National Bank Announces New Support Measures and a Special Approach for Seniors
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 these measures:
- 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 crisis.
- 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 interest rate.
Credit cards 
- 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 financial situation.
- 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.
About National Bank of Canada
With $289 billion in assets as at January 31, 2020, National Bank of Canada , together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
|Vice-President – Communications and Corporate Social Responsibility|
|National Bank of Canada|