Scotiabank Announces Customer Assistance Programme, per: COVID 19

As Barbados copes with the effects of the COVID-19 pandemic, we are here to help our customers and provide financial relief to those who need it most.

Starting this week, Scotiabank will offer assistance to customers impacted by COVID-19. For Scotiabank’s Retail customers, loan payments will be deferred automatically for a period of 3 months with a possibility of extension for a further 3 months. The suspension covers loan payments including mortgages, personal loans, auto loans, credit cards and lines of credit.

Customers wishing to opt out of the Programme can continue to pay their loans as they always have. Those wishing to discuss their eligibility for refinancing or consolidating their debt can call TeleScotia at 426-7000 to speak with a representative.

For Scotiabank’s Business Banking customers, assistance will be offered to customers who contact Scotiabank indicating they have been impacted by COVID-19 whereby they can have their loan payments deferred for a period of 3 months with a possibility of extension for a further 3 months. The suspension covers loan payments including mortgages, auto loans, personal loans, credit cards and lines of credit.

David Parks – Managing Director Caribbean East, Scotiabank commented “Providing relief is an important step to support customers during this difficult and constantly evolving situation.  We especially want to provide any assistance we can to those who may be impacted by a loss of income and those who are experiencing challenges with meeting their financial obligations. We are committed to working with our customers to help provide them with relief due to financial stress caused by COVID-19.”

The following solutions are being made available to: –

Our Retail Customers

  • Payments for Secured and Unsecured Loans will be deferred for 3 months with a possibility of extension for a further 3 months. Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance
  • This offer includes mortgages, all Scotia Plan Loans, Auto Loans, Scotia lines of credit and credit cards and will be available for 3 months with the possibility of extension for a further 3 months.
  • Loan Fees and penalties for late payments will be waived on customer assistance facilities

 Our Business Banking Customers

  • Payments for Secured and Unsecured Loans may be deferred for a period of 3 months with a possibility of extension for a further 3 months. Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance
  • This offer includes mortgages, operating lines, term loans and credit cards and will be available for customers opting in to the program for 3 months with the possibility of extension for a further 3 months.
  • No processing fees will be applied to loans extended for working capital support for businesses affected by COVID-19.

Please note that for Retail customers and Business Banking customers who choose to defer their payments, although no payments may be due during the payment deferral period, interest on your loan will continue to accrue and will be payable at a later point in the loan’s cycle.  These measures will definitely help customers’ cash flows over the next several months.

 Our Corporate and Commercial Customers

Scotiabank will be offering support to our corporate and commercial banking customers impacted by COVID-19 across various industries to maintain their operations.

  • Temporary principal payment relief on term loans of up to 6 months, with a corresponding extension on the loan
  • The bank will also continue to offer a robust online banking platform to process payments to staff and suppliers thereby providing them with flexibility and ongoing connectivity to operate their business remotely.
  • These offers will be subject to applicable terms and conditions and requests will be assessed on an individual basis. Customers are encouraged to reach out to their Relationship Manager to discuss any needs for support.

Our team is here to support customers with any questions regarding financial needs. Please stay tuned to our website www.bb.scotiabank.com for further info related to our Customer Assistance Programme as well as all our official updates on COVID-19. Our call centre is also available 24/7. Please understand however that we are dealing with a higher-than-usual volume of calls right now and ask for your patience as we navigate this challenging period together.

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