Why do I need direct deposits?

In short, it's to make sure you have a steady, reliable income by direct deposit that can support your use of FloatMe. 

We need you to receive direct deposits from an eligible source for two, very good reasons:

• First, it allows us to guarantee it is income. We unfortunately cannot do this with deposits from Venmo, PayPal, Zelle, paper checks, etc. because those sources don't provide enough verifiable information for us.
• Second, this helps us ensure that your bank account allows direct deposits. FloatMe uses ACH direct deposits to send standard floats to your account. 

To go into more detail, the information we have to verify in order for you to meet our minimum requirements, are:

• You receive direct deposits of at least $150 per pay period for three (3) consecutive pay periods from an eligible income source
• You are able to receive direct deposits
• You can pay back your Float
• You normally leave funds in your account on payday

So if you want to take out a Float on your next paycheck, we look at the last few months of transactions in your bank account. We check to see that you have at least three paychecks on consistent dates (ex. getting paid every other Friday or the 15th and last day of each month). Then, we make sure you connect FloatMe to the checking account where the majority of your paychecks are regularly deposited. This allows us to make sure that you can pay us back when you take out a Float and that we are following the laws which allow us to offer this service.

If you do not receive direct deposits from your employer you can still use our online resources and potentially other products and services we develop in the future.