FAQ - Your deposits are insured

The Canadian dollar deposits you make in each caisse are insured under the terms of the Autorité des marchés financiers (Quebec), up to $100,000 (including interest) per person. Deposits made into a chequing account, RRSP or RRIF are individually guaranteed for the same amount.

In Ontario, Canadian dollar deposits are insured up to $100,000 by the Deposit Insurance Corporation of Ontario.

Each entity applies its own rules.

In Quebec, Desjardins members get additional exclusive protection before they have to appeal to the Autorité des marchés financiers. In fact, each Desjardins caisse is a member of the Fonds de sécurité Desjardins, which ensures that no caisse is insolvable. This organization acts as a financial reserve for caisses, protecting them and their members from the risks inherent in their activities.

Questions and answers about the protection available to Quebec caisse members

1. Are my savings accounts well protected at the caisse?
2. What makes my caisse so secure?
3. How do I know my caisse is in a good financial standing?
4. What happens if there are major problems or losses?
5. What is the role of the Fonds de sécurité Desjardins?
6. Does the Québec government have any responsibility for protecting my savings?
7. Is my caisse registered with the Autorité des marchés financiers?

Are my savings accounts well protected at the caisse?

Stability and dependability are two qualities every financial institution must have. Your caisse is not only secure, but is probably one of the most secure financial institutions in North America or in the world. That is why the major rating agencies give Desjardins Group some of their highest credit ratings.

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What makes my caisse so secure?

First of all, there is the fact that your caisse is a cooperative. As such, it belongs to its members, i.e. to you and all the other members of the caisse. The people that you elect to its Board of Directors are responsible for managing caisse business in the interests of the members. They must apply sound and prudent management practices, and adhere to a set of ethical rules and administrative standards. A part of their work is to see to it that the caisse has all the necessary insurance for fire, theft, fraud and any other possible danger. In addition to the Board of Directors, the General Meeting elects a Board of Supervision which acts on behalf of the members to verify proper application of all rules and standards. Finally, as part of a vast cooperative network, the caisse can rely on the many other Desjardins institutions for support in meeting member needs both competitively and securely.

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How do I know my caisse is in good financial standing?

The law requires the Fédération des caisses Desjardins du Québec to regularly inspect and annually audit the caisses, in order to protect member assets and support the caisse officers in the execution of their functions. This is the responsibility of the Desjardins Bureau for Financial Monitoring and Enforcement, which evaluates whether the caisses are managing their business according to sound and prudent management practices, while respecting the laws, standards and ethical rules in effect. In addition, the Bureau audits the financial standards of the caisses and issues an opinion in accordance with recognized auditing standards.

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What happens if there are major problems or losses?

Each caisse has a reserve that receives a portion of the surplus earnings for each year. The reserve constitutes one form of guarantee for depositors. Also, each caisse, being a member of the Fédération des caisses Desjardins du Québec, benefits from additional protection as a member of the Fonds de sécurité Desjardins as well, a unique structure in the financial system.

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What is the role of the Fonds de sécurité Desjardins?

The Fonds de sécurité Desjardins constitutes a collective reserve for all the caisses affiliated with the Desjardins network. This reserve, in addition to that of each of the caisses, protects the members against the various industry-related risks, ensuring the solvency of each caisse. The Fonds acts as a kind of "caisse life insurance." The Fonds de sécurité was created within the Desjardins network by Desjardins Group to provide medium- and long-term protection against fluctuations in the economic environment. It also illustrates the remarkable tradition for self-discipline, responsibility and caisse unity that has always been the basis for Desjardins' reputation.

The Fonds de sécurité Desjardins also fulfils an active role, taking all measures required to help the caisses fully respect their obligations to members, so that all depositors are assured of the safety of their assets at all times.

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Does the Québec government have any responsibility for protecting my savings?

The Québec government does in fact have this responsibility, which is carried out by the Autorité des marchés financiers. The main purpose of the Autorité is to ensure that financial institutions and other players in the sector follow the appropriate regulations respecting solvency, in accordance with the relevant legal requirements, which are intended to protect the interests of financial services users. The Autorité is also in charge of the deposit protection programme. If a registered financial institution becomes insolvent, for example, the Autorité guarantees depositors reimbursement for deposits made in Canadian funds up to $100,000 per person, interests included.

In Ontario, Canadian dollar deposits insured up to $100,000 by the Deposit Insurance Corporation of Ontario.

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Is my caisse registered with the Autorité des marchés financiers?

All institutions that solicit or receive deposits from the general public in Québec are required to register with the Autorité des marchés financiers. Each of the Desjardins caisses is registered independently. This means that in each of the caisses, deposits are guaranteed for up to $100,000 per person. In other words, if you have guaranteed deposits in several caisses, you are covered for up to $100,000 in each of the caisses.

In addition, some deposits are protected by separate guarantees, as is the case for joint deposits, trust deposits, deposits in a registered retirement savings plan (RRSP) or in a registered retirement income fund (RRIF).

This guarantee does not, however, apply to money invested in mutual funds or other investment vehicles whose value and returns fluctuate depending on market performance, such as stocks, bonds and Treasury Bills, to name a few.

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Member deposits are extremely secure and protected in the caisses. Desjardins Group stands out from the competition in this regard, through its exclusive organization, the Fonds de sécurité Desjardins. Because of their unity as a group, the caisses all share in this exceptional means of support, which assures them greater security and greater autonomy. That's what we mean by Desjardins: A sense of security!

	By phone	Quebec area: 418-835-4483 Elsewhere in Canada: 1-866-835-8444, ext. 4483
	At the caisse	Contact an advisor at a caisse.
	By mail	Fonds de sécurité Desjardins 100, avenue des Commandeurs Levis (Quebec ) G6V 7N5
	By fax	418-837-5304