You can use Neo Advance on a joint Neo Chequing account. Both co-owners can use Neo Advance once it’s added to the account.
Who can use Neo Advance on a joint account
Neo Advance is added to your Neo Chequing account, not to individual profiles. If you have a joint Neo Chequing account with Neo Advance, both co-owners can use it.
You can use your advance after your Neo Chequing balance goes below $0. Use it for Neo Money™️ card purchases, pre-authorized debits, ATM withdrawals with the Neo Money™️ card, and bill payments—the same as on an individual account.
Eligibility for Neo Advance with joint accounts
Eligibility and your starting advance limit are based on the co-owner who applies for Neo Advance, not on both co-owners together. Currently, the co-owner that opened the joint account is the only one that can apply for Neo Advance for the joint account.
That means:
One co-owner’s account profile is used to determine eligibility and your starting advance limit.
Both co-owners can still use Neo Advance on the shared account once it’s active.
Shared Neo Chequing account activity may be included in that decision; the other co-owner’s personal information is not used to decide the applicant’s Neo Advance.
What you need
To use Neo Advance on a joint account, you need:
An active joint Neo Chequing account
A Neo membership
Neo Advance added and approved on the account
Here are the details on how to get Neo Advance.
Use Neo Advance with joint accounts
Using Neo Advance: Either co-owner can spend within the shared advance limit when the account balance is below $0.
Repaying: Repayment is automatic from deposits into the joint Neo Chequing account. Here’s how to pay off your advance.
Limit changes: Limit increases apply to the account, not to each co-owner separately. The co-owner that applied for Neo Advance will be notified when the account is eligible for a higher advance limit.
Frequently asked questions about Neo Advance and joint accounts
Can both co-owners use Neo Advance?
Can both co-owners use Neo Advance?
Yes. Once Neo Advance is on your joint Neo Chequing account, both co-owners can use it.
Does each co-owner need their own Neo Advance?
Does each co-owner need their own Neo Advance?
No. Neo Advance is one feature on the shared Neo Chequing account. You don’t need separate Neo Advance setups for each co-owner.
Can one co-owner use Neo Advance if the other isn’t eligible?
Can one co-owner use Neo Advance if the other isn’t eligible?
Eligibility is assessed for the account based on the co-owner that applied for Neo Advance. If Neo Advance is approved on the account, both co-owners can use it.
Is Neo Advance reported on both co-owners’ credit reports?
Is Neo Advance reported on both co-owners’ credit reports?
No. Neo Advance is reported on the credit file of the co-owner who enabled Neo Advance on the joint Neo Chequing account, not on both co-owners’ credit files.
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