You can set up an auto-withdraw rule in order to instruct the App to automatically transfer funds according to a pre-defined threshold.
When setting up an auto-withdraw rule, you define the following two criteria:
- When Balance Reaches – When your Available Balance To Withdraw meets or exceeds this amount, the App will automatically initiate a transfer to your Bank Account.
- Withdraw – This is the amount that will be auto-withdrawn to your bank account
For example, if you regularly receive funds in your Mezu Account, you might set the following rules:
- Available Balance to Withdraw: $640
- When Balance Reaches: $500
- Withdraw: $50
If you start the day with an Available Balance To Withdraw of $640, this auto-withdraw rule will transfer $150 to your Bank Account, leaving your available balance at $490. Mezu aggregates the amount to withdraw in order to avoid several transactions.
To set-up an auto-withdraw rule, just follow these steps:
- Go to "Menu" and select "Withdraw";
- Go to tab "Auto";
- Turn on the toggle "Enable Auto Withdraw";
- Select the amount you wish to define as your threshold;
- Select the amount to withdraw;
- Select the bank account to which your money should be transferred (if you don't have a bank account inserted, you'll be prompted to add one);
- Click "Save".
Like Withdraws, Auto-Withdraws can take up to several days to be completed (for more information on time frames, click here).
At any time you may edit or delete this rule.
If you are experiencing difficulties configuring an auto-withdraw:
- You may be trying to configure an auto-withdraw rule below or above allowed amounts. You can check the limits here.
- You may be trying to configure an auto-withdraw rule with criteria that will not work. For example, if you try to configure an auto-withdraw with the following:
- When Balance Reaches: $50
- Withdraw Down To: $100
This would cause your Mezu account to be overdrawn, which the App will not allow.
3. The auto-withdraw rule might be deleted if the card associated with your account has expired. You will receive a notification and instructions on how to update your card before this happens.