Scotiabank has announced updates to its customer assistance programme for retail and business account holders.

The bank’s retail customers with mortgages or business banking customers who want to defer loan payments should contact Scotiabank to participate in the programme. Payments will not be deferred automatically, the bank said in a press release.

Participants in the programme can have their loan payments deferred for up to six months, as the first period of three months can be extended by a further three months.

Scotiabank retail customers with credit cards, revolving credit lines and other term loans and auto loans, as well as business customers with only credit cards, will have their payments automatically deferred for up to six months. Again, the deferment will cover an initial period of three months with the possibility of extending another three months, the bank said.

Interest on the loans will continue to accrue, along with loan insurance premiums that are due, which will be payable at a later point in the loan’s cycle.

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Customers wishing to continue to make payments can do so by calling Scotiabank.

“We understand that customers will need flexibility as this situation continues to evolve. We are confident that our updates to the (customer assistance programme) will allow customers to make the best decision based on their personal circumstances,” said Dwight Burrows, manager director for Scotiabank & Trust (Cayman), in the release.

Customers who want to participate in the customer assistance programme, those wishing to continue to make credit card and loan payments, and customers who want to discuss their eligibility for refinancing or consolidating their debt can call Scotiabank at 949-0785.

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