PHILIPSBURG--In an effort to help ease the burden on its clients in St. Maarten and other parts of the Caribbean region, Scotiabank has launched a critical debt relief programme for customers affected by hurricanes.
In response to several questions posed by The Daily Herald on the subject of relief, Scotiabank announced a three-month Customer Assistance Programme – a relief effort designed to help its customers in St. Maarten, Anguilla, the British Virgin Islands (BVI), Dominica and the Turks and Caicos Islands who have been severely impacted by this year’s destructive hurricane season.
Retail and small business customers in the affected countries will have all loan payments, including mortgages, personal loans, credit cards and lines of credit, automatically suspended until October 31, with no action required from the customer. Customers who require additional time can defer their payments for a further two months until December 31.
Customers will not be required to make any principal or interest payments. However, interest will continue to accrue and will be payable in monthly instalments at the end of the loan, Scotiabank said.
“This temporary suspension on payments will allow customers the time needed to assess their personal circumstances and to let us know if they wish to defer their loan payments up to an additional two months. Customers wishing to exercise this option are asked to contact the bank by e-mailing
This email address is being protected from spambots. You need JavaScript enabled to view it. or calling our contact centre at 1-876-926-2662 before October 31,” the bank said noting that it is not a toll-free call, but they can ask the agent to call them back.
Customers are also invited to contact the bank to discuss any financial needs not included in the Customer Relief Programme.
“Commercial customers will also be offered relief and will be contacted individually and assistance will be designed based on eligibility and each customer’s unique need,” the bank said.
“The impact of this active hurricane season on our customers and the communities in which we operate has been devastating,” said Scotiabank Senior Vice President for the Caribbean Region Brendan King. “We want to play our part in the rebuilding process by giving our customers one less thing to worry about. Scotiabank’s commitment to the region, our customers and our employees is unwavering during these very challenging times.”
Scotiabank has been in the Caribbean for more than 128 years and had previously announced a donation of US $500,000 towards the relief effort as part of its contribution to the rebuilding exercise. Half of this money will be channelled through the Canadian Red Cross that already has active societies in the affected communities, with the remainder being directed to initiatives supporting young people in these areas.
