Available Balance FAQ

Q: What does Available Balance mean?

Your available balance is the total amount of money in your account that you can use for purchases and withdrawals. It takes your account balance and subtracts and pending transactions or holds from your account balance. Your available does not show deposits which haven't posted.

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 available balance 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. Your account balance, on the other hand, reflects ALLĀ of your money, including available funds plus any funds that are currently being held for pending transactions.

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 available balance at once? What are the limits on my account?

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.