Neo Money Account Disclosure Statement, Rate & Fee Schedule
This Neo Money Account Disclosure Statement, Rate and Fee Schedule (“Rate and Fee Schedule”) is provided by Neo Financial Technologies Inc. (“Neo”) on behalf of Concentra Bank (“we”, “us”, or the “Bank”) in connection with the Neo Money Account (the “Account”), offered and held by us. This Rate and Fee Schedule sets out the fees that apply to the Account, summarizes certain provisions of the Neo Money Account Agreement (the “Agreement”), and forms a part of the Agreement. We may change the information set out below in accordance with the Agreement. The information set out here and rates are correct as of March 2, 2022 and are subject to change in accordance with the Agreement. A formalized process is in place to assist you in obtaining a satisfactory response to any concerns or complaints you may have regarding our obligations or charges.
Account Fees and Features :
|Sending & Receiving INTERAC®† e-Transfers||Free|
|ET (Electronic Transfers)||Free|
|PAD (Pre-authorized Debit)‡||Free|
|NSF (Non-sufficient funds) Fee||Free|
|Transaction tracing / recall||Free|
|Stop INTERAC® e-Transfers||Free|
|Opening or Closing Account||Free|
|Dormant account notice||Free|
|Inactive account charge||Free|
|Printed version of monthly statement or other documentation requested by user||$5.00 for each document that is requested to be printed|
†Interac® is a registered trademark of Interac Inc. Used under license.
‡PAD is a form of Bill Pay. The rules outlined for Bill Pay in the Agreement apply.
|Dollar Limit Maximums (Outgoing)|
|INTERAC ® e-Transfer Transaction Maximum||$3,000.00|
|INTERAC ® e-Transfer Daily Maximum||$10,000.00|
|INTERAC ® e-Transfer Weekly Maximum||$10,000.00|
|INTERAC ® e-Transfer Monthly Maximum||$20,000.00|
|Neo to Neo Transaction Maximum||$5,000.00|
|Neo to Neo Daily Maximum||$10,000.00|
|Neo to Neo Weekly Maximum||$20,000.00|
|Neo to Neo Monthly Maximum||$30,000.00|
|Bill Pay||$25,000.00 per payment|
|Electronic Transfer||$30,000 outbound to linked external bank, per transaction.|
|Maximum Balance Held Per Customer||The maximum balance per customer is $200,000.00|
|Dollar Limit Maximums (Inbound)|
|Electronic Transfer||$100,000 limit for inbound from external bank account, per transaction.|
By submitting your application for an Account, you consent to receive electronic communications, notifications and messages from Neo and from other service providers working on our behalf to service your Account, including enrollment and transaction information, by way of: (i) e-mail, to the e-mail address you have provided to us in connection with your Account; (ii) by SMS text; and (iii) through notifications in-app. You consent to the electronic delivery of all documents, to take effect immediately, including but not limited to:
The Disclosure Statement, Rate & Fee Schedule and the Agreement included with this application;
Monthly account statements and information;
Notice of changes to the account terms, products or services, including changes to any interest rate(s), fee(s), service charge(s), operating conditions of the account, and any other items mentioned in the disclosure statements provided to you;
Communications from Neo about the terms and conditions applicable to the account, including changes and confirmations; and
Any other confirmation, notice or information that Neo is required by law to provide to you in writing relating to the account.
You agree to update your cellular telephone number and e-mail address in the event that it changes through Neo’s in-app functionality or by calling Neo at 1-855-636-2265. You may contact Neo if you wish to withdraw your consent to receive such electronic notifications during Neo’s business hours. Printed copies of documentation can be provided at an account holders’ request, subject to applicable fees outlined in the fee table above.
Interest accrues on every dollar the day your Account becomes active. Interest is calculated daily on the total closing balance and paid monthly, based on the rates per annum, as offered. Interest rates are expressed annually and may vary from time to time. You acknowledge that, from time to time, we may change interest rates and how we calculate interest.
Fees are charged on the date that the transaction or event occurs (unless otherwise indicated). See the Rate and Fee Schedule above for all the fees applicable to the Account.
Neo will provide you with notice of any fee changes, either an increase in fees or the addition of fees, through electronic means. These means may include posting a notice on Neo’s Website, through email, or through the Neo online web portal or mobile application or by any other method allowed by law as determined by us, at least 30 days before the change comes into effect.
Neo Money Accounts are eligible for CDIC deposit protection. The Neo Money Account is provided by Concentra Bank, a CDIC member institution. All eligible deposits made with the Bank are aggregately eligible for CDIC protection up to $100,000, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s websitecdic.ca.
This hold policy is based on regulation set by the Bank Act (Canada) and Payments Canada. When you make a deposit into your Account, Neo may place a hold on your deposit on our behalf to verify that the funds will be available from the account of the other financial institution. Although the deposit will be reflected in your account balance immediately, your ability to access the entire amount of your deposit will be restricted until the hold period expires. This means that you will be unable to withdraw, transfer (ET or INTERAC ® e-Transfer) or pay bills using funds that are being held.
Subject to the exceptions below, the maximum length of time Neo will hold funds for is 5 business days for amounts under $1,500, and 8 business days for amounts above or equivalent to $1,500.
In general, up to $100 of each cheque you deposit to your Account (via Remote Deposit Capture) will be available for withdrawal on the business day following the day of deposit when you contact us. If the deposit is made by ET, access to the first $100 will not apply. In addition, the first $100 of each deposit may not be available for withdrawal if your account has been open for less than 90 days, at our discretion.
The expiry of the hold period means that you can access the entire amount of your deposit, but it does not guarantee that the cheque cannot be returned to us unpaid. You are financially responsible for any items that you deposit, and if a cheque is returned unpaid at any time (for example, due to insufficient funds, a stop payment order or a forged signature) either during or after the expiry of the applicable hold period, Neo has the right to charge the amount of the cheque or item to your account.
We may extend the maximum hold periods or we may refuse to accept a cheque in some circumstances, including (but not limited to) if:
We have reasonable grounds to believe that the cheque has been deposited for illegal or fraudulent purposes.
The cheque has been endorsed more than once; is deposited 6 months or more after the date of the cheque; is not encoded with magnetic ink character recognition or is not readable by clearing and processing systems (e.g. has damaged or mutilated encoding)