COVID-19


Last updated: September 30, 2020

Jump to:  Latest updates - FAQs - Quick Info

We stand prepared and ready to help

Like you, we’ve been closely monitoring the unique and ever-changing global health crisis. Our thoughts and well wishes are with those affected by the outbreak of the coronavirus (COVID 19).


We are committed to being there for you and your clients. Our team stands ready to support you.  You rely on us for your everyday financial needs and we will continue to provide access to the important services you count on.

Mortgages

If you are or are still experiencing financial hardship due to the ongoing COVID-19 pandemic, please contact us at 1 800 263 8349.  As everyone’s financial situation is unique, we will carefully review your situation on a case-by-case basis. It is important to take quick action if you feel you will not be able to make your next mortgage payment by contacting us.  

We are here to assist you through these uncertain and unprecedented times. 

CDIC: Protecting your deposits

B2B Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Rest assured eligible deposits are protected by the CDIC.

You have questions, we’re here for you

As the COVID-19 pandemic continues and evolves, we are experiencing higher call volumes and we appreciate your patience.


All payment deferral requests under the COVID-19 mortgage deferral program must have been submitted on or before September 30, 2020.  Rest assured, after that date, we are ready to assist you should you experience or continue to experience financial hardship due to the COVID-19 pandemic.  


To quickly answer some of your immediate questions, we’ve prepared these FAQs.  

Mortgages

It’s important to understand the impact of mortgage payment relief options.  A good first step is to assess your financial situation. The Government of Canada website has helpful tips on managing your financial health should you be impacted by the COVID-19 pandemic.  

If your financial situation allows, it may be best to continue making your mortgage payments. If you find yourself in financial distress due to the COVID-19 pandemic and you truly cannot make your mortgage payments, we are here to discuss the relief options that may be available to you.  Each client’s financial situation will be assessed on a case by case basis to determine the best options to meet their needs.   

B2B Bank remains committed to helping all of our customers who are experiencing financial hardship due to the ongoing impacts of the COVID-19 pandemic.  Please contact our customer service department at 1-800-263-8349 and we will be happy to discuss relief options that suit your unique financial situation.


We assess each customer’s financial situation and tailor financial assistance to suit individual needs which may result in longer call times for our customer service department.  We appreciate your patience while waiting to speak to a customer service representative.

Programs in place are to support clients who are experiencing financial hardship. They are not intended for clients who are still able to manage their financial obligations. If you can manage your regular payments, we encourage you to do so.

To assist you or your client in assessing their financial situation a good first step would be to visit the Government of Canada website which has helpful tips on managing financial health for Canadians impacted by the COVID-19 pandemic.  

 
If after assessing you or your client’s financial health and it is clear that further financial relief is needed, we are here to assist you or your client with the relief option that fits you or your client’s unique financial situation.  Please contact us at 1-800-263-8349 to discuss mortgage relief options that may be available to you or your client
  • Mortgage deferral means that principal payments and interest are skipped for a defined period of time.
  •  A payment deferral is not payment forgiveness and you will have to pay back the amount you defer, plus interest.
  • The interest during the deferral period will be added to the outstanding balance of your mortgage and your total mortgage cost will increase as a result.
  • The interest on your deferred payments is incorporated into your monthly/weekly/bi-weekly/semi-monthly mortgage payment, either when payments resume at the end of the deferral period or upon renewal at the end of the mortgage’s term. Your mortgage payments will effectively become higher after the deferral period or at renewal of the mortgage.
  • Deferring your mortgage payments may significantly increase your interest costs over the life of your mortgage, so it's important to carefully evaluate your financial situation and priorities before exercising this option.

 

It is encouraged, if your financial situation allows for it, to pay back the deferred mortgage payments. Interest accrued during the deferral will otherwise be added to the principal amount of your mortgage and may significantly increase interest costs over the life of your mortgage.  

If you cannot pay back the deferred mortgage payments in full, you can get back on track sooner by exercising your pre-payment privileges which allow you to increase your mortgage payment or make a lump sum payment.  Check your mortgage financing agreement to determine your allowable prepayment privileges.

Yes, we encourage you to cancel your mortgage payment deferral if your financial health has improved.  If you are able to make your mortgage payments, it is best to do so as  this will minimize financial impacts. 

To find out how to cancel your mortgage payment deferral, please contact our customer service department at 1-800-263-8349 and they will be happy to assist you with your request.

Approved mortgage deferrals are not counted as a missed payment and will not appear on credit reports or impact credit scores.

B2B Bank offers a lookback rate guarantee so that your clients will automatically get the lower rate five days prior to funding. 

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General

If you have been directly impacted by COVID-19 and need assistance, please reach out to us at 1-800-263-8349.

For a full list of FAQs relating to the functionality of your B2B Bank account, visit our FAQs.

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HISA

Rest assured: your deposits remain secure

  • Recent events have not impacted the security of your B2B Bank deposits. B2B Bank is a Schedule I bank and a subsidiary of Laurentian Bank of Canada, which is one of the oldest financial institutions in Canada (founded in 1846). To learn more about the Laurentian Bank Financial Group and our long-standing history of prudent management, good governance and history of success, visit lbcfg.ca.
  • B2B Bank is also a member of the CDIC* which protects eligible deposits at each of its member financial institutions to a maximum of $100,000 (principal and interest combined), per depositor per insured category. With your B2B Bank High Interest Savings Account coverage is free and automatic. For more information about the CDIC and its coverage, visit cdic.ca.
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Credit card

If you require financial assistance with your credit cards, including making your minimum payment obligations, please contact Laurentian Bank’s Visa customer service at 1-800-252-1846, from 8:00 am to 8:00 pm Monday to Friday and from 8:00 am to 5:00 pm on weekends. They will be able to provide you with information concerning your B2B Bank Visa Cash Back credit card.

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Loans

B2B Bank remains committed to helping all of our customers who are experiencing financial hardship due to the ongoing impacts of the COVID-19 pandemic.  Please contact our customer service department at 1-800-263-8349 and we will be happy to discuss relief options that suit your unique financial situation. 

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Financial relief initiatives

If you have been impacted by COVID-19, Federal and Provincial governments have announced various initiatives for Canadians facing hardship.

Federal programs

The Government of Canada has taken action to support Canadians and businesses facing hardship as a result of the COVID-19 outbreak. 

For more information, refer to the Government of Canada’s COVID-19 Economic Response Plan.

Provincial programs

Depending on your province, additional programs may be available. Below are links to Provincial COVID-19 information.

New: Receive your Canada Revenue Agency (CRA) payments faster and more conveniently, without waiting for a cheque or needing a branch or ATM by signing up for direct deposit through B2B Bank Online Banking. Stay tuned for updates on availability, or visit the CRA website for instructions on how to sign up through CRA My Account.

Quick info

Accessing your accounts

With online banking you can easily check your balances and transfer funds between accounts.

With a B2B Bank Chequing Account you can also send and receive money using INTERAC e-Transfer®† and pay bills. As well, certain transactions can take place through THE EXCHANGE®† Network ATMs.

Fraud prevention

Beware of phishing scams

How to protect yourself from scams arising from COVID-19

During this pandemic, there are scammers looking to take advantage of the situation. Beware of fraudulent emails trying to trick you into revealing your personal information or clicking on links or attachments containing malware.

Committed to keeping you informed

We know that access to timely and relevant information is important to help you make decisions about your finances and banking activity.

Be the first to receive important information about B2B Bank products, services, special offers and promotions conveniently delivered directly to your inbox.

To join our mailing list, please fill out the form below.

Please note: Your name and email address will only be used for this mailing list and for verification purposes. For more information, please see our privacy policy.

 

 


*To be eligible for deposit insurance, deposits must be held in Canadian currency and payable in Canada. To find out more about deposit insurance from the CDIC, including what instruments and/or products are eligible for deposit insurance, visit cdic.ca or call 1-800-461-CDIC (2342). For a copy of the CDIC brochure Protecting Your Deposits, visit b2bbank.com.