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Ombudsman Report

You can download a PDF version of the Ombudsman Report here.


The Office of the Ombudsman is an independent function within the Bank that works closely to address and resolve escalated client concerns. The mandate is to review unresolved complaints involving the Bank and to settle disputes fairly through an independent thorough investigation. Recommendations are non-binding and parties are free to pursue other avenues if a settlement is not reached.

Cases brought before the Ombudsman’s office allow the bank to identify areas were changes might be made to policies, procedures, products and services. To this end, the Ombudsman would communicate regularly with the Bank’s senior management on the status of cases and to highlight opportunities for improvement.

When a complaint is escalated to the Ombudsman, as outlined in the Client Complaint Resolution Process found at, the Ombudsman will conduct an independent investigation of the complaint. At the end of the investigation, the Ombudsman will provide a written response to the client outlining the investigation results and any recommended resolution. The Ombudsman will also make the complainant aware of the external third party services such as the Ombudsman for Banking Services and Investments (OBSI) and the Financial Consumer Agency of Canada (FCAC).

On a monthly basis the Ombudsman reports any reportable complaints to the Operational Risk Management Committee.

Ombudsman Annual Report 2015

As you will observe from the chart below, there have not been cases escalated to the Ombudsman. As Zag Bank continues to expand its product offering, and grows the client base we would expect to receive reportable complaints.



2014 and Older

No. of Complaints

0 0

Cases Investigated by business Unit

Retail Banking Direct Deposits 0 0
Retail Banking Broker Deposits 0 0
Consumer Credit Loans/Mortgages Direct 0 0
Consumer Credit Loans/Mortgages Broker 0 0


0 0
Average Handling Time (Days) N/A N/A
Number of Ombudsman complaints escalated to the Ombudsman for Banking Services and Investments (OBSI)  0 0
Number of complaints that were resolved to the satisfaction of the person who made the complaint N/A N/A
Pending Resolution 0 0