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We understand the frustration of having certain limitations and wait times on your deposits. Business can move quickly, and we want you to be able to keep up. However, the limits and holds that financial institutions like Grasshopper put into place benefit you just as much as they benefit us. Having these systems in place help us to better safeguard your funds and prevent illegal activity, creating a safer banking experience overall.

Why do banks have holds?

Check holds are designed to protect both you and the bank by giving us time to verify that the funds being transferred are legitimate. By taking the time to double check your deposits, we’re able to better ensure you’re not in danger of going into overdraft or having the check returned. Since overdraft and non-sufficient funds fees can pile up quickly, it’s beneficial to have these checks in place.

How long are deposits put on hold at Grasshopper?

We understand that customers want to have access to their deposits as quickly as possible. Typically, our policy is to make your funds available on the first business day after the day of deposit. However, the length of the delay may vary depending on the type of deposit.

Why do banks have transaction limits?

Banks have regulations on how much money can be deposited or withdrawn to prevent money laundering and other fraudulent activity. These regulations not only help to keep the bank financially safe, but protect you as well. For example, if you were to experience fraud, withdrawal limits are in place to prevent hackers from being able to remove all the funds from your account. 

What are your transaction limits at Grasshopper?

Transaction limits vary depending on how you are making the transaction.

If you’re making a transaction using a wire, there are no limits.

If you’re making a transaction with your debit card:

  • You can make up to 10 purchases per day with your debit card
  • Purchasing with your PIN, the daily limit is $3K
  • Purchasing without your PIN, the daily limit is $2.5K
  • You can take out up to $1K in cash per day

If you’re making a transaction through ACH:

  • Out of your account: Daily limit is $10K
  • Into your account: If the ACH is initiated from your external bank, there is no limit. If you initiate from the Grasshopper online banking platform, the limit is $10k.

If your business requires higher limits, we can generally raise the limits with internal approval. To request an increase connect with a member of our Client Services team and let us know how much you need, the type of transaction, and your reasoning. Increases are most likely to be approved when the account has sufficient history with the bank (typically 30 days).

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