HSBC offers relief to borrowers
HSBC Bermuda is offering relief on mortgage, loan and credit card payments over the next three months.
The moves come in response to the effects of the Covid-19 pandemic and the economic disruption it is already causing.
In a statement yesterday, HSBC Bermuda said customers who were financially distressed as a result of the crisis could:
• Apply for interest-only payments and/or deferred payments for up to three months, for loans and mortgages to help them better manage their repayments.
• Apply for a moratorium for their credit cards and personal line of credit payments for up to three months.
The bank added that it would also waive credit card over-limit and late payment fees for a three-month period.
Yesterday, Butterfield said it would automatically defer payments on residential mortgages and personal loans for three months. Both Clarien and Bermuda Commercial Bank invited clients to discuss solutions to temporary financial hardship as a result of the pandemic's impact.
On Monday, HSBC Bermuda, Butterfield and Clarien each announced cuts to their base lending rates of up to half a percentage point.
Tanya Bule, interim head of wealth and personal banking at HSBC Bermuda, said: “HSBC Bermuda is fully committed in its support of the local community.
“We understand that a segment of our customers will be impacted by these unprecedented events and are taking appropriate actions to help alleviate the financial burdens they may experience.
“As such, we will actively work with our customers who may be financially impacted by Covid-19 to review their current situation and identify appropriate solutions.”
Applications for relief measures will be assessed and approved on a case-by-case basis.
HSBC customers who require assistance can contact the bank to arrange an appointment by calling 299-5959, or speak to their relationship manager to discuss potential solutions