You may have the ability to extend your spending above the available balance in your account through Lili's overdraft feature called “BalanceUp”, which is a discretionary deposit service available at Lili’s sole discretion. Although an opt-in is necessary, no application is required and eligibility is available to paid plan customers whose accounts are maintained in a responsible manner.
What types of purchases can I make using BalanceUp?
BalanceUp only covers debit card purchases and does not apply to ACH payments, ATM withdrawals or payment apps (Cash App, Venmo, PayPal, etc.) transactions. BalanceUp is not a line of credit.
What is my BalanceUp (overdraft) limit?
Generally, the minimum limit is $0 and the maximum is $200, though the maximum limit may vary depending upon business type, plan type, and other factors.
The limit is dynamic and may change monthly, based on your account activity. Consistency in your average daily balance and spending habits is important. The limit may decrease or increase from your original limit.
How do I become eligible?
We use an algorithm that considers many weighted factors to determine your eligibility and limit. The following are some of the factors we consider:
- Age of the account
- Dollar amount of deposits and number of deposits
- Dollar amount of withdrawals and number of withdrawals
- Types of deposits and withdrawals
- History of overdraft repayment
- Deposit frequency
- Average account balance
Once the customer is notified that they are eligible, they will need to manually enroll and confirm their interest in allowing their Lili account to have a negative balance. No interest or fee is charged for this service when you are a Lili Premium, Lili Smart or Lili Pro customer, however, monthly plan fees apply.
The customers are in control. If they don't want to use their BalanceUp, they can turn it off at any time from the Main Menu > BalanceUp, in order to avoid a negative balance.
Once an account has a negative balance, the customer has 30 days to bring their account current.
Please note that Lili’s Service Agents cannot increase the BalanceUp limit nor can they provide specific reasons as to why the BalanceUp amount has changed or been removed. BalanceUp overdraft limits are provided at Lili's sole discretion and may be revoked at any time, with or without notice.
For more information, please refer to the BalanceUp Service Disclosure on Lili’s website.
Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC. The Lili Visa® Debit Card is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license from Visa U.S.A., Inc. The Card may be used everywhere Visa debit cards are accepted.
Wire Transfer services are provided by Column Bank N.A., Member FDIC. All wires are subject to acceptance criteria and risk-based review and may be rejected at the sole discretion of Column Bank N. A. or Lili App Inc.