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HSBC is Offering Financial Relief During COVID-19

HSBC is Offering Financial Relief During COVID-19

By Jordan Maxwell

While the government is stepping up to provide relief for Canadians across the country, banks have also been doing their part to get people through this difficult time. We’ll walk you through a number of different ways HSBC is assisting its customers.

Financial Relief

As the COVID-19 situation has continued to evolve, HSBC has been moving to respond with a series of initiatives created to address the financial challenges Canadians are enduring.

Small Business Financial Relief

HSBC has been doing their part to support Canadians who own businesses that have been impacted by COVID-19. At HSBC, you can now apply for the Canada Emergency Business Account by filling out their application form for small business relief.

HSBC FAQs for COVID-19

Whether it’s general information or answers to questions about credit cards, branch access, travel and business banking, HSBC has you covered. Check out some frequently asked questions we get from our clients.

How Long Will HSBC Be Offering Financial Relief Due to COVID-19?

HSBC will be taking requests until June 30, 2020.

Will I Be Charged Interest on My Outstanding Balance While My (Mortgage) Payments Are Deferred?

Yes, interest will continue to accrue on your outstanding balance but will be collected after your deferral period ends.

How Will Deferring Payments Affect My Mortgage / Personal Loan?

Interest will continue to accrue. Once your payments resume, they will go towards paying off the interest that was accrued during the deferral period first. You will have a higher outstanding balance at maturity and may also need to repay any outstanding interest, or add this to the outstanding balance if you renew. For loans, you have the ability to increase your monthly installments without penalty or fees.

How Many Payments Can I Defer?

Between 3 and 6 months of payments for mortgages and up to 3 months of payments for personal installment loans.

Can I Defer Payments on My Line of Credit? How Does It Work?

HSBC doesn’t actually defer your minimum monthly payment, but they can reduce this payment to interest-only or $0 for 3 months Interest will continue to accrue on the outstanding balance during this time. There is a three-month maximum on credit cards as well.

What is HSBC Offering Impacted Small Business Customers?

If your business is experiencing financial hardship due to COVID-19, and is interested in deferral options or programs beyond the Canada Emergency Business account, you may be eligible to qualify for additional relief measures we offer. Please contact your Relationship Manager who can assist you or you can fill out our relief form and we’ll contact you within 5-10 business days.

I Became an HSBC Customer After March 1, 2020. What Other Programs Are Available to Me?

The Canadian Government announced a number of measures on March 27th to support small businesses experiencing difficulty at this time. More details on the relief programs are available on the Government of Canada website.

You can check out more in HSBC’s FAQ section. You can also learn more about CRA direct deposit info HERE.

Access HSBC Website and Stay Connected

In response to the evolving COVID-19 situation, HSBC has taken proactive measures to further support its customers, colleagues and communities financially. If you have been directly impacted by COVID-19 and are facing financial challenges, check out HSBC’s website for more information on how they can help you with your finances, bill payments, insurance needs and more.

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