If your electronic fund transfer (EFT) to or from your Neo Money account (including Neo Everyday and Neo High-Interest Savings accounts) has failed, you'll receive an email notifying you of the decline. You can then take the steps necessary to ensure your transfers are successful.
Ensure your transfer doesn’t exceed transfer limits for Neo Money accounts.
Issues with transfers to the account
There are possible reasons why your deposits aren't in your account when expected. You’ll receive an email if your transfer was declined.
Processing times for deposits
Direct deposits can take 1-3 business days to be processed in your account. Our team can’t view upcoming direct deposits unless you see them as pending on your account.
If you add funds from a linked account, it can take 5 business days for your funds to be available to use in your Neo Money account. You will still earn interest on your deposit during this time.
There's no way to rush the processing times for electronic fund transfers.
Deposit from linked account declined
It can take 5 business days for your transfer to be posted and available for use. Your deposit could have declined due to issues or limitations with your linked account. Here are common possible issues with linked accounts:
- Not enough funds: A common reason for decline is if there aren’t enough funds in your account to support your transfer. Ensure your account is funded before transferring any funds. Your linked account may charge an insufficient funds fee.
- Withdrawal restrictions: Your linked account may not permit withdrawals to external accounts or has a limited number of withdrawals you can make.
- Transfers from outside of Canada: Deposits from international accounts can't be accepted in your Neo Money account.
If none of these reasons for decline apply to your transfer, chat with us and our Specialists can look into it for you.
Missing paycheque
Your paycheque may be missing if there was incorrect information provided for the transfer. Contact your employer and ensure your account number, transit number, and institution number are accurate. Here’s how you can set up direct deposits.
After verifying your account information, chat with us for further assistance. We'll ask that you provide the following information:
- Date the deposit was issued
- Deposit amount
- 22-digit item trace number associated with the deposit.
Neo can’t support payroll deposits from outside of Canada.
Issues with transfers from your account
If you face issues with transfers from your Neo Money account, here are possible ways to problem-solve.
Processing times for withdrawals
Pre-authorized payments initiated by a biller can take 1-3 business days to hit your Neo account.
Withdrawals to a linked account can take 1-3 business days to be processed.
There's no way to rush the processing times for transfers.
Withdrawal to linked account declined
Your withdrawal could have declined due to issues or limitations with your linked account. Here are common possible issues with linked accounts:
- Linked account closed or frozen: Make sure your linked account is active and allows withdrawals to be made.
- International transfer: It's not possible to make withdrawals to accounts outside of Canada.
Pre-authorized payment declined
If your pre-authorized payment declined, you'll receive an email notifying you.
Here are common reasons a pre-authorized payment may decline:
- Insufficient funds: There aren't enough funds in your Neo Money account for the payment. You won't be charged a fee by Neo for insufficient funds.
- Incorrect information: Make sure the payee name and account details you entered are correct.
- Neo account closed: If your account is no longer active, any pre-authorized payments from your account will be unsuccessful.
Automatic retry for pre-authorized payments
If your pre-authorized payment was declined due to insufficient funds, Neo may give you some time to add funds to your Neo Money account before automatically trying the payment again.
You’ll receive an email with the time and date that Neo will try the payment again. Add funds before the set time, and then your payment will go through.
If you don’t receive an email with the time and date that Neo will retry the payment, fund your account and reach out to the biller to request a retry for the payment.
Add funds before the payment is retried
Funds added to your Neo Money account need to be posted before the payment is attempted again. Either transfer money from another Neo Money account or fund your account by sending yourself an Interac e-Transfer®.
Funds transferred from a linked account need 5 business days to be available for use. Your payment won't go through if you add funds from a linked account.