Our Overdraft Prevention system automatically verifies if there is enough money in your bank account before deducting a scheduled saving contribution towards your Reel. It’s our way of helping you avoid overdrawing and being charged with insufficient funds fees by your bank. How it works:
- Our system verifies there is enough money in your bank account to cover the saving contribution for your new or active Reel(s).
- If there is not enough money to cover the saving contribution, your Reel(s) will automatically be paused and you will be notified via email. After one week, our system will automatically re-check your balance and resume your Reel if there is enough money to cover your savings contribution.
- You can resume your Reel(s) at any point and continue saving when you have enough funds to cover the saving amount you have set.
Please keep in mind that due to the nature of how ACH works, this will not prevent you from overdrafting 100% of the time. You are responsible for connecting a bank account that has enough funds to cover the savings strategy(s) you have set. If you do happen to overdraft, Reel will not be responsible for any insufficient funds fees charged by your bank.