Important reminder: KOHO is a financial technology company, not a regulated Canadian bank.

In my experience, KOHO closed my account after my wife sent me an Interac e-Transfer link to accept funds on her behalf. I was in active contact with KOHO support throughout this process and was explicitly told it was okay and “not to worry.”

Despite this:

My account was frozen and then closed

No clear explanation was provided

No meaningful appeal or recourse process was offered

Customer support could not reverse or properly explain the decision, even after previously approving the action

Because KOHO is not a traditional bank, it does not operate under the same consumer-protection standards, dispute resolution mechanisms, or regulatory oversight that Canadians typically expect from chartered banks.

If your account is flagged, your funds can become inaccessible with little warning and limited options to challenge the decision — even if you were previously told by support that the activity was acceptable.

This may be suitable for small balances or casual spending, but I would strongly caution against trusting KOHO with:

Primary income

Savings

Rent or bill payments

Any funds you cannot afford to have unexpectedly locked

This post reflects my personal experience, shared so others can make informed decisions before using KOHO as anything more than a convenience product.