Overdraft Protection Practices

The financial tools built into the background of your Awardco platform are the unsung heroes of your account's health. Financial controls are installed in each platform to keep you and your administration team aware of the financial status of your account. Based on your platform budget and the frequency with which your organization's recognitions are processed, different limits are established by the Awardco finance and operation teams. 

Please review the Funding Your Account and Funding and Points Sidebar Summary articles to understand how your platform is billed and where to go in your platform to see the current financial status of your account. As always, contact your current Awardco point of contact for questions on this issue.  

Overdraft Email Reminders

As a system administrator you have access to the platform reporting and are able to view the funding and points sidebar. An article on this sidebar is linked above. In this sidebar you are able to keep a close eye on the financial status of your account, including the remaining funds available in your account for payment of redemptions. As an added measure to ensure your administration team is apprised of your account's standing, email reminders are sent at regular intervals to update your team on the status of your account. There are two types of reminders generated based on your account status. 

Monthly Reminder

When your remaining account balance is well above the low balance value and overdraft limits put in place by our finance and operations teams, you will receive a regular monthly reminder with a statement on the current status of your account. This email will include a line defining your platform's retainer overdraft limit. These monthly reminders are solely for your information and no action is required. 

Weekly Reminder

When the account balance reaches a critical level beyond a certain pre-established threshold, system administrators will begin receiving weekly reminder emails informing the recipients of the critical account balance and of the need for immediate action. While orders will continue processing and no indication of this critical level will be visible to your employees, if payment is not remitted and charges for redeemed product continue, the account's overdraft limit may be exceeded. If the limit is exceeded, all order processing in your platform will be stopped. If your team begins receiving these weekly reminder emails, immediately contact your Awardco support team to establish a plan to return the account to a status of sufficient standing balance. 

If you feel this article left your questions unanswered, please contact your Client Success Manager so we can better assist you.