Catch keeps an eye on your Primary Bank Account (linked bank account) to identify when you've been paid.
If you've set up an active plan, we will reach out and ask you to confirm a percentage of your paycheck each time you get paid. Catch never moves money without you confirming each deposit. You always have complete control over your funds.
For taxes, time off, family leave, and health expense accounts:
We work with our bank partner, BBVA, to pull the money you want to set aside for taxes and time off and put the money in an FDIC-insured Demand Deposit Account (DDA). Any time you want to withdraw your money, you're welcome to send that money back to your Primary Bank Account through your Catch account.
Keep in mind, the ACH system that moves money in the United States can take 3-5 business days to clear payments. We'll keep you up to date on the status of your transactions into or out of your Catch account.
We also work with our bank partner, BBVA, to pull the money you want to set aside for retirement and put the funds in a brokerage account with Folio Institutional, a broker-dealer registered with the SEC, and authorized to hold the cash and securities managed by Catch Capital Management.
You can withdraw your money at any time, however, withdrawing funds early may be subject to penalties. A member of our support team will need to help process this withdrawal for you directly. Keep in mind, the liquidation and ACH return process can take 10-14 business days to clear retirement payments.