On June 27, 2024, the Neo Money™ account provided by Concentra Bank became the Neo Everyday account provided by Peoples Bank of Canada!
You’ll still be able to access your account and manage your funds through the Neo app or website the same way you do today.
We’re introducing the Neo Everyday account to make room for new ways to manage your money with Neo. Stay tuned for additional features in the future!
What’s changing to the Neo Money™ account?
As of June 27, the banking provider for your Neo Money™ account changed from Concentra Bank to Peoples Bank of Canada. Peoples Bank of Canada will hold the funds in your account, and the account name changed to the Neo Everyday account. You will be able to access your account and manage your funds through the Neo app or website the same way you do today.
Here are the new agreements for your account:
- Neo Everyday Account and Access Card Agreement
- Neo Everyday Account and Access Card Disclosures and Fees
- Peoples Bank of Canada Privacy Policy
What’s changing to the Neo Money™ card?
If you have a Neo Money™ card, the card issuer has been updated from Equitable Bank to Neo Financial. Your physical card and card number will stay the same.
Who is Peoples Bank?
Peoples Bank of Canada is a federally regulated financial institution. Peoples Bank is a CDIC member institution and eligible deposits you hold in your Neo Everyday account will be combined with eligible deposits you hold at Peoples Bank of Canada for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website.
Are there any changes to how my personal information is handled
Your personal information will continue to be handled in accordance with the Neo Privacy Policy. When the banking provider is changed to Peoples Bank of Canada, your information will be shared with Peoples Bank to operate your account and for regulatory reporting and compliance purposes. For more information on how Peoples Bank of Canada handles your personal information, please refer to the Peoples Bank of Canada Privacy Policy.
Direct Deposit and Pre-Authorized Debit Updates
When your Neo Money™ account became the Neo Everyday account, the account number, transit number, and institution changed.
Please update any direct deposit payors (e.g. employers) or payees with pre-authorized debits (e.g. utilities, service providers) with your new account information.
To avoid any disruptions, your old Neo Money™ account number will continue to support any existing direct deposits and pre-authorized debits for a short time after June 27, 2024. We’ll also notify you if you get any direct deposits or pre-authorized debits to your old account number.
Log in and go to your Neo Everyday account details to view your new account number.
Re-register for Interac e-Transfer® Autodeposit
If you previously registered for Autodeposit with your Neo Money™ account, it’ll no longer be set up. You’ll have to register your email again to get Interac e-Transfer requests automatically deposited into your account. Here’s how to set up Interac e-Transfer Autodeposit.
New institution name when depositing an Interac e-Transfer
When you receive an Interac e-Transfer by email, you can deposit the funds into your Neo Everyday account by selecting Neo Financial – with Peoples Bank as the financial institution.
CDIC deposit protection
The Neo Everyday account is provided by Peoples Bank of Canada, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo Everyday accounts are combined with eligible deposits held at Peoples Bank of Canada, for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website cdic.ca.
What if I still have questions or concerns?
The Neo team is always happy to help if you have questions! Contact us to get in touch with our team.
Disclaimers:
The Neo Money™ account is provided by Concentra Bank.
The Neo Everyday account is provided by Peoples Bank of Canada.
Interac e-Transfer is a registered trademark of Interac Corp. Used under license.