Hey everyone — a quick but important update from the Neo team.
There are changing coming that will effect pre-authorized debits (PADs) and direct deposits (like payroll) — like automatic payments or direct deposits. You’ll be getting an email about the change soon. Many users will have to update the pre-authorizations. We totally get that this isn’t anyone’s idea of fun. It’s one of those necessary-but-annoying changes that come with building a better banking experience behind the scenes.
Here’s what’s going on:
Until now, each Neo account was tied to a specific banking partner (for example, People’s Bank or Concentra). That setup worked — but it also meant your account features could vary depending on which partner you happened to be connected with. One person could get a joint account, another couldn’t. One had certain limits, another didn’t. We’ve grown super fast and had to continually add banking partners.
To fix that and keep things simple moving forward, we’re moving to what’s called an unassigned account model. Basically, it means your deposits could be held with a number of different trusted banks, not just one specific partner. This gives us more flexibility to improve features and roll out updates faster for everyone, not just some.
The trade-off: you’ll need to update your pre-authorized transfer info (your account number will change). We know that’s inconvenient — and we’re sorry for the hassle. But once you make the switch, things should be smoother long-term, and future updates won’t require changes like this again.
If you’ve got questions, drop them in the comments or check your in-app messages — there’s a full walkthrough to help you make the change in a few minutes.
Thanks for sticking with us while we keep building a stronger foundation for Neo.
@bt95 Yes, I am pretty sure that you would have to redo the connection with other banks. There will be an email sent out soon to address situation and what needs to be done
To confirm, yes, you should expect those transfers will be impact. A bit of extra context:
I’m told that nothing will break until Jan. 1, 2026.
You will get a list of impacted connections. Assuming Wealthsimple is affected, they would be on this list.
If you DON’T get an email with a list in the next week or two, definitely update us so we can look into it. It’s a big change and we want to be on top of any issues early.
Okay so I’ve checked my account details a few times and nothing has changed from the PAD form I’ve given to different institutions.
is there a chance this was sent to all, because I can’t see a single change made to my PAD form and it’ll just be a bit of a pain to send the same PAD form to every payee/payor and then have them question me on it.
I’m assuming then there is no more early deposits with you guys since Central one follows more of the payments Canada schedule I say this because normally I received my CCB payment a day before the payment date at 10:47 in the morning consistently every month this time I did not receive my payment at all today and they can’t seem to track it down the CRA tracked it to my new account everything matched all the information was updated in time and was fine on there sid they said the payment went over but for some reason Neo can’t track the payment and says that it’s cra fault but I’m seeing everywhere that the delay is because of the switch over to the new system for you guys so I guess that I’m not receiving my deposits early anymore
