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News : International Last Updated: Mar 26, 2020 - 10:53:56 AM

Scotiabank to launch Customer Assistance Program for customers affected by COVID-19 pandemic
By Yanique Forbes-Patrick
Mar 24, 2020 - 4:30:48 PM

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As The Bahamas copes with the effects of the COVID-19 pandemic, Scotiabank is offering financial relief to its customers through its Customer Assistance Program.  The Customer Assistance Program is a comprehensive one and includes benefits for retail banking customers. Customers’ loan payments will automatically be deferred for up to three months. Customers wishing to opt out of the Program can continue to pay their loans as they always have. 

Roger Archer, Managing Director, Scotiabank (Bahamas) Limited commented “We are aware that our customers and their families are being impacted during this challenging period. Our focus is to provide relief and help them manage through the financial stress caused by COVID 19.”

Retail Customers
  • Payments for Secured and Unsecured Loans will be deferred three months with a possible extension for another three months.
  • Debt consolidation and Fixed Payment Plans are available for customers requiring long- term financial assistance
  • This offer includes mortgages, all Scotia Plan Loans, Scotia lines of credit and credit cards and will be available up to June, 2020
  • Loan Fees and penalties for late payments will be waived on customer assistance facilities

These offers will be subject to applicable terms and conditions.

Small Business, Corporate and Commercial Customers
Scotiabank will be offering support to its small business and corporate and commercial banking customers impacted by COVID -19 across various industries on a case by case basis to maintain their operations. Offers may include:

  • Temporary principal payment relief on term loans of up to 6 months, with a corresponding extension on the loan
  • Increased working capital lines of credit to cover payments and other business expenses
  • No loan fees for additional working capital for businesses impacted by COVID -19
  • The bank will also continue to offer a robust online banking platform to process payments to staff and suppliers thereby providing customers 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.

Scotiabank is encouraging all customers to take the necessary steps to protect themselves at this time. Customers are highly encouraged to sign up for online banking so they can continue to conduct transactions remotely and practice social distancing as a means of curbing the spread of the virus. 

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