Peoples Group

Peoples Trust Company,[1] operating as Peoples Group, is a Canadian financial services company based in Vancouver, British Columbia. Peoples Group operates as a trust company and also maintains a chartered bank subsidiary, Peoples Bank of Canada. It is a subsidiary of the Alberta-based holding company Triple Five Group and maintains offices in Vancouver, Calgary, and Toronto.

Peoples Trust Company
Peoples Group
IndustryFinancial services
Founded1985 (1985)
Headquarters
Vancouver, British Columbia
Area served
Canada, United States
Key people
Grant MacKenzie, CEO
AUMCA$6.93 billion
ParentTriple Five Group
SubsidiariesPeoples Bank of Canada
Websitepeoplestrust.com

When Peoples Trust opened in 1985, it focused on the origination of residential and multi-family mortgage products, and the provision of short- and long-term guaranteed investment products. It now includes a specialty in care facility and other commercial mortgages, as well as a line of secured and prepaid credit card products.

Services

Services provided by Peoples Trust:

  • Mortgage origination (Multi-Family, Commercial, Construction, and Residential)
  • Mortgage servicing
  • Deposit services (GICs, RRSPs, TFSAs, e-Savings)
  • Secured credit cards
  • Prepaid credit cards

Membership and affiliations

Peoples Group and its subsidiary Peoples Bank of Canada are separately members of the Canada Deposit Insurance Corporation (CDIC).[2]

Class Action Lawsuit

On May 13th 2019 Ontario Superior Court awarded $ 16.8 million (CAD) (including $ 1.5 million in punitive damages) to plaintiffs in a class action lawsuit regarding fees and unused balances the company seized from consumers of its prepaid gift cards[3] between 2012 and 2014. The decision is currently (as of August 2019) under appeal.

References
  1. "Personal Information Protection". Peoples Group. Retrieved 15 December 2020. "Peoples Group"...means Peoples Trust Company and all of its subsidiaries and business operations
  2. "List of Members". Canada Deposit Insurance Company. Retrieved 15 December 2020.
  3. https://sotosclassactions.com/cases/current-cases/prepaid-credit-cards/

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