How do Recurring Deposits work?

What are Recurring Deposits?

Recurring Deposits allow you to deposit funds into your Fold Card using a scheduled or automatic routine.

What are the rewards for Recurring Deposits?

As long as a Recurring Deposit of $100 or more is active (scheduled), cardholders will receive 1 Extra Spin every day.

Any deposit Frequency will qualify; limit to 1 Extra Spin earned this way per day per user; Extra Spins will be accompanied by push notification.

What are the different types of Recurring Deposits?

There are 4 types of recurring deposits:

  1. Scheduled Deposit - available now
    Deposit a fixed amount on a recurring basis.

  2. Sweep Deposit - coming soon
    Deposit excess funds from my band account on a recurring basis.

  3. Percentage Balance Deposit - coming soon
    Deposit a percentage of my bank account balance on a recurring basis.

  4. Refill Deposit - coming soon
    Deposit money automatically when my Fold Card balance is low.

How to set up a Scheduled Deposit

 

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Get there

  1. Start on Fold Card tab
  2. Tap “Add Funds Instantly” 
  3. Tap “Recurring Deposit” 
  4. Tap “Scheduled Deposit”

Set Amount 

  1. Input amount to be deposited on a recurring basis
  2. Tap “Select Account” to choose which from bank account to transfers funds

Set Frequency 

  1. Set up deposit frequency by tapping Weekly, Every 2 Weeks, or Monthly
  2. Set start date by choosing and confirming by the date selector. 

Confirm

  1. Tap “Create Deposit” to confirm recurring deposit setup.
  2. Success!

How long do recurring deposits take to process?

Recurring deposits will initiate on the date chosen and require at least two business days to complete. Please schedule recurring deposits accordingly. 

Can I delete or pause recurring deposits? 

Yes. Recurring Deposits can be canceled or paused any time before the scheduled date on which they are set to initiate. 

How do I delete or pause a recurring deposit? 

  1. Tap “Add Funds Instantly”
  2. Tap “Recurring Deposit”
  3. Scroll to the bottom under “My Recurring Deposits”
  4. Tap the deposit that you’d like to cancel or delete. 

What limits are my deposits subject to? 

Deposits are limited to $10,000 per transfer, $10,000 per day, $20,000 per month, and a maximum total balance of $20,000. 

Transfers times vary by bank. All Transfers are subject to review and could be delayed or stopped at our discretion.

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