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| Peoples Group | |
| Industry | Financial services |
| Founded | 1985; 41 years ago (1985) |
| Headquarters | |
Area served | Canada,United States |
Key people | John Landry,CEO |
| AUM | CA$25.4 billion (2023) |
| Parent | Triple Five Group |
| Subsidiaries | Peoples Bank of Canada |
| Website | peoplestrust.com |
Peoples Trust Company,[1]operating asPeoples Group, is a Canadianfinancial services company based inVancouver, British Columbia. Peoples Group operates as atrust company and also maintains a chartered bank subsidiary, Peoples Bank of Canada. It is a subsidiary of the Alberta-based holding companyTriple Five Group and maintains offices in Vancouver, Montreal, Calgary, and Toronto.
Services provided by Peoples Group:
Peoples Group and its subsidiary Peoples Bank of Canada are separately members of theCanada Deposit Insurance Corporation (CDIC).[2] Peoples Group is a member of Canadian Lenders Association and Open Finance Network of Canada.
On May 13, 2019, the 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 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 orMasterCard, Give and Go PrepaidVisa, 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.
"Peoples Group"...means Peoples Trust Company and all of its subsidiaries and business operations