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Big banks slammed for charging customers interest on interest for deferred mortgage payments

A Toronto couple says temporary relief has turned to anger after learning that deferring their mortgage payments amid the COVID-19 crisis will result in $7,400 in interest being added to the outstanding principal, which will then incur more interest over the life of their mortgage. All of Canada’s big banks are charging interest on deferred interest, which critics say means the banks are profiting in a time of emergency.

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