Unique to Desjardins members, Discount It is a token amount intended to reward your commitment to your financial cooperation – And this year, the amount of money that can be given to you will probably be higher than usual!
If you are a Desjardins member, it is very likely that you receive an amount of money from your fund every spring. That little extra might make you smile year after year, but where does it actually come from? Follow the guide to learn more about the discount!
What is the discount?
As a financial cooperative, Desjardins returns a portion of its financial surplus to members who own products and accounts. once a year1Under certain conditions, the financial institution pays a predetermined amount into the pockets of eligible members, approximately 97% of its total funds.
This feature is intended to thank the members for their participation in the co-op: it is called the individual discount. Individuals and businesses can benefit from it.
Since the members of Desjardins have a say in the development of their community, the Foundation makes sure to respond as much as possible to their needs and requests, whether by adjusting the conditions that make the discount eligible or by holding public meetings, for example.
Moreover, over the past three years, many changes have been made to the discount to make it more accessible, more personalized and fairer from fund to fund.
How do you calculate the individual discount? There are two components to this, namely volume discounting and product discounting.
Volume discount is calculated based on the average balance held during the year in each product category, based on your insurance product premium2 Amount of credit card purchases for the year. The voting rate per $1000 is then applied to your amount.
The maximum amount you can receive as an individual product discount (for individual members) is $50. You only need to have at least one product per household to benefit from.
Members age 30 or younger are eligible if they have at least one product in three of the four families, such as a checking account, credit card, and home (or investment) insurance.
Return to society
The Community Return supports local initiatives that improve the quality of life for communities. Using their Community Development Assistance Fund, various groups of communities donate funds to select projects to support social and economic development in Quebec.
For 2021, $53 million will be donated to various projects that will have a tangible impact on their community.
The 2021 discount will be paid from May 30 to June 10, 2022. Learn more about the Desjardins feature by visiting Financial Institution website.
1 For the fund to pay a discount, there are two conditions:
1) The movement must have the financial capacity to pay dividends.
2) The members of the fund must have decided the discount. It is the members who meet at the annual general meeting who decide to pay dividends and pay a portion of the surplus to the Community Development Assistance Fund, all in accordance with applicable statutory requirements.
2 For businesses, the volume discount applies to Quebec tort insurance only and is not offered to personal general insurance policyholders.
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