PEOPLES TRUST CLOSED MY ACCOUNT | Peoples Trust | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
PEOPLES TRUST CLOSED MY ACCOUNT
January 31, 2014
7:55 pm
sf11
Member
Members
Forum Posts: 18
Member Since:
March 28, 2013
sp_UserOfflineSmall Offline

They sent me a letter in December saying I must come in with photo id with a residential address on it because my listed address is po box. All my id is to my po box, so driver license etc have my po box address, so I have no id with another address. I changed my address online to a residential address in December and today I check my online account and it says I have none, I assume they closed it. What does anyone think of this ?

ps I have a po box cuz I don't want anyone knowing where I live and its perfectly legal

January 31, 2014
8:45 pm
SD2013
Member
Banned
Forum Posts: 1151
Member Since:
August 1, 2013
sp_UserOfflineSmall Offline

Sf11, companies have P.O. box addresses so why can't individuals do the same with them.

Peoples Trust Company's 3 to 5 year GIC, RRSP GIC, TFSA GIC rates are very uncompetitive with their 5 year at 2.60% versus others paying for 5 year GIC's, 3.05% like Oaken Financial, Outlook Financial, Maxa Financial, Implicity Financial paying 3.10% for 5 year GIC's and Caisse Financial Group paying 3.25% for 5 year GIC's.

The only thing they have going for them is their 3.00% TFSA savings account rate which is variable and not fixed.

They can cut that 3.00% rate anytime and with current dropping Canada bond yields and the Bank of Canada moving more towards cutting their rate, how much longer can they keep their 3.00% TFSA savings account rate.

If that is the only reason why you have an account open with them then I guess you are out of luck.

It may also be a similar policy with other financial institutions which will make it difficult to open accounts, invest in GIC's etc.

Variable rate savings accounts are not that great for long term financial and investment compounding of ones money.

Ultimately it is your decision to try to reopen your account but our family never opened accounts with them because I don't trust them giving me a 3.00% TFSA rate for years.

It is over a year that they are paying 3.00% in their TFSA savings account and the only way I can see them continuing this is by keeping their 3 to 5 year GIC, RRSP GIC, TFSA GIC rates lower and possibly cutting them by 20 basis points across all terms.

Thanks, from SD2013.sf-cool

January 31, 2014
8:56 pm
sf11
Member
Members
Forum Posts: 18
Member Since:
March 28, 2013
sp_UserOfflineSmall Offline

I know what you are saying, right now it doesn't matter but what if next month peoples trust has the highest interest rate, then im screwed.

January 31, 2014
9:31 pm
SD2013
Member
Banned
Forum Posts: 1151
Member Since:
August 1, 2013
sp_UserOfflineSmall Offline

Sf11, I think the chances of that happening are not that great but stranger things have happened. I think the main reason why they may of changed their policy is because they are a virtual bank.

If you have a birth certificate, passport and some other ID documents plus get a copy of these documents signed by a lawyer or barrister then this may be acceptable.

Thanks, from SD2013.sf-cool

January 31, 2014
9:34 pm
sf11
Member
Members
Forum Posts: 18
Member Since:
March 28, 2013
sp_UserOfflineSmall Offline

yes but I don't have an address listed to those documents , they want a drivers license or carecard with a residential address which I don't have.

January 31, 2014
9:37 pm
SD2013
Member
Banned
Forum Posts: 1151
Member Since:
August 1, 2013
sp_UserOfflineSmall Offline

When you complete your annual income tax return or get it done by someone else, do you have any problems?

If you have no problem there, maybe an income tax return will help you in your case proving who you are.

Thanks, from SD2013.sf-cool

February 1, 2014
9:27 am
AltaRed
BC Interior
Member
Members
Forum Posts: 2922
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

sf11 said

yes but I don't have an address listed to those documents , they want a drivers license or carecard with a residential address which I don't have.

There must be something within the federal regulatory environment, e.g. FINTRAC or similar, that is 'requiriing' financial institutions to require physical addresses of their customers. Many, many people nowdays can use P.O. Boxes with Digital Post et al and a mail forwarding address to 'hide' their out-of-country physical presence. What better way to launder money?

Unfortunately, that hoops resident Canadians who only have PO Boxes for mailing addresses. Relatives of mine ran into that same issue with their financial institution accounts such as online banks and discount brokerages even though their mailing addresses are indeed PO Boxes in a small Alberta town. The only way they could satisfy these institutions was to give them a physical address on the first line of their address and then the P.O Box below it... such as

Mr. John Smith
240 Anywhere St
P.O Box 999
Small town, AB
X0X 0X0

February 1, 2014
9:46 am
SD2013
Member
Banned
Forum Posts: 1151
Member Since:
August 1, 2013
sp_UserOfflineSmall Offline

AltaRed, this is probably what people have to do when filing their annual income tax returns.

I don't know if this is the case but people could do the same thing with any government agencies or departments.

There must be some kind of proof where they can check on them anytime.

They need this verification in Canada because it would be very difficult to impossible to know if that person really lives in Canada or is here on a short term basis or is a made up person, company etc.

Thanks, from SD2013.sf-cool

February 1, 2014
10:51 am
GS1
Member
Members
Forum Posts: 398
Member Since:
February 22, 2013
sp_UserOfflineSmall Offline

sf11 said

[snip]

ps I have a po box cuz I don't want anyone knowing where I live and its perfectly legal

I believe Ontario drivers licenses MUST have a physical address.

GS

February 1, 2014
12:35 pm
sf11
Member
Members
Forum Posts: 18
Member Since:
March 28, 2013
sp_UserOfflineSmall Offline

I did give them a physical address, they want a drivers license listed to that address which I don't have, why cant they just accept the physical address and as of foreign people with po boxes they can do the same thing with an address, they can make up an address , doesn't mean they live here.

February 1, 2014
7:27 pm
Loonie
Member
Members
Forum Posts: 9273
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

Perhaps, if you rent where you live, you could satisfy them with a notarized copy of your lease. I don't think this would work as well with home ownership, as one can own a home without living there.
I guess it depends on how badly you want to bank with them.
I suspect though that this problem will occur again with other financial institutions, as they are all tightening up because of hackers and so on.
It's ironic when you consider that we are about to lose home delivery from Canada Post.
Come to think of it, could you get some document from the Post Office to verify that this is your legitimate mailing address?

February 2, 2014
11:47 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4247
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

SD2013 said

Sf11, companies have P.O. box addresses so why can't individuals do the same with them.

Peoples Trust Company's 3 to 5 year GIC, RRSP GIC, TFSA GIC rates are very uncompetitive with their 5 year at 2.60% versus others paying for 5 year GIC's, 3.05% like Oaken Financial, Outlook Financial, Maxa Financial, Implicity Financial paying 3.10% for 5 year GIC's and Caisse Financial Group paying 3.25% for 5 year GIC's.

The only thing they have going for them is their 3.00% TFSA savings account rate which is variable and not fixed.

They can cut that 3.00% rate anytime and with current dropping Canada bond yields and the Bank of Canada moving more towards cutting their rate, how much longer can they keep their 3.00% TFSA savings account rate.

If that is the only reason why you have an account open with them then I guess you are out of luck.

It may also be a similar policy with other financial institutions which will make it difficult to open accounts, invest in GIC's etc.

Variable rate savings accounts are not that great for long term financial and investment compounding of ones money.

Ultimately it is your decision to try to reopen your account but our family never opened accounts with them because I don't trust them giving me a 3.00% TFSA rate for years.

It is over a year that they are paying 3.00% in their TFSA savings account and the only way I can see them continuing this is by keeping their 3 to 5 year GIC, RRSP GIC, TFSA GIC rates lower and possibly cutting them by 20 basis points across all terms.

Thanks, from SD2013.sf-cool

No offense, SD2013, but all of this was wasted and repetitive information. You don't need to keep repeating general pros & cons of HISAs in response to an account opening/Know Your Customer-type question. I may not be a moderator here, but please, try and at least stay on topic, ok? It'd be appreciated by all forum users. ;)

Cheers,
Doug

February 2, 2014
11:55 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4247
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

They do require residential addresses, that's a mandatory Know Your Customer rule and federal regulatory/legislative requirement. However, I don't believe the driver's license needs to specify the residential address (although most do, at least in B.C. where your P.O. box is listed above your street address in the case of rural addresses). They should have disclosed their requirements to you before pulling your credit bureau. If they didn't, they were negligent and I'd work with them, on the phone and in writing, to get the "remark" removed from your credit bureau. :)

Proof of residential address can be as simple, I believe, as the address on your preprinted cheque. If you don't have one, ask if they'll accept a utility bill or credit card statement. If they won't accept any of that, you don't want to deal with them and neither should anyone on these forums and I would argue would be more than sufficient grounds for their immediate removal from this site's "comparison chart" (i.e., lack of a uniform, non-face-to-face account opening process).

They should only need your CareCard and birth certificate for ID and you have the right to demand they use your P.O. Box as your mailing address, but they do need a residential address. I'd suggest working with them on a case-by-case basis type thing and ask to speak with the supervisor in the first instance. If that fails, ask to speak to the supervisor's manager. If that fails, complain to the Office of the President & CEO and, if that fails, go to the Ombudsman. :)

Cheers,
Doug

February 2, 2014
12:36 pm
sf11
Member
Members
Forum Posts: 18
Member Since:
March 28, 2013
sp_UserOfflineSmall Offline

My address on my drivers license and everything doesn't look like a po box but it is eg its like 34-771 main st , that's looks like a real address and that's what I have on my drivers license care card , everything I have is listed their, you can make up an address and live outside the country , so it doesn't make much of a difference

February 2, 2014
1:49 pm
SD2013
Member
Banned
Forum Posts: 1151
Member Since:
August 1, 2013
sp_UserOfflineSmall Offline

When I am posting something on this forum, it is not only for one person or someone else that may already know this information.

Someone may need this information and we are talking about Peoples Trust which the whole purpose of having an account with them is to earn more interest than their competitors.

If they were paying low savings and GIC rates, many would just stay with their competitors.

Doug, the problem is not proof of residency, it is proof of residency with a photo ID so they can verify that Sf11 is really who he or she says he or she is.

They don't like PO Box addresses because it is not a physical address and can open doors to illegal activity, fraud etc.

Thanks, from SD2013.sf-cool

February 3, 2014
2:43 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4247
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Still, they can't put a "flag" on his credit bureau for wishing to use a P.O. box for his mailing address.

If, as long as you specified as your "residential" address, they should accept your application. You do have the right to use a P.O. box as a separately-listed "mailing" address on your account/profile. If they aren't permitting this and/or is the reason for their "flagging" your credit bureau, you have a legitimate complaint to be escalated to their Customer Service Manager and/or Office of the President & CEO (or higher, to the Ombudsman or even the OBSI, if necessary). I'd recommend working with them to resolve this "offline".

In the interim, this thread has even further swayed me against ever dealing with Peoples Trust Company. :)

Hope that helps,
Doug

February 3, 2014
3:52 pm
GS1
Member
Members
Forum Posts: 398
Member Since:
February 22, 2013
sp_UserOfflineSmall Offline

Doug:

Is there not legislation/regulations that require banks/financial institutions to get to really "know your client" to try to reduce money laundering?

When I first read this thread I figured he was hitting the anti-money laundering regs.

Greg

February 3, 2014
4:43 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 2922
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

It is not clear whether the OP actually talked to PT about this 'dilemma'. If not, he/she should. As an aside, I suspect his/her account is not closed (just not accessible online pending resolution of address).

I agree with Doug that anything like a utility bill, etc. would/should suffice for active residential address. Heck, give them a copy of 5 pieces of ID.... DL, Health Card, utility bills for the residential address, property tax notice for the same address, etc. All PT is likely doing is a little CYA to tick off the box to keep the regulator at bay.

P.S. Where did the reference to 'flag at credit bureau' come from?

February 3, 2014
5:52 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4247
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

GS said

Doug:

Is there not legislation/regulations that require banks/financial institutions to get to really "know your client" to try to reduce money laundering?

When I first read this thread I figured he was hitting the anti-money laundering regs.

Greg

The "Know Your Client" provisions are contained with the Proceeds of Crime and Terrorism Financing Act legislation, as well as various Regulations, namely the Access to Basic Banking and Anti-Money Laundering regulations. So you're right, it seems like Peoples Trust Company is being overly cautious in this case, so much so that, if what the original poster is saying is true, seems to be prohibiting all P.O. boxes for "mailing" addresses. This is not correct business practice.

At a minimum, which is all the "Know Your Client" provisions really state, to be compliant with said provisions under relevant Regulations and federal legislation, a federally-regulated financial institution must collect, in the case of face-to-face verification: two pieces of ID (not necessarily photo, but one must be a "Type A" and the other can be a "Type A" or "Type B") that collectively and in an unexpired format show the person's full legal name, date of birth and signature. The "Type B" ID can be as simple as an employee ID card, provided it bears the person's full name and employee ID and indicates the employer for whom they work, or even a "personal reference" which is someone who deals with the same bank/trust company that the bank/trust company agrees to allow them to "vouch" (orally or written) for someone. Hence, for a parent/guardian and a child, they could open an account with as little as a birth certificate and a personal reference from that parent/guardian. The person must also provide their full residential address and, if different, their mailing address. Finally, they must provide their employment information, which can be "unemployed" or "homemaker", as well as certify their purpose of the account and if they were directed by anyone else to operate the account for that person's benefit (third party determination). It doesn't specifically state any other requirements beyond that. :)

In non-face-to-face verification, such as Peoples Trust Co., the requirements are the same except the ID part. The first piece of ID used is the client's credit bureau record, which remains on file for the time the account remains open, and the second piece of ID is the client's cleared, preprinted cheque drawn in CAD funds on another CAD financial institution that bears the client's signature.

That said, Peoples Trust Co. could be going beyond what is required to "know their client", but they have to be careful as they risk breaching the "Access to Basic Banking Regulations", which provide exact stipulations on when they may refuse to open an account and providing a "P.O. box" for a mailing address (not the residential address) isn't one of them. If they breach those regulations, even once, they could face an "administrative monetary penalty" if the Commissioner of the Financial Consumer Agency of Canada finds that to be the case in an escalated consumer complaint, hence why I'd encourage the original poster to escalate his complaint with Peoples Trust and, if after going to their Ombudsman, threaten to go to the FCAC to seek recourse. In a single instance, that penalty could be anywhere from $10,000 to $50,000. At a minimum, they would be publicly shamed in the form of a written sanction from the Commissioner on FCAC's website. :)

Hope that helps,
Doug

Please write your comments in the forum.