Banking Services
Neo FinancialHeadquarters
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Complaints
This profile includes complaints for Neo Financial's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 149 total complaints in the last 3 years.
- 76 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.
Initial Complaint
Date:19/06/2023
Type:Billing IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Company name: Neo Financial Complain Details: I had raised a issue to the company for not reporting my credit card to transunion from the past 6 months. **** *** ***** ** ** *** ******** ****** *** *** ********* *** ***** ****** ***** *****Business Response
Date: 12/07/2023
Hi *****,
Thank you so much for leaving us a note through BBB so that we are able to look into this further for you!
We haven't met yet, but my name is ***** and I'm a customer experience manager here at ******************. Once I saw your message I wanted to make sure I was able to reach out personally and address any concerns you have.
I'm sorry that your card is not yet reporting to your credit bureau, I know this is frustrating when we try to make using our products as seamless as we can. We are reporting to TransUnion on almost all cards, however yours has not yet been reported as we have on file that you have two legal first names *********************** of this, it's a bit more complicated to send those files over to TransUnion, which is why you are seeing the delay in your tradeline showing on your credit file.
Once we are able to report on these, I can assure you that all of your history with us will be fully reported (since you first opened your card). I don't have a concrete timeline for you, however our tech teams are actively working on this.
As a thanks for your time, I have gone ahead and credited your rewards account with ****** which you can use however you like.
In addition, I want to make sure that you always have a designated point person at Neo so that you can always be in contact with a manager directly. You can always reach me by sending emails addressed to me to our email at , this way you do not need to go through our general support team.
Have a wonderful week ahead, and please let me know if I can be of further assistance.
Warm regards,
*****
Initial Complaint
Date:02/06/2023
Type:Delivery IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I applied for a credit card while shopping at the *** ** ******** To date, I have not received or activated any credit cards. I received this statement but have never purchased anything on a credit card with tjis name. I am not able to reach or get any response from this companyBusiness Response
Date: 04/07/2023
Hi ***,
I hope you have exciting things planned for your up and coming long weekend!
Thank you for our conversation over the phone today, I appreciate you taking the time to take my call.
As discussed, if you wish to speak more at any time, please don't hesitate to reach out to me directly.
You can reach me by addressing any correspondence to me and sending it to
Have a wonderful weekend ahead.Initial Complaint
Date:03/05/2023
Type:Billing IssuesStatus:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Hey So ******** ******* I got a prepaid credit card from neo as I was declined for ******* secured credit card so they offered the credit builder approach, I was able to set my own credit limit and would transfer money over from my personal bank account and was able to use the neo card as a credit card, At the end of the month I'd be able to clear my credit limit back to 0, and then start fresh again, was a great service while it lasted, In ********* ** **** things changed without my notice or without me agreeing to these changes. In ****** ** ********* time I needed to make a large payment and transfered over **** to make a payment, at this time neo financial policy and terms were changed and I am no longer able to zero my account and there is now a interest being added to this balance. I immediately called neo and told them this isn't right and I was told there is nothing they can do and I need to pay them the **** to close the account. They have now since September being reporting missed payments on my credit score for the interest that is being accumulated on my **** credit balance.This is no right on so many levels it's affected my credit score huge. neo never lent me any more or gave me any credit limit, ** *** **** ** ** ******** ** ******** ** ** *** ***** ** ********. I've spoke with different managers who are all rude and not able to help, I was by the last one that I'm able to pay the **** then close the account and withdrawl the ****, but to me that seems sketchy as how can I withdrawl from an account after I closed it. All I want is this account closed with a zero balance since any money being used with the card was my own money sent from my personal bank account.Customer Answer
Date: 03/05/2023
They did not send me any new policys, and that has been my biggest complaint to them, is if they notify me I would of had time.to clear the balance my self and wouldn't be in this situation.
Business Response
Date: 04/07/2023
Hi *****,
I hope you have some exciting plans for the upcoming weekend!
We haven't met yet, but my name is ***** and I'm a customer experience manager here at Neo Financial. I know that you had some problems with your secured card a while ago and have since closed your account with us. I am so sorry for the delay in reaching out - I had not received your note through BBB until today due to a technical error. Even though the account has since been closed and resolved, I wanted to make sure I had a chance to personally reach out to you.
I am so sorry for your experience with us earlier this year. As you identified, we made some changes to the way the product worked last fall. It changed from a prepaid card (where you fund and then spend) to a proper Secured Card (current). We made this change because the product itself is designed for those who are working to build their credit score, so we modified it to more closely mimic a normal credit card.
For all intents and purposes it is a regular credit card, but the only difference is that the customer must fund their security fund prior to using the card. This way, the fund acts as collateral for Neo in case the customer is unable to pay their card balance, and the customer gets all the benefits of building normal credit habits!
We did communicate this change out through our terms and conditions emails, however by reviewing your previous interactions with us, we did not properly explain these changes to you when you contacted us. it would have been incredibly confusing and frustrating and I am so sorry that this was your experience with us. We are very proud of the experience we provide here, but in this case we let you down.
I've taken care to document this feedback, and in the months since your last correspondence with us we've made changes to our processes around secured cards to better serve our customers.
In terms of your credit score, I do have some really good news. While we aren't able to submit on your behalf, you are able to dispute these impacts to your credit bureau through the TransUnion portal. It can take up to 30 days for TransUnion to review and update your bureau. I will also communicate with our internal teams, so that if you do proceed with a dispute for the impact to your credit and TransUnion reaches out to us to validate the request, we would of course support this.
If you ever need anything in the future, please let me know. I am more than happy to help you personally with anything that you might need.
You can always reach me directly by addressing an email to me and sending inquiries to
Have a wonderful weekend ahead,
*****Customer Answer
Date: 04/07/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Sincerely,
***** ******Initial Complaint
Date:04/04/2023
Type:Service or Repair IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
On March ** 2023 , I made a payment of *** *AD through my *** Money account to ** **** ******* ( ******) as you can see on the document attached. The money *** *AD was withdrawn from my Neo money account , but the recipient ( ** **** ******* ******) told me that they never got the money. So I contacted by phone on March ** **, 2023 Neo Financial customer service and told them that ** never got the money. Neo financial customer service said they are going to cancel the transaction and refund the *** dollars in my NEO Money account. So far , I have not yet seen the refund in my account despite my many reminders and follow up. I need that money to pay my auto finance otherwise my credit rating will be affected. Today, It is ***** ******** and it has been one month now, I am still waiting for my money.Please, help as I need my money to pay my bills.Business Response
Date: 04/07/2023
I looked into their account and see that the transaction they're referring to from Mar ** 2023 of $*** says that it's successfully delivered to the recipient. If they have still not received it in their ** **** ******* then we would advise them to double check the payee information they added and verify if it was correctly added.
If the payee information incorrectly added, we don't have the ability to track it down as it might have been stuck on the recipient's end and they will need to contact them on their end to get it back.
Please let me know if you have any further questions or concerns.
Regards,Initial Complaint
Date:27/03/2023
Type:Customer Service IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Open my account ******** **** it was open for maybe 10 days and a couple transactions they froze my account won't disclose any information to me won't return my phone calls won't return my emails **** ***** ** ** I've called every single day and they're not doing anything about it. I've asked for them to close my account I've asked for the refer my money I've asked to talk to a supervisor asked to talk to a different departments nothing gets done. When I first signed up there was an advertising saying your money is your money anytime and that is clearly not trueBusiness Response
Date: 06/07/2023
We looked into your account and can confirm that there was one deposit that was help by interac as more information was needed for that specific deposit. As you provided the information, the hold was released and the issue was resolved. We understand this is not the best experience however, this step is taken by interac for the safety and security of the account. You account is active and everything looks good at this time.
Please let me know if you have any more questions or concerns.
RegardsInitial Complaint
Date:20/03/2023
Type:Customer Service IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Neo financial are advertising there secure credit card as a credit builder credit card however they do not report your payment history to any credit bureaus. the secured credit card is even called "the credit builder credit card" and it has absolutely 0 impact on ones credit score. i believe their business actions are unethical and deceptive. many of their customers use there products for years thinking it will build their credit but it does not, resulting in them wasting years using a product that does not do what it advertises. i emailed Neo financial support and they would just tell me that soon they will report customer payment history to the credit bureaus, but they have been saying this since the companies inception in 2019. when i demanded to get a written date on when my payment history would be reported and that i wanted to talk to an manager they stopped replying to my emails.please stop this before it hurts more *********.Business Response
Date: 04/07/2023
Good day,
Thank you for inquiring about our Secured Credit Card!
We have been reporting our Secured Credit Card product to ********** as of April 26, 2023. You will need to have a minimum of $50 in your security funds in order for this to be reported to **********.
We backdated any credit history from time of sign up.
If you feel that your concern has not been properly addressed, please refer to the Neo Complaint Resolution Policy for information on how to escalate your concern.
Thank you for providing us with the opportunity to address your concerns.Initial Complaint
Date:10/03/2023
Type:Customer Service IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I was very skeptical at first to get a credit card with this company and I should have kept my skepticism. I had never heard of this company prior and later realized it was only established in 2019. Having this card for almost 3 months now, it is probably the worst credit card to date. I cant even make a purchase on a casino website because Neo automatically denies it. The casino website sends a OTP on behalf of *** to confirm it is really me to proceed with the purchase and it is denied each and every time* ** * ** ****** ** *** **** ***** *** ** ****** ** *** *** ** ****** ***** * *** ** ***** ** ****** **** ** ***** *** ******** ******* ** ****** ********* ***** ** ***** ** **** ***** ******* * ** ******** ******* **** ******* ** * ***** ****** ******* ** * **** ******* ******* ***** ********* ** ******** **** *********** ******* ******. I keep my account paid, therefore I can spend my money wherever I choose too. This is the only credit card I have had that has denied transactions.Business Response
Date: 04/07/2023
Dear ******
First and foremost, I want to extend our sincerest apologies for the issues you've experienced with your Neo Credit Card and our customer service. As the manager of the customer experience team, your feedback has my undivided attention. We highly value our cardholders, and your satisfaction is of utmost importance to us.
In response to your concerns about transaction denials, particularly with online casino purchases, please understand that our policies are designed with the primary intention to protect our customers from fraudulent transactions. We understand that this might sometimes lead to certain inconveniences, and we genuinely regret if this has impeded your personal use of the card.
Should you have any further concerns or inquiries, please feel free to get in touch with us at any time. We’re here to help.
Best regards,Customer Answer
Date: 04/07/2023
Complaint: ********
I am rejecting this response because: You state your Mastercard can be used “anywhere” Mastercard is accepted, but that however is a lie as I tried using my card to pay for a deposit on a phone through ****** and it denied stating they do not accept, debit cards, international cards, corporate cards or prepaid and my card is neither of those. So technically that classifies as false advertisement because it is not accepted anywhere Mastercard is accepted.
Sincerely,
***** *********Initial Complaint
Date:03/01/2023
Type:Service or Repair IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I signed up to this bank on December 22 2022 and on December ***************************************** to the checking account I have with Neo Financial. I then found out that they put a 5 day hold on my money so I could not access it. So I waited the 5 business days until December 30 2022 and the hold was still not taken off my funds so I called them and spoke with a supervisor who claimed that because to to them boxing day December 26 is a Stat holiday and not a business day I would have to wait until January 2 2023. I told her that boxing day is not a Stat holiday and must be considered a business day but they refused to still release my funds. Now Today is January 2nd 2023 and they have again not taken the hold off of my funds so I called them and now they tell me I have to wait until the end of this business day. NEO Financial has held my money for 7 business days and for more then 12 regular days. Do not trust Neo Financial with your money and I need help getting my money out of this Financial institution because it's just the same excuse over and over again and I am very worried I will not get my $******* back from them and I was ******* out of my money and I don't need this stress * *** ***** **** * **** ******* ****** ******* ******** **** ** ******* ** ******Business Response
Date: 30/06/2023
Hi ****,
I hope you have an exciting weekend planned ahead!
We haven't spoken yet, but my name is ***** and I'm a customer experience manager here with Neo Financial. It's great to - virtually - meet you!
I understand that you opened an account with us back in December, and had issues receiving your deposit within the normal time. That of course would have been incredibly stressful, especially around the holidays. I see now that the funds were deposited and your account with us was closed, but I want to apologize as I did not get notified of your message through BBB until today due to a technical error.
Even though it has long been resolved, I wanted to make sure I could reach out to you personally to apologize for your experience with us. I used to work at traditional banks myself, and I joined Neo because we care about customer service in a way that I never experienced with the traditional banks. But in this instance, we let you down, and I'm sorry we weren't able to make it up to you.
While your account is closed, if there is ever anything at all in the future I can help you with please let me know. You can reach me any time directly by addressing your email to me and sending it to ****************************
I hope you have a wonderful weekend ahead,
*****
***** HInitial Complaint
Date:20/12/2022
Type:Customer Service IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Good Afternoon,
I am contacting you in regards to Neo Financial privacy and information complaint.
I will make this complaint as clear and short as possible.
Through ****** mobile, my benefits there was a promotion to apply for a credit card with Neo Financial and I could get ***.
I applied and uploaded info including drivers licence to what I thought it was a credit card. At the end of the online process, it said I was only able to get a secured card, which I absolutely had no interest in getting. I closed the application and decided no to get anything. However, to my surprise I still had a profile with Neo Financial even without having an account with them. After corresponding back and forth with customer services, I was told that they had to keep the info and profile.
At the end of the day, all I want is this online profile deleted as I don't have an account with them. I am ok with them keeling my info on file but not online profile as it represents an online possible identity fraud liability.
On their website, see ********, it said that I could withdraw my consent, but on their correspondence it says that there is nothing that I can do. I feel worried and frustrated that I have to live with the possibility if my info being hacked and not even do business with this company.
Anything you can do will be of great help to me. Please find ******** their privacy wording and my correspondence for over a week worth of same answer different person.
Thank you. **** ******** ********* **** **** **** ********** *** *** ***** ***** *** ** ********** ****** *** ******* **** ** *** * **** ****** ***** ***** ** **** ** **** *** * ** * ****** ** *** ******* **** ** **** * **** ** **** **** ***** ** ****** *** ****** ** *** **** ****** ******** ** ** *********** *** *** **** ******** ** **** ***** ** ***** *** ** **** ** ****** **** ******** ** ********* *** **** ********** * **** ** **** ** *********** *** **** ** *** **** *** **** ********** *** *** ***** *** ** ** ******** ** ******** ** **** ****** ** ** *** **** *** * ***** **** **** ** **** * **** *** **** **** ***** **** *** **** *** * **** **** ** ***** ******* *** ***** ** ******* ******* *** ***** ** * ** * * ** ** ****** **** * ***** *** ********** ***** **** **** ***** *** **** ****** ************************ ******* **** * **** * **** **************** ****** ******* *** *** ***** ***** *** ****** ****** ** ****** *** ** ******** ***** **** ********* **** **** ********** *** *** ***** ***** *** ** ******* **** **** *** ** ***** *********** ***** **** ** **** **** *** ********** * ** **** ** ***** *** ** ********** ************ **** *********** *** ** ****** ** **** *** ****** ** ******** *** ******** *** **** ***** ** **** ** ******* ** ** ***** **** ******** *********** ** ********* *** **** *** ** ****** ** ********** ** ****** ******** ** *** ******* ******* ** *** ********* * **** **** **** ****** ******* **** *** ********* ******** ** *** ** ****** ******* ****** **** **** ****** **** **** ** **** ** *** ***** ******** ** ****** *** ** *** ******* ** *** ******* ****** *** ** **** ** *** **** *** ***** ********** ***** ** ***** ******* **** **** ***** *** **** ****** ************************ ******* **** * **** *Business Response
Date: 04/07/2023
Hi *********,
I hope you are well!
We haven't spoken before but my name is ***** and I'm a customer experience manager here at Neo Financial.
First off, I am so sorry for the delay in reaching back out to you. There was a technical error where we only received your note through BBB this afternoon, even though of course it has been months since the inquiry.
I did however want to make sure I could reach out to you personally to address any concerns you have!! This will also make sure you have a manager to directly correspond with at Neo if ever needed.
I completely understand the desire to not have your information with companies that you don't have an open product with. I too am very protective of my information especially online.
I know the agent you spoke to previously indicated that we are legally unable to delete your information for the following 5 years after your application. That isn't our decision, but a legal requirement of the government of Canada for financial institutions that we must follow. If you would like, here is the for your review!
We of course take your account information protection incredibly seriously, but I also understand the caution about having the online profile. As an extra precaution, even though you don't have any products open, I will freeze the online profile as well as an additional layer of security. No one would be able to log into it while it remains frozen.
If you have any questions or ways I can assist you please let me know!
I'm happy to help personally with anything you may need.
You can always reach me by addressing correspondence to ***** (me!) and sending it through to
Have a wonderful weekend ahead,Customer Answer
Date: 05/07/2023
Complaint* ********
I am rejecting this response because:I should not have an oline profile since I don't have any of the products. Clients can delete profile but I can't or am unable to because...?
I do appreciate your answer, even thou it has been a year.
Sincerely,
********* ******Business Response
Date: 13/07/2023
Hello *********,
Thank you for inquiring about deleting your information.
I am happy to explain why we are not able to delete your application on our file:
Due to government regulations, we are required to keep your information on file for 5 years.
For reference, I have attached all the regulations that require us to keep this information in our system.- Bank Act, S.C. 1991, C. 46, s. 238(2)(c).
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. SOR/2001-317, s. 12.3; as en. SOR/2007-293, s. 4.
- Income Tax Act, R.S.C., 1985, c.1;s. 230(4), 230 (4.1).
Here is regarding why we need to keep your information on file.
If you feel that your concern has not been properly addressed, please refer to the *** for information on how to escalate your concern.
Thank you for providing us with the opportunity to address your concerns.
Sincerely,
****
7 am to 8 pm (MT) | 7 days a week
**** ******* **** ** **** **** ****** ********** ***** *** *** ************* *******
****************Initial Complaint
Date:09/12/2022
Type:Customer Service IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
My account with *** was frozen immediately upon receipt of my card. No one in their support team is able to tell me why, or how to resolve the issue, simply that it is "under review" and they have no additional information. Asked for a supervisor and was told there wasn't one available, and they wouldn't have any additional information. Have reached out to their chief complaints officer, received no response. My account was frozen nearly 24 hours ago, which my direct deposit pay goes into, and have been offered no update, no resolution, no timeframe, nothing.Business Response
Date: 04/07/2023
Hi ******,
I hope you have exciting plans for your up and coming weekend!
We haven't met yet, but my name is ***** and I'm a customer experience manager here with Neo Financial.
I am so sorry for the delay in responding, there was a technical error that prevented your note from BBB coming into our inbox so we only just received it this afternoon.
While I can see that it has since been resolved months back, I wanted to make sure I could reach out to you personally at once! I am sorry for your experience with us **** ** ********, it would be so frustrating to not get proper support in accessing your funds. We pride ourselves on providing remarkable experiences to our customers, but in this case we didn't and let you down instead.
While it has been resolved, I want to make sure you have a personal manager contact at Neo at all times. if you every need anything in the future, please reach out to me directly at any time. All you need to do is address your email to me and send it to and you will always reach me.
** * **** **** ******* ** ****** ****** ** **** ******* ******** *** *** **** **** *** ** *** *** ********* *** **
Have a great weekend ahead,
*****
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