Lenders offer breaks in flood-impacted Prairie areas

Soldiers prepare sandbags at Portage la Prairie, Man. to protect property at risk of flooding along the Assiniboine River. (Co-operator photo by Shannon VanRaes)

Farmers and others hit by widespread summer flooding in western Manitoba and eastern Saskatchewan may be able to seek deferrals on payments to lenders.

Some Prairie lenders, while pledging financial support to flood relief in the region, have also pledged to work with affected farmers and other customers to ease their loan payment obligations.

Farm Credit Canada said Monday it “will work with customers to come up with solutions for their operation and will consider deferral of principal payments and/or other loan payment schedule amendments to reduce the financial pressure on producers impacted by flooding.”

BMO Bank of Montreal last Wednesday pledged a relief program for its clients including “various options” for deferral of personal loan payments; deferral of personal mortgage loan principal and interest payments for two months; and “special accommodations” for commercial customers, to be developed on a case-by-case basis.

TD Bank said Monday it “has put special considerations in place to assist customers with financial difficulties they may be experiencing” due to flooding. Considerations may include payment deferrals on mortgages, personal loans, home equity lines of credit, small business loans, credit card payments and/or automotive loans.

TD also offered affected customers reversals of fees such as non-TD ATM fees, overdraft fees and return item fees. Its customers may withdraw GIC/term deposits without early withdrawal penalty where necessary.

“Special assistance” for TD’s commercial and agriculture customers affected by flooding “will be developed on an individual customer basis,” the bank said.

RBC Royal Bank said affected customers may be able to postpone residential mortgage and personal loan payments by up to two months, and its clients may also be eligible to have credit card minimum monthly payments set to zero for up to four months.

All four lenders urged affected customers to contact their financial services managers for more information. — AGCanada.com Network


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