Send Money uses the same processing times and cutoffs as Bill Pay, with one difference: Send Money payments can only be sent from your Float Cash balance; you can't pay from a connected bank account.
Guide Overview
How long do Send Money payments take?
Same-day payment processing cutoff time
When will funds be removed from my Cash balance?
How long do Send Money payments take?
Once processing has begun, payments from your Float Cash Balance typically take 1-2 business days to send to the recipient.
Important considerations:
- For a scheduled payment to begin processing, the authorization of funds release must be provided before the scheduled payment date
- The receiving bank may apply additional processing time before depositing the payment into the recipient's account. This additional time varies and depends on the receiving institution
- When a payment shows as "Payment Sent" in Float, this indicates that Float has successfully sent the payment to the beneficiary's bank - not that the beneficiary has received the funds in their account
Same-day payment processing cutoff time
The cutoff time for same-day payments to begin processing is 12 pm ET. If you schedule a Send Money payment after the cutoff time, the payment will begin processing the next business day.
When will funds be removed from my Cash balance?
Unlike with Bill Pay, Send Money payments will remove the funds from your Cash balance right after submitting the payment.
If you select the payment to be sent today, the funds will be debited from your Float Cash balance right away. If the same-day payment processing cutoff time has been missed, the payment will be processed on the following business day.
Payment failures
If a payment failed and has been reversed, the funds will be sent back to your Float Cash balance within 1-3 business days.
How do I verify that the Funds have been returned?
- Log in to your account at app.floatfinancial.com
- Go to Accounts > Statements
- Click on CSV Statements > Use the date picker to select a date range > Locate the account and currency you want (Cash CAD or Cash USD)
Click Download CSV
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In the downloaded CSV:
Scroll to find the line item of the reversed payment and funds being returned to your Float Cash balance
Can I retry a failed payment?
Yes. You can retry a failed payment. Once you've resolved the issue that caused the payment to fail, follow the steps below to reschedule the payment:
- Log in to Float app.floatfinancial.com
- Go to the Payments page > Complete tab
- Filter for "Status" > "Payment Failed" to locate the failed payment
- Select the ellipses to the right of the payment > Select "Reschedule"
- Select a new payment date > Select "Reschedule Payment"
- Once rescheduled, the payment will move to the Needs Authorization tab of the Payments page to be authorized before the new payment date