Butterfield Automatic Deferrals End On June 30

June 18, 2020 | 0 Comments

The Bank of Butterfield reminded clients that automatic loan/mortgage payment deferrals end on June 30th, and clients wishing to avail themselves of the payment deferral offer for an additional three months — until September 30th 2020 — must notify Butterfield to opt in.

A spokesperson said, “The Bank of N.T. Butterfield & Son Limited [“Butterfield”] today issued a reminder to its personal lending and mortgage clients in Bermuda that the automatic payment deferral programme that was put in place for personal loans and mortgages in good standing over the three-month period beginning 1 April 2020 will end on 30 June 2020.

”Clients wishing to avail themselves of the payment deferral offer for an additional three months [to 30 September 2020] must notify Butterfield to opt in. Deferrals will no longer be automatic.

”Clients can opt in by e-mailing the Bank on personallending.bermuda@butterfieldgroup.com or by calling [441] 298 4799.

”Clients who wish to continue or resume their regular payments on personal loans and mortgages do not need to take any action.

”Clients availing themselves of payment deferrals should understand that interest on the outstanding loan balance at the contractual interest rate, payable during the payment deferral period [where no loan or interest payments are being made] will be added to the outstanding principal and may result in extension of loan terms. Therefore, the total amount of interest paid over the lifetime of the loan will increase as a result of any payment deferrals.

”Automatic payment deferrals on credit cards will also be discontinued effective 1 July 2020. This means late payments on cards after 1 July will incur penalties as outlined in the applicable cardholder agreements. Any clients who are facing difficulty meeting their card payment obligations should contact the Bank directly.”

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