Peoples Group
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File:Peoples Trust logo.png | |
Industry | Financial services |
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Founded | 1985 |
Headquarters | |
Area served | Canada, United States |
Key people | Grant MacKenzie, CEO |
AUM | CA$6.93 billion |
Website | peoplestrust |
Peoples Trust Company, a division of Peoples Group, is a CDIC-insured trust company based in Vancouver, British Columbia, Canada, and with offices in Vancouver, Calgary, and Toronto. Privately owned, it is part of the Triple Five group of companies.
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 Trust is a member of the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks and other member institutions.
Other memberships and affiliations include:
- Trust Companies Association of Canada
- Canada Mortgage and Housing Corporation Approved Lender
- CHMC Issuer under the Mortgage-Backed Securities
- B.C. Care Providers Association
- Registered Deposit Brokers Association
- Calgary Apartment Association
- Edmonton Apartment Association
- British Columbia Apartment Owners & Managers Association
- Federation of Rental Housing Providers of Ontario
- Ontario Retirement Communities Association
- National Association of Industrial + Office Properties
- Mortgage Professionals Canada
- Mortgage Brokers Association of BC
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[1] between 2012 and 2014. The decision is currently (as of August 2019) under appeal.