Sunsetting the Ellevest Save and Spend accounts: Frequently Asked Questions

We’re sunsetting banking at Ellevest in order to put more of our energy and resources into the best-in-class investing services and financial expertise our clients value the most. These changes do not affect investing or other aspects of your Ellevest membership.

Note: If you have never funded your accounts or no longer have funds in your accounts, there is no action needed from you. Your Ellevest Save and Spend accounts will be closed automatically. However, please note the important dates and service changes outlined below.

As of September 30, 2022, all Ellevest Save and Spend accounts will be closed.

Frequently asked questions:

When should I expect my check with the remaining balance of my Ellevest Save and Spend account? 

Checks will be mailed out to the address we have on file for you starting October 4th, 2022. Please allow for a few days for processing and disbursement via USPS. For security reasons, your check will arrive via USPS in a plain white envelope with the return sender as “Processing Center” in Salt Lake City, Utah. The physical check will note it’s from “Evest Refund” in the top left corner. Please keep an eye out for it in your mailbox over the coming days.

Do I need to do anything to receive my check?

If you had a remaining balance in your Ellevest Save and Spend account, we mailed you a check on October 4, 2022 for your remaining balance to the address that we have on file for you (as of September 30, 2022). You can expect your check to arrive via mail around October 20, 2022. If your address on file is outdated, please reach out to support@ellevest.com to let us know. Our support team will need to change your address for you in order to process a resend of your check. Updating your address via your account settings after September 30, 2022 will not ensure a new check is sent to the new address. 

How can I confirm my check was mailed to my current address?

If you had a remaining balance in your Ellevest Save and Spend account, we mailed you a check on October 4, 2022 for that balance to the address that we have on file for you (as of September 30, 2022). You can review the address on file by visiting Ellevest.com on a desktop browser. From there, click ‘Log In’ in the right hand corner and log in using your credentials. Under the upper right menu, select ‘Settings’ and review your address on file under ‘Personal Info’.

However, updating your address yourself via account settings after September 30, 2022 will not ensure your check has been sent to the new address. It will also not ensure any new checks will be sent to that address. If your address on file is outdated, incorrect, or was updated after September 30, 2022 please reach out to support@ellevest.com to let us know. Our support team will need to change your address for you.

What happens if I update my address after September 30, 2022? 

Updating your address on file after September 30, 2022 will not ensure a new check is sent to the new address. If you need to update your address or have done so already after the cut off date of September 30, 2022 and do not have mail forwarding set up, please reach out to support@ellevest.com to let us know about your address update so we can process a resend of your check. 

When can I expect my check if it was sent to an outdated address but I have mail forwarding set up? 

If you have mail forwarding set up, you should expect your check to arrive around October 20, 2022. As a reminder, for security reasons your check will arrive via USPS in a plain white envelope with the return sender as “Processing Center” in Salt Lake City, Utah. The physical check will note it’s from “Evest Refund” in the top left corner. Please keep an eye out for it in your mailbox over the coming days.

What do I do if I did not receive my check?

If you have not received your check by October 20th, 2022, please reach out to support@ellevest.com to let us know so we can assist. 

Why can’t I transfer or withdraw money from my Ellevest Save and Spend account? 

As of September 27th, 2022, you’re no longer able to manually withdraw your funds as we work to close your accounts on September 30th, 2022. Any remaining funds will be mailed to you as a check to your address we have on file for you starting October 4th, 2022.

How long do I have to cash or deposit my check?

You should cash or deposit your check as soon as possible. After 180 days, the check will be considered abandoned property and you will no longer have access to those funds. 

How do I transfer money out of my account?

Since accounts have closed on September 30, 2022, you’re no longer able to manually withdraw your funds. Any remaining funds will be mailed to you as a check to the address we have on file for you starting the first week of October.

What happens if I don’t withdraw the funds by September 27, 2022?

If you do not transfer or withdraw your funds by September 27, 2022, you will be issued a check with the remaining balance.

How do I get in touch with Ellevest if I have additional questions regarding my Save and Spend account?

If you have additional questions regarding your Ellevest Save and Spend accounts, checks mailed with your remaining funds, or other banking related issues that need to be resolved, please contact support@ellevest.com.

How do I turn off direct deposits into my Save or Spend account?

It depends on your employer’s HR or payroll department. Since you’ll be responsible for canceling direct deposits by September 21, 2022, we recommend contacting your employer as soon as possible. To access your bank account number used for direct deposit, click here. You'll need to give this number to your employer's HR or payroll department.

What should I do if my direct deposit was rejected?

If direct deposits are submitted by your employer, Ellevest is unable to track down those funds. Our team won't know the status of the direct deposit until it's rejected by our system, at which point it will be returned to its point of origin. You'll need to contact your employer to have the funds redirected. 

What happens if I have a recurring subscription payment linked to my Ellevest Spend account?

If you currently pay for bills, subscription services, etc. with your Ellevest Save and Spend accounts, please transfer those payments over to a different account as soon as possible. 

Why can’t I deposit money into my Spend or Save account?

We’re unable to accept new one-time deposits or recurring deposits into a Save or Spend account as of August 15, 2022. 

• If you initiated a transfer prior to August 15, 2022, that transaction will still be honored and deposited into your Save or Spend account.   
• If you have direct deposits into your account, those transactions will be honored and deposited into your Save or Spend account until September 21, 2022. You are responsible for canceling direct deposits by September 21, 2022, so please let your employer as soon as possible.
• If you have a scheduled recurring deposit into your account, we’ll automatically cancel those transfers and the money will remain in the original account. 

Can I still deposit into my accounts via Venmo/CashApp?

No, as of September 6. 2022 this functionality has been disabled. 

Can I still earn DOSH rewards?

No, as of August 31, 2022, any purchases made with your debit card are no longer eligible for rewards.

When will I get my final rewards earned through DOSH?

You should receive your final cash back reward in your Ellevest account by September 15, 2022. If you have already taken all of the funds out of your accounts and received a reimbursement deposit after, you will need to make another withdrawal before September 27, 2022, or you will receive a check for the amount left in your account after your account is closed.

Will I get my ATM reimbursements?

After August 31, 2022, any ATM withdrawals are not eligible for reimbursements. You should receive your final ATM reimbursements by September 15, 2022. If you have already taken all of the funds out of your accounts and received a reimbursement deposit after, you will need to make another withdrawal before September 27, 2022, or you will receive a check for the amount left in your account after your account is closed.

Will I still be able to order a new debit card if I need one?

No, as of September 12, 2022, we will no longer be issuing new debit cards. If you need further assistance we ask that you contact Customer Support at support@ellevest.com 

What should I do with my debit card once my account has been closed? 

Please plan to dispose of your debit card as you would any other credit or debit card.

Will I still be able to access my banking statements?

We’ll retain your banking statements on our platform until December 31, 2022. You’ll need to download and save all statements if you’d like to access them in 2023. To view your banking statements, click here. 

Will Ellevest still support my questions on saving and budgeting?

Yes! We’ll continue to offer budgeting workshops and worksheets. Check out our full list of resources for members. If you’re looking for a high-yield savings account, Bankrate can help you find the right one for you.

Do you have suggestions for other banking options?

If you’re looking for a high-yield savings account, Bankrate can help you find the right one for you.

Will these banking changes affect my Ellevest Membership or investing goals? 

No, these changes do not affect any other aspect of your Ellevest membership, including your investment accounts.

Banking Sunset Timeline

As of August 15, 2022:

• You will no longer be able to set up new deposits into your Ellevest Save and Spend accounts.
• Any existing recurring transfers into your Ellevest Save and Spend accounts have been canceled automatically. 
• You will need to withdraw all funds from your Ellevest Save and Spend accounts between now and September 27, 2022.
  • When you trigger a withdrawal from your Ellevest Save or Spend account to your linked bank account, your balance will show in your Ellevest Save or Spend account until the funds have been transferred out, which takes 1-2 business days. As long as you receive a confirmation email for the withdrawal, you're all set.

As of August 31, 2022: 

• • ATM charges will no longer be reimbursed.  
  • Purchases will no longer be eligible for Dosh cash back rewards.
  • Final reimbursements for ATM / Rewards will take place in mid-September and will be included on the September statement, which will be issued to users on October 5, 2022.

As of September 6, 2022: 

• • Your daily total limit for debit card purchases will decrease from $5,000 to $1,000. 
  • The Third Party External Load feature (like mobile payment services and cash transfer apps) will be disabled.

As of September 12, 2022:

• • You will no longer be able to request a new debit card. 

As of September 21, 2022: 

• • You will no longer be able to make purchases with your debit card. 
  • All deposits will be rejected. Please remember to cancel direct deposits through your employer by this date.  
    • Please note: If direct deposits are submitted by your employer, Ellevest is unable to track down those funds. Our team won't know the status of the direct deposit until it's rejected by our system, at which point it will be returned to its point of origin. You'll need to contact your employer to have the funds redirected. 

As of September 27, 2022:

• • You will no longer be able to make ATM or ACH withdrawals. You must make your remaining withdrawals before this date.

As of September 30, 2022: 

• • Your Ellevest Save and Spend accounts will be closed automatically.