Butterfield
– On the 2nd June Butterfield announced they would be extending their payment deferral scheme another three months until the 30th September 2020. Customers wishing to avail themselves on this offer must contact Butterfield to opt in, deferrals will no longer be automatic. As with the previous scheme customers will not be making principal and interest payments for the next three months and any penalties will be waived.
– From Monday 23rd March 2020 KYD and USD Prime rates will be reduced by 1.00% to 3.25%.
– A payment deferral on credit cards for two months beginning in May, meaning customers can skip May and June monthly payments without incurring any late fees.
– Business customers with remaining loan principal of up to $2 million who are facing difficulties can pay interest only on their next three monthly loan payments with no penalties.
– Business and corporate clients with loan values greater than $2 million who wish to discuss credit and payment arrangements should contact their relationship managers, as these arrangements are typically more complex.
Please check the Butterfield website and Facebook page for more details and for updates on opening hours and branch information.
Cayman National Bank
– On the 25th May, Cayman National Bank announced it will extend its mortgage break by an extra three months for those accounts in good standing. Contact your Cayman National Bank loan office to take advantage of this initiative.
– From Monday 23rd March 2020 KYD and USD Prime rates will be reduced by 4.25% to 3.25%.
Please check the Cayman National Bank website and Facebook page for more details and for updates on opening hours and branch information.
CIBC FirstCaribbean International Bank
FirstCaribbean is offering special assistance on a case by case basis for those adversely impacted by the COVID -19 pandemic. This could include deferred payments; special loan financing and other concessions. Eligible clients can apply to take advantage of the following
– 6-month payment moratoriums on existing loans and mortgages.
– Temporary revolving or working capital financing options for Corporate Banking and Business Banking clients.
Visit CIBC FirstCaribbean’s website for more information.
Fidelity Bank (Cayman) Ltd.
Fidelity is making the following options available upon application for customers on a case-by-case basis who can demonstrate a financial need:
– Up to three month automatic deferral programme on loans that are in good standing, meaning that customers who qualify will not make principle and interest payments for the next three months. Interest will instead to capilialised and penalties will be waived.
– A conversion to interest only payments for a period of up to six months.
Call Fidelity on (345) 949 7822 for caveats on these offers and for information. Please check the Fidelity website and Facebook page for more details and for updates on opening hours and branch information.
Royal Bank of Canada
– Effective immediately, most RBC Personal banking clients in the Cayman Islands will benefit from an automatic three-month payment deferral on credit facilities.
– Business and Corporate banking clients are also eligible for the relief program, following individual eligibility assessments with an RBC representative.
– Automatic payment deferrals will be applied as of March 17, 2020 and remain in effect until June 30, 2020, or until further advised.
– To be eligible for the program, Personal banking or Business and
Corporate banking client accounts must be current and in good standing
as of March 2, 2020. Clients who are already
participating in RBC relief programs for other circumstances are excluded from this program.
Please check the Royal Bank of Canada website for more updates.
Scotiabank
– Scotia Bank is working with customers on a case-by-case basis to help understand, and hopefully alleviate, financial hardships they may be experiencing as a result of COVID-19.
– Support measures are flexible, including payment deferrals for mortgages and relief on credit products for those who qualify.
– Please contact Scotia Bank (or your Advisor or Relationship Manager) and they will work together to find a solution that will hopefully meet your unique needs.
– Scotiabank is dealing with an unprecedented volume of calls and longer than usual response times.
Please check the Scotiabank COVID-19 web page for more updates.