What if my account overdrafts?

This is a great question, and it’s a concern that people have about micro savings and micro investing apps that pull money from your bank account without you even noticing. Qapital does have a fail-safe in place – not withdrawing money from your bank account if there is less than $100 in it. But, Qapital admits that this doesn’t work all of the time because of how ACH (automated clearinghouse) transfers work. You will have to keep track of your spending, and know the rules you’ve set to your account to avoid overdraft fees.

When does Qapital transfer money from my bank?

Deposits from your bank account to Qapital happen up to four times a week. They are batched together instead of having a bunch of them happen throughout the day.

Tell me more about joint goals

If you have a goal you’d like to fund with a partner, you can invite someone to join you. You can both track your progress. An ideal goal would be if you and your partner are saving up for a vacation or a down payment on a house. Here’s the thing about joint goals, once you’ve reached your goal, the primary Qapital account holder is the one who has access to the money. Twine is an app meant for saving with a partner, and you can learn more at Twine App Review: Money Saving Solution for Couples.

Is my Qapital account secure?

The app doesn’t store information like your Social Security Number or bank login credentials. The app uses SSL and TLS encryption, and transactions between financial institutions happens on encrypted end points. When you open your account there is a verification process, and in addition to email/password login, you’re encouraged to set up a passcode and TouchID for Apple devices.