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Mylo 101

What's Mylo?

Mylo is an app that helps you save and invest. We automatically round up every purchase you make and invest the spare change. There’s no investment knowledge required, and you don’t have to change your lifestyle. With Mylo, you turn your spending habits into saving habits. Our priority is helping you get the most out of your money. Period.

What is a roundup?

A roundup is what we call the spare change on your credit and debit card transactions. Automatically investing roundups is an easy way to save, and they add up quickly! Simply link your chequing account (funding source) and your debit and credit cards (roundup sources) to your Mylo account, and we’ll automate the process for you.

For example, If you spend $3.25 on a coffee using a linked credit or debit card, we’ll automatically round up your purchase to the nearest dollar ($4.00) and put 75 cents aside in your Mylo account. Every week on Monday, we add up all your roundups from the previous week, withdraw the total from your funding source, and invest the money in your Mylo investment account. If you activate the in-app multiplier, you can accelerate your savings by multiplying your roundups by 2X to 10X.

How much does it cost?

Mylo costs $1 a month and Mylo Advantage costs $3 a month. That’s it. No matter how much you invest. To make investing affordable and accessible to all, Mylo invests in exchange-traded funds (ETFs). The companies that manage these funds typically charge a Management Expense Ratio (MER) that range from 0.05% to 0.37% for regular portfolios and 0.20% to 0.60% for SRI portfolios. These MERs are among the lowest in the industry. Mylo does not make any money from MERs and will always invest your money in the most efficient investment vehicles.

Why do I have to create a goal when I sign up?

Mylo is a goal-based saving and investing platform. Having a goal will motivate you to save, and it also gives us some important information about how we should invest your money, including what kind of account makes the most sense for you and what strategy we should use.

How do roundups work if I have more than one financial goal in Mylo?

We round up your purchases and put the same amount of spare change in every financial goal that you have created. Imagine you are saving for a vacation and also donating to a charity with Mylo. If you buy a coffee for $4.50, we will deposit 50 cents in both goals. In other words, you’ll be putting $1 aside on a $4.50 purchase.

You can disable or accelerate roundups for specific goals. If you want to focus on your donation goal, for example, you can temporarily pause roundups on other goals. If you want to reach a goal faster, you can multiply roundups (by 2X to 10X) for an individual goal.

Why does Mylo charge a monthly fee?

We charge a flat monthly technology fee so we can develop Mylo to serve you better. We never charge hidden fees or surprise costs, unlike other investment services, and we pride ourselves on working hard to keep costs as low as possible.

Where is Mylo available?

Mylo is available in every Canadian province and territory, but we look forward to expanding internationally in the near future! Download the app from your mobile device today!.

I would like to delete my account. What do I do?

Send us an email or connect with us in the app to delete your account. Please include the email address associated with your account.

Mylo Advantage

What is Mylo Advantage?

Mylo Advantage is the new way to save and invest! It comes with premium features and services that aren’t available to users with a standard Mylo subscription.

What is the difference between Mylo and Mylo Advantage

Mylo and Mylo Advantage are different versions of the same saving and investing platform. While Mylo comes with standard features (like roundups, the multiplier, boosts, free withdrawals and Round up to Give), Mylo Advantage comes with all of that and more, including tax-free registered accounts (TFSAs & RRSPs), socially responsible investing, faster withdrawals and valuable monthly perks.

Mylo Advantage Mylo
Roundups
Recurring deposits
Roundup multiplier
Round Up to Give
Registered accounts
(RRSPs and TFSAs)
Socially responsible investing
Next-day withdrawals
Perks and rewards
Price$3 per month$1 per month

What is socially responsible investing?

Socially responsible investing (SRI) is the term used to describe investing that supports companies trying to make a positive change in the world. Traditional investing considers factors that have an immediate financial risk, whereas socially responsible investing considers factors related to doing social and environmental good, too. Mylo users told us that they want the option to invest their money in a way that aligns with their values, so we created the Mylo SRI Fund. To learn more about SRI, please see the socially responsible investing section.

I’m just starting out. Should I use Mylo or Mylo Advantage?

You’ll get the greatest value from Mylo Advantage because this plan comes with tax-free registered accounts and cashback Perks from brands you already love. If you would like to discuss these options in more detail, you can always speak with your Portfolio Manager to better understand what may work best for your case.

How much does Mylo Advantage cost?

Mylo Advantage is just $3 per month. Your monthly subscription could end up paying for itself thanks to cashback deals from Advantage Perks. We won’t charge you a management fee, and Just like the basic Mylo service, there are no hidden fees for the service. If you’re using an RRSP account as part of your Mylo Advantage subscription, it’s important to note that there is a fee for withdrawing money from an RRSP, but all other withdrawals are always free.

I’m already using Mylo, but I want to upgrade my account to an RRSP or TFSA. How do I do this?

Easy! In your Goal Settings screen select “Transfer to a TFSA or RRSP” and follow the steps to make the switch and activate your Mylo Advantage account.

What kind of account should I open? Can someone help me?

You can always reach out in the app or email support@mylo.ai if you’re not sure what type of investment account is right for you. A portfolio manager from Tactex Asset Management will respond to advise you about the account that is best suited for you.

Mylo offers three types of investment accounts:

  1. Tax-Free Savings Accounts,
  2. Registered Retirement Savings Plans
  3. and non-registered accounts.

TFSAs and RRSPs are only available through Mylo Advantage.

The Tax-Free Savings Account (TFSA)
Don’t be fooled by the name: a Tax-Free Savings Account is also a great option for investors. These accounts offer both flexibility and tax savings. Investments in TFSAs grow tax-free. This means that any income made on investments in a TFSA will not be taxed. Plus, it’s free to withdraw from a TFSA, so the money is relatively liquid.

However, there is a maximum amount that investors can contribute to their TFSA each year. As of 2018, $57,500 is the total maximum amount that could be contributed to a TFSA, but this amount will be less if you turned 18 after 2009, have lived outside of Canada, or removed any money from your TFSA this year. If you’re not sure how much you can contribute, speak to a portfolio manager or login to Canada Revenue Agency to see the exact contribution room in your account.

The Registered Retirement Savings Plan (RRSP)

An RRSP is a good option for investors who already have an emergency fund, are in their peak earning years, and have already made the maximum contribution to a TFSA. This kind of account can also be a good option for investors who are saving to buy a home under the Home Buyers’ Plan or saving to go back to school under the Lifelong Learning Plan.

Please note that whatever contribution an investor makes to their RRSP is deducted from their reported income at tax time, which will likely lower their tax bill. However, withdrawing money from a Mylo RRSP is not free and has tax implications because the withdrawn funds will be considered income for the year in which they were withdrawn.

RRSP TFSA Non-registered accounts
Withdrawal feesPartial: $25
Full withdrawal: $50
FreeFree
Tax implications of withdrawalsTaxed as incomeTax-freeTax-free
Income on investmentsTax-freeTax-freeTax-free

The non-registered account
A non-registered account is free to withdraw from and has no contribution limit, but it does not come with any tax benefits.

I already have a TFSA or RRSP account. Can I transfer it to Mylo?

No, this is not offered at this time. Additionally, you should be aware that your financial institution will typically charge around $150 to transfer your investment account to another institution. We do not presently cover the cost to transfer, so we would not recommend transferring your pre-existing TFSA or RRSP account.

How do free next-day withdrawals work?

Next-day withdrawals are only available with Mylo Advantage. We use Interac e-Transfer to process your withdrawal requests within one business day. With Mylo Advantage, you’ll have faster access to your funds, and best of all, withdrawals are still free.

Can I withdraw money from an RRSP account?

You can withdraw from an RRSP, but it isn’t recommended unless you’re retiring or using the money under the Home Buyers Plan or Lifelong Learning Plan. Withdrawing money from an RRSP comes with tax implications and withdrawal fees.

Please note that BBS Securities, the custodian of any registered account you open with Mylo, will charges $25 if you withdraw some of the money in your RRSP and $50 if you withdraw the full amount.

Why do you need my SIN number to open an RRSP or TFSA account?

Financial institutions like brokerage firms and banks must collect your SIN before opening a registered account in your name to comply with Canadian federal regulation. This helps ensure that the government receives your correct tax information.

The security of your data is our highest priority. We will never sell your data to third parties. Period. We may share information with our trusted suppliers, who handle your information according to the rules outlined in our Privacy Policy, which was developed in collaboration with a former Canadian Privacy Commissioner. We will only share this information with our partners if it essential, such as when we verify your identity or transfer money to and from your accounts.

What are Advantage Perks?

With Mylo Advantage, you’ll get exclusive deals and discounts from brands that you already love. Each month, we’ll bring you valuable offers (usually cashback rewards) that will help you save on the brands, services and products that Mylo users most commonly use.

Connecting a bank

Why do I have to connect my bank to Mylo?

Mylo needs a funding source to start rounding up your purchases and investing the spare change. Your Mylo account is funded by the bank account that you designate as your funding source, typically a chequing account. We don’t allow credit cards as funding sources to prevent any unnecessary credit card cash advance fees. If you want to use a savings account as a funding source, simply update your information in the app under Account > Banks.

You can fund your Mylo account by connecting it with a funding source, such as a chequing account, as well as any credit and debit cards you regularly use to make purchases. Every time you make a purchase with your cards, we will round up the price to the nearest dollar and invest the spare change.

You can reach your financial goal faster by making a deposit in your Mylo account anytime. First, click on the goal in which you’d like to make a deposit. Next, hit the orange plus sign and select an amount to add to your goal.

Referring friends to Mylo is another way you can fund your account. Invite your friend under Account > Earn free money. When one of your friends successfully funds their account, we will deposit $5 in your account and $5 in their account, too!

What banks and cards do you support?

We currently support chequing accounts, debit cards and credit cards from all major Canadian banks including but not limited to:

  • Access CU
  • American Express credit cards
  • ATB Financial
  • BMO
  • Canadian Tire credit cards
  • Capital One
  • Chinook Financial
  • CIBC
  • Coast Captial Savings CU
  • Conexus CU
  • Costco Capital One
  • Desjardins
  • Envision Financial
  • First Ontario CU
  • HSBC
  • Laurentian Bank
  • Libro CU
  • Manulife
  • MBNA
  • Meridian CU
  • National Bank
  • Pace CU
  • PCF credit cards
  • RBC
  • Rogers credit cards
  • Scotiabank
  • Servus CU
  • Simplii (formerly PC Financial)
  • TD Canada Trust
  • Tangerine
  • Vancity
  • Valley First CU
  • Vancity
  • Don't see your bank here? Send us an email and we'll work on adding it as soon as possible.

Investing

Who manages my money?

Every Mylo user is advised by a registered Canadian portfolio manager at Tactex Asset Management, a subsidiary of Mylo Financial Technologies Inc. that currently manages over $130 million in client assets.

A team of portfolio managers works diligently to invest the spare change of Mylo users. One these portfolio managers is Dave Fortin: a Chartered Financial Analyst with a Bachelor of Commerce from McGill University.

How do you determine my investment strategy?

The questions we ask when you are signing up are important. Your answers provide the Know-Your-Client information that your portfolio manager needs to understand three main things: your financial situation, your risk profile and your financial goals.

Using this information, your portfolio manager will recommend an investment portfolio that reflects your unique situation. Since your investment account is fully managed by a registered Canadian portfolio manager, you do not need any prior investment knowledge to use Mylo.

What is socially responsible investing?

Socially responsible investing (SRI) is the term used to describe investing that supports companies trying to make a positive change in the world. Traditional investing considers factors that have an immediate financial risk, whereas socially responsible investing considers factors related to doing social and environmental good, too. Mylo users told us that they want the option to invest their money in a way that aligns with their values, so we created the Mylo SRI Fund. To learn more about SRI, please see the socially responsible investing section.

How do you invest my money in a regular portfolio?

Regular portfolios contain a combination of three funds comprised of Exchange-Traded Funds (ETFs). For information on SRI portfolios, please see the socially responsible investing section.

Through ETFs, your money is invested in stocks and bonds spanning thousands of issuers. This approach to investing follows Modern Portfolio Theory, which prioritizes diversification over selecting individual stocks or trying to beat the market. We believe our approach suits the vast majority of people out there.

Each portfolio is built to reflect various risk-reward profiles and aims to help you achieve your financial goals.

We use the information collected during your sign-up process to provide you with an investment profile and assign you one of five diversified portfolios comprised of a mix of stocks, bonds and savings funds, suited to your personal goals.

ConservativeConservative - ModerateModerateModerate - AggressiveAggressive
Mylo Money Market
ETF Fund
100%40%
Mylo Fixed Income
ETF Fund
60%60%40%20%
Mylo Equity
ETF Fund
40%60%80%


You can always see your Investor Profile in the Mylo app, under Account > Investor Profile.

Here are the ETFs currently being used to construct our portfolios. Please note these are subject to change.

Asset ClassTickerMER
High Interest Savings ETFPSA0.12%
Canadian StocksVCE0.05%
US StocksVSP0.08%
International StocksVI0.23%
Canadian BondsVAB0.13%
US BondsVBU0.22%
International BondsVBG0.37%

What returns can I expect?

To understand the types of risk and return of various asset allocations using broadly diversified funds, see here.

You can also look at the Fund Facts for Mylo Money Market ETF Fund, Mylo Fixed Income ETF Fund, and Mylo Equity ETF Fund to see how these funds have performed over time.

How can I monitor the performance of my investments?

You can monitor the performance of your investments with the monthly statements that are sent to you mid-month in the Mylo app. These statements will show you the performance of your investment over a variety of time intervals, including since inception. You will also see a book value and current market value displayed. If the market value of your investments exceeds the book value, then your investment is worth more than when we purchased it for you. This will give you a sense of how your investments are performing. We will also send you a comprehensive performance report once a year.

Can I lose money?

As with most investments, it is possible for you to lose the principal investment and returns are not guaranteed. That’s why it’s important to be honest when you’re signing up for Mylo. If your portfolio manager has accurate information, they can create an investment portfolio for you that matches your lifestyle, risk profile and financial goals. Learn more about why stock prices sometimes go down here.

What are your commissions and fees for investing?

Mylo does not earn commissions or charge any fees directly related to your investments. However, Mylo charges users a flat technology fee of $1 a month for Mylo and $3 a month for Mylo Advantage.

It is also important to note that there are third party fees (management fees) for investing in exchange-traded funds (ETFs), which are typically between 0.05% and 0.37% of the amounts invested for regular portfolios and between 0.20% and 0.60% for socially responsible investing portfolios. These are among the lowest fees in the market and allow us to create diversified portfolios.

What is an MER fee?

Exchange-traded funds (ETFs) are a low-cost alternative to typical mutual funds. ETFs are a collection of stocks and bonds that follow a specific investment strategy. For example, the FTSE Canada Index ETF (VCE) offered by Vanguard tracks the performance of a broad index that measures the investment return of publicly traded stocks in the Canadian market.

Exchange-traded funds include an annual fee that ETF providers use to cover the costs of operating that ETF. The ETFs in your Mylo investment account have fees that range from 0.05% to 0.37% for regular portfolios and 0.20% to 0.60% for SRI portfolios. The ETF providers charge this fee directly to the fund, not to your account, so while you will not see a charge for this amount, it will slightly reduce the value of your investments. For example, if you were to invest $10.00 in an ETF with an MER of 0.2%, the value of the ETF would be reduced by approximately $0.02 over the course of a year due to MER fees. This kind of fee is charged over and above the performance of the index.

Tactex Asset Management works hard to choose ETFs that have a low MER fee and provide a suitable risk-return profile for client portfolios.

Referrals and promo codes

What is the referral program?

The Mylo referral program is an easy way for you to earn free money by referring friends to the app. If a friend joins Mylo with your referral link, you'll each earn $5, free.

How can I refer a friends to Mylo?

Referring your friends to Mylo is simple. Log in to the Mylo app, go to Account > Earn free money, and share your personal referral link by SMS, email or social media. If your friends follow your link, they will be redirected to the App Store or Google Play where they can download Mylo. You’ll earn $5 when your friend successfully signs up, and so will they! To receive your referral money, please make sure to meet all the four conditions listed in the answer below. Thanks for sharing the love!

When will I get my referral bonus?

When you invite a friend to join Mylo with your personal referral link, you will each receive $5 for free when that friend successfully opens a Mylo account. To be eligible for the $5 referral bonus, your referred friend must:

  1. Use your referral link to download the app on their phone
  2. Connect their bank to their Mylo account
  3. Pass our identity verification process
  4. Have at least one successful transfer of roundups or boosts

Once the four conditions above have been successfully met, we’ll send you an email to confirm the successful referral, and let you know that you and your friend can both expect a $5 referral bonus shortly.

Why can't I see my referral bonus in the app?

Referral bonuses are processed every Monday with the weekly transfer of roundups. If you’ve met the four conditions listed in the answer above but didn’t receive a bonus (or an email from us), please send us a message.

If your referral hasn’t been properly recorded by our system, we’ll simply ask you to share proof that you sent your link to your friend. This proof can be a simple screenshot of the SMS, email or social media conversation in which you shared your link.

How can I redeeem my promo code?

Easy! In the app, go the Account > Settings and click Got a code? All that’s left to do is enter and submit your promo code.

Round Up to Give

What is Round Up to Give?

Round Up to Give is an easy, smart way to support the Canadian charity that is close to your heart. Through a partnership with CanadaHelps, Mylo users can round up their purchases and donate the spare change to any of over 86,000 registered Canadian charities.

Is there a fee for using Round Up to Give?

We charge a $1 per month flat technology fee to use Mylo. CanadaHelps charges a processing fee that amounts to 2% of your total donation. Read more about CanadaHelps fees here.

Mylo is an investing app. Does this mean you will invest my charitable donation?

No. We process your donations once a month, so we save your roundups in your charity goal as cash before sending them to your selected charity. This means there is no investment risk related to any of the funds you want to donate.

How much can I really raise for my charity with roundups?

The average Mylo user generates around $10 to $15 in roundups per week, but you might save more or less depending on how frequently you use your debit and credit cards. You can accelerate your donations by multiplying your roundups and you can earn $5 towards your charity goal for every friend you successfully refer to Mylo.

What if I want to withdraw money from my donation goal?

You can withdraw money from your donation goal anytime, at no cost, but be sure to do this before the last Friday of the month. That’s when we process your donation and send it to your chosen charity through CanadaHelps.

I referred a friend to Round Up to Give. Why don’t I see the $5 referral bonus in my donation goal?

Referral bonuses will be deposited into the first goal that you created in the Mylo app. This means that if you were saving and investing towards a goal before you created a donation goal, the $5 bonus will be deposited into your original goal. If you want to donate the $5 to your selected charity, simply withdraw the money from your original goal and boost your donation goal with the same amount.

Security and privacy

How does Mylo protect my information?

Security is our first priority. That’s why we use the same security measures as major Canadian banks—256-bit encryption, SSL connections and strict internal security policies based on ISO standards—to ensure your information is never at risk.

To learn more about what information we collect and why, who we share this information with, and how we protect it, please visit our Privacy Policy.

How does Mylo use my financial data?

Mylo will never sell your data. To help you achieve your financial goals, we are developing initiatives to help you save money on everything from your mortgage to travel insurance. We will only ever use your data to calculate roundup amounts and provide you with personalized information and recommendations to improve your financial situation.

If necessary, we may share data with our trusted suppliers, who handle your information according to the rules outlined in our Privacy Policy. We will only share this information with our partners if it essential, such as when we verify your identity or transfer money to and from your accounts.

Is my money safe?

There is some level of risk associated with any investment. At Mylo, we invest your money in a diversified portfolio of low-cost ETFs, so your investment is far less volatile than it would be if you were picking specific stocks.

The ETFs that Mylo users are investing in are held in trust by a custodian that is insured by the Canadian Investor Protection Fund. The custodian for Mylo funds is Fidelity Canada Clearing and our trustee is TMX Trust, a wholly owned subsidiary of the Toronto Stock Exchange Group. Please note that while the funds in your account are insured, your Mylo account itself is not itself CIPF insured.

We are audited by an international accounting firm annually.

Socially responsible investing

What is socially responsible investing?

Socially responsible investing (SRI) is the term used to describe investing that supports companies trying to make a positive change in the world. Traditional investing considers factors that have an immediate financial risk, whereas socially responsible investing considers factors related to doing social and environmental good, too. Mylo users told us that they want the option to invest their money in a way that aligns with their values, so we created the Mylo SRI Fund. To learn more about SRI, please see the socially responsible investing section.

What is in the Mylo SRI Fund?

The investment objective of the Mylo SRI Fund is to provide long term capital growth by investing in a manner consistent with addressing the world’s major social and environmental challenges such as:

  • Climate change
  • Gender diversity in the workplace
  • Corporate responsibility
  • Sustainable development
    • To achieve this investment objective, the fund will invest primarily in low cost exchange-traded funds (ETFs) and units and/or shares of other investment funds managed by third party managers selected to provide a risk-return profile similar to a well diversified portfolio of Canadian large capitalization equity securities.

      The fund may also invest in securities of non-Canadian issuers. These particular investments will generally be no more than 40% of the net assets of the fund and the fund may engage in derivatives transactions to hedge against changes in currency exchange rates. The fund may hold a portion of its assets in cash, government bonds, short-term debt or money market securities while seeking investment opportunities or for defensive purposes in certain market or economic conditions.

How do you invest my money in an SRI portfolio?

If you have an SRI portfolio, we invest your money in two funds comprised of Exchange-Traded Funds (ETFs).

Through ETFs, your money is invested in stocks and bonds spanning thousands of issuers. This approach to investing follows Modern Portfolio Theory, which prioritizes diversification over selecting individual stocks or trying to beat the market. We believe our approach suits the vast majority of people out there.

Each portfolio is built to reflect various risk-reward profiles and aims to help you achieve your financial goals.

We use the information collected during your sign-up process to provide you with an investment profile and assign you one of five diversified SRI portfolios that is suited to your personal goals.

ConservativeConservative - ModerateModerateModerate - AggressiveAggressive
Mylo SRI Fund10%30%50%70%90%
Mylo Money Market Fund90%70%50%30%10%


You can always see your Investor Profile in the Mylo app, under Account > Investor Profile.

Here are the ETFs currently being used to construct the Mylo SRI Fund. Please note these are subject to change.

Asset ClassTickerMER
Canadian SRI Equity ETFXEN0.55%
US Equity Gender Diversity ETFHERS0.50%
Canadian SRI Equity ETFDRMC0.25%
US SRI Equity ETFDRMU0.25%
International SRI Equity ETFDRFD0.60%
US Low Carbon Equity ETFCRBN0.20%
US Equity Gender DiversitySHE0.20%

Transfers and withdrawals

When do you transfer money from my bank account to my Mylo investment account?

Mylo transfers money from your bank to your Mylo account weekly on Mondays. Most Canadian banks impose a limit on your monthly transactions and charge for each transaction over this limit. To keep transactions at a minimum, we aggregate all of your roundups, boosts, and recurring deposits and transfer the grand total from your bank account to your Mylo investment account once a week on Mondays.

Why isn’t my transaction showing up in the app?

Mylo will only display transaction that are approved and posted by your bank. This means that pending transaction will not show up in the app until they are approved and posted by your bank, which can take up to three days, especially for credit card transactions. If you made a purchase on the weekend, it possible that the transaction will not be approved in time for weekly transfer of roundups, which happens on Monday. A little delay between the time you make a purchase and the appearance of that transaction in the app is completely normal!

If it’s been more than three days and the purchase wasn’t made on a weekend, it is also possible that there was a connection issue that prevented us from capturing roundups. In this case, it’s best to reach out the Customer Success team at by email or in the app so that they can investigate for you.

How can I withdraw money from my Mylo investment account?

You can request a withdrawal anytime. We process withdrawal requests every Friday, so depending on what day of the week you request your withdrawal, it can take between 2 to 8 business days for your money to be deposited back in your funding source. There are never any fees or penalties related to withdrawing money from your Mylo account, whatsoever.

How do free next-day withdrawals work?

Next-day withdrawals are only available with Mylo Advantage.. We use Interac e-Transfer to process your withdrawal requests within one business day. With Mylo Advantage, you’ll have faster access to your funds, and best of all, withdrawals are still free.

Can I withdraw from an RRSP?

Withdrawing money from a Tax-Free Savings Account or non-registered account is always free, but it is not free to withdraw from a Mylo Registered Retirement Savings Plan.

BBS Securities, the custodian of any registered account you open with Mylo, will charge you $25 if you withdraw some of the money in your RRSP and $50 if you withdraw the total amount in your RRSP. Please note that there are also tax implications that come with withdrawing from an RRSP.

What happens if there isn’t enough money in my bank to cover my roundups?

Many banks charge their clients a fee when they overdraw from an account. If there’s only $10 in your bank account, for example, and you withdraw $20 at an ATM, you may be charged for withdrawing too much money. This charge is called a non-sufficient funds or NSF fee and can cost you upwards of $40. Please note that this fee is charged by your bank and not Mylo.

To protect you from NSF fees, we prevent transfers between your funding source and Mylo investment account when we see that there isn’t enough money in your account. However, we also recommend that you pause roundups when the balance in your account is very low. You can also consider adding overdraft protection to your bank account to prevent NSF fees.