Banks are raking in 400% profits from Non-Sufficient Funds (NSF) fees WHAT?!

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Hey Neo Community! Have any of you ever been hit with those crazy NSF fees from traditional banks? It’s frustrating, right? Imagine not having enough funds to cover a payment…only to be penalized for it on top of everything else! Traditional banks profit off of these fees, but we’re here to turn the tables. That’s why we created Free NSF Protect. it’s our way of putting customers first. :slight_smile:

Here’s how it works: If a payment is declined due to insufficient funds, Neo allows you time to add funds before automatically retrying.

  1. You’ll receive an email with the time and date that Neo will try the payment again. Add funds before the set time, and then your payment will go through!
  2. If you don’t receive an email with the time and date that Neo will retry the payment, then fund your account and reach out to the receiver to request a retry for the payment.
  3. Don’t use the “linked account” feature when you are doing this because funds transferred from a linked account need 5 business days to be available for use. Your payment won’t go through if you add funds from a linked account!!!”

:dollar: So you can either transfer money from another Neo Money account or fund your account by sending yourself an Interac e-Transfer®. Learn more here.

I’m curious to hear your thoughts on this. Do you guys think traditional banks are fair with NSF fees? What’s been your experience?

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This looks great. I stopped using my Neo Card because there was no way to get financial data (either through a linking service like Plaid, or - at a minimum - the ability to download .csv files).

A lot of your features and offers are excellent, but if we can’t link our accounts to wealth management or budgeting platforms, it is still a non-starter.

csv feature

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But is this a paid service? NEO does charge for overlimit fees, though?

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Hey @Clemensrettich Thanks for the feedback! You’re not alone, It’s a super common request from our community, and trust me, the team is aware of how important this is to our users. The more it’s brought up, the more pressure there is to prioritize making it happen.

I appreciate you sharing this and I’ll make sure your voice is added to the conversation. Keep the feedback coming!

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Hey @andrewmurray nope the NSF protect is not a paid service! On your second question for over limit fees, yes we do have over limit fees. Here’s a direct link to the help centre article that tells you the specifics of how that one works. Scroll down to the section that says Overlimit fees on your credit card. Let me know if you have any other questions!

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