Frequently Asked Questions

When I deposit money into my Levo account, where exactly does it go?

All deposits into your Levo account are swept into an investment fund managed by Levo. This way 100% of your money can be invested, without any transferring back and forth between accounts required.

So if my money is 100% invested, then how is it possible for me to use my Levo account to pay my bills and to buy things with my Levo debit card?

That’s the magic of Levo. We give you immediate access to your money even though it’s fully invested. When you initiate a payment or a debit card transaction from your Levo account, part of your investment is liquidated to fund the transaction. We handle the complicated logistics on our end so you don’t have to.

Are you a bank or not?

We are not. But by partnering with a bank that provides banking services and debit cards, we can offer the same functionality that a normal checking account offers.

Who is your banking partner?

We’ve partnered with Evolve Bank & Trust, a small bank based in Memphis, TN. This partnership allows us to issue the debit cards and bank account and routing numbers that allow you to use your Levo account just like a checking account.

Why don’t you have FDIC insurance?

The short answer is that Levo is not a bank, so there’s no need for it. When you deposit money in a bank, the bank lends that money out to others. If your bank makes bad loans, then they might not have enough money left to give to you when you’re ready to spend or withdraw your money. FDIC insurance is the government’s guarantee that your money will always be there, even if your bank loses it. Since Levo is not a bank, we don’t take your money and lend it out to others. This means that we can never lose your money in the way a traditional bank can. That’s why we don’t need FDIC insurance.

Are there any transaction limits on my Levo account?

You’re limited to spending no more than 75% of your account balance on any given day. There are also dollar-value limits for specific kinds of transactions, like debit card purchases. Similar to a normal bank account, these limits will depend on a variety of factors, including how long you’ve had your account open.

Can I choose what investments my money goes into?

No, all deposits into Levo accounts go into the same diversified investment portfolio. We want to keep Levo as simple and easy to use as a normal bank account.

How do you make money?

We charge a 1% annual asset management fee. We also receive a small percentage of each transaction you make with your Levo debit card, but this fee is paid by the merchant, not by you.

How exactly do you calculate and charge your asset management fee?

Each business day, we use official closing prices to calculate the net asset value (NAV) of the Levo investment portfolio. From that valuation, we calculate a daily NAV for your account. Once per month, we calculate your average account balance over the last month by averaging the daily NAV balances. We then multiply this average balance by one-twelfth of our annual management fee percentage.

What are the tax implications of this?

Whenever you spend from your Levo account, that constitutes a taxable event. If your investment has appreciated in value, then you’ll have to pay capital gains taxes at the end of the year. But it’s better to pay taxes on your gains than to never have any gains in the first place.

This sounds awesome. Why has no one done this before?

Banks make their money by lending out deposits at higher interest rates than they pay to their depositors. A bank would never offer a product like a Spendable Investment Account because they make far more money with their existing business model.

When will you be launching?

We’re in private beta right now and expect to launch publicly in November of this year. For the first few months after we launch, we’ll only be allowing people on the waitlist to sign up, so make sure you sign up for the waitlist today!

Ready to put your money to work?

We’re hard at work getting Levo ready for its public launch. Join our waitlist now to be one of the first to get a Levo account.

Levo Financial is not a bank. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Banking services are provided by Synapse’s Bank partners, Members FDIC. Banking services include bank accounts (Individual Spending Accounts) and debit card usage for Levo users. The issuing bank information will be found on the back of your debit card.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which should be read carefully before investing.

Levo Financial users must be 18 years of age or older, reside in the U.S. with a valid U.S. address, and have a valid SSN.

All accounts are subject to approval and you may cancel email subscriptions at any time.

This content, developed by Levo Financial, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

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