What is a settlement?
Settlement is the process for how Dave transfers money to your ExtraCash™ account to bring your balance back to $0 after you’ve taken an ExtraCash™. The settlement date is determined at the time the ExtraCash™ is taken.
When taking ExtraCash™, you agree to pay any outstanding overdrafts on your account, along with any service and/or express fees and optional tips at the time of settlement.
What happens on the settlement date?
On this day, as early as 12am, Dave will automatically transfer funds from your connected account(s) for the settlement. If the first account has insufficient funds, Dave may use your other settlement methods (Dave Checking account, external debit card, or external bank account).
What is a settlement total?
“Settlement total” refers to the full balance amount (ExtraCash™ amount + any service and/or express fee + any optional tips).
Why am I seeing a partial settlement and a negative balance?
When taking ExtraCash™, you are shown a settlement date that you’ll need to agree to, on which Dave will automatically settle your ExtraCash™.
If Dave is unable to settle the balance on your settlement date, you may see smaller partial settlements that are applied toward the balance from your Dave Checking account, connected bank account, or linked debit card.
What methods are used for settlement and how long does it take?
Dave will attempt to settle the negative balance on your ExtraCash account in the following order:
- Dave Checking account, it may take up to 24 hours to process
- Linked debit card, it may take up to 24 hours to process
- External bank account (via ACH), it may take up to 3 business days to process
Please note, business days do not include weekends or bank holidays.
Once the settlement completes, you can check your ExtraCash™ eligibility in the Dave app.
If the debit card used for settlement is unsuccessful, Dave will attempt to settle from your external bank account, which can take up to 3 business days to process.
Can I change my settlement methods?
Dave will attempt to settle the ExtraCash™ using the settlement methods shown when you take ExtraCash.
If a settlement method that you currently have connected is no longer up to date, you'll need to wait until Dave attempts settlement before you're able to manually settle using a different method. This includes updating your current debit card on file or initiating a manual settlement, if the transfer fails.
Can I settle early?
If you want to settle early, you can do so manually 24 hours after you take an ExtraCash™; or 4 days after, if you sent your ExtraCash™ to your external bank account (via ACH).
To settle early: In the Dave app, tap on the ExtraCash tab, then tap Settle $X.
How can I view my settlement history?
To view your recent ExtraCash™ details, navigate to your ExtraCash, tab then scroll and tap Recent activity.