1. Guides
2. Funding sources
3. Wallets

Moov provides each account with a default wallet. In addition to this wallet, you can create multiple general wallets. Each wallet maintains its own independent balance and transaction history, giving you greater flexibility in fund management and reconciliation.

Use cases and benefits:

• Separate business functions: Allocate funds for different purposes (for example, customer payments, vendor payouts, employee expenses)
• Simplified reconciliation: Maintain distinct balances that align with your accounting processes
• Automated payouts: Each wallet can sweep funds to a specific bank account supporting custom settlement structures
• Flexible fund management: Move money between wallets as your business needs evolve

Fees, refunds, disputes, and reversals are automatically associated with the wallet involved in the original transaction. Note, fees and reversals generated from bank-to-bank transfers will affect the default wallet if there is no wallet payment method set.

Additionally, each wallet can have its own sweep configuration where you can settle funds to a specified bank account each day.

Default wallets

Moov automatically generates a default wallet for every account when the wallet or wallet.balance capability is enabled. These wallets cannot be closed, will always be walletType: default, and will always remain status: active.

Default wallets are given a default name, but you can update the wallet to have a custom name and description using the PATCH wallets endpoint. For example, "Master wallet, Enterprise funds."

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curl -X PATCH "https://api.moov.io/accounts/{accountID}/wallets/{walletID}" \
  -H "Authorization: Bearer {token}" \
  -d '{
    "name": "Master wallet",
    "description": "Enterprise funds"
  }'

General wallets

A general wallet is optional, and can be created via the Moov API or within the Dashboard. An account can have up to 10 active general wallets.

Once a new general wallet is created, an associated paymentMethodID will be generated and multiple moov-wallet payment methods will be available to use as the source and/or destination in your transfers. Note, depending on your fee plan and agreement with Moov, each wallet that's created might incur a fee.

General wallets can also be updated using the PATCH wallets endpoint. In addition to updating the name and description, you can use the PATCH wallets endpoint to close the wallet when no longer needed.

Status & closing a wallet

A general wallet can have a status of active or closed:

• active: Wallet has a balance and has associated moov-wallet payment method enabled
• closed: A closed wallet is permanently disabled, as is the corresponding payment method

To close a general wallet, the following criteria needs to be met:

• No pending inbound transfers
• Balance is zero and has no activity in the past 75 days
• Cannot be a default wallet

Use the PATCH wallets endpoint to close a general wallet:

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curl -X PATCH "https://api.moov.io/accounts/{accountID}/wallets/{walletID}" \
  -H "Authorization: Bearer {token}" \
  -d '{
    "status": "closed"
  }'

Closing a wallet has no impact on data retention for transactions. A closed wallet may incur transactions from exceptions, such as disputes, refunds, or ACH returns, resulting in a negative balance. Ensure any negative balances are resolved within a timely manner. Once a wallet is closed, it cannot be reopened.

View our API for more information.