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Why was my direct deposit canceled?

Why was my direct deposit canceled?

“Seeing the word “Canceled” next to one of your deposits? It’s uncommon, but there are a few reasons why a deposit to your Found account may be canceled:

1) The deposit exceeds your daily transaction limit: The daily limit for direct deposits into Found accounts is $6,000. If you receive a direct deposit that is higher than that $6,000 limit, the deposit will be canceled and immediately returned to the sender.

2) The deposit has pushed you over your transaction limit: If you’ve successfully received other direct deposits in a given day, then any subsequent deposit that puts you over your $6,000 will be canceled and returned to the sender. If you’ve received a $4,000 deposit already today, and then a $3,000 deposit is attempted, the second deposit will be canceled.

3) The deposit went to the wrong name: If the sender for a deposit enters a name that doesn’t match the name on your Found account, the deposit will be canceled. This tends to happen when a deposit is sent to your business name before you’ve set up your Found account to receive deposits to your business.

To receive deposits to your business name, you’ll need to upload a picture of your business license to your Found account. You can do this in your app menu under “Business banking,” then “Direct deposit.”

4) The wrong account or routing numbers were used: The sender for the deposit may have entered the incorrect account or routing information for your Found account. If you ever need to double-check the account information that was used by a sender, you can view your account numbers under the “Business banking” section in your app menu, under “Direct deposit.

For deposits that have not exceeded your $6,000 transaction limit, we recommend contacting the sender for the deposit to confirm that the account and recipient information for that deposit was correctly inputted.

Have questions about a particular deposit? We’d also be happy to look into the details of any of your transactions! Feel free to contact us at help@found.app

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Banking services are provided by Synapse's bank partners and LendingClub Bank, N.A., Members FDIC.