Will Honest Dollar ever cancel a contribution that I’ve scheduled?
If you link your bank account with your bank’s login credentials, you are also agreeing to allow Honest Dollar to check the balance of your bank account before processing any contributions to determine at its discretion whether there are sufficient funds to cover the contribution.
If your linked bank account’s available balance appears to be less than your requested contribution amount, we will cancel the contribution to help prevent potential overdrafts. For recurring contributions, we will only cancel that instance of the contribution and will process the next contribution as scheduled. If you would like to re-initiate a contribution that Honest Dollar has canceled, you can do so from your account dashboard once you have sufficient funds in your bank account.
Additionally, for retirement accounts, we will cancel your recurring contribution if that contribution exceeds the annual limit. A summary of the maximum annual contribution by account type for 2020 and 2021 as determined by the IRS can be found in our IRA comparison chart here.