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Overpayment to your credit card

  • Updated

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 Everyday account, your overpayment can be refunded directly to that account. If you don’t have a 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 Everyday account. 

  • Chat with us to request your overpayment refund.
  • Your refund will be processed and deposited into your Everyday account within 5 business days.

If you don't have a Neo Everyday account

If you made the payment from another financial institution and don’t have a 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 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 Everyday account

The fastest way to receive your overpayment refund is through your Neo Everyday account. 

  • Chat with us to request your overpayment refund.
  • Your refund will be processed and deposited into your Neo Everyday account within 3 business days.

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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