NASSAU, BAHAMAS — Royal Bank of Canada (RBC) has announced a second phase of financial relief options for its Caribbean clients impacted by the ongoing novel coronavirus (COVID-19) global pandemic.
The Canadian bank with operations in the Caribbean in notice issued yesterday said that effective immediately, RBC Personal Banking clients in the Caribbean will be able to apply for payment deferrals on auto loans, instalment loans, and mortgages. Clients may defer their payments for up to three months. Clients can participate in the deferral program by applying online through their web browser at https://caribbean.rbcroyalbank.com. RBC FINCO mortgage clients must call the bank’s Bahamas Advice Centre at (242) 356-8500 or speak to their FINCO representative. Clients must apply for deferrals by mid-day on July 15, 2020.
Business Banking and Corporate Banking clients may also apply for financial relief, following individual eligibility assessments with a Relationship Manager.
To be eligible for the program, client accounts must be current and in good standing as of February 29, 2020. Clients who participated in the first phase of automatic payment deferrals are eligible to apply for these additional deferrals. Clients who are already participating in non-coronavirus RBC relief programs are excluded from this program.
“The relief program is intended to provide flexible solutions and help clients manage through the impacts of COVID-19, such as pay disruption, childcare disruption due to school closures, or dealing with the COVID-19 illness itself. However, clients who are in a position to keep making their regular monthly payments are encouraged to do so,” said the bank.
It added: “RBC will continue to monitor COVID-19 and the evolving economic conditions in each country and territory where the bank operates. RBC may consider other relief measures, if necessary.”