Neo’s statement on coercive tied selling

Ensuring our members have access to great financial products, also means that we take their best interests to heart. As such, Neo is committed to only offering products and services our members are interested in, and not force someone to apply or sign up for another product as a condition to approving another product request, otherwise known as “coercive tied selling”.

What is coercive tied selling?

The Canadian Bank Act describes “coercive tied selling” as being against the law for a bank to “impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including the bank and any of its affiliates, as a condition for obtaining another product or service from the bank.”

Our banking partner, Concentra’s policy on tied selling

Concentra will not impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including Concentra or any of its partners or affiliates, as a condition for obtaining another product or service from Concentra.

For clarity, it is not considered undue pressure, coercion, or tied selling for Concentra to offer a product or service to a person on more favourable terms or conditions than it would otherwise offer, where the favourable terms are offered on the condition that the person obtain another product or service from any particular person, including Concentra or any of its partners or affiliates.

Neo Financial abides by the above policy to ensure the best experience possible for our members.

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The Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo Savings accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor.

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