More than 70,000 mortgage payment deferrals
already processed with 99% approved
TORONTO, April 3, 2020 /CNW/ - In response to COVID-19, TD
has made unprecedented efforts to support Canadians during this
difficult period, providing deferrals, credit relief and other
solutions to tens of thousands of Canadians in financial need.
Today TD is announcing more relief through our TD Helps program by
reducing credit card interest rates by 50% for customers
facing financial hardship.
"Over the last few weeks, everyone across TD has been coming
together in extraordinary ways to support Canadians through the
crisis," said Teri Currie, Group
Head, Personal Banking. "We continue to stand by our customers, by
making credit available, providing access to critical banking
services across all of our channels. Most Canadians pay their
credit card on time, but we know that right now some families are
facing financial hardship and are in need of some additional
relief."
Through TD Helps, almost 30,000 customers facing financial
hardship have reached out to us for personalized advice and relief
over the past three weeks, including deferrals on payments of
credit cards, personal loans and mortgages, debt consolidation into
lower interest loans, and other measures. The TD Helps program has
been in place since the 2008 financial crisis to help customers
experiencing financial hardship. In recent weeks, they have been
overwhelmed with calls - 10 times more than normal - and colleagues
from other areas of the bank have been redeployed to provide advice
and help to those customers in urgent need of assistance.
Today TD is announcing more relief through our TD Helps program
by reducing credit card interest rates by 50% for customers
facing financial hardship. Customers experiencing financial
hardship and in need of credit card relief can visit
td.com/covid19.
For customers directly impacted by COVID-19 and in need of
payment deferrals, new online self-serve applications are available
at td.com/covid19 for:
- Mortgage payments
- Credit card payments
- Auto loans payments with TD Auto Finance
- Business banking principal payments
Since March 22nd, more
than 70,000 mortgage payment deferrals have been processed and
nearly all of them were approved.
TD is supporting relief programs provided by the
Government of Canada such as
the Canadian Emergency Response Benefit, by actively helping
customers get enabled on direct deposit so they can receive their
benefits as quickly as possible, and with upcoming programs to help
support small and medium sized businesses through this crisis,
including relief and providing access to credit.
"We know that the need for financial assistance is growing, and
that's why we will continue to evolve our response, working with
the Canadian Government to find solutions that help give Canadians
financial relief and access to credit when they need it the most,"
added Currie.
More Ways we are Stepping Up to Help
To help reduce the spread of COVID-19, TD has implemented
physical distancing, screening methods, enhanced cleaning, and
reduced hours in opened locations. TD is actively urging
customers to not come in to our branches and manage their banking
from home or at ATMs. To help customers continue to manage their
finances outside of our branches, TD has been helping them get
enabled for online and mobile banking, so that it is easy to pay
bills, check balances and have payments directly deposited in their
accounts. For essential workers, seniors and those who are
more vulnerable, TD has been making special arrangements to assist
them with urgent matters that need to be addressed in person.
"The overwhelming majority of our customers have shown patience
and kindness towards our colleagues as they adapt to this new and
difficult situation. I would like to thank our amazing branch
colleagues and contact centre teams for everything they are doing
to help our customers get through this in what is an extremely
challenging circumstances," said Currie.
TD is helping the most vulnerable in our communities by
collaborating with the Canadian Association of Community
Health Centres and through the TD Ready Commitment providing
$1 million in funding to help
front-line community health centres meet local needs.
To be there to serve Canadians, it means that many TD colleagues
continue to come in to work to serve our customers, and for this,
the bank has made changes to branches, offices and contact centres
for their safety and provided them with additional compensation.
And, over the last few weeks TD has continued to pay those who are
unable to work. Earlier this week, TD Group President and CEO,
Bharat Masrani announced to TD's 85,000 colleagues that there will
be no job losses in 2020 as a result of COVID-19.
Low-Interest and Low-Cost Product Options Available
- TD offers low interest rate credit options, including the TD
Emerald Flex Rate Visa, for a $25
annual fee, with interest rate of TD Prime + 4.50% up to TD Prime +
12.75% on purchases and cash advance.
- The TD Minimum Account offers a chequing account with minimal
banking needs for a $3.95 monthly
fee, or free for seniors (60 years or older) collecting Guaranteed
Income Supplement, Registered Disability Savings Plan
beneficiaries, students enrolled full-time at a college or
university and under the age of majority in their province of
residence.
- A TD Personal Line of Credit is a borrowing option to finance
everyday purchases as well as larger purchases or consolidate debt
and save money on interest compared to higher interest credit
products.
About TD Canada Trust
TD Canada Trust offers personal and business banking to more
than 11.5 million customers. We provide a wide range of products
and services from chequing and savings accounts, to credit cards,
mortgages and business banking, to credit protection and travel
medical insurance, as well as advice on managing everyday finances.
TD Canada Trust makes banking comfortable with award-winning
service and convenience through 24/7 mobile, internet, telephone
and ATM banking, as well as in over 1,100 branches, with convenient
hours to serve customers better. For more information, please
visit: tdcanadatrust.com. TD Canada Trust is the Canadian retail
bank of TD Bank Group, the sixth largest bank in North America. Mutual Funds Representatives
with TD Investment Services Inc. distribute mutual funds at TD
Canada Trust.
SOURCE TD Bank Group