Neo Financial | Page 3 | Neo Financial | Discussion forum

Peter said
I think that Neo Financial can be added to the chart now.  

I strongly oppose adding it to the chart under the name "Neo Financial" as Neo Financial is not a regulated bank or credit union and does not hold client assets. This would go against our more than a decade of established practices and inclusion criteria. It is not much different than a deposit broker. Rather, it could be added a separately named product/savings account of Concentra Bank.

Cheers,
Doug

portfoliostrat said
Excluding Neo’s HISA, will cause some to miss out on one of the top yielding possibilities. I use Neo, my experience so far has been good.  

Agreed. Not having Neo Savings on the HISA chart is doing a disservice to members of this forum who follow it not only to select the best overall rate but also to choose where and how to spread their savings. My experience using the Neo Financial app has also been good, so far. The Customer Service is fast and efficient, as well.

That didn't last long. And remember that your account is with Concentra, and that "Neo Financial" is just the provider of the app/tech that supports the account, even though Concentra misleadingly named the account the "Neo Savings Account" (after the tech host of the app / infrastructure, presumably).

There are no Neo Savings accounts! It’s a platform to hold Concentra savings accounts. Neo would have to be a registered financial institution to hold savings accounts.

Vatox said
There are no Neo Savings accounts! It’s a platform to hold Concentra savings accounts. Neo would have to be a registered financial institution to hold savings accounts.  

There is a "Neo Savings Account" -- in name only. Concentra chose to brand the name of a savings accounts provided by Concentra the same name as the technology company hosting the app (Neo).

On some levels this is a variation of the CIBC / Simplii arrangement.
* CIBC has a trade-name for 'Simplii'. Simplii is not a separate legal entity from CIBC; it is a division of CIBC. There is a Simplii savings account, that is provided by CIBC, accessed through a website that is branded 'Simplii'. Simplii is not a FI; its not anything from a trade-name; legally it is part of CIBC. Simplii savings accounts are provided by CIBC, and funds are CDIC insured with other CIBC funds.
* Concentra and Neo have a contractual relationship. Neo is a separate legal entity from Concentra. There is a Neo savings account, that is provided by Concentra, accessed through a website (and app) that is branded "Neo". Neo is not a FI, but is it a legal entity. The Neo savings account is provided by Concentra, and funds are CDIC insured with other Concentra funds.

I've issued a withdrawal request from an external account to Neo, two days later, they rejected it !!! I tried to talk them, no way !, I emailed them. Two days later they responded:
"The reason the withdrawal was rejected is that there is a limit of $30,000 per transfer. However, you can make multiple transfers per day as long as they don't exceed $30,000. "
Went to the app to see these limits and coudn't find any.
This is first time I see limits on coming requests. I usually see limits on outgoing requests.
Has anyone seen this with any other FI ?

HermanH said
I believe that EQ also has similar limits for requests originating from within their platform.

I have had no problem pushing or pulling larger amounts into / from my EQ accounts from outside banks.  

Many FI have limits on requests originating from them. What seems odd with Neo is limits on incoming withdrawal requests ! Hope they don't have limits on incoming deposit requests.