Stacks: Save Better FAQs

- General

We are a short-term group savings app aimed at making saving money easier by having our users create goals, set up automatic payments (either weekly, biweekly, or monthly), and invite friends to save with you!

First, you start by creating a Stack, or a goal that you’re saving for (vacation, holiday, etc.). Next, you go about personalizing your Stack by giving it a name, description, start/end date, amount needed for the goal, and setting up your payment. Then, click “Start Your Stack”, and we will withdraw your first payment within 2-3 business days!

Dwolla, Inc. is a financial technology company that is changing the way businesses send and receive funds. The company offers a seamless, white-label API platform to connect to the ACH Network to initiate payments.

Since 2008, when Dwolla began creating the ideal platform to move money, the company has helped move billions of dollars for millions of end-users annually for businesses of all shapes and sizes; in addition, Dwolla has been mentioned in Inc., Forbes and the Wall Street Journal. Businesses that need to efficiently send or receive money and are ready for the future either use Dwolla—or they should.

Learn more at www.dwolla.com

First, the creator can invite you to the Stack. From there, you just accept the invitation and designate your preferred method and amount you’re wanting to contribute. The second method involves you manually going into the Stack and clicking either the “Add Recurring Contribution” or “Make Single Contribution” button. Most will want to make a single lump-sum contribution, so click that, and then designate your preferred amount!

We may help you save money, but we are much more than a traditional savings account! Here are the differences:

  1. Save for multiple goals at once, unlike a saving’s account where you just have a big lump-sum of cash.
  2. Short-term. Saving’s account are typically for long-term goals, while we are more designed to help you save for goals within 1-3 years! Many small goals occur in this span of time, so we cater to that.
  3. Automatic payments. You can save for your goals weekly, biweekly, or monthly, and you can change these frequencies or amounts you want to save at any time.
  4. Group-saving. Save with friends for a group trip, present, event, etc.
  5. Others can contribute. If your parents or friends or even strangers want to support you and donate money towards your goals, they can!

- Editing A Stack

Yes! Simply go into the Stack, click Edit Recurring Contribution”, and change the amount you want to contribute weekly. You can also change the frequency at which you put money into your goal (from weekly to biweekly, biweekly to monthly, etc.). 

You can’t edit the Stack category, admin, or privacy of your Stack. You also can’t un-invite friends you’ve already invited.

Please send an email to contact@stacksmobile.io , and we will take care of it!

- Ending A Stack

The creator of the Stack will receive a notification that the goal has ended and will promptly ask if you want to continue it or withdraw the money. If it’s a group Stack, each member will receive a notification asking if the Stack’s creator has your permission to withdraw the funds. The money will then be transferred back in to the bank account of the creator.

Yes, you can always end your Stack early and retrieve your funds! Simply go into your Stack, scroll to the bottom, and click Withdraw! You will then be taken to a screen which shows how much you have in your Stack, therefore how much you will be withdrawing. Click next and “Yes, cancel” on the pop up message if you want to cancel your reoccurring payments within that Stack (hence ending it early).

You can also delete a Stack! Frist, do the steps above to retrieve your funds. Then, go into your Stack, click Edit in the top right corner, scroll down, and click Delete. Confirm you want to cancel remaining payments, and now your Stack is deleted and will not show up on your feed or personal profile!

- Group Saving Stack

We understand that not all Stacks will be your goal alone. For example, you could be saving for a group trip, present, or event that involves multiple people. On the other hand, a relative may want to help you reach your saving’s goal and donate to your Stack. To make this easier on everyone, we’ve created an invite friends feature that allows more than one person to contribute to a Stack! They can make a one time donation or weekly donations. Either way, when it comes to saving, the more the merrier!

Unlimited!

Yes! As long as your Stack privacy is set to “public” and they have a verified Stack’s account and funding source, any kind soul can donate to your cause!

You can do this by looking under the Friends tab on your home feed which shows you all recent Stacks made by whoever you’re following. You can also search for your friend’s username in the search tab (the microscope), go directly to their profile, and contribute to the Stack you want!

No, they must have a verified Stacks account and funding source!

Yes! You can withdraw your funds and cancel your future weekly contributions.

- Money

When you sign up, you link your bank account to the app. If you want to add a new funding source, simply going into your profile, click “Settings” in the top left corner, go to Account Details, click “Remove Funding Source”, then add a new one! You can also choose from what account you want the money to be withdrawn from (checking, savings, etc.). The money is then deposited into your secure Stacks account.

We have implemented bank level security to keep your money safe!

A bank or credit union transaction usually takes 3–4 business days to complete via the Automated Clearing House
network (ACH) used by banks to transfer funds. Please note that transfers take longer to complete if over a
weekend or a holiday.

Sometimes transactions to or from a bank or credit union can fail. Here are a few reasons why a transaction can fail:

  • Insufficient funds. There are insufficient funds in the sending bank or credit union account to complete the
    transaction.
  • Frozen account. A bank or credit union account has been frozen.
  • Other reasons. A bank or credit union rejects the transaction for some other reason.

Go into your personal profile, click the three lines in the top right corner, and click Cancel a Payment. Fill out the necessary requirements in the email, click send, and we will process your cancellation!

**We will not be able to cancel the transaction after 4:30EST on the day the payment was initiated. You can always make a withdrawal from your Stack once the transaction processes.

After your money has been withdrawn from your bank account, it can take 2-3 business days (bank holidays and transfers initiated after 4pm EST will push this back 1 business day) for it to transfer to your Stack’s account! Have no fear, we’ve partnered with a payment provider who processes billions of dollars a year, so you’re money is safe and will get to you!

If you donated a one-time contribution, this process will only occur once. If you’ve set up weekly reoccurring contributions, this will happen weekly.

To cancel any further contributions (withdrawals from your bank account), first you must withdraw your funds within the Stack. This can be done by going into the Stack, scrolling to the bottom, and clicking Withdraw. Once your Stack balance is $0, you can go back into the Stack, click Edit in the top right corner, scroll down, and click Delete to cancel all further contributions and end the Stack. 

No worries! All you need to do is go to your profile, scroll down, click Account Details, and add a funding source. First, search for your bank. If your bank doesn’t show up, scroll to the very bottom where it says “Don’t see your bank? Link with account numbers”. Then, proceed to enter in your routing and accounting numbers for your bank account. Within 1-3 business days, we will make two small deposits into your account to verify it, and once you see these deposits, return to the app to confirm them and start saving!

We will not withdraw any money from your account unless you have above $100.

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Email contact@stacksmobile.io with any additional questions.

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