Recognizing and preventing financial abuse

1 min 41 s

Always keep an eye on your accounts and investments, even if a loved one is authorized to manage your finances. You’re responsible for all transactions, including those made by your mandatary. Remember that you can request to rescind the power of attorney or change your mandatary.

Added on June 1, 2021 | Personal

Note: The information in brackets describes the audio and visual content of the video that is not dialogue or narration.

[Background music and inaudible dialogue]

[On-screen text: Simon's advice]

[Sylvie, a 70-year-old woman, is tending to her many plants with a spray bottle in hand. She's also talking on a video call with her tablet on the table in front of her.]

Sylvie: […] a misunderstanding with her son. She signed over power of attorney to him since she's not as healthy as she used to be. You know, to do her errands and maintain her cottage. You should see the cottage! A real gem! Well, her caisse called her—said that there were transfers to her attorney's account … But my cousin didn't know anything about it! At the caisse, they figured out that her son had paid his own credit card but with her money.

[Sylvie sighs.]

Sylvie: She wants his help, but she also wants to know what's going on with her money!

[Sylvie looks at her tablet. Simon, who is wearing a Desjardins pin on his jacket and a headset, is on the screen. He's Sylvie's Desjardins advisor.]

Simon: Yes, and that's her responsibility! That's why, even if you've signed a power of attorney, it's important to check every transaction made in your account or investments. Payment dates, renewals—everything.

[The camera now focuses on Simon, who is sitting in his office in front of his computer. He continues talking.]

Simon: Your cousin is the account holder and is therefore responsible for every transaction, including transactions completed by her attorney. The caisse keeps an eye on things, but sometimes it's hard to know whether or not the account holder has authorized a transaction. Your cousin needs to talk to her son and clearly tell him what is allowed in her account and what's not. She can always talk to her advisor at the caisse, you know. And if there is a problem, your cousin or the caisse could remove the power of attorney, and your cousin could appoint someone else she trusts.

Sylvie: Absolutely!

[The camera focuses on Simon's screen. Sylvie is on the screen. She continues talking.]

Sylvie: But I'm sure it's a misunderstanding … Now my cousin has to watch her accounts, just like she would watch over her cottage!

[Simon and Sylvie both laugh. The camera focuses on Simon sitting in his chair. He continues talking.]

Simon: OK Sylvie, for your investment, you wanted to ask me what would be best …

[The end of the sentence is inaudible.]

[Background music]

[On-screen text: Desjardins logo]

End of transcript 

2 min 06 s

Your money is yours, so it's up to you whether you want to help a loved one. Don't let anyone pressure you into giving or lending them money. If you do decide to loan money, be sure to draft an agreement to avoid misunderstandings.

Added on June 1, 2021 | Personal

Note: The information in brackets describes the audio and visual content of the video that is not dialogue or narration.

[Background music and inaudible dialogue]

[On-screen text: Simon's advice]

[Sylvie, a 70-year-old woman, is sitting on the couch in her living room with a cup of tea, folding laundry. She's also talking on a video call with her laptop on the coffee table.]

Sylvie: […] It's crazy how much you love your grandchildren … My daughter is beautiful with her little belly! Of course, with the family growing, my daughter is finding her home small. They're even looking for a bigger one, but it's not cheap! She wants help with the down payment—$20,000! My husband and I have money set aside, but it's more for emergencies. If something happens, we'll be in trouble!

[Sylvie sighs.]

Sylvie: And we wonder when they're going to be able to pay us back, and even if they're going to pay us back. A small family costs a lot of money. When I told her that, she got a little angry. I hadn't seen her like that in a long time. She told me that she wants the best for her children, that they need to have space to play, each have their own room—that she wants to be closer to us so that we can see them often. Then she told me that if we don't help them, it's because we don't really want to see our grandchildren, and that …

[Simon interrupts her.]

[Sylvie looks at her laptop. Simon, who is wearing a Desjardins pin on his jacket and a headset, is on the screen. He's Sylvie's Desjardins advisor.]

Simon: Sylvie, if I may, I'll stop you there. I perfectly understand how you feel, but it's your money, you're the one who manages it. You decide whether or not to help a loved one. And that doesn't take anything away from your love for that person.

[The camera now focuses on Simon, who is sitting in his office in front of his computer.]

Simon: It's not easy to avoid misunderstandings. If you decide to help your daughter, a cheque or money transfer leaves a trail and is better than cash for keeping track of your affairs and avoiding misunderstandings. And a very detailed written agreement, with the amount of the loan and the repayment terms, proves that it's a loan and not a gift. Just in case! Of course, it's your choice. But if you do decide to do it, I'm here to support you. We'll take every precaution to help your daughter while respecting your limits.

[The camera focuses on Sylvie, who is on Simon's screen, holding a baby onesie in her hands. She looks relieved.]

Sylvie: I think we'll find a way to help them without getting ourselves into trouble.

[The camera focuses on Simon sitting in his office in front of his computer. Sylvie continues talking.]

Sylvie: Because I don't think my daughter and son-in-law would be happy to have us as full-time roommates!

[Sylvie and Simon both laugh.]

Simon: If we go back to your grandchildren's education savings, we had said that …

[The end of the sentence is inaudible.]

[Background music]

[On-screen text: Desjardins logo]

End of transcript

1 min 58 s

Take extra care if you meet someone online. Scam artists use strategies to charm, manipulate and persuade people to send them money. If you have doubts, talk to someone you trust.

Added on June 1, 2021 | Personal

Note: The information in brackets describes the audio and visual content of the video that is not dialogue or narration.

[Background music and inaudible dialogue]

[On-screen text: Simon's advice]

[[Sylvie, a 70-year-old woman, is busily repotting her seedlings on a table outside. She's also talking on a video call with her laptop on the table.]

Sylvie: […] but about this story in the news—Jocelyne, I think. Yes, Jocelyne! Her husband left her 3 months after she took her retirement. That does happen. Her son put her on a dating site. Because this lady, she hoped to find a boyfriend on the site. She met a man, younger than her. He sent her his picture. He was working outside the country. That can also happen. But he quickly started asking her for money. He was stuck at customs, he was robbed on the subway—he had all kinds of problems. All urgent too! I don't know how much money she sent him before she realized it was a scam! Poor woman … At first, she was so embarrassed, she didn't even want to report it …

[Sylvie looks at her laptop. Simon, who is wearing a Desjardins pin on his jacket and a headset, is on the screen. He's Sylvie's Desjardins advisor.]

Simon: Online dating is becoming more common and easier. But unfortunately, sometimes scammers try to take advantage of people to get money from them, while at the same time making them think they have an emotional relationship.

[The camera focuses on Simon, who is sitting in his office in front of his computer.]

Simon: When you're a victim, you have to talk about it and report the scam to the caisse or the police. There's no need to be embarrassed. On the contrary, it can help a lot of people! It's always best to be wary of requests for money, especially in online dating, when things are rapidly evolving into an emotional relationship. And especially when the person is insistently and urgently asking for money. In our regular lives, we would never give a large amount of money to a person we've never met. We would tell them to go to their loved ones or to their financial institution. But scammers can be very persuasive and can cause us to make bad decisions. But as I've always told you, a caisse advisor is there and can help, confidentially.

[The camera focuses on Sylvie, who is on Simon's screen.]

[Sylvie and Simon both laugh. The camera focuses on Simon sitting in his office. He continues talking.]

Simon: OK so Sylvie, for your transfer, I'll go and see but …

[The end of the sentence is inaudible.] 

[Background music]

[On-screen image: Desjardins logo]

End of transcript