Account FAQs

Peoples Trust General Questions

1. Where is Peoples Trust Company Located?

Peoples Trust Company
100-888 Dunsmuir Street
Vancouver, BC V6C 3K4

2. How should I contact the Deposit Services department?

If you need to contact the Deposit Service department, here are a few options:

A. Phone us at 1-800-663-0324 (toll free) or 604-331-3465 during business hours from Monday to Friday 8:00am to 4:30 pm (PST).

B. You can e-mail us at deposits@peoplestrust.com.

C. If you are in the downtown Vancouver area you can visit our retail location at 100-888 Dunsmuir Street between 9am and 4pm

3. Is Peoples Trust a member of the Canada Deposit Insurance Corporation (CDIC)?

Peoples Trust Company is a member of the Canadian Deposit Insurance Corporation (CDIC). All of our products are eligible for coverage up to a maximum $100,000.00 per account holder. For further information contact CDIC at 1-800-461-2342 or www.cdic.ca.

4. Is your website secure?

Our top priority is to provide a safe and secure means of accessing our online services. We respect your concerns regarding confidentiality and integrity and have ensured the appropriate safeguards have been implemented. These include: Encryption – Upon accessing this site, all information that you send to us is transmitted over the Internet in an encrypted fashion preventing outsiders from reviewing the information in transit. We use 256-bit SSL encryption to ensure your data remains confidential and unaltered. Firewalls – We have implemented multiple layers of firewalls to ensure that your data remains inaccessible to outsiders. Once your information has been received by our servers, it is protected by our internal systems and is only allowed to be accessed by internally authorized employees. Monitoring – We continuously monitor the health and operation of our security systems and are prepared to take immediate action if required. Our systems are audited to ensure they conform to the latest industry best practices thus ensuring we have implemented the best available security to protect your information.

5. Where can I view your Terms and Conditions?

Click here to view our Terms and Conditions

6. Where can I view your Privacy Policy?

Click here to view our Privacy Policy

General New Customer/Account Information Questions

1. How do I open a new account?

  • On this site, click on Purchase a Deposit
  • Complete the online application and submit
  • Print the Deposit Confirmation page for your records, a confirmation email will be sent to you as well.
  • Mail your preprinted personal cheque, made payable to yourself, with your deposit confirmation number written on the front to:

Peoples Trust Company
100-888 Dunsmuir Street
Vancouver, BC V6C 3K4

2. I have just opened a new account with Peoples Trust, where should I mail my cheque?

Mail your pre-printed personal cheque (made payable to yourself) to:

Peoples Trust Company
Suite 100
888 Dunsmuir Street
Vancouver, BC
V6C 3K4

In the memo area of the cheque, please record your confirmation number.Please note that we will use this cheque to set up an external link to your financial institution.

3. Why do I need to send a personal pre-printed cheque from my external bank to open my new account?

You must provide us with an encoded, pre-printed personal deposit cheque from your External Account. This cheque allows us to protect the security of your Account and to link your Account with your External Account. The cheque for your External Account must clear to establish this link.

4. Why do you need my Social Insurance Number to open an account?

Peoples Trust Company is required by the Canada Revenue Agency (CRA) to obtain and verify your Social Insurance Number.

5. How long will you hold funds on my new deposit?

Click here for our hold policy.

6. Can my business or other organization open an account at Peoples Trust?

Peoples Trust Company deposit products are available for personal use only at this time.

7. I am not a resident of Canada; can I open an account at Peoples Trust?

Peoples Trust Company deposit products are available for Canadian Residents only at this time.

8. Can I set up an account for my children?

Peoples Trust Company will accept deposits from children who have reached the age of majority in the province in which they reside.

9. How do I change my address?

If you have online banking:

  • Log into your online banking
  • Click on My Profile
  • Select Change Address
  • Fill out form and submit

If you do not have online banking please send us a written notice, including your name, account numbers, and new address, by email to deposits@peoplestrust.com or by mail to:

Peoples Trust Company
Suite 100
888 Dunsmuir Street
Vancouver, BC
V6C 3K4

10. How do I close an account?

To close an account Peoples Trust requires written notice, sent by email to deposits@peoplestrust.comor by mail to:

Peoples Trust Company
Suite 100
888 Dunsmuir Street
Vancouver, BC
V6C 3K4

11. How do I add/delete external banking information?

You will need to provide us with a void cheque to add additional external links to your financial institutions. We will use your initial cheque when you open your account to establish an external link. If you want to delete external banking information; this can be done by logging into your online account and deleting the link.

Guaranteed Investment Certificate Questions

1. How do I open a GIC account at Peoples Trust?

• On this site, click on Purchase a Deposit
• Select GIC and choose a term using the drop down menu
• Complete the online application and submit
• Print the Deposit Confirmation page for your records, a confirmation email will be sent to you as well.
• Mail your preprinted personal cheque, made payable to yourself, with your deposit confirmation number written on the front to:

Peoples Trust Company
Suite 100
888 Dunsmuir Street
Vancouver, BC
V6C 3K4

2. What is the minimum deposit?
Minimum deposit for GICs is $1,000.00.

3. What happens to my GIC at maturity?
If instructions for the maturing GIC are not received by 2:00 PM on the date of maturity the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal you will have 10 business days to either cancel the transaction or change the term of your account.

4. What are the current GIC rates?
Click here to view our current rates

5. What happens if I need the funds from my GIC prior to maturity?
Our GIC’s are not redeemable prior to maturity. If you think you will require funds prior to the maturity date, you may want to take advantage of our high interest Peoples Choice e-Savings account.

Registered Retirement Savings Plan Questions

1. How do I open a RRSP account at Peoples Trust?

• On this site, click on Purchase a Deposit
• Select RRSP and choose a term using the drop down menu
• Complete the online application and submit
• If the payment method selected is “Transfer existing RRSP from another institution”, please print the Transfer Authorization form. Mail the completed form, along with a statement copy of the existing RRSP, to the address listed below.
• If the payment method selected is “Preprinted Personal Cheque”, please mail your cheque, made payable to yourself, with your deposit confirmation number written on the front to:

Peoples Trust Company
Suite 100
888 Dunsmuir Street
Vancouver, BC
V6C 3K4

• Print the Deposit Confirmation page for your records, a confirmation email will be sent to you as well.

2. Who qualifies to invest in an RRSP?
All taxpayers with earned or eligible income can invest in RRSPs in their own name at any age up to the end of the year in which they reach age 71. This includes self employed persons as well as employees and certain non-residents taxable in Canada.

3. What is my contribution limit?
Click here for CRA’s contribution limit chart.

For more information on contributions limits and other RRSP topics, visit the Canada Revenue Agency’s web-site at www.cra-arc.gc.ca

4. Can I contribute to my spouse’s RRSP?
Yes, however the contribution cannot be more than your RRSP deduction limit for the year.

5. What happens if I over contribute to my RRSP?
Generally you have over-contributed if your unused contributions are more than your RRSP deduction limit on your Notice of Assessment or Notice of Reassessment plus $2,000.00. Revenue Canada will charge you a penalty of 1% per month on the over-contribution amount until it is removed from the plan.

6. What is the RRSP contribution deadline?
Contributions must be made in the taxation year or within 60 days after the end of the year. Contributions made after the first 60 days of the year may be deducted only from that year’s income.

7. Can I withdraw from my RRSP?
If at the maturity date of the RRSP, you wish to withdraw a portion or the entire plan, you will be subject to a withholding tax as outlined by Revenue Canada Taxation.

8. What is withholding tax?
When funds are withdrawn from an RRSP, the annuitant is subject to a withholding tax as outlined by Revenue Canada Taxation. The higher the amount withdrawn the higher the tax withheld.
See below for withholding tax rates:

Amount Federal Tax*
Up to $5,000.00 10%
$5,000.00 to$15,000.00 20%
Above $15000.00 30%

*for all provinces excluding Quebec

9. How can I transfer my existing RRSP’s to Peoples Trust?
RRSP’S can be transferred from one institution to another by completing a Transfer Authorization Form (this now replaces the former Revenue Canada T2033 transfer request). For further information please contact Peoples Trust at 1-800-663-0324 (toll-free line) or 1-604-331-3465calls within B.C.) or email us at deposits@peoplestrust.com.

10. What is the Homebuyer’s plan?
The Home Buyers Plan enables individuals who have not owned a home in any of the past 5 years to withdraw funds from their RRSP to purchase or build a home. The maximum amount that can be withdrawn is $20,000 and the funds must have been in the RRSP account for a minimum of 90 days. For more information, visit the Canada Revenue Agency web site.

11. What is the minimum deposit?
The minimum deposit for an RRSP GIC is $1,000.00.

12. What happens to my RRSP at maturity?
If instructions for the maturing RRSP are not received by 2:00 PM on the date of maturity the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date.

13. What are the current RRSP rates?
Click here to view current rates

14. Do you charges RRSP transfer fees?
Peoples Trust Company does not charge any fee to transfer RRSP’s to or from another Financial Institution.

15. Is my RRSP covered by CDIC?
CDIC provides separate protection for deposits held in registered retirement savings plans. By law, the maximum basic protection for eligible deposits is $100,000.00 per depositor (principal and interest combined) in each member institution. Deposits are not insured separately in each branch office of a member institution.
For further information contact CDIC at 1-800-461-2342 or visit their website Copies of the brochures “Protecting Your Deposits” or “CDIC Membership” are located on our sites.

Tax-Free Savings Account Questions

1. How do I open a TFSA at Peoples Trust?

• On this site, click on Purchase a Deposit
• Select Tax Free Savings Account or select Tax Free Savings Guaranteed Investment Certificate and choose a term using the drop down menu
• Complete the online application and submit
• If the payment method selected is “Transfer existing TFSA from another institution”, please print the Direct Transfer Form. Mail the completed form, along with a statement copy of the existing TFSA, to the address listed below.
• If the payment method selected is “Preprinted Personal Cheque”, please mail your cheque, made payable to yourself, with your deposit confirmation number written on the front to:

Peoples Trust Company
Suite 100
888 Dunsmuir Street
Vancouver, BC
V6C 3K4

• Print the Deposit Confirmation page for your records, a confirmation email will be sent to you as well.

2. What is a Tax Free Savings Account?
The Tax-Free Savings Account (TFSA) allows Canadians to save tax-free throughout their lifetime. Each calendar year you can contribute up to $5,500 and enjoy the benefit of not being taxed on any interest earned.

For further information visit the Canada Revenue Agency website www.cra-arc.gc.ca

3. Who qualifies to invest in a TFSA?
An Individual who is 18 years of age or older and who has a valid Social Insurance Number is eligible to open a TFSA.

4. What types of TFSA products do you offer?
Peoples Trust Company offers a variable Tax Free Savings account as well as 1-5 year non redeemable TFSA GIC’s .

5. What is the contribution limit for a TFSA?
The TFSA contribution limit for a given year includes:

• Your annual contribution limit (currently $5,500.00 per year)
• Any unused contribution room from previous years
• Any withdrawals made from your TFSA in the previous year

Peoples Trust does not monitor your contribution limits and it is each individual’s responsibility to keep track of their contribution limits. Please note that your contribution limit applies to all financial institutions. For more information regarding your personal contribution limits check with Canada Revenue Agency www.cra-arc.gc.ca

6. Can I withdraw from my TFSA?
An individual is allowed to make withdrawals from their TFSA, however all withdrawals made in the current year cannot be replaced until the following calendar year.

7. How can I transfer my existing TFSA to Peoples Trust?
TFSA’s can be transferred from one institution to another by completing a Direct Transfer Form. Please refer to “How do I open a TFSA at Peoples Trust” question. For further information please contact Peoples Trust at 1-800-663-0324 (toll-free line) or 1-604-331-3465 (calls within B.C.) or email us at deposits@peoplestrust.com.

8. What is the minimum deposit?
The initial minimum deposit into a TFSA is $1,000.

9. What are the current TFSA rates?
Click here to view current rates

10. What is the difference between a Successor Holder and a Beneficiary?
A Successor Holder must be your spouse or common-law partner and they will take over your account in the event of your death. The TFSA will be transferred to their name.
A Beneficiary can be any individual, including your spouse or your estate. When your TFSA has a beneficiary, in the event of your death the funds are paid to the beneficiary outside of the TFSA.

11. Do you charge TFSA transfer fees?
Peoples Trust Company does not charge any fee to transfer TFSA’s to or from another Financial Institution.

12. Is my TFSA covered by CDIC?
CDIC provides separate protection for deposits held in tax free savings accounts. By law, the maximum basic protection for eligible deposits is $100,000.00 per depositor (principal and interest combined) in each member institution. Deposits are not insured separately in each branch office of a member institution.
For further information contact CDIC at 1-800-461-2342 or visit their website Copies of the brochures “Protecting Your Deposits” or “CDIC Membership” are located on our sites.

Peoples Choice e-Savings Account Questions

1. How do I open a Peoples Choice e-Savings account at Peoples Trust?

• On this site, click on Purchase a Deposit
• Complete the online application and submit
• Print the Deposit Confirmation page for your records, a confirmation email will be sent to you as well.
• Mail your preprinted personal cheque, made payable to yourself, with your deposit confirmation number written on the front to:

Peoples Trust Company
Suite 100
888 Dunsmuir Street
Vancouver, BC
V6C 3K4

2. How do I deposit funds into my Peoples Choice e-Savings account?
Funds can be deposited into your account by electronic transfer of funds from your externally linked account or by mailing us a cheque.

3. What is the minimum deposit?
There is no minimum deposit for the Peoples Choice e-Savings account.

4. Can I pay bills from this account?
No, we do not allow bill payments at this time.

5. How do I access funds from this account?
In order to access your funds from your account you can initiate an electronic transfer of funds to your externally linked financial institution.

6. What are the fees on my account?
Peoples Trust does not charge any fees for the Peoples Choice e-Savings Account.

7. Will the interest rate change?
The interest rate on the Peoples Choice e-Savings account is variable and subject to change. The interest is calculated daily and paid monthly.

8. Can I transfer funds to more than one external financial institution?
One of the features of our online banking system is the ability to have multiple externally linked financial institutions. You will need to provide us with a VOID cheque for each account that you would like to add.

Statement Questions

1. How often will I receive a statement?
Statements will be available for all your products held in the online banking platform on a monthly basis.

2. How do I view my statement online?
To view your e-statements online, log into your online account and select the e-Statement button. Then select “Click here to download your statement”, you then can select and open the statement you would like to view.

3. Can I download my statement into Personal Financial Management Software?
Yes, you are able to download account activity to a number of Personal Financial Management Software programs including Quicken, Quickbooks, Microsoft Money and Simply Accounting. You are also able to download to a Comma Delimited or PDF file.

To do this, go to Account Activity, indicate the accounts you wish to download and the date range then select Advanced Options where you will select what types of transactions you want to download and the format.

4. How do I dispute a transaction on my statement?
You are required to notify Peoples Trust of any errors or omissions in this statement within 30 days of the statement date. If no errors are reported within this timeframe, the statement will be considered correct. If you have any questions regarding your statement, contact us at 604-331-3465 or 1-800-663-0324 or email us at deposits@peoplestrust.com.

Tax Documentation Information Questions

1. Will I receive a tax receipt for funds credited to my RRSP?
RRSP tax receipts are issued for new contributions and TD2 transfers. Tax receipts for the current year will be mailed to clients by February 28th of the following year. Tax receipts including the first 60 days of the following year will be mailed to clients by March 15th of that year.

2. I have a joint account, why is only one Social Insurance number is listed on the T-5?
The T-5 form supplied by the Canada Revenue Agency (CRA) provides space for the primary owner; however the interest earned can be reported by any of the registered owners. For further information check with CRA www.cra.gc.ca

3. I have misplaced my tax documentation, can a duplicate be sent?
If you require a duplicate of any tax document we produce please contact us during regular business hours at 604-331-3465 or 1-800-663-0324 or email us at deposits@peoplestrust.com.

Online Banking Questions

1. How do I set up my online banking?
After we have set up your account we will mail you a welcome letter that will walk you through the online activation procedure.

• Go to our website www.peoplestrust.com
• Click Account Login>Online Banking
• Enter your new customer number
• Your password is the last 5 digits of your SIN
• Follow the prompts
• Note: Your new passwords must be 5-8 characters in length

2. Why am I being asked to set up Added Security Features when I log in?
Increased Authentication provides an additional layer of security to the login process. This feature requires you to select a personal image and three challenge questions. When you log into online banking, you will have to answer a challenge question. You will then view your personal image and enter your Password. Do not enter your Password if the wrong image is shown as this could indicate a security issue. Contact your financial institution if this happens.

3. What do I do if I forget my online password?
If you have forgotten your online password please contact us during regular business (Monday to Friday 8:00am to 4:30 pm PST) hours at 604-331-3465 or 1-800-663-0324.

4. What do I do if I forget my security questions?
If you have forgotten your security questions please contact us during regular business (Monday to Friday 8:00am to 4:30 pm PST) hours at 604-331-3465 or 1-800-663-0324

5. What can I do with my online account?
• Check your current balances
• Transfer funds internally
• Transfer funds to external financial institutions
• View your transactions
• View your statements online
• Download activity to your accounting software

6. Are there fees for online banking?
Peoples Trust does not charge any fees for online banking.

7. Can I set up scheduled and recurring transfers?
Scheduled and recurring transfers can set up easily by logging in to your online account and selecting the Transfer button. Simply specify the date range and the frequency of the transfer. You also will have the ability to review all your transfers online.

8. Can I transfer funds to another Financial Institution?
Transfers can be made to and from your other Financial Institutions. First we need you to provide us with a Void cheque to establish a link to your other bank accounts and then you can log in to your online account and transfers funds at any time. Select the transfer button and complete the transfer information required.

GICs
Learn more about our GIC accounts.

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Savings
Learn more about our Savings accounts.

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