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Neo Financial
January 21, 2021
11:16 am
savemoresaveoften
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RetirEd said
Now, aside from not using online-only services, I would never patronize a business run by the SkipTheDishes folk or their ilk. They "disrupted" food delivery - usually provided free and the paid-employee delivery person getting a tip - and replaced it with a slimy parasitic business that:
1. Charges a delivery fee
2. Takes THIRTY PERCENT of the restaurant's bill!!!
3. Doesn't pay the drivers a salary or give them part of the delivery fee! They are not employees, but "contractors" (a la Amway) who get a small time/delivery fee, no benefits or pension and whatever tips they manage. And the company allocates deliveries to keep drivers' income very low.

Another race-to-the-bottom gig scam. May the devil take them!
RetirEd

Oh - and in case you haven't noticed, many restaurants have higher delivery prices than their regular menu to try to keep some profit. The others charge EVERYONE, delivery or dine-in, the extra for the parasites.

Slimeballs.  

I actually believed all these food delivery services/app help keep a lot of the restaurants alive currently, especially those that used to be almost 100% dine in only.
Participating restaurants are free to set their prices on the app, and most set it ~20% more than a direct order price anyway.
Uber Eats and Door dash etc also regularly offer promos to entice people to order. I confirmed with my friend who owns a restaurant that the promo cost are absorbed 100% by the app company, not the restaurant.
Having done quite a few orders (both pickup and delivery) and with the promo and all that, it turns out to be a net savings for me, while restaurants get more or less same revenue as direct order too. The net loser seem to be the app company and I am ok with it 🙂

btw the delivery person gets a tip too, obv one can choose not to tip, but that would be offside in my mind. So yes it benefits the gig economy too.

January 25, 2021
12:44 am
RetirEd
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Savemoresaveoften: You're essentially repeating what I said, but with a hopeful smile. Yes, the restaurants can (and do) add an upcharge to customers to reclaim some of the huge commission, but it's still the customer who ends up being bled for it. The existence of these platforms costs everyone who eats at or takes out from a restaurant, just as credit cards do... but they take a lot more than 1.5-3%.

Promos are irrelevant. They are temporary temptations, as anyone who's ever signed up with Shaw or similar short-term-discount puhers knows. The business model remains parasitic and exploitative.

And I suspect the recent promos - at least here in BC - are as much motivated by the provincial government's threat to cap commissions as by the desire to acquire new customers fearing to to out in pandemic times.
NewEd

RetirEd

January 25, 2021
5:53 am
savemoresaveoften
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RetirEd said
Savemoresaveoften: You're essentially repeating what I said, but with a hopeful smile. Yes, the restaurants can (and do) add an upcharge to customers to reclaim some of the huge commission, but it's still the customer who ends up being bled for it. The existence of these platforms costs everyone who eats at or takes out from a restaurant, just as credit cards do... but they take a lot more than 1.5-3%.

Promos are irrelevant. They are temporary temptations, as anyone who's ever signed up with Shaw or similar short-term-discount puhers knows. The business model remains parasitic and exploitative.

And I suspect the recent promos - at least here in BC - are as much motivated by the provincial government's threat to cap commissions as by the desire to acquire new customers fearing to to out in pandemic times.
NewEd  

During normal times, these apps bank on people (esp millenials) paying for convenience, while the restaurant net losing 10-20% (or whatever amount it is net of fee vs bump up prices) but gain another sale that would not have happened. So the restaurant owners dont mind as much (its not their bread and butter source of revenue). My friend who runs a take out only place, actually said while the fees may be steep, it actually makes sense for him, as no fixed cost and it broadens his client coverage area. Net net, he is better off using the apps than having a full time driver or two. Obviously it is a take out only place vs full serve restaurant driving the cost equation.

As to how the model will evolve or survive once life is back to normal, it remains to be seen. I for one will be eating out for sure and support the local restaurants more once it is safe to do so again ! For now, takeout whether it is direct order or apps with promo....

January 25, 2021
8:20 am
Bud
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Neo is useless if it's mobile only no printing of statements. Their phone line doesnt work for general inquires. Without a hardcopy its more vulnerable to hack.

January 25, 2021
9:38 am
Bud
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From Neo

"We'll have webbanking up and running later on this year, at that time you'll have no issue using your laptop to print statements.

Thanks for the heads up regarding our ext.2 line, we'll look into that to make sure it's working properly."

January 28, 2021
6:28 pm
Caledondave
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I don't have a smartphone. Can I sign up the old fashioned way by snail mail?

January 28, 2021
8:03 pm
Norman1
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Unfortunately, no. Right now, the only way to access anything is through their phone app. One can't even signup on their web site!

January 29, 2021
4:55 am
Alexandre
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4% cashback average at Neo partners (local, national, and online) including groceries, gas, restaurants, coffee, shopping, and entertainment

Does anyone have a list of major Canadian grocery chains participating in this program, where one can get 4% cashback with Neo credit card?

February 13, 2021
12:43 am
Loonie
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Spouse read somewhere that, with the demise of Capital One, HBC is going to be using a Neo card.
I have no further details.
The blurb was promoting the app and the facial recognition parts particularly.
No way I'm going to use facial recognition.

I don't think young people shop that much at HBC, so, to me, it doesn't make sense to use a card that is unfriendly to older people.
It doesn't seem to me like the right way to go about getting a younger customer base, but HBC might have been desperate to pick up a new credit card.

February 14, 2021
4:08 pm
RetirEd
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Demise of Capital One? When did that happen?

I can't find any such mention on the web...

RetirEd

RetirEd

February 14, 2021
5:27 pm
deepcman
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No demise.
U.S. based Capital One is reducing its Canadian footprint, as the company confirmed it will end its relationship with Costco Canada and Hudson’s Bay in 2021. Instead of focusing on card partnership relationships, the company is shifting focus on its own branded credit card business.

February 16, 2021
10:40 am
RetirEd
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Ah, thanks.
RetirEd

RetirEd

March 29, 2021
10:31 am
Ed
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Want to transfer out of Motive Financial HISA @ 1.25% into Neo Financial Savings @ 1.55%. Why isn’t Neo included in the HISA Chart? Is it a risky move or has this site not been able to make up its mind yet?

March 30, 2021
2:19 am
file
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According to the Neo Financial app update notes it is now available in French and will soon be available in Quebec.

March 30, 2021
7:20 am
Ed
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Peter said
I just stumbled upon Neo Financial: https://www.neofinancial.com/. It was apparently founded by the same people who started SkipTheDishes.

Among other things (including a credit card with 0% base rewards, but rewards at certain merchants), they claim to have a CDIC-insured 1.70% savings account, backed by Concentra Bank.

The FAQ (https://www.neofinancial.com/faq) says "Our interest rate isn’t temporary. By being a technology-first company without branches, we pass our savings onto you. That means there’s no 3 month promo period that you might typically see - just simply one of the best rates in Canada."

BUT, you cannot directly sign up yet. There is a wait list. When I submitted my email, it says there are 34,122 people ahead of me.  

Anxious to hear what the OP would say about admitting Neo Financial into the fold of HISA Chart FIs, now that signing up for the Savings account is instantaneous and the app and Customer Assistance seem to be running smoothly.

March 30, 2021
7:25 am
gta_905
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Not sure if this constitutes a web version of Neo Financial but for those who have an account with them this seems to at least get you on.

https://member.neofinancial.com/login

March 30, 2021
7:27 am
Peter
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I think that Neo Financial can be added to the chart now.

March 30, 2021
8:31 am
Alexandre
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gta_905 said
Not sure if this constitutes a web version of Neo Financial but for those who have an account with them this seems to at least get you on.

https://member.neofinancial.com/login  

Appears to only show account balance for now, but it's a start. Also says "Hang tight! We're working on offering our savings experience online."

Yes, please add Neo Financial to the chart.

March 31, 2021
1:18 pm
lhsaid
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Though the application, I was hoping that they will eventually ask me if I want a single or joint account (which I need), until the end ! They now conformed and activated my saving account but couldn't find a way to make it joint. I called them, they said they don't offer it at the moment !
Another account to worry about in terms of dormant fees sf-frownsf-frown

March 31, 2021
2:12 pm
Alexandre
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lhsaid said
Though the application, I was hoping that they will eventually ask me if I want a single or joint account (which I need), until the end ! They now conformed and activated my saving account but couldn't find a way to make it joint. I called them, they said they don't offer it at the moment !
Another account to worry about in terms of dormant fees sf-frownsf-frown  

Worry not.

Opening or Closing Account Free
Dormant account notice Free
Inactive account charge Free

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