The Desjardines Group will have to repay Rs.5.5.5 million to members who unnecessarily paid insurance premiums by repaying their student loans to a financial institution.
Option Consumers announced on Saturday that it had entered into an agreement with the Cooperative Movement to repay all of these fees that were automatically collected between August 2, 2014 and March 31, 2021.
The deal, which was reached after class action against Deszardins, will be submitted to court on May 13. If approved, Dessardins would owe $ 9.5 million to those who paid for the additional premiums, Option Consumers said.
“Option Consumers are satisfied with this deal with Deszardins […]. It is important to confirm the consent of the people concerned before paying for insurance, ”Sylvie de Bellefueil, a lawyer and legal adviser at Option Consometers, commented in a press release.
In an email sent to the QMI agency on Saturday, Deszardins reaffirmed its commitment to reimburse customers if the agreement between the financial institution and the option consumer is approved by the Superior Court. In this case, the accounting firm Ernst & Young is responsible for processing the refunds.
In order to be eligible for repayment, the persons concerned must obtain a student loan from the Desjardins guaranteed by the Quebec government. In addition, the terms of the loan repayment should not be changed after August 2, 2014.
You should not even claim under automatically billed insurance.
Option Consumers clarified that a request for reimbursement does not necessarily cancel the insurance premium. It is charged on student loan repayment.
To cancel this, you must contact Desjardins directly.
The company did not disclose the number of Desjardins clients affected.