutions for payment deferrals
- Mortgage loans
- Personal loans
- Credit cards
- Transaction fees
Mortgage loans
If you’re experiencing financial difficulties related to COVID-19, you can apply for a mortgage payment deferral. This special measure allows you to defer your next payment.
For accepted mortgage payment deferral requests:
If your next payment is scheduled within the next 5 business days, it will be withdrawn, and the deferral will start with the next payment.
If your next payment is due in more than 5 business days and is still withdrawn while your request is being processed, the payment will be refunded.
What you need to know:
We are currently receiving a high volume of requests, some delays are to be expected.
Mortgage payment deferrals allow you to postpone your payments (principal and interest) for a period of 1 to 6 months.
Our advisors will review your request to ensure that you meet the
required criteria and that this solution best suits your
situation.
You are not eligible if:
This is the first or last payment on your loan
Your mortgage is linked to an All-In-OneTM line of credit; however, you can use the amount available in your line of credit to make your mortgage payments
Your loan is a progress loan
The balance of your loan and the amount of deferred interest exceeds the original amount disbursed
Answer Bank: Your questions about mortgages
How are mortgage rates evolving in the current situation? Should I choose a fixed or variable rate? Is it better to buy a new home? When should I renew my mortgage? Listen to our experts discuss the issue: Vincent Filion, Senior Director, User Experience Strategy, Product Ownership & End to End Process, and Myriam Fréchette, Mortgage Development Manager, at National Bank.
Frequently Asked Questions : Mortgage payment deferral
How does a mortgage payment deferral work?
This support measure allows you to postpone your payments (principal and interest) to give you a financial break.
Since you don’t make mortgage payments during the deferral period, your loan balance is paid more slowly than expected, which will result in additional interest charges. Additionally, the balance of your loan will be higher than expected at the end of your term.
In other words, if you choose to defer your mortgage payments:
- Interest continues to accrue during the deferral period and is added to the balance of your loan on each deferred payment date. National Bank will reimburse the interest on the interest accumulated on the deferred payments for the entire deferral period. (For details, see the question How can I take advantage of the reimbursement of interest on the interest during the deferral period?).
- The amount of your payments will not change after the deferral period.
- Upon renewing your payments, the balance of your loan will be higher due to the outstanding principal and unpaid interest generated by the deferral. This could result in a higher payment amount.
- The first payment deferral must be made no later than June 30, 2020. This date may be revised.
You can apply online for a period of up to 3 months. If a deferral of more than 3 months is necessary, or for any other requests, contact us at 1-888-286-8799.
How can I take advantage of the reimbursed interest for the deferral period?
You don't have to do anything. We'll take care of everything. The Bank will assume the interest on the interest accumulated on the deferred payments for the entire deferral period. The amount varies based on the mortgage balance and interest rate.
For example: for a mortgage of $200,000, at an interest rate of 3%, for a 6-month deferral period, the repayment could be $35.39.
The refund will be issued once your deferral period is over. You will receive your refund no later than 3 months after your last deferred payment.
The repayment amount will be deposited in the National Bank account from which your withdrawals are made, or it will be applied to your balance loan if your withdrawals are made from an account at another financial institution.
You will receive a notice by email or mail confirming the refund amount.
Note that interest refunds on interest only apply to personal mortgage loans (commercial loans are not eligible).
Why do I need to continue paying certain fees during the mortgage payment deferral period?
Administration fees
Certain fees for the management of your loan cannot be waived.
Life, critical illness or disability insurance
Continuing to pay your mortgage insurance premiums ensures that you’re always covered. To learn more about eligible claims, consult our Frequently Asked Questions: Loan insurance.
Property taxes
Since the payment of municipal and school taxes (Quebec) is unavoidable, it is preferable to continue to set these amounts aside.
How do I apply for a mortgage payment deferral? How long does it take to process an application?
Deferral of 1 to 3 months
You must complete the online form. Processing time for new requests can take up to 10 business days. The date of the first payment deferral must be before June 30, 2020. This date may be revised.
We’re currently experiencing a high volume of requests and some delays are to be expected.
For accepted applications:
- If your next payment is due within the next 5 business days, it will be debited from your account and the deferral period will start on your next due date.
- If your next payment is due in more than 5 business days but is collected while your request is being processed, we will refund the payment.
If you requested a deferral for a payment due in more than 5 business days and you are late with your payment, ignore it. Our communications are sent automatically by our system.
You didn't have the money in your account and the payment failed? We will reimburse you for any NSF charges, if applicable, and apply the deferral granted to you.
For deferral requests of more than 3 months or if your loan is already in arrears, contact us at 1-888-286-8799. The processing time is more than 10 business days.
How do I cancel my mortgage payment deferral request?
Your request cannot be cancelled. However, you can reduce the impact of a mortgage deferral in three ways:
1. Increase your payments after the deferral (additional payment)
You can increase your payments (principal and interest) at any time. It is possible to add up to one time the amount of your payment to accelerate the repayment of your mortgage loan.
2. Make a prepayment
You can repay up to 10% of the original principal amount of the loan during each calendar year.
3. Increase your payment frequency
By choosing a weekly or bi-weekly payment frequency, your loan will be repaid faster. The equivalent of a monthly payment is then repaid each year (accelerated payment).
This option can be advantageous because you pay less interest.
To see how you can take advantage of one of these three options, consult the question "How can I reduce the impact of my deferred mortgage payments?”
How can I reduce the impact of my deferred mortgage payments?
You can make an early repayment or an additional payment from your online bank. The steps are as follows:
- Sign in to your online bank.
- Click Overview in the menu.
- Click on your mortgage.
- Click on the mortgage tier for which you want to make an early repayment.
- Click Accelerated repayment.
- Click Mortgage prepayment.
- Follow the instructions.
Click here to be redirected to make your mortgage prepayment.
Wait for confirmation that your deferred payment has been processed before making the transaction.
To make these transactions with the help of an advisor or to increase the frequency of your payments, call us at 1-888-286-8799.
What is the impact on my credit score if I defer a payment?
Deferred payments are not noted as missed payments on your credit report. They may, however, affect your credit rating slightly downward with credit-reporting agencies. Because your mortgage balance will increase with payment deferrals, and it partly determines your credit rating, your rating may change. You must make sure to resume your payments after the deferral. Note that interest on your loan balance continues to accumulate.
What options are available if I have an All-In-OneTM line of credit?
You can defer the minimum payment of your All-In-OneTM line of credit.
The terms of the deferral are as follows:
- The deferral is for a fixed period of 3 months.
- Interest continues to accrue during the deferral.
- The deferred minimum payment will be added to your line of credit on the usual date. However, we will not withdraw the amount from your bank account. At the end of the deferral period, withdrawals will automatically resume from your bank account. You won't have to do anything.
If you're concerned about the impact on your credit rating, read the answer to the question How does deferring payments affect my credit rating?
Contact your advisor or call us at 1-888-286-8799 to request a minimum payment deferral.
Is it possible to extend a deferral beyond 3 months?
Consult this page during the week of June 8 for more details. National Bank does everything possible to help you find the right solutions for your needs.
Personal loans
Are your finances affected by COVID-19? You can request a payment deferral for personal loans obtained through National Bank or a merchant. This special measure allows you to defer your next payment.
We are currently receiving a high volume of requests. If we can’t process the deferral before your next payment and your application qualifies, we’ll rectify the situation by making a payment reversal.
What you need to know:
Personal loan payment deferrals allow you to defer principal and interest payments for up to 3 months.
Our advisors will review your request to ensure that you meet the required criteria and that this solution best suits your situation.
The deferral applies to loans issued by National Bank as well as those obtained from a merchant. For example: a car loan at a dealership, a pool loan at a pool dealer, etc.
The deferral is not applicable in certain cases, such as for the first and last payment of your loan.
For student loans:
A 6-month interest-free deferral has been announced by the government. You don't have to do anything for this type of loan; the deferral will be done automatically.
Frequestly Asked Questions: Personal loan payment deferral
How does deferring a personal loan payment online work?
Deferring your personal loan payment allows you to postpone your next payment (principal and interest) for up to 3 months.
If you choose to defer your personal loan payments:
- You must continue paying insurance premiums for life, disability, and critical illness insurance, if applicable.
- Interest continues to accrue during the deferral period. You will have to pay the interest when you resume your payments.
- Your loan will be extended for a duration equal to the deferral period. The principal and interest portion of your loan will be adjusted (interest prioritized) so the amount of your payments remain the same.
Why do I have to continue paying certain fees during the deferral period?
Life, critical illness or disability insurance
Continuing to pay your insurance premiums ensures that you’re always covered. To learn more about eligible claims, consult our Loan insurance section below.
How do I apply for a personal loan payment deferral? How long does it take to process an application?
Deferral of 1 to 3 months
You must apply using the online form. The current processing time for new requests is 10 business days.
We are currently receiving a high volume of requests. If we can't make the deferral before your next payment and your loan qualifies, don't worry, we will rectify the situation and make the reversal:
If your payments are waived from a National Bank account
- You had the money in your account and the payment was made? We will refund the unwanted payment (principal and interest) and apply the deferral that was granted to you.
- You didn't have the money in your account and the payment failed? We will refund the non-sufficient funds (NSF) fees, if applicable, and apply the deferral you were granted.
If your payments are waived from an account at another financial institution
You will receive a call to proceed with the reversal.
If the payment of your loan is already late or if this solution does not meet your needs, contact us at 1-888-286-8799. Processing time for this type of request can take more than 10 business days.
How do I cancel my personal loan payment deferral request?
Your request cannot be cancelled. However, you can pay your deferred amounts by making an early payment. This way, you can pay off all your deferred amounts in one or more transactions, depending on the option and timing that is most convenient for you. The desired outcome will be the same.
Wait for confirmation that your deferred payment has been processed before making the transaction.
Click here to be redirected to make your additional payment.
Otherwise, follow the steps from your online bank:
- Click Overview in the menu.
- Click on your personal loan.
- Click Accelerated repayment.
- Select Additional payment.
- Follow the instructions.
If you're concerned about the impact on your credit score, read the answer to the question “What is the impact on my credit score if I defer a payment?”.
What is the impact on my credit score if I defer a payment?
Deferred payments are not noted as missed payments on your credit report. They may, however, affect your credit rating slightly downward with credit-reporting agencies. Since the length of your personal loan will, 1) increase due to the deferred payments, and 2) is a factor in determining your credit rating, your rating may change. You must make sure to make your payment after the deferral.
Is it possible to extend a deferral beyond 3 months?
Consult this page during the week of June 8 for more details. National Bank does everything possible to help you find the right solutions for your needs.
Frequently Asked Questions: Loan insurance
How can I submit a claim?
You can submit your claim by email. Consult this page to learn how.
If I contract COVID-19 and have to be away from work, will I be covered by my loan’s disability insurance if I can’t make my payments?
If you’re unable to perform your usual duties at work because of your illness, your disability insurance may be admissible.
Note that a 60-day waiting period applies at all times, as does the exclusion of pre-existing conditions. For more details, consult your insurance policy.
If I contract COVID-19, will I be covered by critical illness insurance for my loan?
No, you’re not covered. Critical illness insurance covers you when diagnosed with a critical illness such as stroke, heart attack, or cancer.
I’m self-employed and had to temporarily close my business due to COVID-19. Am I eligible for disability insurance to cover my loan?
Disability insurance covers a situation where you would be unable to perform your usual duties at work because of illness. In this case, your claim would not be admissible because job loss is not an illness.
Consult this page for more information on the available measures we’re offering.
Credit cards
For clients whose finances have been impacted by the COVID-19 crisis, you can request a credit card payment deferral or a credit limit increase. This special measure allows you to postpone your next credit card payment. You can also increase your credit card limit.
What you need to know:
You can request to defer the minimum monthly payment due on your National Bank Mastercard® credit card for a period of 90 days, if you are experiencing financial difficulties related to COVID-19.
Credit card holders who have been accepted for a payment deferral may also be eligible for a temporary reduced annual interest rate of 10.9% on purchases and cash advances, depending on the analysis of their file.
As usual, the interest rate applies only to the balance. Note that no interest will accumulate on the interest.
This measure only applies to credit card holders for a personal account. See our Important notices – Business page for commercial support measures.
For details concerning different credit cards, consult the respective webpage on nbc.ca.
Frequently Asked Questions: Credit card payment deferral
How do I request a credit limit increase on my credit card?
You can request a permanent or temporary credit limit increase.
For a permanent credit limit increase, sign in to your online bank:
- Click Overview in the left menu
- Select your credit card
- Click Increase my limit
- Follow the instructions
If you are experiencing financial difficulties related to COVID-19 and need a temporary credit limit increase of up to 90 days, call us at 1-800-561-9733.
How do I request a credit card minimum payment deferral?
You can request a deferral by filling out an online form.
From your online bank:
- Sign in to the most recent version of your online bank
- Click Products and services in the left menu
- Click Credit cards
- Under Request a credit card payment deferral, click Start
- Follow the steps
From the National Bank app:
- Sign in to your mobile app
- Open the left menu and click Banking services
- Select Credit card payment deferral
- Click Apply now
- Follow the steps
Don't have access to the latest version of your online bank? Watch our demo to create your account.
How do I know if I qualify for the 10.9% rate?
National Bank Mastercard® credit card holders who request a payment deferral may temporarily benefit from a reduced rate of 10.9% on purchases and cash advances, depending on their financial situation. Also note that the reduced rate of 10.9% on purchases will be applicable for 90 days following the acceptance of your application, if you are eligible.
If you are a Syncro™ Mastercard® cardholder, your current rate remains the same and will not change.
How long does it take to process a request?
The request will be processed within 5 business days.
What is the impact on my credit rating if I defer my credit card payment for the month?
Deferring your minimum monthly payment doesn’t affect your credit rating. However, you must make your payment after the deferred maximum of 90 days. Note that interest on your balance continues to accumulate and that no interest accumulates on the interest.
Can I pay my credit card balance with my rewards points?
Yes, many cards allow you to pay your credit card balance with your rewards points, partially or in total.
If you’ve accumulated at least 6,250 points, you can use this feature in your online bank or National Bank app.
Do you offer a low-interest credit card?
Yes, the Syncro™Mastercard® credit card may meet your needs:
- You could benefit from an annual interest rate of 8.9% on your purchases.
- The annual fee is $35.
Frequently Asked Questions: Credit card payment insurance
How can I submit a claim?
You can submit your claim by email. Consult this page to learn how.
My employer closed its doors due to COVID-19. Am I covered under Involuntary Loss of Employment?
Involuntary Loss of Employment covers unforeseen situations such as “dismissal” or “temporary layoff” by an employer for economic reasons. If you had coverage prior to the events related to COVID-19, then yes, your claim may be admissible.
Note that a 30-day waiting period applies at all times and that there are specific exclusions depending on the situation.
My employer indicated “dismissal” on my termination form instead of “other” to clarify that it’s related to COVID-19. Am I still covered?
Yes, if the layoff is related to the COVID-19 situation, your claim should be admissible. You’ll need to specify this point in your claim. If necessary, we will contact your employer to verify certain details.
If I contract COVID-19 and have to be away from work, will I be covered by disability insurance?
If you’re unable to perform your usual duties at work because of your illness, your claim may be admissible.
Note that a 30-day waiting period applies at all times, as does the exclusion of pre-existing conditions. For more details, consult your insurance policy.
I’m self-employed and had to temporarily close my business due to COVID-19. Am I eligible for disability or job loss insurance that I purchased to protect my credit card?
Disability insurance covers a situation where you would be unable to perform your usual duties at work because of illness. In this case, your claim would not be admissible because job loss is not an illness.
Involuntary Loss of Employment insurance has exclusions such as “the job was on your behalf.” Therefore, as a self-employed worker, your claim would not be admissible.
Transaction fees
Fees are waived for banking services including:
Interac e-Transfers®
Stop payments on cheques and pre-authorized debits
International Mastercard® and Interac® transfers
Frequently Asked Questions: Transaction fees
How does waiving the 1$ Interac e-Transfer fee work?
The $1 Interac e-Transfer® fee usually charged to clients who do not have a banking package is retroactively waived from March 16, 2020 to July 5, 2020.
I was charged for Interac e-Transfer® fees between March 16 and April 3, 2020, what do I have to do to be reimbursed?
You don't have to do anything. Any fees that have been charged will be reimbursed automatically.
How does waiving the stop payment fees for cheques or pre-authorized debits work?
The $16 and $30 fees for stopping a payment by cheque or pre-authorized debit are retroactively waived from March 16, 2020 to July 5, 2020. All our clients are eligible.
I was charged a stop payment fee for a cheque or pre-authorized debit between March 16 and April 3, 2020, how do I get reimbursed?
You don't have to do anything. Any fees that have been charged will be automatically reimbursed in the account from which the payment was made.
How does waiving the overdraft interest fee work?
Overdraft interest charges are temporarily waived from April 6, 2020 to July 5, 2020.
If you were overdrawn before April 6, you will have to pay interest. There will be no interest charged on overdrafts from April 6, 2020 until July 5, 2020.
The overdraft fee of $5 per transaction will still be implemented. Interest on the overdraft amount will be temporarily waived.
What are the fees for an international transfer in normal circumstances?
For international transfers by Mastercard® and Interac®, a fee of $5.95 per transaction will apply, no matter which account or package you have. Those fees are waived until July 31, 2020.
Cumulation of support measures
You can apply for every banking product you hold (mortgages, personal loans, and credit cards). However, you can only submit one application at a time.
Contact us if your situation changes or if you anticipate payment difficulties for products other than those mentioned.
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Legal disclaimers
Certain conditions apply to each support measure. Requests are reviewed on a case-by-case basis to ensure that all criteria are met before proceeding with approval of the application.
TM All-In-One is a trademark of National Bank of Canada.
®The Interac and Interac e-Transfer are registered trademarks of Interac Corp. Used under licence.
®Mastercard, Platinum Mastercard, World Mastercard and World Elite Mastercard are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank