April 18, 2020
With each passing day, the disruption caused by COVID-19 is creating more pressure on Canadians and their finances. We know that many need help – and they need it now. That is why we created a COVID-19 Relief Support section on cibc.com – to provide our clients with easy access to all of the financial relief and support programs available through CIBC and the Federal Government. You will find information such as:
How to defer mortgage and loan payments
Mortgage payments are the largest monthly expense for many Canadians. We are providing the ability to defer your mortgage payments for up to 6 months. This is providing relief to thousands of clients by helping them free up cash flow at a time when they need increased flexibility.
How to get credit card relief and temporary income support
For clients experiencing financial hardship, for those who contact us, we are offering an effective interest rate of 10.99% on credit cards by providing a rebate to clients’ accounts. We’re also providing credit card purchase flexibility through CIBC Pace It™, our installment plan feature, which offers lower rates for purchases of $100 or more. We’ve also enabled direct deposit with the Canada Revenue Agency so that eligible clients can receive government benefit payments, including the new Canada Emergency Response Benefit (CERB) directly to their accounts.
How to access relief for small business
Small businesses are the backbone of our local communities and the Canadian economy, and we’ve introduced relief measures including, payment deferrals, new borrowing arrangements, and cash management solutions. We also launched a fully digital solution to help our clients access the Canada Emergency Business Account (online only) that provides interest-free loans of $40,000 quickly and easily.
Support for seniors and persons with disabilities
We’re providing front-of-the-line access when seniors contact us by phone, and ensuring seniors and persons with disabilities are served quickly in our banking centres. And, we’re practicing social distancing in our banking centres to keep our team and our clients safe.
Taking care of our team and our communities
Being Canadian means supporting each other. We’re taking care of our team members as they fill a vital role in looking after your financial well-being, and we’re also helping the most vulnerable in our communities by supporting organizations, including Community Food Centres Canada, United Way, Kids Help Phone, and Canadian Blood Services.
We understand every circumstance is different, which is why we encourage you to visit our COVID-19 Relief Support section on cibc.com. You can also speak with our team of CIBC advisors or contact us at 1-800-465-2422Opens your phone app.. We appreciate your patience as we do our best to serve all our clients at this extremely busy time.
We hope this provides you with helpful tips on how to get the support you need so we all emerge from this period stronger together.
Thank you for your business and for your trust in our team.
Senior Executive Vice-President Group Head, Personal and Business Banking