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What is flexible spending?

What is flexible spending?

With flexible spending enabled, your Taxes pocket balance is available for debit card purchases when your Primary pocket has insufficient funds.

For example, let's say that you have $250 in your Primary pocket and $100 in your Taxes pocket, and you'd like to make a $300 transaction with your card. With flexible spending turned on, because your total account balance exceeds $300, your transaction will go through. 

When a transaction uses flexible spending, your Primary pocket balance goes negative. In the example above, your total balance will go from $350 to $50, your Primary balance will go to -$100, and your Taxes balance will remain $100. Bring your Primary balance up by adding money to your account or transferring funds from your Taxes pocket or another pocket.

There are no fees for using flexible spending. A negative Primary pocket balance isn’t considered an overdraft and does not carry any overdraft fees.

What transactions can I use flexible spending for?

Flexible spending can only be used for card transactions. If you need to make a bank transfer or instant transfer and your Primary balance isn’t sufficient, be sure to transfer funds from another pocket to cover the difference before attempting the transfer.

How do I turn flexible spending off?

Flexible spending is enabled by default, but can be turned on and off within each pocket’s settings:

  1. On mobile, tap a pocket in your Found account. On desktop, choose a pocket from the Overview page. Tap the flexible spending option.

  2. Tap the slider to enable or disable flexible spending.

When flexible spending is off, the balance in this pocket won’t be available for Primary debit card purchases. To avoid declined transactions, turn on flexible spending in this or other pockets.

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*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.

The Found Mastercard debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc.

The information on this website is not intended to provide, and should not be relied on, for tax advice.

Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.