Frequently Asked Questions

What is Change?

Change is a service that uses Artificial Intelligence to help you spend your hard-earned money more wisely.

Is Change an App?

Change is an invisible app. You sign-up for the service via Mobile or Web and from that moment on, our system will seamlessly do its magic behind the scenes.

How does Change work?

When you link your credit card or bank account to our service, the technology gets to know your financial personality and communicates naturally via SMS to help you keep on track. When the service identifies opportunities to decrease spending and increase saving, it suggests automated ways for you to act.

Is Change the same as Mint?

Change is a different experience. When using Mint you need to be actively involved in manually calibrating your budgets and goals. We think that in order to be successful with personal finance the experience has to be easier than that.

Is Change safe for me to use?

Yes. We use the most advanced security measures to make sure your personal data is anonymized and encrypted on our servers. We DO NOT see nor keep your login credentials when you link your bank and credit cards to our service.

Does Change cost me money?

No. Our basic service that sends you text messages based on your individual financial behaviors is forever free.

How do you make money?

When you choose to enable our auto-saving service, we make money like a traditional bank, by accruing interest on the savings we hold for you. Over time we will be launching optional easy & automated banking services.

Why is it called “Change”?

We believe that money is not about budgets and numbers – it is about behavioral CHANGE. Our service uses Data Science and Behavioral Economics to help you make small changes in the way you manage your personal finance so you can reach your dreams.

How many accounts do I need to link?

As many as you like, although bear in mind that our technology can help you better when it is linked to all of your credit cards and bank accounts. Most of our customers start with linking their main account and soon after experiencing the magic, they link all their accounts.

What if I don’t see my bank listed?

Change supports over 9,000 financial institutions in USA and Canada. If you do not find your bank or bank-affiliated credit card, please shoot us an email to support@gochange.co and we will try to help.

Is Change available outside of the USA?

We currently support financial institutions in USA and Canada. Other territories are not supported yet.

Will Change move money without asking me?

Never. In the near future, we intend to introduce automated savings to help you sock away some money when we identify the opportunity to do so – we will always get your approval before activating that service for you.

Have other questions?

Shoot us an email: support@gochange.co

What is Auto-Saving?

Auto-Saving is an advanced financial algorithm designed to improve your saving behavior.
By scanning your Checking Account money transactions, the algorithm is constantly making predictions to identify small amounts of money that could be spared for savings without affecting your future spendings. It then automatically sends these funds to your secure Change Savings account. These transactions occur 3-4 times per week.

How does the auto-saving work?

  1. You switch the auto-saving feature on.
  2. A Change savings account is created in your name.
  3. Sit back and relax: our smart algorithms work in the background, monitoring your transactions and balance and deciding when it would be beneficial to transfer small amounts of money automatically to your Change savings account.
  4. Though you technically don’t need to initiate anything on your end, you can always add funds or withdraw money back to your checking account.
  5. Transfers usually take 1-2 business days to complete.
  6. We will never initiate savings from your account if your balance is low.
  7. If for any reason, your account becomes overdrawn as a result of the auto-saving transfers, we will pay back any fees you were charged.
  8. Auto-saving transfers will usually be between $5 and $100, but not more than $150.

How do I withdraw money from my Change Savings Account?

There are 2 ways to withdraw money from your Change Savings Account:
Send a ‘Withdraw (amount)’ message to Change via text or Facebook Messenger
OR
Log in to your account, navigate to the Savings tab (https://gochange.co/account/savings), tap on the ‘Options’ button and Choose the ‘Withdraw’ option.

The system checks that you have sufficient funds in your Change Savings Account to enable the withdrawal, and funds will reach your account within 1-2 business days.

How often do you transfer funds from my Checking Account to my Change Savings Account?

Our algorithm makes an average of 4 savings decisions per week, and each transaction amount can range between $5 to $150.

How soon will the funds reach my Checking Account after I issue a withdrawal?

Once you initiate a withdrawal, it takes 1-2 business days for funds to reach your Checking account.

Is there a limit to the number of withdrawals from my Change Savings Account?

No, there is no limit on the number of withdrawals.

Are there any fees when I withdraw money from my Change Savings Account?

No, there are no fees that are charged when you make a withdrawal from your Change Savings Account.

Does my Change Account have a routing number?

Your funds are held in a pooled account at First Republic Bank. In light of this, your Change Account does not have a Routing Number nor does it have an Account Number.

Which Banks are supported for the Auto-Saving Service?

We currently support Auto-Saving from BB&T, Bank of America, Chase, Wells Fargo, CITI, Navy Federal Credit Union (NFCU), PNC, SunTrust, TD Bank, US Bank, USAA, Capital One 360, Capital One, Charles Schwab, Fidelity, Union Bank, BECU, State Employees Credit Union, Arvest Bank, American Express Serve Prepaid Card, Bluebird by American Express, GoBank, Webster Bank, HR Block Emerald Card, WalMart Prepaid MoneyCard, Commerce Bank, Redwood Credit Union, San Diego County CU, Randolph Brooks Federal Credit Union and First Tennessee. If your bank does not appear on this list and you wish to enable Auto-Saving, please contact us at support@gochange.co and we will consider adding it in the near future.

Are the funds held under my Change Savings Account FDIC insured?

All Change Savings Accounts are maintained together at First Republic Bank. Once your funds have been transferred to your Change Savings Account, they are insured by the FDIC up to a balance of $250,000.

Which commands does the Auto-Saving Service support?

You can text the word “Withdraw” and chat with our ChatBot, making sure to specify the amount of money you wish to withdraw from your Change Savings Account.

You can also text “Savings” to see your current Change savings balance along with the latest transactions. Login and navigate to https://gochange.co/account/savings at any time to see your Savings Balance and a log of your transaction history.

Do my Change Savings earn interest?

As Change is not a Bank nor a Credit Union, we cannot offer interest on savings deposits.

Are there any tax implications for savings with Change?

Because your Change Savings do not earn interest, they do not carry any special tax implications.

Why does my recent withdrawal from my Change Account appear as ‘Pending’?

From the time you initiate a withdrawal until it is completely settled with your bank, transactions show as Pending. During that time, and while a transaction is in a Pending state, it cannot be canceled or adjusted.

A transfer can stay in a Pending state for up to 1-2 business days until it is settled by your bank and shows on your Checking Account balance.

What should I do if I need to close the Checking Account funding my Change Savings Account?

Before you close your checking account, you should issue a command to withdraw all funds by texting ‘Withdraw ALL’ to Change, or by logging in to your Change account, navigating to the Savings tab (https://gochange.co/account/savings), tapping on the ‘Options’ button and choosing the ‘Withdraw All Funds’ option.

The Checking Account which funded my Change Savings Account is closed. What should I do?

You will need to contact us at ‘support@gochange.co’ and inform us that your Checking Account is closed. After we walk you through a verification process, the remaining funds under your Change Savings Account will be automatically withdrawn and a check for the full sum will be mailed to your verified address.

If I unlink my Checking Account from Change, can I still access my saved funds?

Even if you choose to unlink your Checking Account from Change, you’ll still be able to access your Change Savings Funds at any time by logging into your Change account through https://gochange.co/account/savings. Moreover, you’ll be able to withdraw your funds at any time.

How can I view the balance on my Change Savings Account?

You have 2 options to check your Change Savings Account balance:

Send a ‘Savings’ message to Change via text or Facebook Messenger. You will get a message with your Change Savings Balance and a link to see your latest Savings transactions.
OR
Login to your Change Account and navigate to the Savings tab: https://gochange.co/account/savings

Can I connect more than one Checking Account to Change?

You can connect more than one Checking Account, as long as the accounts are kept under different credit unions. To do this, login to your Change Account at https://gochange.co/account/savings, choose the credit union from the top menu and Activate the Checking Account you wish to enable for Auto-Saving.

What happens to my funds if Change closes or goes out of business?

Funds in your Change Savings Account can only go in and out between your funding account and your Change Savings Account – this is called a Closed Loop. In the unlikely event that Change closes or goes out of business, all of your funds would automatically be transferred back to your Checking Account.

What should I do with my Savings?

Great question! First, do you have an emergency fund? This would represent about 3-6 months’ worth of cash that you should only touch in the direst of emergencies. If you already have an emergency fund, you could save up for that vacation you always dreamed of, a new car, a home to call your own or anything else that you feel would make life happier.

Change Savings Account is shown as ‘suspended’ – what should I do?

Don’t worry, it’s an easy fix. Read on for help and instructions.

Why has my Change Savings Account been suspended?
This account status is shown when your bank sends us a rejection code when trying to process an ACH transaction. Typically, this happens because you advised your bank not to authorize ACH transactions.

What happens to the money in my Change Savings Account while it’s suspended?
Your funds are 100% safe and secure. To access them, you’ll need to re-enable your Change Savings Account.

How do I re-enable my Change Savings Account, and regain access to the funds in it?
To re-enable your Change Savings Account, please contact your bank and authorize ‘Change Labs’ to initiate ACH transactions. Then, please contact us at support@gochange.co and inform us that your account is now accessible, so we can resume auto-saving.

Will I be able to withdraw my funds from the Change Savings Account?
Of Course! Your funds are safe and you can withdraw them at any time. Once we re-enable your account, you will be able to access your Change Savings Account to view your savings balance, review recent transactions, and make a withdrawal whenever you wish.

What is Dwolla?

Dwolla is a powerful payments platform that securely connects to bank or credit union accounts to enable any individual or organization in the U.S to transfer money.

Why is my transaction still pending?

A bank or credit union transaction usually takes 1-2 business days to complete via the Automated Clearing House (ACH) network used by banks to transfer funds. Please note that transfers may take longer to complete if initiated during a weekend or a holiday.

Why did the transaction fail?

Sometimes, transactions to or from a bank or credit union can fail. Here are the main reasons a transaction may fail:

Insufficient funds: There are insufficient funds in the sending bank or credit union account to complete the transaction.
Frozen account: The sending bank or credit union account has been frozen.
Other reasons: The sending or receiving bank or credit union has rejected the transaction for another, unknown reason.

If a transaction fails, please contact your bank or credit union to check the status of your account.

How does Dwolla protect customers’ data?

Dwolla protects customers’ data through secure servers and a world-class cloud environment. Dwolla’s servers are encrypted with 128-bit or greater encryption controlled by Transport Layer Security (TLS) and sit behind firewall and intrusion protection. Dwolla’s cloud service offers a highly secure environment with a dedicated security team.

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