COVID-19 — we're here to help

With the COVID-19 pandemic on all of our minds, we know that these are extraordinary times, and we want you to know that at Equitable Bank, we’re here to help.

As a Canadian bank, we’re committed to the wellbeing of our employees, their families and the community at large. With this in mind, we have made all necessary accommodations to move most of our workforce to a remote work environment in order to support the global effort in reducing the spread of the virus and ensure there is no interruption to service.

We want our customers, brokers, and bank partners to know that we remain stable, fully operational, and well on track to meet their needs. All of our customers will continue to have access to their savings, and can access credit in the way they would normally expect.

You can continue to use myEquitable, our mortgage and deposit broker portals, and Statement Share as you normally would.

At Equitable Bank, we are committed to working with our customers on an individual basis to provide flexible solutions to help them manage through their financial challenges resulting from COVID-19.

Customers who are worried about their financial situation or continue to face hardship are encouraged to contact us to discuss and understand what options may be available. We are here to help.

If you are a commercial property owner, you may be eligible to receive a forgivable loan under the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses program. This program will be administered through the Canada Mortgage and Housing Corporation (CMHC) on behalf of the Government of Canada.

We remain committed to keeping you informed as we monitor developments around COVID-19. Thank you for putting your trust in Equitable Bank, as we continue to join the collective effort to help Canada fight this pandemic. Together, we can get through this.

Andrew Moor
President & CEO, Equitable Bank

COVID-19 Update and Financial Relief FAQs

We’re committed to working with each of our customers to understand their unique situation and offer financial relief on a case-by-case basis. As call and email volumes are high, we ask for your patience in allowing our team enough time to respond to every inquiry.

How do I know if I am eligible for financial relief?

If you or any member of your family continues to experience a significant loss of income as a result of COVID-19 and you are unable to make your mortgage payment, please contact our Customer Payments department at 1-888-334-3313 ext.1906 or customerpayments@eqbank.ca. A member of the team will respond to you in 3 to 5 business days. Response times could be longer if volumes are high. In order to evaluate your request, you will be asked to provide detailed information and documentation relating to your current and future financial situation.

What if I have already received financial relief from the bank?

If you have already received financial relief under the COVID-19 deferral program and require additional relief, please submit the Financial Relief Request form again at the end of your current approved relief period. Depending on your circumstances, you may be eligible for additional relief.

What kind of financial relief is being offered?

Financial relief options are based on your unique circumstances. Once we understand your situation, we will be able to determine possible available options that best meets your needs.

When can I expect to hear back?

Our teams are working to respond to each and every customer to review available options for financial relief. Due to the current volume of calls and emails, it may take 3 to 5 business days or more for you to hear back.

What if my next payment is coming due and I cannot make the payment?

We encourage you to reach out at least 3 to 5 business days in advance of your mortgage payment date, and a member of the team will contact you to discuss your circumstances and review possible financial relief options.

What is a Mortgage Payment Deferral?

A mortgage payment deferral means that you will not be required to make the principal and interest portion of your regular mortgage payment until a later date. Your mortgage payment will consist of your tax portion only.

During the time you defer your mortgage payments, interest will continue to accrue and will be added to the outstanding balance of the mortgage, which also increases your amortization period. You will pay more interest over the life of your mortgage, but a deferral will help you with your short-term cash flow.

If you do not require a deferral on your entire principal and interest payment amount, we can work with you to determine a partial payment solution, such as interest only payments.

Will deferring my mortgage payments affect my credit?

No, this will not affect your credit score.

Are my deferred mortgage payments cancelled or erased?

No, you are still required to repay the amount of your skipped or deferred payments. A deferral will give you more time to make those payments, while allowing your account to remain in good standing. When you defer payment, you remain responsible for repaying the amounts you owe.

During the time you defer your mortgage payments, interest will continue to accrue and will be added to the outstanding balance of the mortgage.

Will I have to pay my deferred mortgage payments as a lump sum when it comes up for renewal?

No, we do not require a lump sum payment for deferred payments at any time.

What will happen to my mortgage at the end of the deferral period?

Once the agreed deferral period has passed, your mortgage payments will resume as per the agreed terms of your contract. At renewal, your mortgage will be re-amortized and your payments will be increased based on your outstanding balance at that time.

CECRA FAQ

Updated May 25, 2020

What is the Canada Emergency Commercial Rent Assistance (CECRA) program?

The CECRA program offers forgivable loans to eligible commercial property owners, whereby 50% of commercial rent that would otherwise be owed by eligible small business tenants will be paid through CECRA for the months of April, May and June, 2020. Property owners can apply later and the program will be applied retroactively.

The loans will be forgiven if the mortgaged property owner agrees to reduce the small business tenants’ rent by at least 75% under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place.

I am a commercial property owner. Where can I find out more information about CECRA?

As the program is administered by the Canada Mortgage and Housing Corporation (CMHC), the application can be found on their website. Please visit the CMHC website for further details on how to qualify and how funds will be disbursed.