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Q. Are my savings accounts well protected at the caisse?
A. 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.
Q. What makes my caisse so secure?
A. 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.
Q. How do I know my caisse is in good financial standing?
A. 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.
Q. Is my caisse registered with the Autorité des marchés financiers?
A. All institutions that solicit or receive deposits from the general public in Quebec
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.
Find out more by visiting the Autorité des marchés financiers site.
Q. Does the Quebec government have any responsibility for protecting my savings?
A. The Quebec 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.
Find out more by visiting the Autorité des marchés financiers site.
Q. What is deposit insurance?
A. All Canadian dollar deposits you make at your caisse are insured up to $100,000, in accordance with the rules and regulations of the Autorité des marchés financiers in Quebec and the Deposit Insurance Corporation in Ontario. If, for example, a registered financial institution becomes insolvent,
the Autorité guarantees depositors reimbursement for deposits made in Canadian funds up to $100,000 per person, interests included.
In addition, some deposits are protected by separate guarantees, as is the case for joint deposits, trust deposits, and deposits held in a registered retirement savings plan (RRSP) or 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.
Find out more about the Fonds de sécurité Desjardins, the Autorité des marchés financiers and the Deposit Insurance Corporation of Ontario.
Q. What happens if there are major problems or losses?
A. 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, is also a member of the
Fonds de sécurité Desjardins. The caisse benefits from additional protection from this structure, which is the only one of its kind in the Quebec financial system.
Find out more about the Fonds de sécurité Desjardins.
Q. Are my savings accounts well protected at the caisse?
A. 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.
Q. What makes my caisse so secure?
A. 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.
Q. How do I know my caisse is in good financial standing?
A. 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.
Q. Is my caisse registered with the Autorité des marchés financiers?
A. All institutions that solicit or receive deposits from the general public in Quebec
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.
Find out more by visiting the Autorité des marchés financiers site.
Q. Does the Quebec government have any responsibility for protecting my savings?
A. The Quebec 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.
Find out more by visiting the Autorité des marchés financiers site.
Q. What is deposit insurance?
A. All Canadian dollar deposits you make at your caisse are insured up to $100,000, in accordance with the rules and regulations of the Autorité des marchés financiers in Quebec and the Deposit Insurance Corporation in Ontario. If, for example, a registered financial institution becomes insolvent,
the Autorité guarantees depositors reimbursement for deposits made in Canadian funds up to $100,000 per person, interests included.
In addition, some deposits are protected by separate guarantees, as is the case for joint deposits, trust deposits, and deposits held in a registered retirement savings plan (RRSP) or 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.
Find out more about the Fonds de sécurité Desjardins, the Autorité des marchés financiers and the Deposit Insurance Corporation of Ontario.
Q. What happens if there are major problems or losses?
A. 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, is also a member of the
Fonds de sécurité Desjardins. The caisse benefits from additional protection from this structure, which is the only one of its kind in the Quebec financial system.
Find out more about the Fonds de sécurité Desjardins.
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