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Wallets

Any Moov account can hold a balance in a wallet.

Each Moov account can request a wallet, where the account holder can store funds. The wallet allows for flexibility on when and how you’d like to move funds. Some examples of what you can accomplish with the wallet:

  • Accumulate collected payments
  • Transfer funds between Moov wallets for instantly available funds
  • Pre-fund your wallet for faster payouts
  • Cash out from your wallet at any time

Moov also utilizes wallets for processing ACH exceptions. Depending on when a return occurs, funds can be added to or deducted from the source or destination’s wallet, which may result in a negative wallet balance.

Balance

Each wallet has a balance that represents the funds currently available for that Moov account. Transferring from a wallet will instantly decrease the wallet’s balance. You can subscribe to wallet balance change events using webhooks.

Payment method

Moov will automatically create a payment method when the wallet capability is enabled for a Moov account. You can then use the moov-wallet payment method as a part of any transfer involving a wallet.

Payment method Description Capability
moov-wallet Can hold funds in a wallet and use the wallet as a source and destination for transfers wallet

Transfer types and timing

You can use wallets in several ways, depending on your needs and priorities. Below, we summarize different types of wallet transfers and what they entail.

Funding a wallet

For transfers like payouts or topping up a wallet, you’ll use the ach-debit-fund payment method. If you’re looking to pull funds from another account for things like bill payments and collections, you’ll use the wallet as the transfer destination via the ach-debit-collect payment method. Both wallet funding flows are completed in 2-3 business days.

Transferring funds out of a wallet

Funds can be transferred from a wallet to a bank account for use cases like:

  • Cashing out your wallet balance
  • A payout to another bank account
  • Pulling funds from a wallet for a faster collection option

When transferring to a bank account, both ach-credit-same-day andach-credit-standard payment methods are available, with ach-credit-same-day being the fastest option.

Wallet-to-wallet

A transfer between two Moov wallets provides immediate settlement and balance updates. Funds are available instantly and all three transfer types are valid for wallet to wallet payments.

Funds availability timing

Transfer type Payment method used Funds availability
Bank-to-wallet ach-debit-*,moov-wallet 2-3 banking days
Wallet-to-wallet moov-wallet Immediately
Wallet-to-bank moov-wallet, ach-credit-* End of day for ach-credit-same-day, Next banking day for ach-credit-standard