Unique to Desjardins members, the rebate is a symbolic amount intended to reward your commitment to your financial cooperative – and this year, the amount of money that might be given to you will probably be even higher than usual!
If you are a Desjardins member, it may very well be that you receive an amount of money from your caisse each spring. This little extra probably makes you smile year following year, but where does it actually come from? Follow the guide to learn more regarding the rebate!
What is the rebate?
As a financial cooperative, Desjardins returns part of its financial surpluses to members who hold products and accounts. Once a year1under certain conditions, the financial institution pays a pre-determined amount into the pockets of eligible members, approximately 97% of its pool.
This advantage aims to thank the members for their involvement in the cooperative: it is called the individual rebate. Individuals and businesses can benefit from it.
Since Desjardins members have a say in the development of their community, the institution makes sure to respond as best as possible to their needs and requests, whether by modifying the conditions making the rebate eligible or by holding general meetings, for example.
Moreover, over the past three years, several changes have been made to the rebate to make it more accessible, more personalized and fairer from one caisse to another.
The calculation of the rebate
How to calculate the individual rebate? There are two components to this, namely the volume rebate and the product rebate.
The volume discount is calculated according to the average balance maintained during the year in each of the product families, according to your premium for insurance products2 and the amount of purchases made with credit cards for the year. A voted rate for each $1,000 is then applied to your amount.
The maximum amount you can receive as an individual rebate for the Product Rebate (individual members) is $50. You just need to have at least one product per family to benefit from it.
Members age 30 and under are eligible if they have at least one product in three of the four families, such as a chequing account, credit card and renters home insurance (or investment).
The dividend given back to the community
The community dividend supports local initiatives that improve the quality of life of communities. Using their Community Development Assistance Fund, the caisses of various communities donate amounts to selected projects to support the socio-economic development of Quebec.
For 2021, $53 million will be donated to numerous projects that will have a concrete impact on their community.
The 2021 rebate will be paid from May 30 to June 10, 2022. Learn more regarding this Desjardins advantage by visiting the financial institution’s website.
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