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ZAG BANK disappointment
April 20, 2017
3:00 pm
Joebart
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January 7, 2016
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We had signed up with Zag Bank from the start. Had a large sum of money in the saving accounts but since that we moved to greener pastures of EQ Bank or promos of Tangerine. Left a few dollars that is all.
Since most Bank like that will not send you T4 by mail I had to log in to be able to download and print T4.
That is where things went ugly.
With 3 attempts to log in with wrong password the system locked us out.
Using “forgotten password future” and properly answered security question we were able to change password but the account still remained disabled.
Only solution was to call.
Since principal holder of the account was my wife she had that honor.
For the security reason :name, address, date of birth etc. which are normal, they asked stupid question like when exactly the account was opened, what was initial depost, was it check or snap app and few extra question which nobody would remember after few years after the fact.
One wrong answer and NO SOUP FOR YOU, They will call us back in a day or two. After 30 minutes on the phone our account is still disabled.
They called in the evening but my angry wife did not even wanted to talk to them. There is only a few dollars left in the account so did not care.
It is not the way to treat you customers. We will never go back to ZAG Bank..

April 20, 2017
5:05 pm
Brimleychen
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I have also some pains on those security questions. I believe Hubert Finance has a better way. They use Secret Word for telephone banking / online chat.

Brimley Chen
Always learning from others!

April 21, 2017
7:50 am
Nehpets
Ontario
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With 3 attempts to log in with wrong password the system locked us out.

A password management system can prevent this from happening. Something as simple as a password protected Word document, which is searchable, can easily be used as a password manager.

A good preventative strategy is when a login fails on a first attempt, assume it's wrong and check your records.

they asked stupid question

You might ask for alternate questions, if possible.

I had a similar experience with Zag recently, and agree their authentication process is a bit clumsy compared to others. It's a bare bones operation, so careful record keeping on your own is important.

They called in the evening but my angry wife did not even wanted to talk to them.

Perhaps your frustration has not worked in your favor. The call was likely recorded "for training purposes" and the return call may have been a supervisor wanting to correct the problem.

I think we have to acknowledge that customer service in 2017 is not what we have been accustomed to in the past. Customer service agents are generally very young, inexperienced, poorly trained and overworked.

Lots of patience is often required, as difficult as it may be

April 22, 2017
7:42 am
Top It Up
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Nehpets said

I had a similar experience with Zag recently, and agree their authentication process is a bit clumsy compared to others. It's a bare bones operation, so careful record keeping on your own is important.

Perusing their website - what's the attraction to Zag Bank?

April 22, 2017
7:49 am
AltaRed
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Top It Up said

Perusing their website - what's the attraction to Zag Bank?  

Like the track record of most of the other online banks, attractive initial rates to obtain a deposit base and then a decline to being in the pack.

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