If you made a payment that was higher than what you owe on your credit card, your credit account will show a negative balance.
You can leave this balance on your account and use it toward future purchases, or you can have the overpayment refunded.
Refunds of overpayments to an open credit account
If you have a Neo Chequing or Neo Everyday account, your overpayment can be refunded directly to that account. If you don’t have a Neo Chequing or Neo Everyday account and the payment came from another financial institution, the refund will be returned through that bank’s bill payment reversal process.
If you have a Neo Everyday account
The fastest way to receive your overpayment refund is through your Neo Chequing or Neo Everyday account.
Chat with us to request your overpayment refund.
Your refund will be processed and deposited into your Neo Chequing or Neo Everyday account within 5 business days.
If you’d like to receive the refund in a Neo Chequing or Neo Everyday account, but don’t currently have one, it's simple to open a Neo Everyday account.
If you don't have a Neo Chequing or Neo Everyday account
If you made the payment from another financial institution and don’t have a Neo Chequing or Neo Everyday account, the funds must be returned through your bank’s bill payment reversal process.
Contact the bank you used to make the payment.
Ask them to start a “bill payment reversal” for the overpayment sent to your Neo Chequing or Neo credit account.
Once your bank sends us the request, we’ll process it within 2 business days.
Your bank may take additional time to complete the reversal. It may take 6 weeks to complete the reversal, depending on your bank’s timelines.
Refunds to a closed credit account
If your credit card account is closed and there’s an overpayment on it, you can still request a refund through Electronic Funds Transfer (EFT) and Interac e-Transfer®.
If you have a Neo Chequing or Neo Everyday account
The fastest way to receive your overpayment refund is through your Neo Chequing or Neo Everyday account.
Chat with us to request your overpayment refund.
Your refund will be processed and deposited into your Neo Chequing or Neo Everyday account within 3 business days.
If you’d like to receive the refund in a Neo Chequing or Neo Everyday account, but don’t currently have one, it's simple to open a Neo Everyday account.
If you don’t have a Neo Everyday account
Chat with us to request your refund by Interac e-Transfer®.
Your refund will be processed and sent within 5 business days.
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