Frequently Asked Questions
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Is there a limit on how much can I receive or pay from my Truly Financial account?
At Truly Financial we recognize that some businesses need larger limits for sending and receiving payments. We are required to comply with regulations that ensure the safety and security of funds while making it easy for you to send and receive payments for legitimate business purposes.
With your Truly Financial business checking account, the following limits apply when receiving payments:
– When receiving payments through wire transfer, there is no maximum limit to the amount you can receive. You can receive any payment without any ceiling on the maximum amount.
– When receiving direct deposits via ACH (in the U.S.) or EFT (in Canada) you can receive a maximum of $500,000 (500k). Any deposits received more than this amount may fail to get credited to your account.
– No limits are applied when receiving payments from online payment processors like Stripe or Amazon.
When sending payments to your suppliers or contractors, the following limits apply to your account:
– You can send up to $250,000 (250k) through a single ACH/EFT transaction
– The same limit of $250,000 applies per transaction when sending payments through domestic or international wire transfers.
a) While there are no minimums for sending ACH/EFT payments, you can send wire transfers starting from $100 and above.
b) In specific cases based on the nature of the business and history of the account, we may approve higher limits for your business.