Payment Reset for Investment Loans, RSP Loans and TFSA Loans

To ensure that ongoing loan commitments are met, the monthly payment amount on any Investment Loan, RSP Loan or TFSA Loan may be reset1 to align with the applicable changes to the B2B Bank Prime Rate or B2B Bank Alternative Rate.2

Currently, some loans are adjusted once each year. Moving forward all payments will be adjusted as follows:

  • Beginning November 2022, where applicable, clients’ new payment amount will be withdrawn to reflect several B2B Bank Prime Rate or B2B Bank Alternative Rate rate changes this year
  • The January 2023 payment will reflect any B2B Bank Prime Rate or B2B Bank Alternative Rate changes for the remainder of 2022
  • Going forward, we will review payment amounts on a quarterly basis, adjust them as needed and provide confirmation in the clients’ account statements

Keeping your clients informed

To provide an opportunity to discuss this with your affected clients, we will be providing advance notice as follows:

  • A personalized letter (October 2022) for each of your clients’ impacted loans, including their new payment3 amount effective November 2022.
  • An insert that advises all clients of upcoming payment reset changes will be included with the September 2022 quarterly account statements.

Frequently asked questions

  1. Where can I obtain the new payment amounts for my impacted clients?
    If you would like to receive a listing of payment amounts for your clients, contact Client Services at 1-800-263-8349.
  2. Will I receive a copy of the letter being sent to my clients?
    You will not receive a duplicate of the personalized letter that is sent to your clients, but you can view the letter template that we used.
  3. Will my clients receive a personalized letter each time their payment is adjusted?
    No, clients will not receive a personalized letter each time their payment is adjusted. In the future, if their loan payments change, clients will receive confirmation in their quarterly account statements.
  4. Why is B2B Bank resetting client payments in November instead of the beginning of the year?
    With multiple changes to the B2B Bank Prime Rate or B2B Bank Alternative Rate this year, we needed to communicate the payment reset sooner to ensure that payments are sufficient to meet loan commitments.
  5. Will client payments be adjusted again at the end of the year?
    If additional changes occur to the B2B Bank Prime Rate or B2B Bank Alternative Rate for the remainder of 2022, they will be reflected in the January 2023 payment.
  6. How often will my clients’ payment amounts be adjusted?
    As of January 2023, we will review payment amounts on a quarterly basis, adjust them as needed and provide confirmation in your clients’ quarterly account statements.
  7. Which loans are impacted by this change?
    The payment adjustment is applicable to all Investment Loans, RSP Loans and TFSA Loans, including interest-only and principal-and-interest loans.
  8. Why would an increase in the B2B Bank Prime Rate or B2B Bank Alternative Rate affect my clients’ payment amounts?
    Their payment amounts may increase if they are currently less than the required minimum payment to service the loan.