Canada's Major Banks To Allow Mortgage Payment Deferrals

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Canada's big banks are moving to provide financial breathing room to customers hurt by disruptions from the steps taken to slow the spread of COVID-19.

The big six banks say they will allow customers to defer mortgage payments for up to six months among other changes.

The banks urged Canadians or business owners facing hardship to contact their bank directly to discuss options that may be available.

The move comes as the large banks work together in their efforts to limit the spread of the novel coronavirus by temporarily limiting branch operating hours and reducing the number of branches, while maintaining critical services.

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(Cource: CTV News)