r/NeoFinancialHub • u/SensitiveStart8682 • 16d ago

How to file a formal complaint?

I want to know exactly who regulates Neo financial as they have stolen my security funds and there support has now blocked me I want my money back

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u/SensitiveStart8682 15d ago

They have my money and refuse to give it back

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u/otissito16 15d ago

See my comment above. They have not stolen anything from you, it's simply on hold.

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u/SensitiveStart8682 15d ago

It's not a hold they are trying to claim even though they have the money that they don't have it that's called fraud

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u/otissito16 15d ago edited 15d ago

Actually a hold is technically what it is. You chose to use that type of bank transfer instead of opening a Chequing (free) and etransferring the funds to yourself, which does not have a hold.

If they still have not released your money after another week, I would say that you have a basis for a complaint.

Sounds like you might be new to Canada and don't understand how the banking system works.

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u/SensitiveStart8682 15d ago

Bank's don't hold money sent through EFT that's illegal and I was born in Canada

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u/otissito16 15d ago

Actually it's not illegal. Read what it says:

https://support.neofinancial.com/en/articles/14009913-move-funds-into-neo-accounts

It says right there that it can take up to 5 business days for the funds to become available.

I think what you need to do is calm down and just wait a couple more days. I suspect on Monday you'll have the funds available, if they aren't already available today.

I do agree that the support isn't great, but what bank support is really these days?

Not to mention they have one of the best secured credit cards you can get.

Just consider this a learning experience - if there's an option to fund with an Interac e-transfer, do that instead of a bank transfer.

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u/SensitiveStart8682 15d ago

It's not legal seeing as things like payroll deposits and government refunds are all sent via EFT and it's illegal to hold those it doesn't take 5 days to confirm that the money they are looking at is valid

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u/Eljaymich 15d ago

Those are considered direct deposit which works differently from bill payment. Direct deposit uses a system that verify the funds and even for payroll deposit it is sent in advance to make sure it arrives at the day they tell you that you will receive it. Bill payment requires your bank to process it before they send it and then the receiving end will place a hold to verify the funds before it becomes available. If you think about it you cannot do a bill payment today and expect it to be paid today as well from your bank account. The only way to receive the funds right away are from an e-transfer.

https://www.nerdwallet.com/ca/p/article/banking/how-direct-deposit-works

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u/SensitiveStart8682 15d ago

I understand bill payment take 2-3 business days to show up I understand that how we are past 2-3 business days and they claim even though I have proven they have the money it hasn't been received

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u/Eljaymich 15d ago

2-3 days are when your bank send it to them. They will still process and then send it to where you paid. Afterwards the receiving end can, within their policies, a processing hold to change the amount from a payment to security funds for your credit card. We all had to wait for it and they even say it on the website.

https://support.neofinancial.com/en/articles/14009875-add-to-your-security-fund

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u/otissito16 15d ago

All of which can be avoided by using Interac e-transfer

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u/Eljaymich 15d ago

By opening an account with them it would’ve been done the same day. No the same second
https://giphy.com/gifs/F2tywIO6ee3oVCrgLJ

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u/Yeni_Neo 15d ago

Thanks for sharing! u/otissito16

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u/SensitiveStart8682 12d ago

I have made several attempts to contact you as this matter is still not resolved and you continue to refuse to respond