Abbreviations on statements for GICs from head office

Hello everyone and Happy Friday!

I had a conversation with a client yesteday about Desjardins new statements since we switched over to the new system and he reminded me about something that you are seeing on those statements. For whatever reason, head office is abbreviating GIC company names and I would guess that some of you, if not many of you, are having difficulty deciphering those abbreviations. I have sent a request to our head office to stop doing that on the quarterly statements however I can't promise how soon it will stop.

So in the meantime, here is a list of abbreviations for those GIC companies:

B2B - B2B Bank

BWB - Bridgewater Bank

CWB - Canadian Western Bank

DUCA - DUCA Financial

EQT - Equitable Bank

GB or GNC - General Bank of Canada

HCU - Access Credit Union

HOC - Home Trust Company

HOK - Home Bank

LAU - Laurentian Bank

MTM - MCAN Mortgage Company

NIV - Niverviller Credit Union

PAW - Pacific and Western Bank which is actually now VersaBank

PHT - Peace Hills Trust

If you see any other abbreviations on your statements, please reach out to us and we can help. As I see more I will update this blog. Be well and have a great weekend.

~ Dawn