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reglementdesjardins com How to Claim Your Compensation

Desjardins, the largest cooperative financial institution in Canada, has made headlines in recent years due to the data breach that affected millions of its clients. The institution had to pay millions in compensation to its clients, and as of April 20th, 2023, there is still time for clients to claim additional compensation for the "loss of time" related to the incident.

To claim this compensation, clients simply need to visit the website. The process takes only a few minutes and can lead to a maximum compensation of $90 based on an hourly rate of $18. This compensation is separate from the compensation that is part of Desjardins' "Protection Plan," which offers reimbursements of up to $50,000 for expenses related to identity restoration and complete reimbursement for financial losses on transactions that were not the client's responsibility.

Clients can also claim compensation for identity theft, which can go up to $1,000. However, the deadline for this claim is October 25th, 2025.

The process to claim compensation is straightforward, and clients only need to check the compensable actions related to their claim. These actions include signing up for Equifax or TransUnion services, setting up alerts for fraud, resolving issues related to credit approval, conducting research to understand how to protect oneself from the data breach, taking steps to correct identity theft, and more. Clients need to indicate the time spent on these actions, and if the total loss of time is under three hours, no documentation is required.

Clients who have lost more than three hours need to provide a brief description of the compensable actions that apply to their situation, along with the time spent on each action.

Desjardins has set aside a total of $168 million to compensate its millions of clients across its branches and subsidiaries. As of April 18th, 2023, Desjardins still had $32.8 million set aside for compensation related to identity theft.

Overall, the compensation process is simple and accessible to all Desjardins clients who were affected by the data breach. Clients should take advantage of the opportunity to claim their compensation before the deadline to ensure that they receive the compensation they deserve.