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Zag Throws In The Towel
November 6, 2018
4:44 pm
Vatox
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It would appear that TFSA GIC redemption will occurr as soon as the receiving FI contacts Zag. December 10 is not mentioned there, only in non-registered GIC redemption.

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 by 11 pm EST on December 5, 2018 (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.

November 6, 2018
4:51 pm
Brimleychen
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I would like to compliment Zagbank. Yesterday I got bonus and empty out from Zagbank and today I received the money from my TD chequing. Less than 24 hours. Thumb ups!

November 6, 2018
5:08 pm
Vatox
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Brimleychen said
I would like to compliment Zagbank. Yesterday I got bonus and empty out from Zagbank and today I received the money from my TD chequing. Less than 24 hours. Thumb ups!  

Yes, same here, very speedy.
Definite thumbs up!

November 7, 2018
2:08 pm
AltaRed
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Does anyone know about Zag Bank GICs held through third parties, e.g. brokerage accounts, rather than at Zag bank itself?

November 7, 2018
10:40 pm
Vatox
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AltaRed said
Does anyone know about Zag Bank GICs held through third parties, e.g. brokerage accounts, rather than at Zag bank itself?  

I have never purchesed a brokerage GIC, but the GIC is from Zag, so if you have the account number, just call Zag. The brokerage is no longer involved after the sale of the GIC, so I can't imagine that contacting them will help, unless they have the account info and you don't.

I'm guessing that the reason Zag hasn't sent you a message is because they don't have your e-mail. Perhaps it's in snail mail.

Perhaps not redeeming will mean the GIC transfers to Dejardins for holding until maturity.

Contact Zag is what I would do.

November 7, 2018
11:00 pm
Vatox
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AltaRed said
Does anyone know about Zag Bank GICs held through third parties, e.g. brokerage accounts, rather than at Zag bank itself?  

if you did receive an email, just consent to the early redemption and I'm guessing the money gets deposited in your brokerage account that the initial purchase came from.

Again, just call Zag.

November 8, 2018
4:49 pm
Alexandre
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Brimleychen said
I would like to compliment Zagbank. Yesterday I got bonus and empty out from Zagbank and today I received the money from my TD chequing. Less than 24 hours. Thumb ups!  

Same here. Have emptied my account 6 months ago, yet got $25 bonus, moved it to Tangerine and in 24 hours have got it there.

Thanks, Zag.

November 9, 2018
3:12 pm
AltaRed
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Vatox said

if you did receive an email, just consent to the early redemption and I'm guessing the money gets deposited in your brokerage account that the initial purchase came from.

Again, just call Zag.  

GICs purchased through a brokerage don't have a direct connection between customer (me) and the issuer (Zag), and in this case, Zag does not know I am an owner of a Zag GIC. Anyways, Zag has told me by phone I have to work through the brokerage to get the GIC 'matured'. However, the brokerage tells me it does not have any instructions yet from Zag to mature the GICs.

For now, it is a holding pattern until Zag completes the loop with the brokerage to tell the brokerage to actually 'redeem' Zag GICs and then it will supposedly all happen from there.

November 9, 2018
3:37 pm
Loonie
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Zag may not know you are an owner, but it knows that your brokerage bought their GICs. The brokerage should be getting the same kind of notice that others have been getting. Maybe they don't read their mail? I would ask Zag if they have sent a notice to the brokerage, and when.

November 9, 2018
4:09 pm
NorthernRaven
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The brokerage purchases would be nominee/street name "Your brokerage in trust for Jane Doe" format, and Zag would have the ownership info. If nothing else, it would be needed for CDIC coverage and premium calculations.

November 9, 2018
4:57 pm
AltaRed
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The brokerage said they didn't yet have any notice from Zag but that was yesterday. Zag was surprised today when I told them the brokerage didn't know, so something has not yet happened. They did say all outstanding GICs would be matured, so I suppose it is just a matter of time before it all take place. Really no big deal since interest accrues until redeemed anyway.

November 28, 2018
9:15 am
Vatox
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Zag mobile app is toast as of November 29. If you are still moving money out, use the website.

December 11, 2018
4:51 pm
Vatox
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GR said

No. It means that only ACCRUED interest on GIC until date of redemption will be paid, not full interest to date of originally intended maturity.  

I just received my GIC redemption and I did receive 6 months extra interest on top of accrued interest!

Thank you Zag.

December 11, 2018
5:28 pm
AltaRed
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Still waiting on Scotia iTrade to tell me how third party (brokerage) issued Zag GICs will be redeemed. They did phone me about a week ago saying it could take until early January to sort it out with Zag, and not by sometime week of Dec 17th as originally estimated. Time will tell.

December 11, 2018
5:50 pm
Vatox
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I wouldn't accept that! All GICs are supposed to have been redeemed as of yesterday. The brokerage should have full information on redeeming that GIC. If indeed brokerage bought Zag GICs are to be redeemed later, then they should have told you when, not that it may take longer. I would call Zag and your broker on a daily basis until someone gives you a proper answer. I'm quite sure your GIC is on Zag's database, get the account number from your broker and call Zag for answers.

December 11, 2018
6:09 pm
Vatox
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I'm wondering, now, about the actual GIC purchase through the broker. Did the funding come directly from an account that you hold at the brokerage? Or did the brokerage take your money and buy the GIC from their own account. This could be the issue. They may be trying to sort out how much you will receive from that bonus interest and how much they think they deserve as a cut of the proceeds.

Again, you need proper info from both FIs and I would go to Zag, with the account number, and find out the exact redemption amount that was transferred out, or if it's not done yet, find out when and how much.

December 12, 2018
12:12 am
hotmony
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Vatox said

I just received my GIC redemption and I did receive 6 months extra interest on top of accrued interest!

Thank you Zag.  

What do u mean u got an extra 6mths bonus interest?

December 12, 2018
8:51 am
Vatox
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hotmony said

What do u mean u got an extra 6mths bonus interest?  

I mean, I got 6 months extra interest as per the original email statement.

As a made up example, if you had $1000 GIC at 3% for 3 years, and the GIC was redeemed exactly 6 months into the term, then they paid out $1030.

I thought it was done for everyone. Was it a special deal for me?

December 12, 2018
5:30 pm
AltaRed
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As I understand it, everyone got the 6 months interest bonus on GIC redemptions.

December 12, 2018
7:12 pm
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AltaRed said
As I understand it, everyone got the 6 months interest bonus on GIC redemptions.  

Yes, okay.

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