If you don’t have enough money in your KOHO account for the monthly Cover subscription fee and have a backup payment method set up, your payment will be marked as missed. Our collections service will then attempt to withdraw the fees for two more days.
If you miss three fee payments in a row, your Cover subscription will enter NSF (non-sufficient funds) status and be cancelled. You will then need to repay the full cash advances, and we will collect future fees from your Spendable balance. Once your Cover balance is repaid, your Cover subscription will automatically renew unless auto-renewal is turned off.
Please note while there are no penalties or late fees, not repaying your Cover balance may affect your ability to use Cover in the future.