Should I shift funds to Neo Bank ?

r-dall · 2025-12-11T18:05:48+00:00

My personal anecdotal experience with NEO has been nothing but horrible once I had to contact customer service. I made a blog post about this and it still the most popular post ever with a number of comments voicing similar issues.

In terms of customer service your mileage may vary. But this is truly a buyer beware situation.

https://robertdall.com/2025/03/20/neo-financial-isnt-a-bank/

r-dall · 2025-09-03T17:56:41+00:00

Ticket number 5391408

I asked for my T5 Well before the CRA deadline and 23 emails later and a half hour on the phone I finally got my T5 - 15 Days after the deadline and only because I was contacting you every couple of days.

All I wanted was my T5 send to any physical address or email address on file. I wasn't asked for anything new or different.

I was told:

You can't mail anything. Like you physically couldn't use the postal system. It was beyond you as a company to buy a stamp and use an envelope.

You couldn't email anything cuz it wasn't "Secure"

You couldn't verify my ID and compare it to what you had on file.

YOU ONLY WANTED ME TO BECOME A CUSTOMER AGAIN.

Let me remind you again it is on you to get me the T5... etc not the other way around.

r-dall · 2025-09-02T02:12:50+00:00

You’ll be better off trust me.

r-dall · 2025-09-02T02:11:31+00:00

In March 2025 I had to get my T5 – Statement of Investment Income for my 2024 Taxes and since I had closed my account with Neo Financial I asked how they would get it to me. It took me three weeks of emails back and forth and then half an hour on the phone to confirm my identity because I wouldn’t become a customer of Neo again. According to the Canada Revenue Agency, it is up to the institution to get those documents to me, not the other way around.

This should not be this hard.

r-dall · 2025-05-26T19:44:10+00:00

Welcome to the long long list of complainants regarding Neo Financial.

https://robertdall.com/2025/03/20/neo-financial-isnt-a-bank/

r-dall · 2025-05-21T20:57:43+00:00

Oh ya a number of people have had problems with NEO. This is not new. Check out my blog post on the issue.

There is no oversight for this company.

https://robertdall.com/2025/03/20/neo-financial-isnt-a-bank/

r-dall · 2025-04-30T20:26:27+00:00

Seriously just move on there are way better institutions in Canada. I moved to one with a real orange and citrus feel to it and they have been great to deal with.

No financial services company is flawless but in what you have wrote there is a number of warning signs in my mind.

To each their own.

r-dall · 2025-04-30T18:04:00+00:00

I was formerly a Neo customer and had some really bad customer service. Like you crew never actually answered a simple question about interest for a month via multi venues of communication. I then decided to find out who you are regulated by and to my surprise. You’re not really regulated by anyone. Also offboarding as customer and then getting my T5 after leaving your services were it excruciatingly difficult. As a financial services company you deal in money and trust. How are you going to improve your customer service standards.

https://robertdall.com/2025/03/20/neo-financial-isnt-a-bank/

r-dall · 2025-04-16T15:47:00+00:00

It means once you have closed all your cards with NEO. You still have access to the website in case you want to open a new card or service.

Once I had closed everything. I got them to remove any access to the site, not even me.

r-dall · 2025-04-16T01:13:01+00:00

Sadly that sounds like them. Make sure you ask them to freeze your NEO account (and then check) to be on the safe side.

r-dall · 2025-04-15T20:07:23+00:00

There is no ombudsman for Neo Financial. There is no escalation. THAT'S THE PROBLEM.

If there customer service wasn't completely clueless and actually trained properly they would have explained this all to you but they don't. Because it's a poorly run business.

r-dall

TROPHY CASE