Scotiabank announces details on Customer Assistance Program for customers affected by COVID-19 pandemic

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March 31, 2020

As the Bahamas copes with the effects of the COVID-19 pandemic, we are here to help our customers and provide flexible financial solutions to meet their individual needs. As announced previously, Scotiabank will offer assistance to customers impacted by COVID-19.

To provide consumers with more choice and to ensure alignment with regulatory guidance across our region, Scotiabank has announced updates to the details of the Customer Assistance Program (CAP).

Scotiabank retail customers with mortgages or any Business Banking customers who wish to have their loan payments deferred should contact Scotiabank to participate in the CAP as your payments will not be deferred automatically.

Scotiabank customers can call 242 356 1697 to speak to a representative. Scotiabank customers who choose to participate in the program can have their loan payments deferred up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).

Scotiabank retail customers with credit cards, revolving credit lines and other term loans and auto loans, as well as business banking customers with only credit cards will have their payments automatically deferred up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).

Credit card customers who do not wish to defer can continue to make normal payments at any time. All other customers wishing to continue to make payments can continue to do so by calling Scotiabank at 242 356 1697.

Customers wishing to discuss their eligibility for refinancing or consolidating their debt can also call 242 356 1697 to speak with a representative. Roger Archer, Vice President and Country Head for Scotiabank in Northern Caribbean commented “We understand that customers need flexibility during this evolving situation.

We believe our updates to the Customer Assistance Program are allowing our customers to make the best decisions for their personal situations.”

For Retail customers and Business Banking customers whose payments are deferred, interest on the loan will continue to accrue, along with loan insurance premiums due and will be payable at a later point in the loan’s cycle. Customers should contact Scotiabank for more information on the interest payments.

Given the public health guidelines around social distancing, Scotiabank is also strongly encouraging all customers to make use of the recently expanded functionality available through its self-service banking channels.

This includes the Bank’s new mobile banking application that can be used to pay bills, transfer funds and check account activity free of cost 24 hours per day.

While some branches remain open to the public for certain transactions, customers are being asked to use digital channels and ABMs during this time. Our team is here to support customers with any questions regarding financial needs. Please visit our website bs.scotiabank.com for further information related to our Customer Assistance Program as well as all our official updates on COVID-19.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 100,000 employees and assets of approximately $1.2 trillion (as at January 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews For media inquiries, please contact:

News date : 03/31/2020    Category : About Bahamians, Business, Caribbean News, Finance, Press Releases

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