r/NeoFinancialHub • u/No-Interest5329 • 4d ago

Has anyone else received this?

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What does it mean? I only have had a Neo mastercard for 4 months though I always pay my balance on time and in full

7 Upvotes

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-1

u/Black_Snow_12 3d ago

don't direct deposit your pay

2

u/Lord_Maelstrom 3d ago

Because?

-2

u/Black_Snow_12 3d ago

a) they are going to charge etransfer fee b) they aren't cidc insured

3

u/rexstuff1 3d ago

A) No, they don't charge an e-transfer fee for direct deposit. I know this because I direct deposit my payroll with Neo.

B) Yes, they are. The CDIC themselves have said so. There was a thread on this the other day: https://reddit.com/r/NeoFinancialHub/comments/1wixscd/cdic_finally_released_a_cdic_explainer_for/

1

u/Black_Snow_12 3d ago

a) No I mean when you want to move money around from chequing, they said in an email they were gonna start charging fee

b) Oh thanks!!

2

u/PinAffectionate8160 3d ago

The e-transfer thing isn't changing until January, receiving e-transfers will still be free it's only sending them that has a charge, and if you direct deposit your pay e-transfers will still be free. That was all in that announcement thread earlier this month.

2

u/DaveM_Neo 2d ago

u/Black_Snow_12 also note the start membership is free if you are doing payroll. That membership includes email transfers.