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Add new entries to the forum for the following Banks/FIs
April 8, 2021
9:53 am
Ed
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Pulled an amount from Simplii into Neo and the tag for the EFT Debit in the Simplii Transaction List read, “Neo Financial by Concentra Bank”. FWIW.

April 8, 2021
11:29 am
Norman1
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Bill said
…I personally don't like the term "brand", if I'm new to this site and just went to the charts I'd wonder what that meant.…

That's a good thing actually.

It is a good thing for people to wonder and inquire about who and what they are dealing with legally when they deposit money into an account that carries, for example, the Neo Financial, LBC Digital, Simplii, Ideal, or Hubert brand.

The kind of arrangement between Neo and Concentra is not new.

The PC Financial brand or banner is over 20 years old. It was a venture, started in the late 1990's, between food retailer Loblaw Company and chartered bank CIBC. Loblaw is not a division or subsidiary of CIBC. CIBC is not a division or subsidiary of Loblaw.

Around the same time, E*TRADE Canada was also started by VERSUS Technologies. VERSUS licensed the E*TRADE name from E*TRADE in the US.

April 8, 2021
3:11 pm
Loonie
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If you follow the CDIC link provided by LK in #44 above, you find that CDIC refers to these "brands" as "trade names". For example, if you search for "Motive", you are told that it's a trade name of Canadian Western Bank.

Inasmuch as the purpose of this identifier is to clarify CDIC coverage, it might be useful to use the same terminology that CDIC uses. They may even have a technical or legal reason for choosing "trade name".

Accordingly, I would vote for calling it "trade name".

Some may argue that this is equally, if not more, confusing, but at least it's consistent with something we want to know. Perhaps it's time we learned some new terminology. If we use it regularly, we'll get used to it.

April 8, 2021
3:19 pm
topgun
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Peter
Get input from several people over a period of time before making changes. No need to rush. Many excellent suggestions posted.

Have a Great Day

April 8, 2021
11:08 pm
smayer97
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Loonie said
If you follow the CDIC link provided by LK in #44 above, you find that CDIC refers to these "brands" as "trade names". For example, if you search for "Motive", you are told that it's a trade name of Canadian Western Bank.

Inasmuch as the purpose of this identifier is to clarify CDIC coverage, it might be useful to use the same terminology that CDIC uses. They may even have a technical or legal reason for choosing "trade name".

Accordingly, I would vote for calling it "trade name".

Some may argue that this is equally, if not more, confusing, but at least it's consistent with something we want to know. Perhaps it's time we learned some new terminology. If we use it regularly, we'll get used to it.  

I think that may be a good and reasonable option.... then I would opt for Trade Name/FI.

April 9, 2021
6:28 am
hwyc
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One more observation ... there is now "N" in the QC column. Wondering how is a "N" different from the other blanks. If no different, then I would prefer the blanks ... make the "Y" stand out.

April 9, 2021
6:04 pm
Bill
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When you enter "Neo" in the CDIC Search thing nothing shows up. Maybe it's just too new.

April 10, 2021
9:45 am
LK
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Bill said
When you enter "Neo" in the CDIC Search thing nothing shows up. Maybe it's just too new.  

Hi Bill,

See the following thread: https://www.highinterestsavings.ca/forum/neo-financial/cdic-coverage-2/

The account is provided by Concerta under the name "Neo Savings Account". (Also see post #51 on this thread, above.)

April 10, 2021
12:01 pm
Bill
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Thanks LK, yes, I knew about Neo being covered under Concerta's insurance, I was just pointing out the search facility you provided in post #44 shows nothing yet when you enter the trade name "Neo". CDIC site does have a disclaimer saying the list reflects "trade names identified by CDIC member institutions", so it appears Concerta has not yet identified Neo as a trade name it uses to CDIC site. So I guess for now we have to take NEO/Concerta's word that Neo accounts are covered by CDIC.

April 10, 2021
12:25 pm
LK
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Bill said
Thanks LK, yes, I knew about Neo being covered under Concerta's insurance, I was just pointing out the search facility you provided in post #44 shows nothing yet when you enter the trade name "Neo". CDIC site does have a disclaimer saying the list reflects "trade names identified by CDIC member institutions", so it appears Concerta has not yet identified Neo as a trade name it uses to CDIC site. So I guess for now we have to take NEO/Concerta's word that Neo accounts are covered by CDIC.  

Thanks, Bill. Yes, my post #44 was more general and responding to prior posts on this thread, so not specific to Neo/Concerta.

On Neo/Concerta, I do not think that anything will be updated on CDIC re Neo, as Neo is not a division or subsidiary of Concerta (therefore is not a trade name of Concerta). A trade name is usually an alternate name of a legal entity (see http://www.ic.gc.ca/eic/site/c.....02360.html under section 1, scroll to "trade name vs trademark"). Also see the following (scroll to registering a tradename): http://www.ic.gc.ca/eic/site/0.....00004.html

Concerta and Neo Financial are two separate legal entities, and Neo Financial is not owned by Concerta (ie, is not a subsidiary of Concerta); they seem to have a contractual arrangement between them where Concerta provides the account (named Neo Savings Account) and Neo hosts the platform to access the account. I've covered the details (based on what I can assess from available info) in post 51 of this thread: see https://www.highinterestsavings.ca/forum/site-suggestions/add-new-entries-to-the-forum-for-the-following-banks-fis/page-3/#p61483 .

April 10, 2021
1:52 pm
LK
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Just an addition to my post above, the legal name of Neo is "Neo Financial Technologies, Inc." Neo is simply a technology company that is providing the online access / platform to Concentra Bank's "Neo Savings Account". Neo is not a bank or a credit union... and should not be considered to be a trade name of Concentra. No one should be of the view that Neo is providing the account, nor that Neo will be listed in CDIC. Concentra is the provider of the account, and has the CDIC coverage.

April 10, 2021
3:44 pm
Loonie
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While we're trying to get our nomenclature straight, please note that there is no such thing as Concerta Bans. The bank in question is called Concentra Bank.

How about calling it ["Neo" - Concentra Bank]? The quotation marks would indicate that it's sort of a fake name, not a trade name or the name of a financial institution, a moniker for Concentra.

I must say, this is all very confusing!sf-confused

April 10, 2021
5:27 pm
LK
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Loonie said
While we're trying to get our nomenclature straight, please note that there is no such thing as Concerta Bans. The bank in question is called Concentra Bank.

How about calling it ["Neo" - Concentra Bank]? The quotation marks would indicate that it's sort of a fake name, not a trade name or the name of a financial institution, a moniker for Concentra.

I must say, this is all very confusing!sf-confused  

Yes. And that is the point -- this is all quite confusing. I do not recommend calling it ["Neo" - Concentra Bank]. The legal entity re federally regulated "bank" and FI and CDIC is "Concentra Bank" - ONLY. Anything regarding "Neo" is simply the name of the savings account. Neo is a tech company and not a financial institution. Neo provides the "platform" (tech, online interface) between the customer and the "bank" (Concentra Bank).

Concentra: https://www.cdic.ca/your-coverage/list-of-member-institutions/#CC
Concentra Bank
Concentra Trust

Concentra Bank is a CDIC member institution. Eligible deposits are protected up to $100,000 per category.

Concentra Trust is a subsidiary of Concentra Bank and a CDIC member in its own right. Eligible deposits of up to $100,000 per category are protected separately from deposits at Concentra Bank.

(Loonie: I note the typos in my prior post re "Concerta"; same should be Concentra. Thank you!)

April 10, 2021
5:59 pm
Loonie
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Well, in that case, the only solution may be to put the name of the FI as Concentra Bank, and the name of the account (second column) as Neo. Neo site says: "The Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection."

This might be the most accurate but will result in more confusion since Neo is no longer listed where you expect to find it and Concentra Bank doesn't list Neo as one of its product - or, if they do, it's very difficult to find.
So, I don't see complete accuracy as being the deciding factor here., if we are going to include Neo at all. i still go with my previous recommendation, where the quotation marks signify that the word within them is not the name of a financial institution. Could, additionally, put Neo in Account column.

All of that aside, I would vote for just leaving Neo off the chart until they get their act together. It bothers me that Concentra, whose account this supposedly is, doesn't display it on their site. How would the average person know they were dealing with Concentra and CDIC? People are entitled to better clarity and transparency.

April 10, 2021
6:09 pm
LK
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Loonie said
Well, in that case, the only solution may be to put the name of the FI as Concentra Bank, and the name of the account (second column) as Neo. Neo site says: "The Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection."

This might be the most accurate but will result in more confusion since Neo is no longer listed where you expect to find it and Concentra Bank doesn't list Neo as one of its product - or, if they do, it's very difficult to find.
So, I don't see complete accuracy as being the deciding factor here., if we are going to include Neo at all. i still go with my previous recommendation, where the quotation marks signify that the word within them is not the name of a financial institution. Could, additionally, put Neo in Account column.

All of that aside, I would vote for just leaving Neo off the chart until they get their act together. It bothers me that Concentra, whose account this supposedly is, doesn't display it on their site. How would the average person know they were dealing with Concentra and CDIC? People are entitled to better clarity and transparency.  

Exactly.

1. I also vote for keeping Neo off the chart ... unless it is Concentra only as "bank" / FI (noting the account as "Neo Savings Account"). References to "Neo" as a bank and/or a brand are misleading.

2. This is why I raised the same point in my prior post: https://www.highinterestsavings.ca/forum/site-suggestions/add-new-entries-to-the-forum-for-the-following-banks-fis/page-3/#p61487

3. Agreed re 'how is the average person to know'? The way that Neo and Concentra have set this up feels very much like a shell-game, specifically designed to confuse and confound the average customer. That is not ok, and I hope that federal regulators will be looking into this.

April 10, 2021
8:39 pm
smayer97
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This is why I believe that the title being Brand/FI and then listing it as Neo /Concentra is the closest accurate info from the most relevant perspective... insurance coverage... As is applicable in this instance, CDIC covers the Neo Savings account via Concentra.

And any others like this would fit nicely in this pattern.

April 10, 2021
9:13 pm
Vatox
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LK said
Just an addition to my post above, the legal name of Neo is "Neo Financial Technologies, Inc." Neo is simply a technology company that is providing the online access / platform to Concentra Bank's "Neo Savings Account". Neo is not a bank or a credit union... and should not be considered to be a trade name of Concentra. No one should be of the view that Neo is providing the account, nor that Neo will be listed in CDIC. Concentra is the provider of the account, and has the CDIC coverage.  

IMO, this is the info that should be followed. Concentra is the FI and Neo Savings is the account name. It’s a no brainer from my view.
Just provide a proper link to where the account can be applied for.

April 10, 2021
10:41 pm
Vatox
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smayer97 said
This is why I believe that the title being Brand/FI and then listing it as Neo /Concentra is the closest accurate info from the most relevant perspective... insurance coverage... As is applicable in this instance, CDIC covers the Neo Savings account via Concentra.

And any others like this would fit nicely in this pattern.  

100% agree, using “Neo Financial” under the “Brand” category is just totally incorrect information.

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