Peoples Trust
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.
 | |
| Industry | Financial services |
|---|---|
| Founded | 1985 |
| Headquarters | |
Area served | Canada, United States |
Key people | Grant MacKenzie, CEO |
| AUM | CA$6.93 billion |
| Website | peoplestrust |
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.