RBC provides relief during COVID-19

By The IJ Staff | April 07 2020 12:50PM
RBC | Economy | COVID19 


RBC has instituted a plan called the RBC Client Relief Program aimed at helping customers defer payments, provides hardship relief to those with long-term needs, as well as business-client support during the COVID-19 pandemic.

“We're here to support Canada and our clients in the weeks and months ahead to get our communities and businesses back on their feet,” said Neil McLaughlin, Group Head, Personal & Commercial Banking, RBC. “That's our commitment."

RBC said it is providing payment deferrals for those who need immediate cash-flow, including deferral of mortgages, credit cards, installment loans and auto loans for up to six months.

Provides hardship relief

The bank has also introduced hardship relief to support personal clients with longer term needs such as those who have experienced a material change in income due to job loss, or illness. Clients facing more extreme financial hardship are asked to book a telephone appointment with an RBC advisor who can assist them with personalized support. That support may include additional relief measures such as reduced credit card interest charges for up to six months for clients receiving credit card minimum payment deferrals, as well as refinancing or credit restructuring depending on their situation.

Bank helps business clients

The third prong of support deals with business clients. The bank is providing customized advice and solutions to relieve financial pressures and disruption. This may include temporary limit increases to operating lines of credit and the ability to convert term debt to interest only for up to six months, as well as new temporary fee waivers for enrollment in electronic payment solutions.

In addition, RBC is allowing seniors, expectant mothers and others who may require special attention to go to the head of the line at their branch. Priority service at call centres is being given to clients 70 and over.

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