Cayman: Scotiabank Activates Customer Assistance Program
Scotiabank today announced the launch of its Customer Assistance Program (CAP) to help customers address financial challenges amidst the growing threat of the COVID-19 virus. The Bank’s CAP is activated once there is a widespread occurrence that would negatively affect its customer base.
Managing Director, Scotiabank & Trust Cayman, Dwight Burrows advised “We are here to support Caymanians during this very challenging time. We know there will be varying degrees of hardships so we have put processes in place to ensure that our customers can manage through reduced income as a result of the COVID-19 virus.”
The Customer Assistance Programme is a comprehensive one and includes benefits for retail banking customers. Customers’ loans payments will automatically be deferred for up to six months. Customers not in need of a deferral may opt out of the program.
Payments for Secured and Unsecured Loans may be deferred for three months with a possibility of 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 until September 30, 2020
Loan Fees will be waived on customer assistance facilities These offers will be subject to applicable terms and conditions.
Customers in Small Business, Commercial and Wealth banking segments who require assistance at this time are being encouraged to contact the Bank to discuss the options available to them, which may need to be more tailored based on their individual circumstances.
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.