COVID-19 FAQ Personal Banking
On This Page:Mortgage Online Banking Credit Cards and LOC payment deferral CRA relief Benefits RRIFs
I’m a homeowner facing financial challenges because of COVID-19, what relief is available from CWB?
CWB is committed to helping clients experiencing financial stress as a result of COVID-19 on a case-by-case basis to ensure the solution fits with the client’s immediate and medium-term needs.
Clients may benefit from flexible solutions on their personal lending or mortgages, such as skip payments, interest-only payments or an extended amortization, as appropriate to the individual situation.
Please contact your Relationship Manager or nearest branch to discuss your options.
I have a mortgage payment coming due that I cannot make, who do I contact?
If you require immediate financial relief, please contact your CWB Relationship Manager or your nearest branch to discuss your individual situation.
If your mortgage is through Optimum Mortgage, please complete a deferral request form to ensure your request directs to the appropriate person.
You may email [email protected] for immediate payment concerns.
We are currently striving to respond to all client service inquiries in five business days.
What does a deferral mean and how does it affect my mortgage?
What should I consider before deciding to defer a mortgage payment?
Please consider the following before pursuing a mortgage payment deferral.
- My financial situation may change in 30 – 60 days
- I have already considered other deferral options, including those for auto payments, utilities, or property taxes.
- I have a solid emergency fund that I can access when needed.
Depending on how your situation relates to the above scenarios, you may decide to reassess your need for a mortgage payment deferral in 30-60 days.
Am I eligible for a mortgage payment deferral?
Will I automatically get a six-month deferral?
No, we are not offering a blanket deferral to clients. It is very important that we discuss options with our clients on a case-by-case basis so we can understand the scenario a client is experiencing, and can put the right plan in place for each particular circumstance.
We are committed to ensuring our clients get the support they need during this uncertain time.
Do I need to repay the deferred amounts?
Will a deferral affect my credit rating?
No, deferrals due to COVID-19 circumstances will not negatively or positively affect your credit rating. On your credit bureau report, you may see that a deferral is in place. Equifax and TransUnion have worked closely with stakeholders to develop updated credit reporting specifications related to COVID-19. We are taking necessary steps to ensure that the deferred payments are accurately coded in CWB’s system as deferred and not reported as ‘skipped’ or ‘delinquent.’ However, credit scores can be affected in many ways, some of which may not be due to a relationship with CWB. For example, increased use of existing revolving credit lines (e.g., credit cards or lines of credit), or an unpaid credit obligation may negatively affect a credit score. If you have more questions about this, you can reach out to your CWB Relationship
Manager or contact your branch. We will continue to be proactive about how we communicate with you, and ensure you have a clear view of your financial situation.
Will I be charged a fee if I defer a mortgage payment?
Will my payment amount change because of deferring payments?
Will a mortgage deferral change my renewal date?
No, your renewal date will remain the same. If you are in a deferred mortgage payment situation with a renewal coming up, please contact your CWB Relationship Manager or your nearest branch at cwbank.com/branches to discuss your individual situation.
Now that CWB branches have reduced hours or are temporarily closed, how can I complete my personal banking?
Although our branches are operating on reduced hours, our branch teams are still providing full-service banking. Clients are encouraged to continue to contact their Relationship Manager – most of whom are now working remotely – by phone or email during regular business hours.
You can also do many banking activities online or by mobile with CWBdirect Online Banking. You can:
- view detailed balance and transaction reports for your personal accounts
- transfer funds and pay bills
- send, request and receive Interac® e-transfers deposit cheques (mobile)
Don’t have online banking but want to sign up? We can do that remotely when you reach out to your Relationship Manager or your nearest branch.
Credit Cards and LOC payment deferral
What do I do if I want to increase the limit on my credit card?
Does CWB offer financial relief on personal loans?
CWB will work closely with you to assess and evaluate your unique situation. Each solution is determined case-by-case. Contact your Relationship Manager or your nearest branch at cwbank.com/branches for a further discussion.
CRA relief Benefits
What is the Canadian Emergency Response Benefit (CERB), and how can I apply?
If you have stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support. The benefit provides $500 a week for up to 16 weeks.
You can apply for CERB either online or by phone by calling 1-800-959-2019 or 1-800-959-2041. You can find out more here.
I have applied for the Canada Emergency Response Benefit, what is the fastest and most secure way to receive my funds?
If I apply for CERB and then need to repay or return a portion, what is the process?
Revenue Processing – Repayment of CERB Sudbury Tax Centre
1050 Notre Dame Avenue
You can also make payments through online banking at CWB. Simply login to your online account, add a payee (search for CRA (revenue) – tax instalment), and enter your nine digit social insurance number and CRA account number. If you require more information about repayment, learn more here.