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

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?

You don’t have to close your existing account. Toast intends to complement your banking relationships while providing you the opportunity to optimize return on your balances.

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.

Can I add a joint owner to my account?

Not at this time.  Co owner and authorized users will be added in the future.  You will be notified when this update occurs.

Who can access the Toast Balance Account?

At this time, only the person who applied for the account can access it on Toast Web.  Future upgrades in the first part of 2024 will add the capability for additional authorized users to also access the account.

What types of account ownership are available?

During the initial launch, only one owner can be established for a Toast Balance Account.  Co owner and authorized users will be added in the future.  You will be notified when this update occurs.

Can I add beneficiaries to the account?

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

2. FDIC Insurance

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

Your deposits qualify for up to a maximum of $2,500,000 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 $2,500,000.  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

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.

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 by designating a percentage of your daily credit 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?  

Not at this time.

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

There are no limits based upon the number of transfers you make, but there are limits on the total dollar amount of transactions made daily and monthly.  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 credit 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 % by clicking on the % of Daily Sales on the Toast Balance Account dashboard underneath the Toast Balance Account number.  It may take up to a day for Auto Savings to start working depending on your restaurant’s payment capture and daily deposit settings

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 credit card sales you divert to your Toast Balance Account will be applied to your total daily credit card sales for all your restaurants combined.

Is there a limit to the percentage of daily card sales I can divert to the Toast Balance Account

There is no limit.  The transfer will occur each day AFTER all other scheduled debits are withdrawn (e.g. Toast Capital repayments).  If remaining funds after all scheduled debits are deducted equate to less than the percentage you set for your daily deposit transfer, all remaining funds will be swept to your Toast Balance Account effectively reducing the percentage of daily card sales diverted.

How do outbound wire transfers work?

You must initiate a wire transfer from your Toast Balance Account dashboard (last option on the left navigation bar).  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 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.

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:


Beneficiary Address:

The address on your Toast Balance Account

Beneficiary Bank Name:

Thread Bank

Beneficiary Bank Routing Number:


Beneficiary Bank Address:

210 E Main St, Rogersville TN 3785

4. Interest

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

Annual percentage yield, also known as APY, is the rate used to calculate how much interest you earn on money in your Toast Balance Account. If your Toast Balance Accounts have combined balances under under $25,000, you will earn 3.05% APY. If your Toast Balance Accounts have a combined balance of $25,000 or more, you will earn 3.27% APY.

How is the interest I receive calculated?

Interest is calculated on your balance 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.

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?


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

Yes. 1099-INT forms are prepared and mailed in January. 

5. 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, many of which we hope to address in the near future including the addition of authorized users and debit cards (which will support purchases and ATM withdrawals and deposits) and the ability to have more than one account. Some limitations related to the fact that the Toast Balance Account is an online only account may not change in the near future including paper check issuance, remote deposit capture of checks, and bill pay.  As new features are enabled, you’ll be notified immediately.

6. Customer Care

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

Reach out to if you have questions or an issue.  Our customer service hours are available Mon - Fri between 9am - 5pm EST.  

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

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 don’t see my 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 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.

7. 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 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.     

8. 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.

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.

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. 

9. Money Movement Table

Money movement occurs on business days 

(excludes Saturday, Sunday and Federal Holidays)

Deposits Into Your Account

Deposit Method

$ Limitations

Cut Off Times

(If applicable)

Funds Availability

Direct Deposits*

No limits


Posted as received through end of day

ACH transfers into your Account 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.



3:00 PM ET

Request processed next business day

5 days after receipt

Internal transfers between eligible accounts managed by Toast

No limits



Domestic inbound wires

No limits

4:00 PM ET

6:45 PM ET

Withdrawals From Your Account

Internal transfers between eligible Accounts managed by Toast 

No limits



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

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



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

Depends on schedule of the bank receiving funds

Domestic outbound wire



4 PM ET 

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

Depends on schedule of the bank receiving funds

Internal transfers between eligible Accounts managed by Toast 

No limits



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



3:00 PM ET

Request processed next business day

Depends on schedule of the bank receiving funds

* 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.