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.