A Message from Parama’s CEO Tarmo Lõbu - March 2020 | PARAMA

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A Message from Parama’s CEO Tarmo Lõbu - March 2020

March 25, 2020 - A Message from Parama’s CEO Tarmo Lõbu

Dear Member,

Like all of you, we are continuing to make changes as we adapt to the evolving COVID-19 situation.

As a supplier of an essential service, we are making changes to ensure the safety and well-being of our staff, our members and the community while continuing to provide safe and easy access to our services.  Please make no mistake; we are here to work with you to help you through these unusual and overwhelming times.

Remote Banking

It is becoming increasingly important for people to stay at home, work remotely and minimize physical interactions with others.  As such we continue to look for ways of minimizing branch visits while ensuring convenient access to all of your services here at Parama.

You can easily check your accounts, make bill payments, send and receive Interac e-transfers and deposit cheques from the comfort of your own home or from wherever you happen to be. It’s easy, safe, and secure.  Learn more and get set up for on-line or mobile banking here.

If it’s cash that you need, or if you are not comfortable with mobile or online banking, please visit one on the many conveniently located ATMs on the Exchange Network for direct access to your Parama accounts with your debit card.  To find a conveniently located ATM, please download the Exchange Network ATM Finder App here: Ding-Free Exchange® Network App and Find an ATM

Also please don’t forget that bill payments, transfers and other transactions involving your accounts, loans or investments can easily be handled over the phone. We have added extra phone lines to deal with anticipated increases in call volumes.

Our member services representatives are available by phone to respond to your questions and fulfill many of your banking requests.

Telephone Banking Assistance

Monday to Friday 9 am – 5pm       |        Saturday 9 am – 1pm

Royal York (Kingsway) Branch

Roncesvalles (Lithuanian House) Branch

Main Branch: (416) 207-9239

Loans Department: (416) 207-1809

 (416) 532-1149


Visiting the Branch

We recognize that there will still be occasions when you may need to visit a branch. 

If you have fever, cough, difficulty breathing, have recently travelled or may have been in close contact with anyone who may have travelled or otherwise been exposed to the COVID-19 virus, please refrain from visiting a branch.  Call us and we will figure out a way to assist you.

We have instituted a number of precautions to ensure both your safety as well as the safety of others during your visit to our branch.  In view of a significant reduction in branch traffic and to minimize risk to staff, the number of hours that branches remain open to members, will be reduced. 


New Opening Hours

Beginning Thursday March 26 – Royal York (Kingsway) Branch

9 am to 1 pm - Monday through Friday  &  Closed – Saturday


Thurs. & Friday March 26 & 27 – Roncesvalles (Lithuanian House) Branch  

Reduced hours for remainder of this week:  9 am - 1 pm  


Beginning Monday March 30 – Roncesvalles (Lithuanian House) Branch

Closed.  We can accommodate urgent banking business by appointment only, between 9 am and 1 pm.  Please call in advance to arrange this.


Health Measures

We have implemented a number of measures in our branches to ensure the safety of our members and staff; including:

  1. frequent wipe down and sanitizing of all surface areas
  2. hand sanitizers
  3. placement of protective barriers between members and staff
  4. suggested boundaries to enforce social distancing

When visiting a branch we encourage you to:

  1. use the hand sanitizer provided after entering the branch and before approaching the teller counter
  2. Maintain a distance of at least two metres from other individuals and one meter from the teller counter when conducting your banking 
  3. Practice proper coughing and sneezing etiquette, turning away from others and covering the mouth with your elbow or tissue


Financial Hardship for Borrowers

We recognize that many of you may be financially impacted by recent events and continue to review and accommodate requests to defer mortgage payments on a case by case basis.  If current circumstances are affecting your ability to meet your loan or mortgage commitments, please give our lenders a call to see what we can do to help.


As the situation evolves so may our response

We request that you check with our website regularly and before visiting a branch for any future changes to hours or service delivery.

Please be assured that Parama is approaching these challenges from a position of strength.  Our balance sheet is strong, and our business remains strong.  We are strongly regulated and have a diversified funding base. Your money is safe with us.

We appreciate your support and your patience, as we implement measures to not only protect our staff, but also to preserve your health and well-being which remains of utmost concern to us.   It is only be working together that we can minimize disruption from current events while ensuring a safe and sensible environment for all.



Tarmo Lõbu

Chief Executive Officer