Today, Prime Minister Justin Trudeau announced a $82 billion COVID-19 Economic Response Plan to help Canadians affected by coronavirus related financial fallout. Part of the measure is providing increased flexibility to lenders to defer mortgage paymentson homeowner government-insured mortgage loans to borrowers who may be experiencing financial difficulties related to the outbreak.
In Alberta, as part of the Alberta Government’s funding and supportive measures, ATB Financial is rolling out a customer relief program to help Albertans through these challenging times. Effective immediately, customers will be able to apply for deferred payments for mortgages, personal and business loans.
“We are in uncharted territory as our focus shifts to stopping the spread of Covid-19 for the good of our families, friends, neighbours and the rest of the world,” said Curtis Stange, president and CEO of ATB Financial. “Our credit relief program is designed to support Albertans and help you focus on what matters most—your health and your family.”
HOW TO APPLY
- Personal banking customers can apply for a deferral on their ATB loans, lines of credit, and mortgages for up to six months.
- Small business customers, in addition to payment deferrals on loans and lines of credit, will be provided access to additional working capital.
- For other business and agriculture customers, ATB will work with customers on a one-on-one basis and further solutions are being considered at this time.
To apply for a payment deferral, ATB Financial customers can contact 24/7 Customer Care Centre at 1-800-332-8383.
Yesterday, Canada’s six big banks announced they will be offering deferral of payments on mortgages for up to six months.