Concentra Name Change: Wyth Financial - September 27 | Page 2 | Wyth Financial (formerly Concentra Bank) | Discussion forum

It could just end up being too confusing for customers, with too many routes leading to the same place.

I don't see where Concentra is offering higher rates than Neo. As far as I can see, Neo only offers the saving account, currently at 1.3%. Concentra appears to be paying .15% - or am I missing a better source of info? https://www.concentra.ca/Documents/direct_rates.pdf

It could get very confusing if Neo also deals with PT or others. They've already given away their name to Concentra.

Maybe I'm just too old and crotchety, but I think customers might steer clear if it gets too confusing and hard to know where their money really is.

I find Concentra confusing at best anyway, as it appears to be in competition with the CUs that are behind it (and their wholly owned banks). Since it's all online or by phone, I am starting to wonder how many of them we really need.

Nehpets said

Actually, Concentra is currently paying 1.35% on its HISA. It's not publicly advertised, and is available only to clients who have a Concentra GIC.

Originally the HISA was intended to receive matured GIC funds, but they expanded its use to be a routine HISA for GIC clients, with an eye on CDIC limits, if that's important to you.

You can buy a $1000 GIC to get on the books and you will get a 1.35% HISA.

My experience with Concentra has been entirely positive with excellent customer service and fast, efficient EFT transfers in and out....next day for outgoing and credited immediately for incoming.

Stephen  

Loonie, yeah, what Stephen said above.

See attached screenshot below:

I've suggested, as have others, that we add Concentra Bank's direct HISA to the comparison chart, along with Peoples Bank of Canada's HISA and yet we don't, which is beyond frustrating. 🙁

Cheers,
Doug

Doug said

It really varies, and Neo Financial is a unique fintech relationship in that like Koho, Wealthsimple Save, and the like, your account relationship is owned by Neo Financial; however, unlike the preceding mentioned companies, the deposits remain registered directly in your own name with Concentra Bank. Essentially, you have a Neo Savings Account with Concentra Bank[;] and Neo Financial, instead of Concentra Bank, provides the online banking platform for the account. If Neo Financial decides to change banking partners at some point, you will still maintain a Neo Savings Account from Concentra Bank (though Concentra would almost certainly merge into their own HISA or rename it, dropping the "Neo" moniker); however, you would still maintain a Neo Financial account and they would open a new account for you with their partner. What I'm curious is to see is whether the language in their various account agreements and terms authorizes them to move your deposits to their new banking partner in the event of a future partner switch. Even if not, I suspect they'd probably send an e-mail or other notification providing a one-click link to authorize the move. So it does make me think that your "stickiness" to Concentra Bank may be less than I originally thought, even though you hold a bank account with Concentra directly in your own name.

Cheers,
Doug  

In relation to the bolded part, the Savings Account Agreement (https://www.neofinancial.com/savings-agreement) says:

~ Part A (Definitions). "We, us and our - refers to the Bank."

~ "17. This Agreement is binding on us and our successors and assigns. We may assign your Account, services, and this Agreement to any person without your consent."

~ Preamble / first sentence. "This Agreement sets out the terms and conditions of the relationship between us (Concentra Bank) and you (our customer) relating to your Neo Savings Account and the services we provide to you through our service provider, Neo."

Thus, Concentra could replace Neo at any time (Neo is simply the service provider to Concentra, a subcontractor if you will). So, yes, Concentra can "move your deposits to their new banking partner [service provider / subcontractor] in the event of a future partner switch". Your consent is not needed.

However, arguably they (Concentra) wouldn't be moving your deposits because your deposits are with Concentra. Concentra would simply be using a new service provider and, as you say, would likely rebrand the name of the account.

Also see section G(7):

~ "This version of this Agreement is effective August 28, 2020, and replaces older versions of this Agreement. We may propose to change, either permanently or temporarily, any term of this Agreement (including fees, charges or other amounts required to be paid by you under this Agreement) or replace this Agreement with another agreement, at any time. We will give you notice of a proposed change and any other information required by law, at least 30 days before the change is to come into effect (as stated in the notice). ... You may refuse the change by closing your Account without cost within 30 days of the effective date of the change."

If Concentra changes their service provider, the terms of the Agreement will change. If you don't like the change, you can close your account.

LK said
However, arguably they (Concentra) wouldn't be moving your deposits because your deposits are with Concentra. Concentra would simply be using a new service provider and, as you say, would likely rebrand the name of the account.

If Concentra changes their service provider, the terms of the Agreement will change. If you don't like the change, you can close your account.  

I think you may have misunderstood my point. I'm aware of the Concentra Bank agreement, and as I stated, one's Concentra account would remain open. The question is because in this case, Concentra is effectively the service provider to Neo Financial, Inc., which is similar to a deposit broker in many respects. I suspect their agreement with their customers allows them to move your deposits into a new HISA with a new service provider (i.e., a different bank or credit union), as they can already open an account for you with said service provider(s). Even if it didn't allow Neo to move the funds for you automatically, they've got a pretty tight relationship with clients, they would just likely send an e-mail to you that stated, "We're switching banking service providers, and have opened accounts in the names of our clients at . All you need to do is click "move my money" below and we'll finalize the process to move your funds. You also have the option click "close my old account" with our former service provider, Concentra Bank. --Your friends at Neo Financial" So, on that basis, Neo funds are only slightly more stickier than traditional brokered deposits Concentra holds.

Cheers,
Doug

Thanks, Stephen.

Perhaps there will be some "opening specials" on or about Oct 25.

I'd like to start by saying that Wyth has to be the most retarded name for a bank that I've ever heard; Concentra sounds more bank-like. They may as well have called themselves Twyit while they're at it.

Secondly, this new platform is shaping up to be a royal pain in the axx. I have to retrieve a security code every single time I login, even if I just logged out; what's the point in having a password? Even though they have a security setting function, there's nothing there to set.

Lastly, their flincks function doesn't seem to work. Anyone have any success linking any acc'ts with it & more specifically, anyone else have any issues linking HSBC?

Despite all the issues with the old Memberdirect platform that they finally sorted out, they go & dump more crap on us. It's like the new platforms from Crappy Tire & Manulife, which are totally useless, but at least they kept the old platforms available for those of us who prefer simple & usable vs useless clutter. I don't know what's up with these FI's; it's like they think they can wow us with garbage or maybe they just don't know what to do with themselves.