At Moves, we strongly value honesty and transparency for our members, which includes being straightforward about how we earn money. We built our products -- the Moves App, the Spending Account, and Cash Advances -- with the intention of solving members’ needs. In order to continue operating, our products generate revenue.
Moves generates revenue through interchange fees on our Spending Accounts. When you use your Moves Card (either physical or virtual) to complete a transaction, the merchant (the store you are purchasing from) pays a fee to process your payment. This is called an interchange fee and Moves receives a percentage of this fee from the merchant. This process is automatic and never results in our members being charged anything extra. All fees are covered by the merchant.
In addition to interchange fees, Moves also generates revenue from our 3.5% service fee that we charge for our Cash Advances. This fee is already included in your weekly payments which is quoted to you in the app before you accept, so there is never any guess work involved!
Moves does not earn any money from things such as monthly account fees, or overdraft fees. Our Spending Account is free, and we do not charge NSF fees for missed payments.