Q&A - MCBB LOAN AND MORTGAGE MORATORIUM EXTENSION

Find herewith the MCB Bonaire Loan & Mortgage Moratorium Extension - Questions and Answers to assist you with possible questions you may have in connection with the extension of the loan moratorium for an additional 3 months (June, July and August 2020).

KEY HIGHLIGHTS OF THIS FAQ

  • Personal and Commercial Clients are eligible for a Loan and Mortgage moratorium for the months of June, July and August 2020 (3 months of payments).
  • Credit Card Clients - The moratorium is also applicable for credit cards, but as the calculation is different for credit cards, please refer to the attached separate credit card moratorium information.
  • Deadline (last day) for ALL clients (personal to Opt-in and commercial to Opt-out) is Friday, June 12th, 2020.

WHY IS THIS IMPORTANT?

At MCB Bonaire, we are committed to work with all clients to make sure that they find solutions that will help address financial hardships caused by COVID-19. We have therefore extended the financial relief options for our personal and commercial clients.

QUICK FACTS

For Personal Clients: To be ELIGIBLE, clients MUST OPT-IN and must complete the form on our website. The request will be evaluated as per the stipulated Lending Guidelines of the Bank and clients will be duly informed of the decision latest end of June 2020

For Commercial Clients: They are AUTOMATICALLY enrolled in the Loan moratorium. Should they wish to OPT-OUT they will need to send an e-mail to: events@mcbbonaire.com.

MCB Loan & Mortgage Moratorium - Questions and Answers

Will MCBB implement the moratorium extension for the months of June, July and August 2020 automatically?

MCBB will automatically implement the 3-month moratorium extension ONLY on all Commercial loans, Commercial mortgages and Corporate credit cards for which the payments are up-to-date or which are less than 90 days in arrears as per March 2020 (not including the moratorium of March, April and May 2020).

Personal clients who wish to request the moratorium extension MUST Opt-IN by filling out the form on our website. The request will be evaluated as per the stipulated lending guidelines of the Bank and the clients will be duly informed of the decision.

The Bank will, as per its regular application process and responsible lending process, review clients’ financial situation at the moment of the request with an increased focus on clients that have been directly affected by the Covid19 situation and are in urgent need of financial relief, such as loss of employment, substantial cut in salaries and/or any other financial issues arising from this difficult situation. When the application has been reviewed and assessed, the clients will be contacted to inform if their request was approved. If the request is denied, clients will be invited for an appointment into the Bank to discuss further possibilities on how the Bank can assist.

Note: The moratorium for the months of March, April and May 2020 was applied automatically for Personal as well as Commercial clients. Clients who did not accept the moratorium, opted out and continued their loan payments.   

Will my account be debited and reimbursed during the months of June, July and August 2020?

No, your account will not be debited for the loan payments if you qualified for the moratorium extension.

I qualified for the moratorium, but the monthly payment was deducted from my account and not reimbursed for the month of June 2020, who should I contact?

Please contact our Contact Center at 715-5520 or via email address events@mcbbonaire.com. If you are contacting us via email please note your full name, ID, address and your loan number.

Commercial clients can contact their respective Account Manager.

I declined the moratorium prior to the deadline, however my financial situation has changed and I would now like to apply for the program. Is this possible?

The deadline to Opt-In for the moratorium for personal clients is June 12, 2020, however if your financial situation has changed, you have the opportunity to submit your request to opt-in. Bear in mind that your request will be evaluated as per the stipulated lending guidelines of the Bank and you will be duly informed of the decision. Refer to question 1.  

Same deadline applies for commercial clients who wish to Opt-Out of the moratorium. Please call or email at events@mcbbonaire.com. If you are contacting us via email please note your full name, ID, address and your loan number.

I qualified for the moratorium but no longer wish to have it and would like to now continue my payments. Is this possible?

Yes, it is possible. Please note that you will need to make a manual payment for the months of June, July and August 2020 for all your loans using the online Banking Bill Payments option. You will be required to insert your new loan account number starting with 9. This must be done also for the months of March, April and May 2020.  

Please visit our MCB Bonaire website (mcbbonaire.com) and on the homepage click on Online Banking Demo videos. For online payment of loan and mortgages, go to the Online Banking Manual Videos, select the Payments & Transfers video; view session 5. “Bill Payment” option.

Instructions for MCBB Online Banking and MCBB Mobile Banking loan/mortgage payments:
Login to MCBBB Online Banking and choose for the option “Bill Payments”.

MCBB Mobile Banking App

  • Login, then select the Transfers menu;
  • Select Bill Payments from the available payment types.
  • On the Bill Payments screen, select the From Account and enter MCBB LOAN PAYMENTS 11379506 in the Biller field. Next enter the amount and desired payment date (leave at today’s date for immediate payment).
  • Enter the New Loan/Mortgage account number starting with 9 in the Customer # at Beneficiary field.
  • Optionally enter a description in the Payment Reference field.
  • Submit and Confirm the payment.

 

MCBB Personal Banking

  • Login, then select Payment/Transfers > Payments& Transfers
  • Select Bill Payments from the available payment types (bottom option).
  • On the Bill Payments screen, select the From Account and enter MCBB LOAN PAYMENTS 11379506 in the Biller field. Next enter the amount and desired payment date (leave at today’s date for immediate payment).
  • Enter the Loan/Mortgage account number in the Customer # at Beneficiary field.
  • Optionally enter a description in the Payment Reference field.
  • Submit and Confirm the payment.
I just received a new loan and would like to apply for the moratorium can I do this?

No, this is not possible.

Will I need to repay the 3 monthly payments for June, July and August?

Yes, these monthly payments have been deferred but you will still need to pay 3 monthly installments which go into effect at the maturity date of your loan. This means that you will continue to pay the same loan instalment for 3 additional months after the loan maturity date has been reached to pay back the months June, July and August 2020. If you accepted the moratorium for March, April and May 2020, you will have to pay 6 additional months after the loan maturity date. 

I understood MCBB gave me a new loan to cover the monthly payment of March, April and May 2020 and I also qualified for the moratorium extension of June, July and August 2020? How does this work?

A new loan account was opened in your name in order to cover the deferred monthly payments of March, April and May 2020, and if you qualified for the moratorium extension, the monthly payments of June, July and August 2020 will also be deferred to the new loan. The amount on this new loan account will need to be repaid at the end of the maturity date of the original loan in 3 monthly installments equal to the original loan monthly payment or in 6 monthly instalments if you qualified for the extension on the moratorium.

Example: You are paying USD 1,000.- a month, the payments of March, April and May 2020 have been deferred. A new loan account is opened for USD 3,000.- which is equal to 3 monthly payments. If you are supposed to finish paying the loan by December 2021 now you will have 3 additional payments for January 2022, February 2022 and March 2022 each in the amount of USD 1,000.- to clear the deferred amount of USD 3,000.- If you qualified for the extension of the moratorium (June, July and August 2020) you will have to pay April, May and June 2022 to pay off the loan.

Do I pay interest on the monthly payments which have been deferred?

No, MCBB will not be charging any additional interest on the deferred loan payments.

I logged into MCBB Online Banking and see a new account what is this?

You will notice a new loan account number (starting with 9) on your Online Banking Accounts List referring to the 0% COVID-19 Moratorium. This is the loan extension granted to you. The amount indicated is the deferred accumulated amount for the months of March, April and May 2020 which is due by you after the end date of your original loan, spread over 3 equal monthly installments. If you were granted the moratorium extension, same applies, but over a spread of 6 monthly instalments.

If I am able to save these 3 monthly payments and deposit the amount back on the principal amount of my loan in June 2020, will my monthly repayments be recalculated?

This payment will be seen as a payment to the new loan account. Therefore if you wish to pay back the 3 month payments then this will have to be applied to the new loan account. 

Will my repayment amount change starting June 2020 or September 2020?

Your monthly repayment will remain the same until the end of the term. Once your loan matures you will need to repay the 3 monthly payments which were deferred with 3 monthly installments equal to those of the loan. If you qualified for the extension of the moratorium your monthly payments with be deferred with 6 months. 

What will be the new end date of my loan?

With the acceptance of the moratorium of March, April and May 2020 your loan repayment schedule will resume in June 2020 and your loan period will be extended with 3 months, maintaining same monthly repayment amount. If you qualified for the moratorium extension, your loan period will be extended with another 3 months, maintaining same monthly repayment amount. Please note that this implies that the maturity date of your loan is extended with 3 or 6 months depending if you qualified for the moratorium extension and that you will be required to repay 3 or 6 months after the maturity of the date of your original loan. This means your repayment of the monthly installments has been extended with 3 months due to the moratorium or 6 months if you qualified for the moratorium extension. 

Will my repayment amount change after the original maturity date of the loan and be deducted automatically from my account?

No, your repayment amount will remain the same. Yes, the monthly payment will be automatically deducted for 3 or 6 consecutive months.

Will MCBB extend the Moratorium of March, April and May?

Yes, we have extended the financial relief with 3 extra months (June, July and August 2020). Commercial clients will be extended automatically and have the option to opt-out to continue with their payments.

Personal clients have to submit a request to opt-in for evaluation by the Bank as per the lending guidelines. Refer to question 1.

If I require an extension on the Moratorium, who do I contact?

The deadline for personal clients to opt-in is June 12th 2020. Personal clients MUST fill out and submit the Opt-in form available on our website before the above mentioned date.

The extended moratorium is automatic for corporate clients, but clients who do not wish to accept this moratorium extension, must Opt-out by sending an email to events@mcbbonaire.com.

If you have any additional questions regarding the Moratorium, please send us an e-mail to: events@mcbbonaire.com. We will gladly assist you.