The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Bahamian commercial bank is offering up to a six-month deferral on credit card payments for persons affected by the COVID-19 shutdown.

Scotiabank Bahamas, in a release sent to Tribune Business, said: “Scotiabank retail customers with credit cards, revolving credit lines and other term loans and auto loans, as well as business banking customers with only credit cards, will have their payments automatically deferred up to six months - first for a period of three months, with the possibility of extension for a further three months.

“Credit card customers who do not wish to defer can continue to make normal payments at any time. Scotiabank retail customers with mortgages, or any business banking customers who wish to have their loan payments deferred, should contact Scotiabank to participate in the customer assistance programme as your payments will not be deferred automatically.

“Scotiabank customers who choose to participate in the programme can have their loan payments deferred up to six months - first for a period of three months, with the possibility of extension for a further three months.

Roger Archer, Scotiabank’s vice-president and country head in the Northern Caribbean, said: “We understand that customers need flexibility during this evolving situation. We believe our updates to the customer assistance programme are allowing our customers to make the best decisions for their personal situations.”

Scotiabank added: “For retail customers and business banking customers whose payments are deferred, interest on the loan will continue to accrue, along with 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.

“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.”