Account Balance FAQ

Q: What does Account Balance mean?

Your account balance is the amount of money present in your account at any given moment. It does not take into account any pending transactions that haven't posted or any holds on your account.

Q: Should I use my available balance or account balance to determine how much money I have available to spend?

You should always use your available balance to determine how much money you have available for purchases and withdrawals. Otherwise, you might try to make a purchase for more than you have available and your purchase will be declined.

Q: Why are my Account Balance and Available Balance different?

Your account balance reflects ALL of your money, including available funds plus any funds that are currently being held for pending transactions.Your available balance, on the other hand, reflects purchases you made that have been authorized, but have not cleared your account. Your available balance may also reflect returns that have been made, but not posted to your account.

Q: Are there any account minimums or fees?

You do not need to maintain a certain available or account balance on your Klover Spending Account. Klover does not charge any fees for using your account, but if you do use your digital debit card to spend internationally, Visa will assess a 1% charge on purchases made internationally.

Q: Can I spend my whole account balance at once? What are the limits on my account?

You should always spend only what you have in your available balance, not your account balance. There are some limits on your account.

  • Transferring money into your account via ACH (adding money from your linked checking account): $250/day or $5,000/mo.
  • Transferring money out of your account via ACH (sending money from your linked checking account): $250/day or $5,000/mo.
  • Please note: it may take up to 5 business days for your funds to become available when you make transfers via ACH.
  • Purchases/Transactions: $2,500/day. You cannot spend more than your available balance. associated with a different checking account (maybe connected to reserve or growth account)