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 company, 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 standing alongside Canada's six largest banks to help provide financial relief to Canadians impacted financially by COVID-19. We are committed to working with personal and small business banking customers on a case-by-case basis to provide flexible solutions that help them manage through challenges such as pay disruption, childcare disruption due to school closures, or challenges resulting from the COVID-19 virus itself. This support will include up to a six-month payment deferral for mortgages.

Clients who are worried about their financial situation or facing hardship are encouraged to contact us directly to discuss what options may be available. We are here to help.

In order for us to best assist you, please submit a Financial Relief Request. If you have already sent in your request via email, you do not need to complete this form again.

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 FAQs

Updated April 7, 2020

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 the financial industry is experiencing an unprecedented volume of calls and emails, we ask for your patience in allowing our team enough time to respond to every inquiry.

We’ll continue to update this page with the latest information on the financial relief measures being offered by Equitable Bank.

How do I know if I’m eligible for financial relief?

If you or any member of your family has experienced a significant loss of income as a result of COVID-19, you may be eligible for financial relief. We are reviewing all cases and working with each customer to provide flexible solutions.

What’s the best way to get in touch?

In order for us to best assist you, please submit a Financial Relief Request. If you have already sent in your request via email, you do not need to complete this form again

What kind of financial relief is being offered?

Equitable Bank will grant mortgage payment deferrals for up to 6 months for those who are eligible. A mortgage payment deferral means that you will not be required to make the principal and interest portion of your regular mortgage payment. 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.

When can I expect to hear back?

Our teams are working to respond to each and every customer to review what their available options are for financial relief. Due to the current volume of calls and emails, it may take 5 to 10 business days or more for you to hear back.

My mortgage payment date is approaching and I don’t have the funds available. What happens if my request is not received in time?

Rest assured, our team is working hard to respond to all requests as quickly as possible. Due to the current volume of calls and emails, it may take 5 to 10 business days or more for you to hear back. We are committed to waiving returned payment fees that are due to circumstances related to COVID-19. If you are concerned about potential returned payment fees being issued by the financial institution through which you currently make your payments, we recommend that you reach out to them directly to discuss.

Are there any penalties or service fees from Equitable Bank if I accept the offer for financial relief?

You will not be charged penalties or service fees for deferring your mortgage payment.

Do I have to request financial relief by a certain time?

We encourage you to reach out in advance of your mortgage payment date, and a member of the team will contact you to review your financial relief options.

Will deferring my mortgage payments affect my credit?

No, this will not affect your credit score.

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.

Are my deferred mortgage payments cancelled or erased?

No, you are still required to repay the amount of your skipped or deferred payments. To help you with your short-term cash flow, Equitable Bank will grant mortgage payment deferrals for up to 6 months for those who are eligible. 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.

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

Once the agreed relief 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 based on your outstanding balance at that time.

Financial Relief Request

By providing this information, you authorize us to communicate details of your mortgage and accept instructions from you by email.

First Name*

Last Name*

Email*

Are you the:*

Loan Number*:

Phone Number*:

Property Address:

Address Line 1*:

Address Line 2:

City*:

Province*:

Postal Code*

Please tell us how you are being impacted by COVID-19:

Please provide any additional relevant information regarding the above:

Do you anticipate that you will be able to pay your next upcoming mortgage payment?*

Yes

How long do you anticipate that you will require payment relief?*

Are you qualified to receive and/or have you applied for Employment Insurance or other government assistance programs?*

Yes