Scotiabank announces customer assistance program | Virgin Islands News Online

As the Virgin Islands cope with the effects of the COVID-19 pandemic, Scotiabank with the aim of helping its customers have announced a number of measures to provide financial relief to those who need it most.

In a press release today, March 30, 2020, the bank said its Scotiabank retail customers with mortgages or any Business Banking customers (except credit card customers) who wish to have their loan payments deferred should contact Scotiabank to participate in the customer assistance Program (CAP).

Scotiabank customers can call (284) 494-3130 to speak to a representative. Scotiabank customers who choose to participate in the program can have their loan payments deferred for up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).

Scotiabank customers with credit cards (also includes Business Banking credit cards), revolving credit lines, other term loans and auto loans will have their payments automatically deferred for up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months). Credit card customers 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 (284) 494-3130. Customers wishing to discuss their eligibility for refinancing or consolidating their debt can also call our contact centre to speak with a representative.

Managing Director of Scotiabank (British Virgin Islands) Ltd., Marion Blyden commented “We are committed to supporting customers at this challenging time. We know the COVID-19 crisis will create financial difficulty for many customers and we have offers available to help them to manage their financial obligations.”

The following solutions are being made available to: -

Our Retail Customers

Mortgages:

 Payments for mortgages may be deferred for up to six months (3 months with the possibility of extension for a further 3 months).
 Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance
 Loan Fees and penalties for late payments will be waived on customer assistance facilities
 We will also be implementing a reduction in credit card interest rates

Other term loans, auto loans, credit cards, revolving credit

 Payments for Secured and Unsecured Loans (including other term loans, Auto Loans, Scotia lines of credit and credit cards) will be automatically deferred up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).
 Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance
 Loan Fees and penalties for late payments will be waived on customer assistance facilities

Our Business Banking Customers

All products except credit cards

 Payments for Secured and Unsecured Loans may be deferred up to 6 months (first for a period of 3 months with the 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, and term loans and will be available for customers opting in to the program for up to 6 months (first for a period of 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.

Credit Cards

 Payments for credit cards will be automatically deferred for up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).
 Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance

Please note that for customers whose payments are deferred, interest on the loan will continue to accrue, along with any 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.

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.

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 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 vg.scotiabank.com for further information related to our Customer Assistance Programme as well as all our official updates on COVID-19. Our call centre is also available 24/7.

#the Virgin Islands #COVID-19 #Covid