Today Clarien announced that “payments will be automatically deferred for 3 months for all residential mortgages, personal loans and commercial loans less than $2,000,000 that meet basic qualifying criteria.”
“In response to a broad and deep Covid-19 pandemic financial impact on the community Clarien is changing its approach to how it provides relief to clients regarding their loan payment arrangements in order to more quickly deliver the financial support that many borrowers and households need,” a spokesperson said.
“Borrowers whose loan accounts are in good standing will automatically be granted a deferment of principal and interest payments effective from April 1, 2020 for three months [April, May and June] and will not have to make loan payments during this time.
“Clients who have already made Covid-19 relief requests to Clarien and those who are accepting of the three month payment deferral on their loan do not need to take any action or contact the bank.
“It is important to note however that during the payment deferral period interest on the outstanding balance will be added to the loan principal balance and the term of the loan extended which will increase the total amount of interest paid over the full term of the loan.
“Clients who do not wish to have a loan payment deferment and prefer to maintain their existing payment schedule are asked to opt out by submitting their instruction to Clarien’s dedicated portal www.clarienbank.com/covid19.
Clarien’s Chief Banking Officer commented: “We understand the burden that the coronavirus crisis has placed on our community and our clients, many of whom now face a period of reduced income or higher expenses.
“Our team is committed to supporting our clients however we can, and we hope that this deferment and our change in approach to delivering it will help relieve some financial concerns more quickly and efficiently and allow our clients to continue to focus on the health and safety of their families. To be as expedient as possible in assisting those affected we ask those clients that do not want a payment deferment take a moment to contact us at www.clarienbank.com/covid19. ”
“Clients with questions are welcome to call their Relationship Manager directly or the Client Service Centre, available from 8:30am – 5pm, Monday through Friday on 296.6969.
“For increased personal safety and in adherence of Government guidelines, clients are reminded to maintain social distancing practices. Online banking is conveniently available from home or mobile devices.
“Setup can be done remotely by calling the Client Services Centre on 296.6969. In branch banking must be restricted to urgent transactions that cannot be completed online only. Amended branch hours at the Hamilton Branch location are now 9am – 1pm, with the 9am – 10am hour designated for “At Risk” clients only.
“Listening and helping our customers will continue to be our top priority. We remain committed to serving our community.”