TORONTO, PHILIPSBURG – Today, RBC Royal Bank (RY on TSX and NYSE) (“RBC”) announced a second phase of financial relief options for its Caribbean clients impacted by the ongoing novel coronavirus (COVID-19) global pandemic.
Effective immediately, RBC Personal Banking clients in the Caribbean will be able to apply for payment deferrals on auto loans, instalment loans, and mortgages. Clients may defer their payments for up to three months. Clients can participate in the deferral program by applying online through their web browser at https://caribbean.rbcroyalbank.com. Clients must apply for deferrals by 11:59pm EDT / AST on July 15, 2020.
Business Banking and Corporate Banking clients may also apply for financial relief, following individual eligibility assessments with a Relationship Manager.
To be eligible for the program, client accounts must be current and in good standing as of February 29, 2020. Clients who participated in the first phase of automatic payment deferrals are eligible to apply for these additional deferrals. Clients who are already participating in non-coronavirus RBC relief programs are excluded from this program.
The relief program is intended to provide flexible solutions and help clients manage through the impacts of COVID-19, such as pay disruption, childcare disruption due to school closures, or dealing with the COVID-19 illness itself. However, clients who are able to keep making their regular monthly payments are encouraged to do so.
RBC will continue to monitor COVID-19 and the evolving economic conditions in each country and territory where the bank operates. RBC may consider other relief measures, if necessary.
RBC has a long history of standing by Caribbean clients through challenging times and this commitment will continue throughout this crisis and beyond.