TORONTO, March 17, 2020 /CNW/ - BMO Bank of Montreal today announced that it is offering a financial relief program to Canadian clients directly affected by COVID-19. As well, BMO is introducing proactive measures to help limit the spread of COVID-19 and protect the health and safety of clients, team members, and the communities where the bank operates.
"Our first priority is ensuring the health and safety of our clients and colleagues, and we have now introduced additional measures to help," said Ernie (Erminia) Johannson, Group Head, North American Personal & Business Banking, BMO Financial Group. "We also understand the uncertainty that Canadians are facing. We are, and always will be, ready to help our clients and will continually look for ways to support them as the situation evolves."
Financial Relief Program
To help alleviate some of the financial pressures that Canadians may be facing, BMO has introduced a financial relief program for clients affected by COVID-19. The financial relief program is tailored to each individual's circumstances and needs, which could include deferral of payments on mortgages for up to six months as well as deferral of payments on loans and credit cards. For clients that have used BMO Rewards to book travel, the bank is waiving the change fee and will work with the travel provider to process a change or cancellation request. This could include a travel voucher with the provider or a full points refund.
The program also includes distinct accommodations for BMO Small Business and Business Banking clients.
Protecting Our Clients and Team Members
- BMO will temporarily close approximately 15 per cent of its Canadian branches, which will take effect over the coming days with a focus on maintaining services in rural areas and small towns. The bank will also be adjusting hours of operation at branches across Canada. In the event of a branch closure or to see hours of operation, clients can visit the online branch locator. BMO will continue to ensure that clients are provided with continuity of service via BMO's ATM network and have the ability to withdraw and deposit funds, as well as continue to serve clients via digital capabilities, online banking, and telephone banking. Clients are encouraged to sign up for Online Banking, Mobile Banking, and Online Banking for Business, as applicable. BMO online and digital capabilities are free, easy to use, and provide complete access 24/7.
- As the bank will continue to support clients, BMO recognizes the exceptional work team members are doing to provide an essential service in support of the economy. Team members affected by the changes will continue to receive full pay.
- Added precautionary measures, including enhanced cleaning protocols, have been implemented in all branches that remain open to protect the health of clients and team members.
- BMO has implemented a company-wide work from home option for any roles that can be performed remotely in an effort to support both public health efforts and the well-being of team members and communities.
For updates from BMO on COVID-19, please visit: https://www.bmo.com/main/personal/bmo-branches-coronavirus-update/.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $880 billion as of January 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group