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Overview of Funds Movement

Funds Movement

Funds Movement allows you to move funds into, out of, or within the Highnote Platform. For each type of movement, associated ledger entries will be created to track the funds.

fundsMovement.svg

Move Funds Into Highnote

You may add funds to your Product Funding Balance or to a Financial Account held by an Account Holder.

Methods and Cost

Transfer MethodSpeedCost
Wire TransferSame business dayHighest
Originated ACH3-5 business daysLowest
Originated Same Day ACH1-2 business daysLow
Non-Originated ACH3-5 business daysNo Cost

Supported Methods for Fund In

Transfer MethodProduct BalanceAccount Holder's Financial Account
Wire Transferapproved-icon.svg✖️
Originated ACH✖️approved-icon.svg
Originated Same Day ACH✖️approved-icon.svg
Non-Originated ACH✖️approved-icon.svg

Move Funds Within Highnote

Internal funds movements within Highnote may be used to move money between Highnote Financial Accounts, such as your Product Funding Balance and a Financial Account belonging to one of your Account Holders.

Methods and Cost

Transfer MethodSpeedCost
Load FundsInstantNo Cost
Unload FundsInstantNo Cost

Supported Methods for Fund In

Transfer MethodProduct BalanceAccount Holder's Financial Account
Intra-Highnote Transferapproved-icon.svgapproved-icon.svg

Move Funds Out of Highnote

You may move funds from a Financial Account outside of the Highnote Platform.

Methods and Cost

Transfer MethodSpeedCost
Originated ACH3-5 business daysLowest
Originated Same Day ACH1-2 business daysLow
Non-Originated ACH3-5 business daysNo Cost

Supported Methods for Fund Out

Transfer MethodProduct BalanceAccount Holder's Financial Account
Originated ACH✖️approved-icon.svg
Originated Same Day ACH✖️approved-icon.svg
Non-Originated ACH✖️approved-icon.svg

ACH: Non-Originated

Non-Originated ACH refers to ACH transfers initiated by your Account Holders from a service outside of Highnote, such as an external bank account. Non-Originated ACH may only be used with Financial Accounts with the Feature DirectDepositFinancialAccountFeature (the Financial Account has an associated Account and Routing Number).

These Transfers may be used to move funds from an external account into a Highnote Financial Account, or to move funds out of a Highnote Financial Account and into an external account.

Because the transfer is requested outside of Highnote, details about the external account are not available in the Highnote API or Highnote Dashboard. In the Ledger, funds coming into Highnote are represented as credits, while outgoing funds are represented as debits.

Non-Originated Use Cases

Non-Originated ACH Transfer Statuses

Learn how to move Simulated Non-Originated ACH Transfers through statuses in Managing Transfers.

StatusDescription
PENDINGThe transfer has been received by Highnote, but cannot be processed yet as the effective date is in the future.
PROCESSINGThe transfer is processing at Highnote, but funds are not available yet.
PROCESSEDThe transfer has successfully been processed by Highnote.
FAILEDThe transfer failed. More details are available in ExternallyInitiatedACHStatusReasonCode.
RETURNEDThe transfer has been returned to the bank that initiated it. More details are available in ExternallyInitiatedACHStatusReasonCode.
REVERSEDThe transfer has been returned to the bank that initiated it.

ACH: Originated

Originated ACH refers to ACH transfers initiated via the Highnote API or Dashboard to move funds to or from an external bank account into or out of a Highnote Financial Account. Originated ACH Transfers require two accounts - source (fromFinancialAccountId) and destination (toFinancialAccountId).

The account outside of Highnote must be added as a Verified External Bank Account (move funds in or out) or Non-Verified External Bank Account (move funds out). In the Ledger, funds coming into Highnote are represented as credits, while outgoing funds are represented as debits.

Originated ACH Use Cases

Originated ACH Transfer Statuses

Learn how to move Simulated Originated ACH Transfers through statuses in Managing Transfers.

StatusDescription
INITIATEDA transfer request has been initiated.
PROCESSINGThe transfer is processing at Highnote and at the bank, but funds are not available yet.
PROCESSEDThe transfer has successfully been processed by the bank and funds are available.
CANCELEDYou requested to cancel the transfer.
FAILEDThe transfer failed. Additional details are available in IntegratorInitiatedACHStatusCode.
RETURNEDThe Transfer has been returned by the bank.

ACH: Originated Same Day

Same Day ACH Transfers must be enabled on your Card Product by Highnote.

Virtually all types of Originated-ACH payments, including both credits and debits, are eligible for same-day processing. Same Day ACH transactions are priced higher than standard ACH. Only international transactions (IATs) and high-value transactions above $25,000 are not eligible.

Same Day ACH transfers originated before the cutoff window settle the same day. All Same Day ACHs will need to be submitted in the morning by 9:30 am EST cutoff for same-day processing settlement occurring at 1:00 pm EST and in the afternoon by 3 pm EST cutoff for same-day processing settlement at 5 pm EST. Any transactions sent afterward will have an effective date of the next day.

The following type of transactions are good candidates for Same Day ACH:

  • Emergency payments
  • Off-cycle disbursements and corrections or payouts
  • Time-sensitive payments
  • Account transfers
  • Errors/payment re-initiation, etc.
  • Expedited credit ACH receipt
  • Debit ACH collection
  • Error correction

The APIs, use cases, and statuses are the same as Originated ACH. You can request the Transfer to use Same Day ACH by passing a boolean on the input.

Wire Transfer

Wire Transfer is the fastest method for moving funds into your Highnote Product Funding Balance and has the highest transfer costs. Wire Transfer is similar to Non-Originated ACH in that the funds are sent from outside Highnote and Highnote has no visibility of the external bank account that sent the funds.

Wire Transfer Use Cases

Wire Transfer Statuses

Wire Transfers do not have statuses and the funds move instantly.

Intra-Highnote Transfer

Intra-Highnote Transfers move funds within Highnote between two Financial Accounts, such as your Product Funding Balance and a Financial Account owned by one of your Account Holder's.

Intra-Highnote Transfer Use Cases

Intrabank Transfer Statuses

StatusDescription
PENDINGThe Transfer has been received and the system is processing the funds movement.
COMPLETEDThe Transfer was successful.
FAILEDThe Transfer was not successful.

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