Envel Community

Stop transactions if not enough money

One thing I’d like to see added is if I have $10 in my account and a bill is $20 then Envel should decline it. Right now if I don’t have enough money in the bills envelope it’ll try to take it out and the company will do a “return check” cause not enough to cover it and then I get slapped with a returned check fee a lot of the times.

Hey John,

In the past that has been the case: if you don’t have sufficient funds in an envelope to cover a payment, your Envel account will decline it without charging you an overdraft fee. Once we roll out sub accounts next month, the app will instead automatically pull from a different envelope to cover a payment if you don’t have enough in the envelope you are trying to pay from, and you will have the option to move transactions around between envelopes after the fact.

Do you think that this will solve the issues you are having? I am not quite sure how return checks fees work, but on our end we definitely don’t charge overdraft fees. How many times have you received these fees, and are they from any particular vendor?

Best,
Jacqui

I’m new to Envel and am enjoying it so far so if this has already been solved, please forgive me. But if not, I think a better way would be that if you don’t have enough money in a particular envelope to cover an expense, whether it be via ACH and Routing number, or from the hopefully soon to be launched Virtual Debit cards that you can assign to your envelopes, it should just be DECLINED. I think it would be defeating the purpose if you automatically pull the funds from another envelope or GOD forbid your CASH envelope (which I call the "Mother Ship":sunglasses:). That’s an open invitation screw up your balances elsewhere. What if the ACH/ROUTING number or Virtual Card in question gets compromised? Just decline the transaction in that envelope and send a push notification to the customer notifying him or her of the decline due to insufficient funds. And if it is fraudulent, delete the virtual card and ACH/ROUTING numbers, delete that particular envelope, and create a new one.
Problem solved.

Welcome to Envel @TheBoss72 :sunglasses:

Not exactly sure when you joined but our architecture with sub-accounts. You would recognize as there would be a spending account, with potentially many Envelopes. All those Envelopes would have the same Account and routing number and would all be linked to the debit card. If you want a little extra protection against fraudulent activity and yourself :wink:, then you can create more accounts which will have their unique ach routing numbers and in the future their own virtual cards.