Frequently Asked Questions
Sagewell is a financial technology company and is not a bank. Banking services provided by Choice Financial Group; Member FDIC. The Sagewell Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
Is there an age minimum in order to use Sagewell?
You need to be 18+ to open a checking account. While we specialize in helping people who are at retirement age, we recognize that planning for retirement can begin at any age.
How do I know I can trust Sagewell?
How can I contact Sagewell?
- If you bank with us, you’ll be assigned a Retirement Success Advocate who will be your personal point of contact. You’ll receive their contact information and their personal calendar link for scheduling appointments during your initial onboarding.
- If you haven’t sign up with us yet and have additional questions, you can call 617-397-3764 or email [email protected]
Checking account questions
Is there a monthly account minimum?
No, there’s no monthly account minimum required!
What are the checking account features?
- FDIC insured
- Free ATM reimbursements nationwide
- Cashback on fuel purchases
- Overdraft protection:
- Our system automatically rejects any transaction that may overdraft the account. We do not permit you to overdraw your Account. If the Available Balance in your Account is not sufficient to cover any transaction you have authorized, we may return the transaction or refuse to process the transaction. However, there may be instances where your Account can still go into the negative, such as if a deposit you make is returned. You must make a deposit immediately to cover any negative balance. If your Account has a negative balance for sixty (60) calendar days or more, we may close your Account. In a few rare cases our system does not prevent an overdraft, we won’t charge you a fee!
- No inactivity fees
- And more!
What sort of fraud protection do you have?
- Our FDIC-insured bank partner has expert security measures and custom-built protections just for seniors including:
- Your personal teller can block a lost or stolen card instantly.
- We guarantee that you won’t be held responsible for unauthorized charges.
- We proactively monitor for all sorts of fraud, including senior-specific fraud.
How do I switch my Social Security Benefits over to Sagewell’s Direct Deposit?
It’s easy and only takes one phone call!
Here’s how it works:
Log into your Sagewell account, and pull up the home screen within your Dashboard.
There, on the right-hand sidebar under “Quick Actions” you’ll find an option for Account & Routing Numbers, click there.
You’ll need those Account and Routing numbers when you call the Social Security Administration to make the switch.
Once you have the numbers ready, just call the Social Security Administration at 1-800-772-1213, and they will use your Sagewell Routing and Account numbers to complete the process!
Sagewell MyPaycheck questions
What is Sagewell’s MyPaycheck program?
Sagewell’s MyPaycheck helps people who are paid on a monthly, consistent basis (eg. Social Security recipients) receive their monthly income early and in two installments instead of one.
In the case of Social Security, the amount of money you will receive in each MyPaycheck installment over the course of a single month is your monthly Social Security benefit divided by 2. For example, if you receive $1,500 on the 3rd Wednesday each month from the SSA, you will receive two MyPaychecks each month in the amount of $750 paid on the 1st Wednesday and the 3rd Wednesday.
Is MyPaycheck required to open a Sagewell checking account?
No, enrollment in MyPaycheck is completely optional.
When can I expect to receive my advances?
The pay schedule for MyPaycheck is based on the day of the month you receive your benefit. For Social Security beneficiaries, the pay schedule can be found in the table below.
|SSA Benefit Schedule||MyPaycheck Pay Schedule|
|1st day of the month||1st and 14th days of the month|
|3rd day of the month||3rd and 17th days of the month|
|2nd Wednesday of the month||2nd and 4th Wednesday|
|3rd Wednesday of the month||1st and 3rd Wednesday|
|4th Wednesday of the month||2nd and 4th Wednesday|
How do I enroll in MyPaycheck?
Inform your dedicated Retirement Success Advocate that you would like to enroll.
Review the Terms & Conditions and agree to your personalized consent schedule (see above for general timing).
Direct your Social Security Benefit to your Sagewell checking account. This can be done over the phone or on the SSA website.
Once the SSA has deposited your first monthly Social Security benefit in your Sagewell account, you are eligible to start getting paid early.
How much does it cost to participate in MyPaycheck?
MyPaycheck is completely free.
How is Sagewell able to pay me earlier?
Sagewell uses our own money to pay you earlier each month.
Because we wait until your Social Security Benefit is electronically deposited into your account before starting to pay you early, we know your income stream will be able to pay us back.
How is Sagewell repaid for the advance?
When your full Social Security Benefit is electronically deposited we withdraw the amount of your outstanding advance.
For example, if your Social Security Benefit is $1,500 and we have advanced you $750, when your $1,500 arrives, we will repay ourselves for the $750, leaving you the remaining $750 to use.
What if MyPaycheck is scheduled to occur on a holiday or weekend?
If your normal MyPaycheck pay day falls on a weekend or holiday you will receive that installment of your MyPaycheck on the business day immediately preceding your normally scheduled day.
Take a virtual bank tour today!
Take a virtual bank tour today!
Our financial care experts have saved seniors up to $200.00 with just one 5 minute phone call.