Insufficient Funds Policies

While using QUBER, it’s possible to incur an insufficient funds bank error while saving in The Vault if you do not have enough money in your linked bank account at the time we go to make a scheduled withdrawal and you don’t have overdraft protection. As there are charges involved on both the user’s end and on our end, we have some specific policies regarding these types of errors that we enforce to protect our users from incurring unnecessary fees as they try to grow their savings.

First Insufficient Funds Error

QUBER reaches out to a user via email when we receive notification of their first insufficient funds error. This type of bank error occurs when there is not enough money in a user’s bank account to cover a scheduled withdrawal when our system goes to withdraw it and they do not have overdraft protection. In response to the error, we put all the user’s active savings on hold. We reactivate the user’s savings for them once we hear back from them, however, we ask that they confirm that they acknowledge the following points first:

1) If a user ever thinks they won't have money in their bank account to cover an upcoming scheduled withdrawal, the best thing to do is to email us at support@qubersavings.com to let us know to hold that transfer before it is initiated. We cannot guarantee that we’ll be able to do so once the transfer process has been started. When users are saving in an exclusive group Challenge, they may also have the ability to skip a transfer independently by using the ‘Skip transfer’ button found on the Details section of their Challenge’s home screen. 

2) If the user incurs a fee from their bank for the bank error, we recommend that they contact their bank and ask them to reverse the fee. Many users are successful in recouping some/all of the fee they were charged by explaining the situation to their bank (ex. that you’ve been trying a new saving app and are just getting the hang of it). For users saving in an exclusive group Challenge, the group’s sponsor may have a fee reimbursement policy that eligible users can take advantage of after their first insufficient funds error. This policy will be explained to eligible users in the email we send to them after the error is incurred.

3) We incur charges on our end when a user doesn’t have funds in their account when we attempt to make a withdrawal. Because of that, normally we charge a $25 fee for an insufficient funds error. We waive that fee for a first insufficient funds error, but if it were to happen again, we'd either need to charge the user a $25 service fee or we'd have to stop money movement to and from The Vault from that user’s bank account.

4) From the start date a user selects for a transfer, it will take 1-3 business days for the money to be withdrawn from their linked bank account. We use the banking rails to make debits/credits to and from The Vault and this is the standard speed of money movement. We cannot take any action to speed up this process. 

Once a user has replied to our contact and acknowledged the above policies, then we reactivate their savings and let them know when they can expect their next transfer to be initiated. 

Second Insufficient Funds Error

When we receive a notification about a user’s second insufficient funds error while using QUBER, we contact them via email to ask that they pay a $25 service fee in order to keep using QUBER's services.

While we understand that this policy may cause some inconvenience for affected users, we must enforce it to keep QUBER free for all to use. If the user agrees to pay the fee, we initiate a debit of $25 from their linked bank account as soon as they give us permission to do so. If they’re not interested in paying the fee, that's OK too - however, we then need to block all future money movement to The Vault and cashout any funds the user currently has saved in their QUBER Vault to their linked bank account. While waiting for a response on what the user wants to do, we put their savings on hold so no more withdrawals are attempted from their linked account. 

We wait 14 days to hear back from a user before taking any action on our end. If we do not hear back from the user via email, we also attempt to make contact via text message. If 14 days passes and we do not hear back from the user with a definitive answer on what they’d like to do, we assume they are not interested in paying the fee and we cash out their savings and block money movement to The Vault from their account.

→ Do you have questions about these policies or how they might affect you? Please contact us at support@qubersavings.com and we’d be happy to explain them further.