COVID-19: Vancity announces six-month mortgage and loan deferrals during pandemic

In an effort to lessen the financial impact of the COVID-19 pandemic, Vancity credit union has introduced a 6-month payment deferral program for its members, covering mortgages and other loans.

Additionally, the financial institution has vowed to support its members by waiving INTERAC and ATM fees until April 30, providing emergency working capital, and buying back foreign currency at the rate it was sold to reduce the impact of travel disruptions.

“For over 74 years, Vancity has been an organization that exists to serve our members,” said CEO Tamara Vrooman, in a prepared statement. “Today that focus remains unchanged and we’ll do everything we can to help our members get through this very difficult time. Many people and businesses will be directly affected by this pandemic, and we’re here to support them.”

Vancity members, both Individual and business, who are interested in loan deferrals are encouraged to contact the credit union directly, and each case will be assessed individually.

“We will work with you to identify what supports you need,” Vrooman continued, “including options such as emergency working capital and mortgage payment flexibility. Vancity will continue to find more solutions during this challenging time as the situation evolves.”

Vancity, with $28.2 billion in assets, 543,000 members, and 60 branches in B.C., is Canada’s largest community credit union.