Money Mart

National Money Mart Company
Subsidiary
Industry Financial Services
Founded Edmonton, Alberta, Canada (1982)
Founder Steve Adam
Headquarters Victoria, British Columbia, Canada
Area served
 Canada, United States[1]
Key people
 Steve Adam
Products Payday loans
Tax Preparation
Tax return
Prepaid credit card
Revenue Increase$ 995 million (2012)
Increase $ 480 million (2012)
Total assets Increase $ 1.6 billion (2012)
Owner Lone Star Funds
Number of employees
 6,300
Parent Dollar Financial Group
(1996–present)
Website www.moneymart.ca
Money Mart in Toronto

National Money Mart Company, commonly known as Money Mart, is a Canadian financial services company that provides payday loans, cheque cashing, tax preparation and money transfer services to the underbanked. It was founded in Edmonton, Alberta in 1982, and by 2010 it had 412 stores across Canada with an additional 53 franchised stores.[2] The head office is located in Victoria, British Columbia.

History

National Money Mart Company began as an entrepreneurial venture in 1982 in Edmonton, Alberta. At the time, the company’s founders recognized a growing trend towards convenience in the financial services industry. To fully accommodate this trend, branches were opened in easily accessible locations outside regular business hours. In 1996 the founders sold the business to US based Dollar Financial Group.

Growth for Money Mart has been continuous. By 1994, there were over 100 franchised and corporate branches, and by 2000 Money Mart had over 200 outlets.

Products

Lawsuits

On Dec. 23, 2003, a $515 million Ontario class action lawsuit was started against Money Mart by Margaret Smith of Windsor, Ontario.[3] The action alleges that Dollar Financial and Money Mart caused the plaintiffs to pay interest at a criminal rate contrary to section 347 of the Criminal Code.[4]

The lawsuit was settled on June 5, 2009, with no admission of wrongdoing from Money Mart. Money Mart agreed to pay approximately $120 million in cash, legal fees, debt releases and "transferable transaction credits".[5][6]

In March 2010, Money Mart settled a similar lawsuit in British Columbia — MacKinnon v. National Money Mart — for $24.75 million, consisting of $12.375 million in cash and $12.375 million in vouchers.

References

  1. ↑ "Find a Store". moneymart.com. Retrieved 26 February 2017.
  2. ↑ "Dollar Financial's Canadian unit buys 9 stores". The Associated Press November 10, 2010, 9:57AM ET.
  3. ↑ "Archived copy". Archived from the original on 2012-11-09. Retrieved 2010-12-01. The Edmonton Journal,January 6, 2007
  4. ↑ http://moneymartclassaction.com/documents/431105_ffclaim.pdf.pdf Ontario Superior Court of Justice claim document
  5. ↑ http://moneymartclassaction.com/index.php
  6. ↑ "Why lawyers' fees at centre stage in Money Mart case". The Globe and Mail. April 12, 2011.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.