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. The head office is located in Victoria, British Columbia.
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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.
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Products
- Cheque Cashing
- Payday Loans
- Installment Loans
- Preparing Tax Returns
- Prepaid MasterCard
- Western Union
- Currency Exchange
- Gold and Pawn
- Mailboxes (at select locations)
Lawsuits
On Dec. 23, 2003, a $515 million Ontario class action lawsuit was started against Money Mart by Margaret Smith of Windsor, Ontario. 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.
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".
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
Source of article : Wikipedia
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