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  • Jan 12, 2016
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Q

What is the process for opening an account online?

A

  1. Before starting, make sure you have:
    • A valid email address
    • A personal cheque in your name issued by a Canadian financial institution (you can send it from the camera on your phone or tablet using our SnapCheque technology or send it by mail)

  2. We will ask you some account-related questions as you go through the application. For example, you will need to:
    • Choose the product/account you want
    • Confirm whether this account will be just for you or a joint account
    • Confirm the purpose of the account
    • Confirm whether you are opening this account for someone else (third party)

  3. We will need to gather some mandatory personal information from you, such as your:
    • Legal first and last name
    • Date of birth
    • Social Insurance Number (SIN)
    • Gender
    • Citizenship (we will need to confirm if you are a US Person)
    • Occupation/industry you work in

  4. We will collect some contact information from you, including your:
    • Address
    • Phone number
    • Email address

  5. You will set up a profile with a User ID and password that you will later use to sign in to Zag Online and Zag Mobile. For security reasons, we recommend you make these credentials unique and do not share them with anyone.

  6. To protect your security, we will ask you three identity-related questions. A credit bureau company will present the questions to you during the sign-up process, not us. They will use the information they already have from your credit history to confirm your identity. They do not share your information with anyone.

  7. If you are opening a Savings account, we will ask if you would like to ‘Set and Save’. This optional service makes it simple for you to set up a recurring transfer from an existing chequing account from another Canadian financial institution.

  8. We will ask you to activate your account by making your first deposit. You can do this in one of two ways:
    • Through the Zag Mobile app, use SnapCheque to take a picture of your cheque on your smartphone or tablet
    • Send us a cheque by mail to:

Zag Bank

C/O T56261C

P.0. Box 56261, STN A

Toronto, ON, M5W 4L1

 

OR

 

Zag Bank

C/O C96910C

P.O Box 9691 STN M

Calgary, AB T2P 0E9

 

Once we’ve received your cheque, we’ll start processing the transfer of funds from your financial institution right away. The transfer should take between 7-10 days. Once the funds have cleared, we will activate your account in our system and it will be ready to use.


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