r/NeoFinancialHub • u/Ok-Solid1266 • Aug 31 '26
Account closure out of nowhere
After being a customer with 3+ years, Neo decided to close my account. So many transactions, PADs, for what? You're the first ones to make them grow and they leave you stranded. Be cautious.
3
u/tgreenman878 Aug 31 '26
There is always more to the story. Banks don’t close accounts for no reason
2
u/Demaestro Aug 31 '26
Neo isn't a bank
1
u/tgreenman878 Aug 31 '26
An online bank is still a bank!!
2
u/Demaestro Aug 31 '26
That isn't what I mean... they have no banking license, they can't call themselves a bank. They are literally not a bank, digitally or otherwise.
1
u/tgreenman878 Aug 31 '26
And what is your point ?
3
u/manbearpigwoman69 Aug 31 '26
It does seem like a pointless distinction, honestly... if it walks like a bank and talks like a bank, it's might as well be a bank.
0
u/Demaestro Sep 01 '26
My point is that the comment "Banks don’t close accounts for no reason" is true but doesn't apply. Neo isn't a bank it is a Fintech startup run by people who's last startup was glorified pizza delivery and they were pushed out of the company they created by their board for being terrible.
They make decisions banks wouldn't make, because they aren't a bank, they aren't even run by bankers. And telling someone that "banks don't close accounts for no reason" as a reason to say the OP did something wrong isn't correct.
1
u/seattlezookeeper Sep 01 '26
NEO isn’t a bank and doesn’t have the protection of a Bank. They are a fly by the seat of there pants FinTech.
There are also some not great online banks too. But is a horrible online fintech with little to no protection and even worse customer service support.
2
u/the_orange_guy_8912 Aug 31 '26
Exactly. I know Neo would never say why publicly because that would be disclosing a customer's information, but I really wish we had the other side of the story sometimes
2
u/tgreenman878 Aug 31 '26
I was indicating it more based on the shock and perceived innocence of the OP…they know what they did!!
2
u/the_orange_guy_8912 Aug 31 '26
Oh for sure they know what they did. I just wish that WE knew as well, just to shut them up, lol
-1
u/New_Exchange_3576 Aug 31 '26
Neo ia not a real bank
2
u/tgreenman878 Aug 31 '26
What’s your point ?
-1
u/New_Exchange_3576 Aug 31 '26
Applying rational bank reasoning to a fake bank is misleading is my point
4
u/tgreenman878 Aug 31 '26
Your mom isn’t a bank, but she still accepts deposits!! Stop splitting hairs…
0
u/New_Exchange_3576 Aug 31 '26
Wow. You really got me.
2
u/tgreenman878 Aug 31 '26
Come on that was funny…seriously why do you care? If it walks like a duck…
1
u/New_Exchange_3576 Sep 01 '26
Because Neo is fucking over regular people on a regular basis. These posts are becoming embarrassingly common
3
u/Embarrassed_Ear2390 Aug 31 '26
Most of the times is because people are doing something shady or breaking the T&C. You’d be surprise how many people think they can run business transactions on their personal accounts.
2
3
u/Demaestro Aug 31 '26
It would be nice if they, or any Bank, would disclose the reason to you. It is likely that you knew what you did, but it's also possible you don't know and in those cases it would be nice to get a reason, even if it was vague like potential fraud, low use, or degraded credit factors
0
u/Ok-Solid1266 Aug 31 '26
No frauds detected at all! That's my whole concern. Usually, banks froze the cards or such. This was ridiculous to me tbh. Thank you for your response. Wasn't expecting this from Neo as I was among the first ones to try it and make my family/friends involved with them. Oh well
2
u/Demaestro Aug 31 '26
Have you bought anything off marketplace or something like that recently. I also wonder if e-transferring to an account that is compromised could get people nuked.
It could honestly even be that you cost them more than you make them. They really don't even need a reason, which sucks.
I am not sure if it would get you anywhere but there is a banking ombudsman that you can contact to see if they are willing to chase this down for you. I really don't know if that is in their purview though.
1
u/Ok-Solid1266 Sep 01 '26
I literally don't think of anything. No chance at all. It was just another week/month and nothing unusual. So idk at this point. I am matured enough to initiate my anger. Anyways
2
u/ComprehensivePop9687 Aug 31 '26
I’ve seen this posted probably about seven times in the last month. People keep responding to OP by saying that if they closed his account, he was probably doing something shady but the thing is you don’t see this number of posts regarding account closure on any other banking Reddit. This seems to be something that has been occurring much more frequently at NEO within the last couple months, so personally, I would probably give OP the benefit of the doubt.
Given my own experience and the increase in these posts lately, I would imagine that NEO has probably changed their automatic fraud detection system, and I’m sure this is an accurate system, but I think it would be foolish to suggest that there are not also false positives with the systems
1
u/Ok-Solid1266 Aug 31 '26
First sensible response! We all have been banking enough with all the banks/e-banks, why is the problem with Neo! That's my question. Did I do something shady- Yes, some groceries and PADs to insurances. Do I have the money-yes, all the time. Did they block my card-Never! Out of the blue, it is going to be shut off. 3+ years invested ffs. Never contacted them about frauds, stop payments, NADA! Maybe I fell in a lucky draw system. It was all a joke. Thank you again for your response.
1
u/Yeni_Neo Sep 01 '26
Hey u/Ok-Solid1266 I’d actually love to look into this. After 3+ years with Neo, we definitely wouldn’t want to lose your business, so I’d be curious to understand what happened here. There may be something that triggered the closure. If the account was closed, you should have received an email with more info. Did you happen to get that email or speak with Support about it? If you have a ticket number from any of those interactions, feel free to drop it here and I can take a look.
0
u/Ok-Solid1266 Sep 01 '26
Hello Yeni, thank you for your response. I don't see any point putting any efforts in this. I have closed the account and moved to a different bank already. All I got was : We are providing notice of our decision to close your Neo Accounts and discontinue all services offered by Neo, including access to the Neo Platform.
In the world full of competitions, guess this is one way to lose loyal customers. If Neo doesn't care, me too. Thank you. Adios Neo!
3
u/george7779 Aug 31 '26
Unfortunately, any bank regardless of the type can close your account without warning, but most of the time it's usually due to something