People's Trust Late in mailing Statement | Peoples Trust | Discussion forum
December 12, 2009
Another reason not to trust or use People's Trust Company, arguably the riskiest Canadian trust company with which to park your deposits and, in my opinion, the most likely candidate for default should the right circumstances play out.
Plus, they don't offer online banking, saying it's too costly. That's complete B.S. They don't have branches which is a huge cost savings. It's actually cheaper to offer online banking and provide e-statements than mailing paper statements.
Further, they're in the Canadian subprime mortgage lending business, secured MasterCard business and other seemingly dodgy schemes. I wouldn't touch this institution with a 100' pole. Move to Ally, or if you don't trust them either, then Canadian Direct Financial, a division of Canadian Western Bank.
whats wrong with you? just because they are late mailing out statements, stay away.lol
cdf doesnt offer online transfers?
you always refer to these dodgy schemes, seems like your a scared old man
well, if it's true that people's trust is in the canadian sub-prime mortgage business and/or secured credit business, then that would explain why they are able to offer the highest savings rates. they're high risk/high reward types. if they do go bust, they're cdic-insured, aren't they???
I agree fully!!! Canada had more than 20 Trust Companies in the late 1980s / early 1990s and all were either shut down or purchased by other FIs for their more speculative lending habits.
I had three seperate accounts and while I never lost money — one of my accounts were tied-up for several weeks when the regulator was selling off assets.
My experience with Peoples Trust has been great. I've been receiving my statement for the last 8-9 months between the 5th & 10th of every month. Your deposits to Peoples Trust are protected by CDIC just like CDF and other financial institutions so it is no greater a risk than most others in that regard. They have provided the best interest rate I've received to date consistently for the entire time I've had an account with them.
This is my first time replying to any of the posts on this site. I felt it was necessary to share my personal experience with Peoples Trust.
February 3, 2009
Clare, thank you for spelling Peoples Trust correctly (without apostrophe). We are the only two people here who have spelled it correctly.
Peoples Trust has the unusual practice of printing their return address at the time they print the postage mark. Occasionally, two envelopes are stuck together going through the printing machine, and only one envelope gets printed. The envelope without postage and return address will get mailed undetected, but cannot be returned to sender because the return address was not printed. This happened to one of my statements, and I received it a month late and Canada Post billed me for the postage. (The bill was stapled to the envelope.) I wrote Peoples Trust's return address on the envelope and marked it return to sender for lack of postage. Peoples Trust eventually mailed me the statement properly.
Re: Late Statements, I called and asked a number of months ago. I was told that the reason why some statements are late is because the occasionally include inserts (such as a pamphlet advertising a new service) and they take time to put in. This is consistent with what I have been experiencing.
Hope this helps.
Those Trust companies that disappeared in Canada, with very few exceptions, didn't fail (though the ones that did were protected by CDIC and nobody lost insured deposits) – loosened bank rules allowed the big banks to eat them up and destroy the competitive advantages to protect their business. I'm not going to worry about a deposit to Peoples.
I've maxed out my CDIC limit at Ally – took 100K of their peak 4% five-year GIC last summer and am very happy with it. They let me set it up to automatically pay out interest monthly and auto-transfer to another institution, so I can stay right at the CDIC limit and only ever have one month's interest uninsured, which is very sweet. And they allow telephone service, send paper statements, and let me keep my accounts from internet exposure.
Now I'm wondering what to do with my TFSA – at the moment it's in an ING KickStart, which pays 3% until the end of the year. My first 5K went into a TF-GIC 5-year, but the last two years the short-term rates were higher than the 5-year, so I'm looking to move that $10K plus interest. The only ones offering CDIC-insured 3% are Canadian Direct (web-only) and Peoples, and there's no way in hell I'm ever going to do any banking over the web (I'm a 40-year computer consultant) and while ING, Ally and Peoples offer telephone banking, Canadian Direct doesn't. I think my TFSA will move to Peoples as soon as the KickStart bonus kicks in in January.
ING's been A-1 in treating me since I joined a few months after they came to Canada. Never a fee, and whenever I ask whether there's a fee for some service I haven't used, they confidently say "ING has NO fees, ever." I guess that excludes default penalties, probably.
ING needed cash at the start of the global meltdown in 2008, after needing government support in the home country, and offered 4% 5-years I took a big chunk of. I'm pretty well set for the next two years, but if rates are still in the toilet come late 2012 I'll be looking hard for deals.