This article has multiple issues. Please help to improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages) This article relies too much on references to primary sources. Please improve this by adding secondary or tertiary sources. (June 2013) (Learn how and when to remove this template message) The topic of this article may not meet Wikipedia's notability guidelines for companies and organizations. Please help to demonstrate the notability of the topic by citing reliable secondary sources that are independent of the topic and provide significant coverage of it beyond a mere trivial mention. If notability cannot be shown, the article is likely to be merged, redirected, or deleted.Find sources: "Peoples Group" – news · newspapers · books · scholar · JSTOR (June 2013) (Learn how and when to remove this template message) (Learn how and when to remove this template message)
Peoples Trust Company
Peoples Group
IndustryFinancial services
Founded1985; 36 years ago (1985)
Headquarters
Area served
Canada, United States
Key people
Grant MacKenzie, CEO
AUMCA$16.3 billion
ParentTriple Five Group
SubsidiariesPeoples Bank of Canada
Websitepeoplestrust.com

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.

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:

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 settlement was approved by a judge in September of 2020 and all eligible Ontarians are able to make a claim. The lawsuit covers activities until 2014 but the company continued to issue cards and collect fees that saw the card face value decrease progressively as Peoples Group continued to deduct monthly 'service' fees. So a user who bought a $100 card and didn't use it, would eventually see the balance decrease to $0. [4]

Impacted cards as part of the lawsuit included: Vanilla Prepaid Visa or MasterCard, Give and Go Prepaid Visa, House Points, The Ideal Choice/Online Payment Card MasterCard, Shell Non-Reloadable MasterCard. Along with reloadable prepaid cards under the product names of: Nextwave Titanium+ Prepaid Visa, EPIC Prepaid MasterCard, Evolve Prepaid Visa, HorizonPlus Prepaid MasterCard, PTC Company US Dollar Prepaid MasterCard, Shell Prepaid Reloadable MasterCard and YesCard Prepaid Visa.

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. ^ "Prepaid Credit Cards Class Action".
  4. ^ "You could be owed more than $100 as part of a class action gift card lawsuit in Ontario".