Auto Transfers FAQ
What are Auto Transfers?
Auto transfers allow you to control account balances and set up rules for checking and savings accounts. With auto transfers, you can set up the following:
- Target balance rule - Keep an account at a target balance by connecting it to your Savings account. Any excess funds get moved to your Savings account and if the balance is under your target balance, funds are moved from your Savings account.
- Zero balance rule - Keep an account at $0 all the time. Any incoming funds would be moved to your Savings account almost instantaneously. Great for a “receivables” account and safeguarding your other accounts from unauthorized withdrawals.
How do I set up Auto Transfers?
- Click "Accounts" on the sidebar to visit the new Accounts page
- Select Auto transfer rules
- Click to add and configure one or more rules
What team members can interact with Auto Transfers?
Any admin that’s part of your organization can add, remove and edit Auto Transfer rules. Custom and Bookkeeper users can view existing rules but can’t edit or add them.
Do Auto Transfers cost money?
Nope. Transfers between accounts don’t cost anything.
Can I set up Auto Transfer rules with linked external accounts?
Nope. Auto Transfers can only be created between your Mercury accounts.
When do the transfers happen?
An initial transfer after the rule is created and then each rule follows a different schedule:
- Target balance - Runs once daily at 8am PDT
- Zero balance - Runs immediately after an incoming transaction posts to the controlled account
More questions? Feel free to reach out to [email protected].