Zag Bank is winding down operations

Rest assured, your deposits are 100% safe. Find out more here

Zag Bank is Winding Down

Your deposits are 100% safe. Our parent company Desjardins Group will continue to fully support Zag Bank through the wind-down process and will ensure that all deposits are covered. Desjardins Group is Canada’s largest financial cooperative with more than $280 billion in assets.

After a change in strategy, Zag Bank’s parent company Desjardins Group has decided to close Zag Bank and wind-down operations.

Zag Bank is targeting to have all deposits paid out to clients by year end, with some activities going into mid-2019. Effective immediately, we are no longer opening new accounts or accepting new deposits.

Below is a summary of how to close your Zag Savings account, Zag Tax-Free Savings account, or Zag RRSP Saving account. Please be sure to review the email we sent you on November 5, 2018 for all the details.

Product How it will work
Zag Savings account On December 1, 2018, we transferred out any remaining amounts, including interest earned, by electronic funds transfer to your externally linked account. Then your account was closed. Please note, an electronic funds transfer can take 3 to 5 business days. 
Zag Tax-Free Savings account As of 11 pm EST on November 29, 2018, you are no longer able to withdraw funds from your account by electronic funds transfer. You do have the option however, of transferring your funds to a TFSA at another financial institution of your choosing. Follow this process to ensure that your funds stay within a tax-free savings product. After you complete a transfer form at your other financial institution, they will then send it to us. Once we receive these instructions, it takes up to 3 business days to complete the transfer process. We will then close your account. If you would like to discuss other options, please contact us. You can still view your account information through online banking until your account is closed. 
Zag RRSP Savings account Please follow the instructions to initiate the funds transfer process, so we can transfer your funds to an RRSP account at a financial institution of your choosing. After you complete a transfer form at your other financial institution, they will then send it to us. Once we receive these instructions, it takes up to 3 business days to complete the transfer process after which we will close your account. If you would like to discuss other options, please contact us. You can still view your account information through online banking until your account is closed.

GICs with a maturity of December 6, 2018 and beyond, you will be able to early redeem.  

Below is a summary of how this will work.  Please be sure to review the email we sent you on November 5, 2018 which includes all the details.  

 

Product Maturity Date How it will work
Zag GIC December 6, 2018 and beyond To redeem your GIC early and close your account, if you haven’t done so already, please provide your consent as soon as possible (simply click the link in the email we sent you). Once we receive your consent, we will payout your GIC early by electronic funds transfer to your externally linked account.   Please note, an electronic funds transfer can take 3 to 5 business days. We will then close your account.
Zag Tax-Free GIC OR Zag RRSP GIC December 6, 2018 and beyond To redeem your GIC early and close your account, we will need two things: (1) please provide your consent to payout your GIC early as soon as possible (simply click the link in the email we sent you); and (2) you must initiate the funds transfer process, so we can move your funds to a registered account at another financial institution.  After you complete the transfer form at the financial institution receiving your funds, they will then send it to us.  Once we receive these instructions, it takes up to 3 business days to complete the transfer process.  We will then close your account.  Or, if you would like to discuss other options, please contact us.

 

Yes, you will be receiving a final statement.  In addition, tax receipts will be mailed to you (if applicable) during tax time.  Here are the details:
 

Zag Savings account
  • In December 2018, you will receive a final monthly statement that will be mailed to the address we have on file.
  • In addition, and if applicable, tax slips for 2018 will be mailed to your address on file in early 2019.
Zag Tax-Free Savings account
  • In January 2019, you will receive a final annual statement that will be mailed to the address we have on file.
Zag RRSP Savings account
  • In January 2019, you will receive a final annual statement that will be mailed to the address we have on file.
  • In addition, and if applicable, tax receipts for 2018 will be mailed to your address on file in early 2019.
Zag GIC
  • Once your account is closed, you will receive a final statement that will be mailed to the address we have on file.
  • In addition, and if applicable, tax slips for 2018 will be mailed to your address on file in early 2019.
Zag Tax-Free GIC
  • In January 2019, you will receive a final annual statement that will be mailed to the address we have on file.
Zag RRSP GIC
  • In January 2019, you will receive a final annual statement that will be mailed to the address we have on file.
  • In addition, and if applicable, tax receipts for 2018 will be mailed to your address on file in early 2019.

They will be sent to the mailing address on file for the primary account holder.

There is no fee for transferring your Zag RRSP/TFSA to another financial institution.

Due to the wind-down of Zag Bank’s operations, we are no longer taking any new deposits. While our online services will remain accessible to clients, please note that if you try to deposit new funds to your account, your deposit will not be processed, even though you may still see the option to make a deposit in Zag Online and Zag Mobile. This is applicable to both SnapCheque deposits, as well as transfer of funds from your externally linked account.

Due to the wind-down of Zag Bank’s operations, effective November 29, 2018 at 11:00 pm EST you can no longer complete any transactions. On December 1, 2018, any remaining amounts in your savings account, including interest earned, were transferred to your externally linked account via an electronic funds transfer. You can still view your account information through online banking until your account is closed.

Due to the wind-down of Zag Bank’s operations, effective November 29, 2018 at 11:00 pm EST you can no longer complete any transactions. You have the option of transferring your funds to a TFSA at another financial institution of your choosing. Follow this process to ensure that your funds stay within a tax-free savings product. If you would like to discuss other options, please contact us. You can still view your account information through online banking until your account is closed.

  • There is no immediate impact to your loan with Zag Bank. The terms and conditions of your loan including your interest rate, loan payment amount and maturity date remain the same, and your payment obligations remain unchanged.
  • Please continue to pay your loan payments as you normally would, to Zag Bank. As the Bank winds down its operations over the coming months, we will be in touch with further details and to formally notify you when your loan transitions over to a new provider within Desjardins Group. Zag Bank and our parent company Desjardins Group, are committed to a seamless transition.

Zag Mobile, our mobile app, was disabled effective November 29, 2018 at 11:00 pm EST and is no longer available in the App Store or Google Play. We recommend that you delete the app from your device. You can still view your account information through online banking until your account is closed. Simply log in to Zag Online.

Didn't find what you were looking for?

Submit a question