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Neo wants my external banking password!
June 15, 2021
12:50 pm
Hoale2021
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June 15, 2021
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I recently opened an online daily interest savings account with Neo. The interest rate (1.3%) and iPhone app were appealing.

After I was approved, I went online to link my external bank so that I could transfer $ back and forth. After choosing my external bank from the menu, it asked me to enter my eternal banking card # and password. My external bank password, not my Neo password.

I don't think so.

I don't care if you say that the app is secure, there is no way that I am entering my external bank password on a Neo app.

I have several other online bank savings accounts (EQ, Oaken, etc). None of them have ever asked me to enter my external banking password to link the accounts.

Not going to happen. Too bad. Adieu Neo.

June 15, 2021
1:17 pm
MG
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@Hoale2021 FYI, EQ Bank also now requires your external bank password to link - seems to be the "new" way. Someone else suggested that you change your bank password immediately before linking to EQ Bank and then change it back afterwards. There may be some issue with your external bank not allowing you to re-use a recent password - but not in all cases.

June 15, 2021
1:26 pm
Alexandre
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You can also do it from the other side: in your other bank, link Neo account to it.

Judging from your post, your other bank does not use same account linking technology as Neo and some other FI that asks for account name and password, so you should be fine.
Everything you need to link your Neo account as an external account to other bank can be found under Account Information in Neo app.

I have several other online bank savings accounts (EQ, Oaken, etc).

EQ switched to that same technology recently, but they still offer "old school" linking for banks they are not familiar with.
This is what I've done with linking Neo account: in my EQ account I linked Neo account as an external account.

June 15, 2021
4:52 pm
Vatox
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MG said
@Hoale2021 FYI, EQ Bank also now requires your external bank password to link - seems to be the "new" way. Someone else suggested that you change your bank password immediately before linking to EQ Bank and then change it back afterwards. There may be some issue with your external bank not allowing you to re-use a recent password - but not in all cases.  

You can also call EQ to notify them you are depositing a cheque by picture and to use that as a link. They will do that instead.

I certainly won’t ever input other FI PINs.

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