# Multiple wallets

Creating multiple wallets allows you to organize and manage funds across different business functions, projects, or purposes within a single Moov account.

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.

If you normally use the Moov Dashboard, see our Dashboard [balances](/guides/dashboard/wallet) guide for more information.

## [Default wallets](#default-wallets)

Moov automatically generates a default wallet for every account when the `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](/api/sources/wallets/update/). For example, "Master wallet, Enterprise funds."

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

## [General wallets](#general-wallets)

A general wallet is optional, and can be created via the [Moov API](/api/sources/wallets/create/) 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](/api/sources/wallets/update/). In addition to updating the name and description, you can use the `PATCH` wallets [endpoint](/api/sources/wallets/update/) to close the wallet when no longer needed.

## [Status & closing a wallet](#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](/api/sources/wallets/update/) to close a general wallet:

```zsh
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](/api/sources/wallets/) for more information.