6 thoughts on “Review: Why I Won’t Recommend Opening an Account at Zag Bank

  1. Where did you read the great things about opening an account? A lot of companies don’t allow negative feedback and some even post phoney reviews. I don’t trust these only online banks. I will take less interest to beable to go to a bank in local area and speak to someone in person.
    I find it hard to believe there are a lot of good reviews and you had a huge hassle and the workers knew very little. When something sounds fishy it’s usually fish !!

    • I actually think I just was one of the “lucky” ones whose electronic paperwork goes missing-in-action. The thing that worries me is that they never did tell me how they found it again….. I can fully understand why many people prefer a bank with real brick or aluminum siding buildings. I won’t hire a contractor to work on my house that doesn’t have a store that I can go stand outside with a protest sign if something goes wrong!

  2. I agree with the writer. The Zag Bank experience I had was just as weird and frustrating. I did, finally, get a deposit made during their promotion, but once it was over, I transferred every dollar out. Something is amiss with this e-institution, and I suspect it won’t be around very long.

    • I think they’ll eventually get it fixed up and it’s a large CDIC insured company so I wouldn’t be afraid to deposit money there, but I just don’t want to risk a headache of a “bounced” cheque or having to keep phoning in to resolve problems, so I’m not using my account. Thanks for sharing your experience!

  3. Do not open a register acc. (tfsa) with Zag bank.
    You will have a hard time to transfer the account to another
    financial institution. It took me over two months to do the transfer.


    • Thanks for sharing your experience. I found it usually takes 1 month to transfer a TFSA from most of these places, unfortunately. Two months seems way too long, though. I’m glad you have it where you want it now.

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