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Configuring automated transfer rules
Configuring automated transfer rules
Matthew Eley avatar
Written by Matthew Eley
Updated over a week ago

Overview

Transfer rules allow users to automate transferring funds between the connected account and the Mayfair cash account.

There are two types of automated transfer rules:

  1. Keep me invested rule: governs when and how cash is transferred from your funding account into your Mayfair cash account.

  2. Make sure I have enough cash rules: governs when and how cash is transferred from your Mayfair account back into your funding account.

⚠️ Note that some legacy banks will not support automated transfers; we're working to expand the list of eligible banking partners.

Keep me invested rules

Setting "Keep me invested" rules starts by establishing an upper threshold. When the cash balance of your funding account exceeds this threshold, Mayfair will initiate a transfer from the funding account to the Mayfair account for the amount that exceeds this threshold.

For example:

  • ABC Inc currently holds $5,089.57 of cash in its funding account

  • ABC Inc set a "Keep me invested" threshold of $10,000 in Mayfair

  • ABC Inc receives $15,000 from a large sale, which is deposited into its funding account. This increases the balance of its funding account to $20,089.57

  • Since $20,089.57 exceeds the $10,000 threshold, the Mayfair automation will trigger a transfer of $10,089.57 from ABC Inc's funding account into its Mayfair account

Make sure I have enough cash rules

Setting "Make sure I have enough cash" rules starts by setting two numbers: first, the lower threshold trigger, and second, the top up to balance.

  • Lower threshold trigger: the threshold that determines when the automation triggers

  • Top up to balance: when the lower threshold is triggered, Mayfair will initiate a transfer large enough to refill the funding account to the "Top up to" balance

For example:

  • ABC Inc has a current cash balance of $5,089.57 in its funding account

  • ABC Inc set a lower threshold of $2,500 and a top up to balance of $5,000 in Mayfair

  • ABC Inc spent $3,000 due to a large purchase, which was paid out of their their its account. This decreased the balance of the funding account to $2,089.57

  • Since $2,089.57 is below the $2,500 lower threshold, the Mayfair automation will trigger a transfer of $2,910.43, bringing the balance of the funding account to $5,000

Pausing automated transfer rules

Automated transfer rules can be paused at any time by clicking Transfers beneath the account name and toggling the transfer rules on or off.

Editing automated transfer rules

Automated transfer rules can be edited at any time by clicking Transfers beneath the account name and clicking the "Edit Rule" button.

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