I was planning to move all my emergency funds from another bank to Neo, and to give it a try, I did an e-transfer of $1,500 on Feb 21. To date, the money hasn’t been deposited to my account, even though it was deducted from the other bank immediately after I accepted the transaction. Neo has been telling me that they’re doing a trace of the funds and there is no timeline as to when it will get deposited to my account. I know it will eventually get deposited, but I no longer feel confident about moving my emergency funds to Neo if i have to wait so long to get it transferred
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I have done something similar with moving my emergency fund recently over, as well as the rest of my chequing and savings account. I used the feature where you can transfer from the linked bank account. The money was “in” the account immediately earning interest, and took 3-5 business days to actually be in there. I have done this many times and it has always worked for me, could be worth exploring in the future.
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