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Concentra Name Change: Wyth Financial - September 27
September 19, 2021
3:16 pm
Doug
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Loonie said
I don't see why Concentra would continue to use Neo as Neo is undoubtedly taking a cut from Concentra. If Wyth is an online retail brand, it should be able to handle its own accounts and not need Neo - I hope. Why give Neo a piece of the action?  

I think they will; Neo's probably still a cheap source of funding (and note Neo is paying a lower interest rate than Wyth/Concentra). At some point, they might look to discontinue these third-party relationships, but I don't see that happening even in the medium term. It'll really depend on how full service Concentra/Wyth intends to get into deepening client relationships, or whether they intend to continue offering just GICs and HISAs. If they start a major marketing push and launch no-fee chequing accounts, prepaid MasterCards, and lines of credit, then I think that's a pretty good prediction, Loonie. 🙂

There's also the possibility Neo approaches Peoples Trust Company at some point, as I alluded to here.

Cheers,
Doug

September 19, 2021
3:55 pm
Loonie
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It could just end up being too confusing for customers, with too many routes leading to the same place.

I don't see where Concentra is offering higher rates than Neo. As far as I can see, Neo only offers the saving account, currently at 1.3%. Concentra appears to be paying .15% - or am I missing a better source of info? https://www.concentra.ca/Documents/direct_rates.pdf

It could get very confusing if Neo also deals with PT or others. They've already given away their name to Concentra.

Maybe I'm just too old and crotchety, but I think customers might steer clear if it gets too confusing and hard to know where their money really is.

I find Concentra confusing at best anyway, as it appears to be in competition with the CUs that are behind it (and their wholly owned banks). Since it's all online or by phone, I am starting to wonder how many of them we really need.

September 19, 2021
4:08 pm
Nehpets
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Loonie said ........I don't see where Concentra is offering higher rates than Neo. As far as I can see, Neo only offers the saving account, currently at 1.3%. Concentra appears to be paying .15% - or am I missing a better source of info? ..........  

Actually, Concentra is currently paying 1.35% on its HISA. It's not publicly advertised, and is available only to clients who have a Concentra GIC.

Originally the HISA was intended to receive matured GIC funds, but they expanded its use to be a routine HISA for GIC clients, with an eye on CDIC limits, if that's important to you.

You can buy a $1000 GIC to get on the books and you will get a 1.35% HISA.

My experience with Concentra has been entirely positive with excellent customer service and fast, efficient EFT transfers in and out....next day for outgoing and credited immediately for incoming.

Stephen

September 19, 2021
4:35 pm
Doug
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Nehpets said

Actually, Concentra is currently paying 1.35% on its HISA. It's not publicly advertised, and is available only to clients who have a Concentra GIC.

Originally the HISA was intended to receive matured GIC funds, but they expanded its use to be a routine HISA for GIC clients, with an eye on CDIC limits, if that's important to you.

You can buy a $1000 GIC to get on the books and you will get a 1.35% HISA.

My experience with Concentra has been entirely positive with excellent customer service and fast, efficient EFT transfers in and out....next day for outgoing and credited immediately for incoming.

Stephen  

Loonie, yeah, what Stephen said above.

See attached screenshot below:

2021-09-19-16_29_31-Window.png

I've suggested, as have others, that we add Concentra Bank's direct HISA to the comparison chart, along with Peoples Bank of Canada's HISA and yet we don't, which is beyond frustrating. 🙁

Cheers,
Doug

September 19, 2021
8:45 pm
Loonie
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Thanks for the info.
I'm still on 2% at RBC for the promo there for the next six weeks, then to DUCA for 1.5 to end of January. We'll see what Concentra is offering by then.

Yes, it would be helpful if this info was avaiable on the chart, but I suppose the complicaton of having to have a GIC is hard to indicate. But we have other ocmplications with other FIs, e.g. no joint accounts etc.

September 21, 2021
10:44 am
LK
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Doug said

It really varies, and Neo Financial is a unique fintech relationship in that like Koho, Wealthsimple Save, and the like, your account relationship is owned by Neo Financial; however, unlike the preceding mentioned companies, the deposits remain registered directly in your own name with Concentra Bank. Essentially, you have a Neo Savings Account with Concentra Bank[;] and Neo Financial, instead of Concentra Bank, provides the online banking platform for the account. If Neo Financial decides to change banking partners at some point, you will still maintain a Neo Savings Account from Concentra Bank (though Concentra would almost certainly merge into their own HISA or rename it, dropping the "Neo" moniker); however, you would still maintain a Neo Financial account and they would open a new account for you with their partner. What I'm curious is to see is whether the language in their various account agreements and terms authorizes them to move your deposits to their new banking partner in the event of a future partner switch. Even if not, I suspect they'd probably send an e-mail or other notification providing a one-click link to authorize the move. So it does make me think that your "stickiness" to Concentra Bank may be less than I originally thought, even though you hold a bank account with Concentra directly in your own name.

Cheers,
Doug  

In relation to the bolded part, the Savings Account Agreement (https://www.neofinancial.com/savings-agreement) says:

~ Part A (Definitions). "We, us and our - refers to the Bank."

~ "17. This Agreement is binding on us and our successors and assigns. We may assign your Account, services, and this Agreement to any person without your consent."

~ Preamble / first sentence. "This Agreement sets out the terms and conditions of the relationship between us (Concentra Bank) and you (our customer) relating to your Neo Savings Account and the services we provide to you through our service provider, Neo."

Thus, Concentra could replace Neo at any time (Neo is simply the service provider to Concentra, a subcontractor if you will). So, yes, Concentra can "move your deposits to their new banking partner [service provider / subcontractor] in the event of a future partner switch". Your consent is not needed.

However, arguably they (Concentra) wouldn't be moving your deposits because your deposits are with Concentra. Concentra would simply be using a new service provider and, as you say, would likely rebrand the name of the account.

Also see section G(7):

~ "This version of this Agreement is effective August 28, 2020, and replaces older versions of this Agreement. We may propose to change, either permanently or temporarily, any term of this Agreement (including fees, charges or other amounts required to be paid by you under this Agreement) or replace this Agreement with another agreement, at any time. We will give you notice of a proposed change and any other information required by law, at least 30 days before the change is to come into effect (as stated in the notice). ... You may refuse the change by closing your Account without cost within 30 days of the effective date of the change."

If Concentra changes their service provider, the terms of the Agreement will change. If you don't like the change, you can close your account.

September 22, 2021
6:27 am
hwyc
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... looks like the Concentra border is closed to *new* clients for GIC

September 22, 2021
7:27 pm
Doug
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LK said
However, arguably they (Concentra) wouldn't be moving your deposits because your deposits are with Concentra. Concentra would simply be using a new service provider and, as you say, would likely rebrand the name of the account.

If Concentra changes their service provider, the terms of the Agreement will change. If you don't like the change, you can close your account.  

I think you may have misunderstood my point. I'm aware of the Concentra Bank agreement, and as I stated, one's Concentra account would remain open. The question is because in this case, Concentra is effectively the service provider to Neo Financial, Inc., which is similar to a deposit broker in many respects. I suspect their agreement with their customers allows them to move your deposits into a new HISA with a new service provider (i.e., a different bank or credit union), as they can already open an account for you with said service provider(s). Even if it didn't allow Neo to move the funds for you automatically, they've got a pretty tight relationship with clients, they would just likely send an e-mail to you that stated, "We're switching banking service providers, and have opened accounts in the names of our clients at . All you need to do is click "move my money" below and we'll finalize the process to move your funds. You also have the option click "close my old account" with our former service provider, Concentra Bank. --Your friends at Neo Financial" So, on that basis, Neo funds are only slightly more stickier than traditional brokered deposits Concentra holds.

Cheers,
Doug

September 23, 2021
9:18 am
LK
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Doug said

I think you may have misunderstood my point. I'm aware of the Concentra Bank agreement, and as I stated, one's Concentra account would remain open. The question is because in this case, Concentra is effectively the service provider to Neo Financial, Inc., which is similar to a deposit broker in many respects. I suspect their agreement with their customers allows them to move your deposits into a new HISA with a new service provider (i.e., a different bank or credit union), as they can already open an account for you with said service provider(s). Even if it didn't allow Neo to move the funds for you automatically, they've got a pretty tight relationship with clients, they would just likely send an e-mail to you that stated, "We're switching banking service providers, and have opened accounts in the names of our clients at . All you need to do is click "move my money" below and we'll finalize the process to move your funds. You also have the option click "close my old account" with our former service provider, Concentra Bank. --Your friends at Neo Financial" So, on that basis, Neo funds are only slightly more stickier than traditional brokered deposits Concentra holds.

Cheers,
Doug  

I cannot see anything in the various legal agreements regarding the "Neo Savings Account" that gives Neo any such rights in relation to a customer's deposits (held by Concentra). Concentra would need to agree to Neo making such an 'offer' to customers, from my read. Not that that couldn't happen, but doesn't seem likely to me.

September 26, 2021
11:48 am
Nehpets
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The change to the new WYTH website, replacing the old Concentra website is now live, a day ahead of the official change.

The new website is https://online.wyth.ca/

The interface is completely different from the familiar interface used by many FI's; and better than the recent new half baked Canadian Tire Bank interface.

Most notable is that you cannot copy / paste any of your credentials, so your email address and password have to be entered manually from your keyboard.

Account details can be downloaded in either PDF or Excel format.
Account names can be personalized
Timeout for inactivity is fairly short, so if you are not paying attention, you get automatically logged out
Profile changes (eg password change) requires two factor authentication using your email or text
The hyperlinks on their homepage to download their Android and IOS apps currently do not work, and I could not locate the Android app at the Playstore.

All in all, the interface is largely acceptable and intuitive.

BTW interest rate for WYTH HISA is still 1.35%

Again, here are the instructions for existing Concentra clients to register for the new WYTH website:

Step 1: Register by going to online.wyth.ca or downloading the app.
Step 2: Click on “Are you an existing customer? Register now” to start the registration process.
Step 3: Enter your email address and either your card number or account number.
Step 4: Request a temporary password when prompted. Check your email and enter the six-digit temporary password you received.
Step 5: Create a strong password (follow the tips on the screen to guide you)
Step 6: Sign in and get started

You need the email address you’ve registered with us and the account number or card number you currently use to sign in to MemberDirect

Stephen

September 26, 2021
12:14 pm
Loonie
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This may be a dumb question, but I am confused.
Is the HISA that Wyth offers the same as the Neo one, or they offering something independently?
In other words, can one avoid dealing with Neo?
(I don't have any accounts with either of them.)

September 26, 2021
12:18 pm
Nehpets
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Loonie said
.........
Is the HISA that Wyth offers the same as the Neo one, or they offering something independently?
In other words, can one avoid dealing with Neo?
(I don't have any accounts with either of them.)  

Entirely independent from NEO. I am dealing directly with Concentra and have been for a couple of years. I am now a WYTH it client...but WYTH appears to be a brand name, much like Oaken is to Home Trust.

I have no intention to deal with Neo either.

Stephen

September 26, 2021
3:14 pm
Loonie
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Thx. Can you open a HISA with Concentra, then? I was under the impression you had to have GICs, but I may have missed someting. Perhaps this is where the idea of a very small GIC comes in, which someone mentioned? - maybe it was you.
If I run out of promo rates, this could be an option. I won't deal with CTB.

September 26, 2021
3:32 pm
Nehpets
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I don't know what their marketing plan will be doing business as WYTH. This may be clarified during their launch this week.

As explained here, with Concentra, having a HISA required having a GIC.

Stephen

September 27, 2021
5:54 am
hwyc
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The old is now gone & I completed registration under the new brand. It is indeed still a beta to me - for starters, my linked accounts were not carried over & completely no Interac funtionality yet. But at least I can let them know via the online messages. Hope they will fix soon.

... Anyone has a handle on the mobile side yet ?

September 27, 2021
8:02 am
Nehpets
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I find it curious that there is no WYTH homepage that is currently live..IOW so there is no http://www.wyth.ca nor is there https://wyth.ca only the login page https://online.wyth.ca/ is live.

Therefore there is no information at this time for potential new clients. The focus appears to transition existing Concentra deposit clients to WYTH.

Stephen

September 27, 2021
9:25 am
Nehpets
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We now have the full story, from email received today (bolding by me):

We’re now ready to share the Beta version of our new online banking platform. As an existing valued customer, you’re receiving a sneak peek of our new brand before it’s introduced to Canadians on October 25. We’re also getting ready to share our new app with you – we’ll send you separate instructions on how to set up your app in a few days.

Sign in using these simple steps:
•Step 1: Register by clicking here
•Step 2: Read and accept our Privacy Policy and Electronic Access Agreement.
•Step 3: Click on “Are you an existing customer? Register now” to start the registration process.
•Step 4: Enter your email address and either your card number or account number.
•Step 5: Request a temporary password when prompted. Check your email and enter the six-digit temporary password you received.
•Step 6: Create a strong password (follow the tips on the screen to guide you)
•Step 7: Sign in and get started

You need the email address you’ve registered with us and the account number or card number you currently use to sign in to MemberDirect. Please note that our systems will be down until 2pm EST today to facilitate this move.

Digital banking working for you

You’re now set to use our new digital banking platform. We designed it to make it easier for you to manage your money.

If you have any questions or need assistance, email or give us a call at 1.800.788.6311.

Concentra

September 27, 2021
9:52 am
Loonie
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Thanks, Stephen.

Perhaps there will be some "opening specials" on or about Oct 25. sf-smile

September 27, 2021
10:04 am
LK
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Nehpets said

Entirely independent from NEO. I am dealing directly with Concentra and have been for a couple of years. I am now a WYTH it client...but WYTH appears to be a brand name, much like Oaken is to Home Trust.

I have no intention to deal with Neo either.

Stephen  

Independent from the Neo Savings Account, except in relation to CDIC coverage (as discussed on page 1 of this thread).

Also, as of this morning, Wyth is not yet listed on the CDIC member page. I assume that with Concentra rebranding as Wyth, eventually the CDIC member page will be updated to show Wyth as a "trade name" of Concentra. Of course, then any funds in the Neo Savings Account and the Wyth HISA would count towards the same $100k coverage with "Concentra Bank".

September 29, 2021
1:16 am
speedwagen
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I'd like to start by saying that Wyth has to be the most retarded name for a bank that I've ever heard; Concentra sounds more bank-like. They may as well have called themselves Twyit while they're at it.

Secondly, this new platform is shaping up to be a royal pain in the axx. I have to retrieve a security code every single time I login, even if I just logged out; what's the point in having a password? Even though they have a security setting function, there's nothing there to set.

Lastly, their flincks function doesn't seem to work. Anyone have any success linking any acc'ts with it & more specifically, anyone else have any issues linking HSBC?

Despite all the issues with the old Memberdirect platform that they finally sorted out, they go & dump more crap on us. It's like the new platforms from Crappy Tire & Manulife, which are totally useless, but at least they kept the old platforms available for those of us who prefer simple & usable vs useless clutter. I don't know what's up with these FI's; it's like they think they can wow us with garbage or maybe they just don't know what to do with themselves.

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