Our support measures for personal banking
Our measures are discontinued, learn more about the measures we offered.
Consult this page to learn more about the support measures that ended on September 30, 2020.
If you’re in a particular situation, make an appointment with an advisor. Together, you will be able to find the best solution for your needs.
- Mortgage loans
- Transaction fees
- Credit cards
- Personal loans
- Student loans
Mortgage loans
Since October 14, 2020, we've been refunding the interest on the interest for the period where you deferred your mortgage loan payments. If you deferred your mortgage payments as part of our relief measures offered due to COVID-19, an amount will be deposited in the bank account you use for your mortgage payments.
During the deferral period, you aren’t making any repayments on your
loan. In addition, the interest portion on the deferred payments is
added to your loan balance on the date of each payment. At the end of
the deferral period, the balance of your loan is therefore higher than
before this period.
As a reminder, the interest on the interest represents the interest
charged on the interest portion of the deferred payments.
Note that the refund will not be included in the interest amount that appears on your next annual statement. If necessary, consult a professional (accountant, tax specialist, etc.) to determine the tax implications of this refund. Consult this section to see how we can help or to learn more about a deferral request that has already been made.
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: Refunding the interest on the interest
How is the refund amount calculated?
Here's how we calculate the amount of the refund:
Total interest accrued during the payment deferral period
MINUS
Total interest paid during the deferral period if payments had been made
For example: for a mortgage of $200,000 at an interest rate of 3%, the refund could be $35.39 for a 6‑month deferral period or $7.06 for a 3-month deferral period.
Here are the amounts that we will refund:
- $5 or less: $5 refund
- $5.01 to $10: $10 refund
- More than $10: refund of the exact amount
I have several mortgage tiers or loans, but only one amount has been refunded. Why?
We have issued refunds as a single amount that equals the total reimbursement amount on all mortgage tiers or loans that you hold with the same borrowers, if there are several borrowers.
Do I need to do anything to get my refund for my mortgage loan or my All-In-OneTM home equity line of credit?
No action is required on your part. The refund will be deposited automatically into your bank account. Your refund will appear on your account statement as: BNC_REMBOURSEMENT_INTERET_HYP (BNC_REM_INT_HYP).
Is the refund applicable to all mortgages?
All mortgages that have benefited from a payment deferral due to COVID-19 are eligible for a refund. Commercial loans are not eligible.
I have several bank accounts from which my payments are debited. In which account will the amount be deposited?
Your refund will be deposited in one of your bank accounts used to debit your payments. It will appear in your account as: BNC_REMBOURSEMENT_INTERET_HYP (BNC_REM_INT_HYP).
We suggest you check your bank statements to find out which account the refund was deposited in.
When will I be reimbursed if my deferral period for my mortgage loan or All-In-OneTM home equity line of credit isn’t over yet?
We are currently refunding clients. If your deferral period is not over, we will now refund the full amount that you are entitled to without waiting for the deferral period to end.
Will I receive a refund if I have an All-In-OneTM home equity line of credit?
As of October 14, 2020, we are refunding the interest on the interest for the minimum payments deferred during your deferral period on your All-In-OneTM line of credit.
If you have benefited from a deferral, the amount will be deposited in your line of credit and will appear in your account as: BNC_REMBOURSEMENT_INTERET_HYP (BNC_REM_INT_HYP).
How is the refunded amount calculated for an All-In-OneTM home equity line of credit?
We calculated the additional interest following the minimum payment deferral. We will reimburse the additional interest that accumulated during the deferral period.
Here are the amounts that we will refund:
- $5 or less: $5 refund
- More than $5: refund of the exact amount
Is it possible to request a mortgage payment deferral?
Mortgage payment deferrals are no longer available as of September 30, 2020.
If your financial situation has not improved, make an appointment with your advisor or call us at 1-888-835-6281, option 3. We will do everything we can to find solutions that meet your needs.
How does a mortgage payment deferral work?
Important : Mortgage payment deferral requests are no longer available as of September 30, 2020.
If you already submitted a mortgage payment deferral request and it was accepted, here's what you need to know:
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:
- The deferral applies to the principal and interest only. You must continue paying the other costs included in your regular payments, municipal and school taxes, and life, critical illness and disability insurance, if applicable. There may be a delay before these amounts are withdrawn from your bank account. Make sure you have enough money in your account to make these 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 request to defer a payment or extend a deferral must be made no later than September 30, 2020.
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 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?
Important : Mortgage payment deferral requests for your All-In-OneTM line of credit are no longer available as of September 30, 2020.
If your financial situation has not improved, make an appointment with your advisor or call us at 1-888-835-6281, option 3. We will do everything we can to find solutions that meet your needs.
If you already submitted a mortgage payment deferral request and it was accepted, here's what you need to know:
- 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.
Transaction fees
Although our support measures related to COVID-19 are discontinued, we remain available to help. If you’re having financial difficulties, make an appointment with your advisor. We will do everything we can to find solutions that meet your needs.
Make an appointment
Frequently Asked Questions: Transaction fees
How does waiving the 1$ Interac e-Transfer fee work?
Important : This measure is no longer available as of
September 30, 2020.
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 September 30, 2020.
How does waiving the stop payment fees for cheques or pre-authorized debits work?
Important : This measure is no longer available as of
September 30, 2020.
The $16 and $30 fees for stopping a payment by cheque or pre-authorized debit are retroactively waived from March 16, 2020 to September 30, 2020. All our clients are eligible.
How does waiving the overdraft interest fee work?
Important : This measure is no longer available as of
September 30, 2020.
Overdraft interest charges are temporarily waived from April 6, 2020 to September 30, 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 September 30, 2020.
The overdraft fee of $5 per transaction will still be implemented. Interest on the overdraft amount will be temporarily waived.
Credit cards
The minimum monthly payment deferral for a credit card has been suspended as of July 1, 2020.
If your financial difficulties persist, our advisors are here to help you. Contact us at 1‑800‑361‑5205.
Frequently Asked Questions: Credit card payment
How do I request a credit limit increase on my credit card?
For a 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
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.
The minimum monthly payment deferral for a credit card has been suspended as of July 1, 2020.
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.
Personal loans
Consult this section to see how we can help or for details about a deferral request that has already been submitted.
Important: Personal loan payment deferrals are no longer available as of July 1, 2020.
Your financial situation has not improved? Make an appointment with your advisor or call us at 1‑888-835-6281, option 8-3. We will work together to find solutions that meet your needs.
If you already submitted a deferral request and it was accepted, here's what you need to know:
Personal loan payment deferrals allow you to defer principal and interest payments for up to 3 months. You have until June 30, 2020, to submit a request.
Our advisors will review your request to ensure that you meet the required criteria and that this solution best suits your situation.
A personal loan payment deferral postpones your payment (principal and interest) for a duration depending on the period selected (1 to 3 months).
You must continue to pay premiums for life, disability or critical illness insurance, if applicable.
Interest continues to accrue and accumulate during the deferral period. You will have to pay the interest when your payments resume.
Your loan will be extended for a term equal to the deferral period. The principal and interest portion will be adjusted (interest will be paid in priority) so that the amount of your payments remains the same.
Deferral requests cannot be cancelled. However, if you change your mind, you can pay your deferral payments by making a prepayment. The desired outcome will be the same.
Frequestly Asked Questions: Personal loan payment deferral
How does deferring a personal loan payment work?
Personal loan payment deferrals are no longer available as of July 1, 2020.
If you have already applied and been approved:
- Principal and interest payments on your personal loan will be deferred for a period of 1 to 3 months.
- You must continue paying insurance premiums for life, disability, and critical illness insurance, if applicable. Make sure you have enough money in your account to make these payments.
- 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 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.
What happens when my deferral period is over?
Payments on your personal loan will resume at the same frequency and in the same amount as before the deferral period.
The maturity date of your loan will be deferred for the same number of months as your deferral period. For example, if your loan matures on October 1, 2021 and you deferred your payments for 2 months, the new maturity date for your loan will be December 1, 2021.
What should I do if my financial situation has improved and I want to reverse the effects of my loan payment deferral?
At any time, you can accelerate the repayment of your personal loan to catch up with your deferred payments. You can do this through your online bank. For details, see the question "How do I cancel my personal loan payment deferral request?".
Need help? Call us at 1-888-835-6281, option 8-3.
What should I do if my financial situation has not improved and I can't make my payments?
Make an appointment with your advisor at a branch to review your options.
You can also call us at 1-888-835-6281, option 8-3. We'll do our best to find solutions that meet your needs.
What do I do if my loan is late?
If your loan is already in arrears, call us at 1-888-286-8799. We'll work together to find solutions that meet your needs.
Student loans
Has your financial situation improved?
You can reduce the impact of your deferral at any time by repaying your deferred payments at no charge. Sign in to your online bank to make an accelerated payment. See the Frequently Asked Questions below for details.
Has your financial situation not improved, or was your loan in arrears before the 6-month deferral?
Find out what repayment options may be available to you. Access your student loan portal on the secure government website (Quebec or federal, depending on your situation) to consult the eligibility criteria for a deferred repayment request.
Frequently Asked Questions: Student loans
What should I do when the student deferral ends?
Payments resumed according to the terms and conditions of your loan agreement.
If you were participating in a Deferred Payment Plan or Repayment Assistance Plan before the relief measures were implemented, the Plan will resume for the remaining term.
For more information, visit the government of Quebec’s Student Financial Assistance webpage, or the government of Canada’s National Student Loans Service Centre (NSLSC) website, depending on your situation.
What options are available to me if I’m not able to make my student loan payments?
For Quebec student loans:
You can apply for a Deferred Payment Plan. To see if you’re eligible, visit the Quebec government’s Student Financial Assistance website.
For federal student loans:
You can apply for the Repayment Assistance Program. To see if you’re eligible, visit the National Student Loans Service Centre (NSLSC) website.
Where can I find my repayment date and amount information?
All the information concerning your loan is detailed in your loan agreement and may also be found on your annual account statement.
How do I make up for the payments that were deferred over the last 6 months?
You can make payments at any time to pay off your loan faster at no charge.
Sign in to your online bank:
- Click Overview
- Select the account for which you want to make a payment
- Click Accelerated payment and follow the steps
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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