What is Savings Backup?
Savings Backup moves available funds from your primary Savings balance when your Debit balance is insufficient to cover a transaction. If enabled, Savings Backup covers One debit card purchases (including One Pay purchases with your One debit card), ATM withdrawals, and ACH transfers initiated from external bank accounts. There are no fees or interest charges to use Savings Backup. Savings Backup can be turned on or off in Savings Backup & Overdraft settings from the One Cash screen.
How do I use Savings Backup?
If Savings Backup is enabled and you make a purchase using your One debit card or another covered transaction without sufficient funds to complete it in your Debit balance, Savings Backup will automatically move available funds from your primary Savings balance to cover the transaction. If the underlying purchase is pending, Savings Backup will hold the available funds in your primary Savings balance until the transaction posts, then the funds will be moved.
Savings Backup is available to all One Cash customers and is automatically enabled for newly onboarded One Cash customers.
How do I turn Savings Backup on or off?
You can turn Savings Backup on or off by following the steps:
- Select One Cash
- Tap
to access One Cash Settings
- Select Savings Backup & Overdraft
- Toggle Savings Backup OFF/ON
Is there a Savings Backup limit?
Savings Backup will cover transactions up to your available balance in your primary Savings. If there are insufficient funds in both your Debit balance and primary Savings balance, transactions will be declined unless you have Overdraft Protection enabled with a sufficient limit.
Does One offer Overdraft Protection? What is Overdraft?
Yes, One offers fee-free Overdraft Protection to One Cash+ customers who are 18+ years old. Overdraft (up to the available limit) allows you to complete a transaction even if your Debit balance is insufficient. Overdraft Protection is automatically enabled for customers who gain One Cash+ benefits.
There are no fees or interest charged to use Overdraft Protection, but any funds covered by Overdraft Protection are due right away and will automatically be repaid the next time money is added to your Debit balance. If the negative balance is not paid, funds may be transferred automatically from another pocket with a positive balance to cover the negative balance. Additionally, you may also no longer be eligible for future products and features offered by One.
Transactions eligible for Overdraft Protection are at the discretion of One and may exclude certain transactions (e.g. Bill Pay, Global Transfers and peer-to-peer transfers like Venmo, Cash App and PayPal).
How can I get Overdraft Protection?
All customers who qualify for One Cash+ benefits are eligible for Overdraft Protection. If you are eligible, Overdraft Protection will automatically be turned on for your account.
You can turn Overdraft Protection on or off at any time:
- Tap on One Cash in the One app then Settings
in the upper right-hand corner
- Select Overdraft Protection
- Turn Overdraft Protection OFF/ON
You can also tap here to turn Overdraft Protection ON or OFF in the One app.
If you no longer receive sufficient direct deposits to your One Cash account in a given month, you will no longer be eligible for Overdraft protection until you meet the requirements again.
What is my Overdraft limit?
Once you qualify for One Cash+ benefits, you will be eligible for a $20 Overdraft Protection limit. Your Overdraft limit may increase over time if you continue to qualify for One Cash+ benefits. Overdraft limits are assigned and updated automatically; we cannot increase or decrease your Overdraft Protection limit at your request.
To locate your current Overdraft Protection limit in the One app, tap here. If you are eligible for Overdraft, you will see your limit in the Overdraft section of the menu. If you are no longer eligible for One Cash+ benefits, Overdraft Protection will be disabled.
Read the full terms of Overdraft Protection in our Deposit Account Agreement.
Will Overdraft Protection work with my One Pay transactions?
If enabled, Overdraft Protection will kick in when using your One debit card for One Pay transactions that would bring your available balance below $0.
Do Savings Backup and Overdraft Protection work together?
Yes. One Cash+ customers can have both Savings Backup and Overdraft Protection enabled. If you have both features turned on and a transaction is greater than your Debit balance, Savings Backup will be used first. Overdraft Protection (up to the available limit) will be used to cover the transaction once the Savings balance is exhausted.