The Chexy Wallet does not function as a stored balance or prepaid account. It acts as a pass-through payment processor to facilitate authorized payments. Here is an overview to help you understand how Chexy handles funds, payments, and refunds:
How Chexy Wallet Works
Chexy Wallet is a tool to process payments as authorized; it is not currently designed to store or retain a balance.
Payments through Chexy are initiated via Pre-Authorized Debit (PAD) requests from your payee.
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If a PAD payment is charged but the funds are not withdrawn by the payee: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, 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 Instead, your payee must request a specific amount to be withdrawn, and Chexy release the funds accordingly.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 three 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).