Toast Balance Account: FAQs

These FAQs apply only to certain eligible Toast customers. Please note — Toast Balance is currently in limited release with a select number of Toast customers and may not be available to you if you accessed this page from outside of your Toast Web backend.

Toast is not a bank. Banking services provided by Thread Bank; Member FDIC. The Toast Balance Account Debit Mastercard is issued by Thread Bank pursuant to a license from Mastercard Inc. and may be used anywhere Mastercard is accepted.

1. Applying for an account


Who issues the Toast Balance Account?

The Toast Balance Account is issued by Thread Bank, Member FDIC.



Does opening an account affect my credit score?

Opening an account will not affect your credit score.



I already have a business account for my restaurant. Do I have to close that account to use the Toast Balance Account?

No, you don’t have to close your existing account, but you may wish to keep it open only for cash and check cashing needs while using the Toast Balance Account for optimizing your return on funds used for budgeting, saving and transacting.



Why are you asking about the ownership and/or management of my business?

Gathering this information is required by law before a new account can be created. During the application process you will be asked some details about individuals involved who own or have significant responsibility to control, manage, or direct your business.



Who can access the Toast Balance Account? Can I have multiple authorized users?

Co-owners can access the account.  Limited access for authorized users will be available in the future. Co-owners can be added to access the account after the application process by reaching out to us at toastbalance@toasttab.com. 



Can I add beneficiaries to the account?

Not at this time.  You will be notified when this update occurs.


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2. FDIC Insurance


How do I know that this account is safe and secure?

Your deposits qualify for up to a maximum of $3,000,000 in total FDIC insurance coverage when placed at other banks through the Thread Bank deposit sweep program.  For more information about the program see the Thread Sweep Disclosure



What is FDIC Insurance?

FDIC insurance is a form of insurance provided by the Federal Deposit Insurance Corporation (FDIC) that protects depositors from loss in the event that an FDIC insured depository institution fails. Please review the FDIC Deposit Insurance website for additional information. 



What is the Thread Bank Deposit Sweep Program?

Thread Bank will place your funds into deposit accounts at other U.S. chartered banks insured by the FDIC.  Your funds will be insured by the FDIC up to $250,000 at each of these banks as if you had established the deposit accounts with the banks yourself, for a total of up to $3,000,000.  You can still access your Toast Balance Account funds at any time through Toast and Thread Bank.


For more information about the program see the Thread Sweep Disclosure



Where can I see a list of the program banks participating in the network?

FDIC insured IND Program Banks as of August 2023 are listed here.



Can I opt out of a Program Bank?

Yes. To opt out please contact us at customerservice@thread.bank.



Does FDIC insurance protect me if my account information is compromised?

No, FDIC insurance does not protect your account from unauthorized access. To keep your Toast Balance Account safe, we highly recommend that you set up 2-Step Verification on your Toast Account and always keep your account information with us up to date.


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3. Funding Your Account and Moving Money 


How do I fund the account?

You can fund your account by transferring funds from an external account into your new Toast Balance Account using wire transfers or ACH.  You may also fund your account painlessly through Auto Savings, which allows you to designate a percentage of your daily card sales to be automatically deposited to your Toast Balance Account.



What happens if I don t fund my Toast Balance Account?

If you don’t move funds into your Toast Balance Account after 12 months, we will close your Toast Balance Account.



Can I open an account and fund it later?

Yes. You may fund your account at a later time.



Will my existing bank account on file with Toast Inc. be connected to my Toast Balance Account?

No, this will not happen automatically, but you may connect it at your discretion.



How do I connect an external bank account?

Link your existing bank accounts just by logging in. It’s fast and easy.  We work with Plaid to verify account information when linking a new bank account to your Toast Balance Account. In order for us to verify account ownership and proper use of the account being linked, you will be asked to log into your external bank account through Plaid which keeps all of your bank account information completely secure.



Can I set up recurring transfers?

No, the Toast Balance Account doesn’t currently support recurring transfers other than Auto Savings.  But if you wish to move funds into the Toast Balance Account on a recurring basis from an external account, go to that external account and see if they allow for recurring transfers.  This will “push” funds over to the Toast Balance Account on a recurring basis per the schedule you set.



Is there a limit to the number of transfers I can make to and from my account?

There are no limits based upon the number of transfers you make, but there are total daily and monthly dollar limits that apply.Please see details in the Money Movement table below



What is Auto Savings and how do I set it up and change the percentage?

Auto Savings is the capability to set a percentage of your daily card sales (credit, debit and gift card sales) to automatically divert and deposit into your Toast Balance Account.  It’s a simple and powerful way to quickly build your balance. You can set and change the Auto Savings percentage with the following steps:

  1. On your Toast Balance Account dashboard, locate the Toast Balance Account or Jar that you want to set up or update Auto Savings for.

  2. Under Auto Savings, click on the Pencil Icon.

  3. Select a desired percentage of daily sales you would like to have automatically deposited into your Toast Balance Account.


It may take up to a business day for Auto Savings to start working depending on your restaurant’s payment capture and daily deposit settings. This percentage is applied across all restaurants associated with your business.



I own multiple restaurants.  Can I designate which restaurants are participating in Auto Savings?

No. Auto Savings is turned on at the business level, meaning the % of daily card sales you divert to your Toast Balance Account will be applied to your total daily card sales for all your restaurants combined.



Can processing fees or the usage of other Toast financial products impact Auto Savings?

Yes. The daily Auto Savings deposit to your Toast Balance Account is calculated AFTER other authorized deductions are made (including Instant Deposits, Easy Pay, Toast Capital Loans, and processing fees).  Once these other obligations are met, Auto Savings kicks in and is calculated on every individual sale, not on the total of your sales.  Due to rounding, the exact amount of your total Auto Savings deposit may be slightly different than the percentage you set.



How do outbound wire transfers work?

Outbound wire transfers must be initiated from your Toast Balance Account dashboard by clicking on the “Wire transfer” button.  Accuracy of information is crucial. Inaccurate information could result in the wire being rejected or failing. Please be sure the routing information submitted is usable for wire transfers as many large banks have a different routing number for wires than what is shown on your checks. Once you fill in the form, submit it and keep a copy handy.  You can print the form or access it again from your dashboard by double clicking the pending wire transfer listed at the top of your transactions list. 


After the form is submitted, you will be automatically prompted to schedule a phone review with a Toast representative who will verify your identity and the transfer details. This last step is for your protection, reducing the risk of fraud and the chance the funds are mistakenly sent to the wrong account.  Once a wire is sent that you have authorized, it is not possible to get the funds back and you are responsible for any losses.  The call with Toast must occur before 4 PM ET for the wire to be processed the same day.



What information will I need to make an inbound wire transfer?


  • Beneficiary Name:
    • The name of the Toast Balance Account holder 
  • Beneficiary Account Number:
    • Your Toast Balance Account number
  • Beneficiary Routing Number / Receiver ABA:
    • 064209588
  • Beneficiary Address:
    • The address on your Toast Balance Account
  • Beneficiary Bank Name:
    • Thread Bank
  • Beneficiary Bank Routing Number:
    • 064209588
  • Beneficiary Bank Address:
    • 210 E Main St, Rogersville TN 3785


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4. Jars


What is a Jar?

Each Jar is a Toast Balance Account that you can use for a specific purpose. The Jars feature is included with your Toast Balance Account that helps you better organize your budget and manage your savings. You can use Jars to set aside money for typical restaurant needs such as taxes, payroll, rent, supplier invoices, major purchases, projects, or even a rainy day fund.


Each Jar is a separate Toast Balance Account, with features such as:

  • Customizing each Jar’s name and icon to reflect your goals

  • Easily transferring money in and out, including paying bills via ACH

  • Transfers between your primary Toast Balance Account and between Jars are instant

  • Setting up an Auto Savings percentage specific to each Jar



How do I figure out what Auto Savings to set for my Jar?

If you have a target amount and target date you want to save up for in a given Jar, you can easily estimate your Auto Savings percentage to reach that goal. Note that this estimation does not include interest you’ll earn on your Auto Savings, so you would reach your goals even faster if your sales fall in line with your estimations.


Start by jotting down the following:

  1. Target Jar amount: how much you want to save

  2. Target timeframe: when you need that amount by

  3. Daily card sales (deduct all other scheduled debits, such as Easy Pay lease fees)

  4. Daily card sales to divert: Divide your Target Jar amount by your Target timeframe

  5. Auto Savings percentage: Divide your Daily card sales to divert by your estimated Daily card sales


As an example, let’s say a restaurant wants to open a Jar to save up towards a custom $2,700 furniture order that they need to pay for 3 months from now, and this restaurant does $1,000 in daily card sales.

  • Target Jar amount: $2,700

  • Target timeframe: 3 months (90 days)

  • Daily card sales: $1,000

  • Daily card sales to divert: $30 per day ($2,700 invoice / 90 days)

  • Auto Savings percentage: 3% ($30 needed per day / $1,000 daily sales)



What APY does each Jar earn?

Jars earn the same APY (annual percentage yield)*, which depends on the total balance of your primary Toast Balance Account and all Jars. If you have a total of at least $25,000 combined between your primary Toast Balance Account and Jars, you’ll unlock 3.25% APY! Balances below $25,000 earn 3.00% APY.


*Interest rate of 2.96% and Annual Percentage Yields (APY) of 3.00% for accounts with balances below $25,000, and interest rate of 3.20% and APY of 3.25% for accounts with balances $25,000 or higher, are effective as of 2/1/2024. The interest rates and APYs are variable and may change at any time. Fees may affect earnings on the account.



How do I open a new Jar?

  1. At the top of your Toast Balance Dashboard, click on Open a Jar.

  2. Follow the instructions to personalize your account, set up Auto Savings, and deposit funds into your new jar.



How do I edit a Jar’s Auto Savings or other settings?

Changing a Jar’s Auto Savings setting is just like changing Auto Savings for your primary Toast Balance Account:

  1. On your Toast Balance Dashboard, locate the Jar you want to change settings for.

  2. Edit Auto Savings by clicking on the pencil icon, or other settings by clicking on the arrow icon ( > ) next to the Jar’s name.



How do I transfer money into and out of a Jar?

To initiate an ACH transaction, or transfer money between Jars and Toast Balance Accounts:

  1. At the top of your Toast Balance Dashboard, select Transfer Money

  2. Select the accounts you want to transfer money into and out of and follow the instructions that appear.


To initiate a wire transfer:

  1. At the top of your Toast Balance Dashboard, select Wire Transfer

  2. Select the accounts you want to transfer money into and out of and follow the instructions that appear.



When transferring money between Jars or your primary Toast Balance Account, your funds will be available instantly! Transferring money from or into a non-Toast Balance Account may take a few days depending on the schedule of the bank receiving funds.



Can I use my Jar to pay bills via ACH?

Yes! Each Jar has its own bank account and routing number, which are located on your Toast Balance Dashboard

  1. Locate the Jar you want to use via your Toast Balance Dashboard

  2. Click on the arrow icon ( > ) to see that Jar’s account number and routing number



How many Jars can I open?

You can open as many Jars as you need to best manage your money.  Use Jars for both saving and budgeting of regular monthly expenses.  With Jars you can monetize your operating budget and who doesn’t like to make their money work harder?



Can I overdraft a Jar with a purchase?

No.  We don’t currently offer overdraft protection. If you attempt a transaction for more money than you have in that Jar, it will get declined.  If you have insufficient funds in your primary Toast Balance Account or Jar you’re initiating a transaction for, funds will not automatically be pulled from other Jars or your primary Toast Balance Account to cover any transaction, and it will get declined. 


If you have an upcoming purchase or an automated payment from your Jar, it’s best to make sure your Jar has sufficient funding first.



How do I close a Jar?

Closing a Jar is easy — keep in mind that, you must first transfer the Jars funds to another Toast Balance Account.

  1. Locate the Jar you want to close via your Toast Balance Dashboard

  2. Click on the arrow icon ( > ) at the top right corner of the Jar you want to close

  3. Select Manage Jar, and then click on Remove Jar on the next screen

    1. You’ll be prompted with a warning to Transfer Funds if your Jar has money in it still


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5. Interest


What’s the annual percentage yield (APY) for my accounts?

Annual percentage yield, also known as APY, is the rate used to calculate how much interest you earn on money in your primary Toast Balance Account and any Jars. If your primary Toast Balance Account and Jars have combined balances under under $25,000, you will earn 3.00% APY. If your primary Toast Balance Account and Jars have a combined balance of $25,000 or more, you will earn 3.25%  APY.



How is the interest I receive calculated?

Interest is calculated on the balance in each account (your primary Toast Balance Account and Jars) for each day of the month.  All interest earned for a month (the total of all the individual daily interest calculations) is paid out on the first day of the following month into the individual accounts.



Can the interest rate change over time?

Yes, the interest rate is variable and may change at any time.  



How do I see my interest rate?

You can find the current interest rate listed on your Toast Balance Account dashboard.



Do I have to pay taxes on the interest?

Yes.



Will I receive a tax form (1099-INT) to report on my interest?

Yes. 1099-INT forms are prepared and mailed in January and can also be found on the Toast Balance Account dashboard. 


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6. Fees, Minimums, and Account Limitations 


Is there a monthly fee or minimum balance required?

There is no monthly fee for the Toast Balance Account and there is no minimum balance required.



How much does it cost to transfer funds to and from my account?

There is no fee for ACH transfers into or out of your account.  For wire transfers, there is a fee of $5 for each inbound wire transfer.  This fee will be refunded within 10 business days if (1) your wire transfer is made during the first month your account is open, or (2) if your wire transfer is for $100,000 or more.  There is a fee of $25 for each outbound wire transfer.



Are there any account functionality limitations?

Yes, the initial offering of the Toast Balance Account has some functionality limitations, which will be addressed in the future including the addition of authorized users and debit cards (which will support purchases and ATM withdrawals). Some limitations are related to the fact that the Toast Balance Account is an online only account may not change such as no paper check issuance.  As new features are enabled, you’ll be notified immediately.


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7. Customer Care


How do I get in touch with Toast if I have questions or an issue?

Reach out to toastbalance@toasttab.com if you have questions or an issue.  Our customer service hours are available Mon - Fri between 9am - 5pm EST.  If your email arrives after hours, we will be in touch the next business day morning



How do I dispute a charge?

Before you file a dispute:

  • If you’ve done business with this merchant, contact them directly to try and resolve your concerns.

  • If you notice a transaction you didn’t make or have a question about a transaction in your history, you will need to report a dispute. To do so, contact us for assistance at toastbalance@toasttab.com.



How long does it take to receive provisional credit for a disputed charge?

Provisional credit can take up to 10 business days to post to your account from the date you tell us of an unauthorized transaction. 



What do I do if I didn’t receive an inbound wire transfer?

You won't see your wire transfer if it gets rejected, returned, or declined because the account info is wrong. If you don't see the wire in your Toast Balance Account, contact the following:

  • If you initiated the wire transfer - reach out to the sending bank

  • If your customer sent you the wire transfer - reach out to your customer. They'll need to speak to their bank.


To investigate a missing wire, you'll need to get a Federal Reference number or an IMAD from the sending bank.



Can I place a “stop payment” on a recurring payment?

Yes.  Contact us by email at toastbalance@toasttab.com at least three (3) business days before the next payment is scheduled to be made.  You must provide us with (a) your name, (b) your Account number, (c) the company or person taking the payments, and (d) the date and amount of the Preauthorized Transfer you wish to stop. If you want all future payments from that company or person stopped, be sure to tell us that as well. 



Can I overdraft my Toast Balance Account with a purchase?

No.  We don’t currently offer overdraft protection.  If you attempt a transaction for more money than you have, it will get declined.


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8. Account Closures


If I close my Toast account, how can I access my Toast Balance Account? 

You must have an open Toast account to have and access your Toast Balance Account.  If your Toast account is closed, we will close your Toast Balance Account within four weeks and send you a check for the funds in the account.  To ensure uninterrupted access to your funds, you should transfer all funds in your Toast Balance Account out to an external bank account before closing your Toast account.



How do I close my Toast Balance Account?

Reach out to toastbalance@toasttab.com to initiate a Toast Balance Account closure. You can close your account at any time and there are no penalties.  Any interest still owed to you will be sent via a check to the address on your bank account at the time of account opening.  Your 1099-INT form will be mailed to you in January.


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9. Debit Card FAQs


For a full list of debit card FAQs, please visit this link.


How do I report a lost or stolen debit card?

If you need to report your Toast Balance Account Debit Mastercard as lost, stolen, or compromised, or to replace your debit card for any reason, please contact us at 1-855-333-1725 seven (7) days a week, twenty-four (24) hours a day. You will be required to provide personal information so that we may verify your identity before we will issue you a replacement debit card.



10. General FAQs


Where do I find my Toast Balance Account on Toast Web?

Your Toast Balance Account can be found on the Financial Products Page.



Where can I find my account number and routing number?

You can view your account number and routing number on your Toast Balance Account dashboard.



How do I get my monthly statements?

Statements are generated during the first few days following the end of the previous month and are electronically filed to your Toast Balance Account dashboard, under account details. 



If I apply for a Toast Capital Loan, can I have my loan funds deposited into my Toast Balance Account?

Not at this time, but that enhancement is on our roadmap.



How do I connect my account to Quickbooks?

  1. Log into the relevant Intuit product and select to connect a new bank account.

  2. Within the directory, search for and select the Toast Balance Account, and enter the mobile phone number associated with your account.

  3. A verification code will be sent via SMS for you to authenticate your account.

  4. Your Toast Balance Account information and other transaction data will be automatically published to Intuit.

    • Mint will pull 90 days of transaction history.

    • For Quickbooks, you can select a timeframe to import.

  5. You can revoke Intuit's access to your account at any time.



How might a lien or levy impact my Toast Balance Account? 

This is case specific, but the impact can be significant. Toast is often informed if customers have a lien or levy filed against their business by third parties. Toast must then submit the lien or levy for processing which can severely impact your business receivables, e.g. your nightly settlements from Toast. This would impact your Toast Balance Auto Savings, which would be paused until the creditor notifies Toast that the lien is satisfied. If you see your Auto Savings has not been automatically turned back on after a lien is satisfied, it may be necessary for you to notify us at ToastBalance@Toasttab.com to restore this feature of your Toast Balance Account.


Please also know that Toast may be required by the lien, levy, subpoena, or other procedural requests to inform the creditor of the existence of the Toast Balance account and that funds are held within it, as the creditor may have a claim to the Toast Balance account funds as business proceeds. In some cases, the funds in the Toast Balance account may be required to be turned over to the third party creditor.



Where can I find all of the details about my account?

Everything you need to know about your account can be found in your Toast Balance Account Agreement



Where can I view my Debit Card Agreement?

You can download your Toast Mastercard Debit Cardholder Agreement here.



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11. Money Movement Table

Money movement occurs on business days 

(excludes Saturday, Sunday and Federal Holidays)

Deposits Into Your Account

Deposit Method

$ Limitations

(calculated by adding together total amounts you add or withdraw from all of your Toast Balance Accounts)*

Cut Off Times

(If applicable)

Funds Availability

Direct Deposits**

Includes Auto Savings Transfers

No limits

N/A

Posted as received through end of the business day

ACH transfers into your Accounts from a connected bank account with another institution***

This transfer is initiated from within your Toast Balance Account’s “add funds to my account” function.

$25,000/day

$100,000/month 

3:00 PM ET

Request processed next business day

Up to 5 days after receipt

Internal transfers between eligible accounts managed by Toast

No limits

N/A

Immediate

Domestic inbound wires

No limits

4:00 PM ET

By 6:45 PM ET

Withdrawals From Your Account

Internal transfers between eligible Accounts managed by Toast 

No limits

N/A

Immediate

ACH transfers from your Accounts to another bank account via ACH Origination Services 

Examples: make scheduled payments to vendors or pay employees with Direct Deposit

$25,000/day

$100,000/month

3:00 PM ET

Request processed next business day

Depends on schedule of the bank receiving funds

ACH transfer to a merchant or other third party you authorize to withdraw from your Account using your routing number and account number

No limits

3:00 PM ET

Request processed next business day

< 1-3 business days, depending on schedule of the bank receiving funds

Domestic outbound wire

$200,000/day

$500,000/month

4 PM ET 

Must complete Toast’s required authorization review prior to cut off 

Same business day.  Time of day depends on schedule of the bank receiving funds

ACH transfers from your Accounts to a connected bank account at another institution****


$25,000/day

$100,000/month 

3:00 PM ET

Request processed next business day

< 1-3 business days, depending on schedule of the bank receiving funds


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* The limits above are determined by adding the total amount of deposits or withdrawals you make from all of your Toast Balance Accounts (your primary Toast Balance Account and any Jars).  For example, if you have two Accounts, you may add or withdraw a total of $25,000/day in ACH transfers from your Accounts to connected bank accounts with other financial institutions.*

** The recipient’s name on any direct deposit or ACH, must match the name on the Account or the deposit may be returned to the originator. Direct deposit is the deposit of funds electronically into your Account.

*** You may transfer funds between your Account and another bank account. The connected bank account must be located in the United States.

**** You may transfer funds between your Account and another bank account. The connected bank account must be located in the United States.