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Zenbanx is closing
June 5, 2017
9:09 am
Peter
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May 15, 2007
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Zenbanx never seemed to get much traction on this forum at least. It's now closing according to its website (https://www.zenbanx.com):

To our valued customers and applicants:

When Zenbanx was acquired by SoFi in February, we promised to keep our customers and applicants apprised of any changes to the Zenbanx account. In conjunction with our partner DUCA Financial Services, we’ve made a decision to close accounts in Canada, effective June 30, 2017 at 12AM EST ("Account Close Date").

Here at SoFi, we are working to build out an expanded line of revolutionary consumer financial products and hope that we can serve you again in the future.

What does the closure mean for customers?

Customers have our assurance there will be no changes in the Terms and Conditions of their Zenbanx Account between now and the Account Close Date.

Until the Account Close Date, customers can use their Zenbanx Account and Debit Card as usual:

* Transfer your Canadian Dollars (CAD) position to your linked account;
* Withdraw or spend your balance with your Zenbanx Debit Card;
* Continue to send funds to your friends and family.

Important Details and Dates

As of June 1st, 2017, our interest rates will be changed to 0% for all currencies. If earning interest on the funds in your Zenbanx Account is important to you, we encourage you close your account before this date. Tap the "Close Account" button in the Zenbanx app, which is located in "My Info" in the drawer or clicking on the avatar beside the "Sign Out" link on the web site. Your foreign currency positions will automatically be converted to Canadian Dollars (CAD) at our prevailing exchange rates and then transferred to your linked account.

As of June 23, 2017, deposits will no longer be accepted.

Zenbanx accounts in Canada will be closed, effective June 30, 2017 at 12AM EST ("Account Close Date").

Send money transactions that have not been picked up by the receiver by 12AM EST on the Account Close Date will be reversed and the balance will be transferred to the customer's linked account.

At 12AM EST on the Account Close Date, all your foreign currency positions will automatically be converted to Canadian Dollars (CAD) at our prevailing exchange rates and your total CAD balance will be transferred to your linked account.

For customers without a verified linked account, a cheque will be mailed to the address of record for their Zenbanx Account.

June 5, 2017
5:07 pm
User230
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There is actually a bank with a slang name?

Using x instead of a s.

They couldn't be serious.

I would never put money in a bank that actually tries to be hip with their name choice.

Edit: Not only switching x with a s. Also, leaving out the k.

June 11, 2017
8:04 am
Norman1
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It is only the Zenbanx accounts in Canada that are closing.

Zenbanx's new owner is SoFi, a US lender. SoFi intends to transition the US Zenbanx accounts "to SoFi bank accounts once the new product is finalized" as the press release says.

The lack of traction here was not surprising. The interest rate on Canadian dollar Zenbanx deposits was not that great. It was around 1½%.

As well, there was an issue with deposit insurance. Zenbanx Canada deposits were held with DUCA, an Ontario credit union. That mean the deposit insurance was from DICO and only covered the Canadian dollar part of the multi-currency account.

September 29, 2017
2:07 am
Loonie
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MODERATOR: It's time to move Zenbanx to Archives.

Also, is it possible to move the Archive section so that it appears below the new posts? It's a nuisance to scroll through things that no longer exist in order to get to the ones that do.

September 29, 2017
8:05 am
Peter
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I've now moved it to the Archives area. I don't think that new posts can be easily moved above the Archives area. Although, if the Archives gets any bigger, I could look at hiding it completely and just moving it to a different page.

September 29, 2017
9:11 am
Loonie
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I'd be in favour of moving it to a different page now. It doesn't deserve a place of such prominence, and is really just clutter, IMO.

Please write your comments in the forum.