Standing together to help clients, employees and communities
TORONTO, April 6, 2020 /CNW/ - In times of crisis, it's important to come together as a community to support one another. Today, through the RBC Client Relief program, RBC announced further financial support for clients across Canada who need it most. Over the last several weeks, RBC has connected with over 250,000 Canadians to provide mortgage, credit card and loan relief through principal and interest payment deferrals, and RBC is committing to do more.
"We're all going through this together, and we've seen how fast the COVID-19 pandemic has impacted Canadians across the country," said Neil McLaughlin, Group Head, Personal & Commercial Banking, RBC. "RBC responded quickly to introduce measures to help all of our clients. Today, we're stepping up to do more. We're here to support Canada and our clients in the weeks and months ahead to get our communities and businesses back on their feet. That's our commitment."
Helping our clients: The RBC Client Relief program provides clients impacted by COVID-19 with immediate and long-term relief:
Payment Deferrals – for Canadians in need of immediate cash-flow, including up to six month deferral for mortgages, credit cards, installment loans and auto loans. More self-serve options to provide clients with easy access to request relief.
Hardship Relief – introduced to support personal clients with longer term needs such as those who have experienced a material change in income due to job loss, or illness. Clients facing more extreme financial hardship are asked to book a telephone appointment with one of our Advisors who can assist them with personalized support, which may include additional relief measures such as reduced credit card interest charges for up to six months for clients receiving credit card minimum payment deferrals, as well as refinancing or credit restructuring depending on their situation.
Business Client Support – for business owners in need, providing customized advice and solutions to relieve financial pressures and disruption. This may include temporary limit increases to operating lines of credit and the ability to convert term debt to interest only for up to six months, as well as new temporary fee waivers for enrollment in electronic payment solutions.
Protecting our employees and communities: As the situation continues to evolve, RBC is protecting communities across the globe by enabling more than 70,000 employees to work from home, while ensuring continuity of essential banking services for clients. We're also encouraging clients to use the RBC Mobile App and Online Banking. They're safe, easy and available 24/7. Our branch advisors are also equipped to assist clients with personalized advice over the telephone, with appointment bookings easily accessed through our online account booking tool. And while some RBC branches have been temporarily closed to protect clients and employees, additional health precautions have been implemented in branches that remain open to support clients with critical banking needs that can only be completed in-person.
Physical distancing has left some of Canada's most vulnerable in need of extra care. To support seniors, expectant mothers and others who may require special attention, RBC is offering assistance by providing them with front of the line access at open branches so they can be served first if their transaction requires them to visit a branch. In addition, our call centres provide priority service to clients aged 70 and over. No action is required. Clients are identified when they call us using their bank card, and from there, calls are prioritized.
"Canadians continue to reach out in need, and our employees are working tirelessly to support our clients," added McLaughlin. "RBC is here to provide advice and relief during these challenging times. We're always here to help; today, tomorrow and until we can all stand strong again."
For information about the RBC Client Relief Program go to www.rbcroyalbank.com. For clients who are facing more extreme financial hardship, please book an appointment with one of our advisors through our online appointment booking service. For immediate access to information about self-serve relief, visit RBC.com/COVID-19.
About RBC Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 85,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.