Whether the Chexy Wallet holds a balance depends on which kind of payment you're making.
Standard payments (PAD funded by a credit card)
For most bills — rent, utilities, insurance, taxes, and similar — Chexy Wallet acts as a pass-through payment processor, not a stored balance or prepaid account. It doesn't hold or retain funds in advance:
Payments are initiated via Pre-Authorized Debit (PAD) requests from your payee.
Your payee requests a specific amount to be withdrawn, and Chexy releases the funds accordingly.
Credit card charges for PAD payments are typically made 4 business days before the payment due date, but no funds are held in advance for future payments.
Wallet balance (for Loans & Bank Account Funding)
For credit card bill repayment, car loans/financing, personal loans, Buy Now Pay Later (e.g. Affirm), brokerage/investment account payments, and sending money to your own bank account (Bank Account Funding), Chexy Wallet does hold a balance. You load it first — via Visa Direct (debit, first $1,000 instant, remainder next-day) or a linked bank account (EFT, up to $5,000, 2–3 business day settlement) — and then pay out from that balance using PAD, Bill Pay, or e-Transfer.
You can't fund these specific payment types by charging a credit card directly; the Wallet must be loaded first.
Funds loaded this way sit in your Wallet balance until used for a payment or withdrawn.
Handling Excess or Unprocessed PAD Payments
If a PAD payment is charged but the funds are not withdrawn by the payee:
Request a refund for the unused amount and the difference should be credited back to your card within 3-5 business days.
If a PAD payment is charged for an amount higher than the amount requested by your payee:
Request a refund for the unused amount and the difference should be credited back to your card within 3-5 business days.
Payment Processing and Withdrawals
Unlike e-Transfer or Bill Pay payments, for standard card-funded PAD payments Chexy does not send payments to the payee. Instead, your payee must request a specific amount to be withdrawn, and Chexy release the funds accordingly.
Credit card charges for PAD payments are typically made 4 business days before the payment due date, but no funds are held in advance for future payments.
Refund Process
Refunds should be requested in cases of:
Unwithdrawn or failed PAD payment requests.
Difference in payments charged to your card and the requested amount by your payee, where your charged amount was higher than requested.
Refunds do not include the processing fees you were initially charged. Once a refund is initiated, it will be credited back to your card within standard processing times (typically 3-5 business days).