Accounts Closed w/o Reason

Community Support
1

Anyone else have their accounts terminated for no reason whatsoever ?

After no reason specified “due to security” and arguing on the phone I was finally told it went beyond “just transactions”. How is that, even, remotely, possible for a financial institution ? It is USED for transactions. How is anything else possible ? Literally paid my credit card on pay day only to use my card going forward to clearing again. I didn’t abuse cash back or can’t even comprehend what else could go “beyond transactions”.

Mind you, my day to day banking was a lot of daily spending, business expenditure and borrowing money from friends closer to 2-3 days before paycheque. I live paycheque to paycheque.

I am perfectly okay putting my statements out there in public and will be going to Reddit and anywhere else I can as well. Not a single transaction was involved in fraud or a breach of TOS.

Sucks cause my clientele included someone who worked with Neo for ventures. I will definitely put a bad taste in her mouth regarding this.

2

Normally, when someone is debanked, the reason is not stated so the person doesn’t try to circumvent whatever activity led to being debanked at another institution.

Just from your post, I would bet it’s because you’re using your personal account for business activities, which is a breach of your terms and conditions, as it would be in all other banks.

3

@illicit I’m sorry you’re dealing with this. I understand how frustrating it is, especially when you rely on your Neo account for everyday spending. There can be different reasons an account may be restricted or closed, including activity related to disputes or chargebacks, but we can’t confirm the specific reason for your account. I know it’s frustrating when Support can’t provide more details, but some security and risk decisions can’t be fully explained.