Detailed information
About company
Desjardins Group is a Canadian cooperative financial group headquartered in Lévis, Quebec. Established in 1900 by Alphonse and Dorimène Desjardins, it is now the largest federation of credit unions in North America with $397.1 billion in total assets.
Desjardins operates in Quebec and Ontario primarily, providing both personal and business products and services through 215 caisses, 782 points of service, and 75 Desjardins Business Centers. Desjardins Group serves 7.5 million clients and members.
Features
Desjardins Group has many business units in its structure.
Fédération des caisses Desjardins du Québec is a subsidiary of Desjardins Group that supports Desjardins caisses in Quebec by providing them with technical, financial, and administrative services. Fédération des caisses Desjardins du Québec is also responsible for risk management and capital management for Desjardins Group. Desjardins® and Desjardins Insurance TM and other related trademarks are belong to the Fédération des caisses Desjardins du Québec. They are used under licence by DFS Life Insurance.
Desjardins Insurance refers to the two subsidiaries:
Desjardins Financial Security providing life, health, and retirement insurance
Desjardins General Insurance providing car, home, and business insurance
Desjardins Securities Inc. (also known under the "Desjardins Online Brokerage" trade name), another part of Desjardins Group, is a member of the Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organization of Canada (IIROC).
Desjardins Financial Security Investments Inc, a Desjardins Group subsidiary, is a member of the Mutual Fund Dealers Association of Canada.
The largest ATM network in Quebec makes Desjardins beneficial for members and clients.
Pros and cons
Let’s outline the key benefits of Desjardins:
A wide range of banking, lending, investment, and insurance products and services
Convenient website menu allowing for products search
A lot of locations in Quebec and Ontario
No fees for most savings accounts
A large ATM network
Access to online, mobile, and telephone banking services
An option to file an insurance claim online
An opportunity for you as a member to vote and earn annual dividends
Additional benefits and discounts on financial products and services for members
Financial support for the community
Support for environment-friendly projects
Still, there are certain drawbacks to keep in mind:
Annual fees for chequing accounts
Limited geographic availability of Desjardins products and services
Products
For individuals, there is a range of banking products at Desjardins:
Bank accounts, including chequing accounts with monthly fee waiver options, no-fee savings accounts with up to 1.30% interest rates, interest-bearing accounts for youth and students with unlimited transactions included, and interest-bearing accounts in U.S. dollars with monthly fee waiver options
Credit cards with a variety of advantages and options like a low rate, a zero annual fee, cash back, and travel benefits
Loans, including personal loans for any financing needs, auto loans available through dealerships and at a caisse, and RRSP loans to help you optimize your RRSP contributions
Lines of credit providing access to a pre-approved amount, including unsecured personal lines of credit, borrowing against your home equity value, and solutions for students and investors
Investment products, including guaranteed fixed-rate investments allowing to earn up to 4.00% interest, market-linked guaranteed investments providing returns based on market performance, and guaranteed investment funds protecting deposits from market downturns and providing growth potential in case of the upturns
Specific investment products like Federation capital shares with no guaranteed return and responsible annuities providing a guaranteed regular income while contributing to a more sustainable world
Registered tax-sheltered plans, including RRSPs, TFSAs, and RESPs
Insurance products offered through subsidiaries operating under the Desjardins Insurance TM, including damage, life, health, disability, credit, and travel insurance, with an option to make a claim online
Business products offered by Desjardins are:
Bank accounts, including chequing accounts in Canadian dollars, interest-bearing savings accounts available in both Canadian and U.S. dollars, AgriInvest accounts in Canadian dollars for agricultural business owners, and business treasury accounts with a minimum deposit or withdrawal of $1,000,000
Business credit cards with up to 19.4% interest rates and benefits like cash back and travel insurance coverages included
Short-term financing solutions like lines of credit and bridge financing to finance your accounts receivable and meet temporary cash flow needs, plus card dealership financing options
Long-term financing options granted in the form of a term loan or line of credit
Real estate financing solutions for commercial or residential real estate projects implementation
Agricultural loans and financing for farm businesses at any growth stage
Insurance products including damage insurance, travel insurance, life and health insurance, and credit insurance
Employer solutions including payroll, HR management, and time and attendance management systems
Services
Desjardins services for individuals include:
Loan portfolio management services designed to help you retain better control of your credit, save on interest, and repay your loans faster
Brokerage services including full-service brokerage provided by Desjardins Securities and access to Desjardins Online Brokerage platform for self-directed investors
Wealth management services providing personalized guidance on how to achieve your financial goals
Business owners can reach out to Desjardins for the following services:
Solidarity-based financing solutions provided in partnership with community organizations for business owners who don't have access to traditional financing
Access to the Créavenir program designed to help business owners aged 18 to 35 who can't get financing
Access to investment and venture capital and personalized financing tailored to your specific business needs (when traditional financing isn’t enough)
Brokerage services including full-service brokerage provided by Desjardins Securities and access to Desjardins Online Brokerage platform for self-directed investors
Asset management solutions aimed to help your business assets grow plus personalized investment guidance
Solutions for merchants provided in partnership with Global Payments designed to simplify receiving payments from your customers
International services for companies operating in foreign markets, including international payments and cash management, import and export solutions, international business financing, and foreign exchange services
Group plans insurance and retirement savings plans from Desjardins Insurance designed to support the health and well-being of your team and improve employee loyalty
Trust services providing personalized guidance on how to protect and manage your wealth.
