Neo Financial Concerns | Neo Financial | Discussion forum

FYI Neo Financial has anonymous forum member(s) and monitors this forum closely so keep that in mind when reviewing responses or external explanations to this post. I rarely post but felt everyone needs to be aware of what has/is happening with this non-bank.

I applied (online) for and opened an account with Neo in March. After reading here that you could now activate your savings account online which I prefer for security instead of via mobile I proceeded. I uploaded the front and back of my drivers license and the selfie requested after which I got a screen saying unable to confirm and to call into support. Here is where it gets interesting and in my opinion a lot more worrisome.

I attempted to call Neo's support line many times from my blocked personal cell number and was disconnected or it rang once and was disconnected without explanation. This is problematic for the only support/contact number Neo has. I was very concerned because I had uploaded my driver's license, selfie, plus other personal information they already had originally. I finally tried via my landline that is not number blocked and got through. The agent answering the call put me on hold to find out why the savings portion of the account did not open successfully. Nobody at Neo support could answer why and I was told I would be called back the next day with answers. I explained that if they needed calls accepted only from non blocked numbers there was ways to accomplish this other than simply automatically disconnecting. I also wanted to know how I could link external accounts. I was told this was accomplished via screen scraping where you enter your user name and password from your current bank on Neo's page. I expressed my concern because I have learned from this forum and others that there are serious security risks via this method and asked if they had an alternative. When I asked, I was told the call was recorded and I asked if the call could be listened to by technical personnel so that I would have the correct answers to my questions. I was assured it would be.

Fast forward 2 days later and still no call from anyone at Neo, very very concerning because they were in possession of sensitive personal information. If they can't or won't answer simple questions regarding security etc. or try to improve their processes this is a giant red flag. Maybe there was a glitch in the process and everything in my account was now set up and I would eventually get an apology call or something of that nature later. NOOOO, when I logged onto my account I got a screen telling me my account was FROZEN and to contact support. Okay I called from my cell and got the obligatory auto hang up before I realized I have to call from my landline. Frustrated I explained the whole story AGAIN to the agent and said why don't you just read the notes on my file or listen to the recording instead of me having to repeat the whole fiasco again. After holding for several more minutes he said Neo is refusing to open an account for me. I said I have had an account since March. I asked several times and he refused to explain or answer why. Understand I now have absolutely no faith in the security protocols or systems in place much less customer transparency of Neo Financial and was thinking that's fine I need to bring this to federal regulators. I told the agent I would be going to the federal regulatory agency responsible and bring up these issues and I requested they please remove ALL my information from their servers and anywhere else it might be stored. HE REFUSED!!!!

Beware of Neo Financial! What a class act, you have been warned...