What’s changing with Cover?
We're enhancing your Cover experience. These updates are being rolled out gradually, so you'll see the changes in your account soon.
Here's what will change:
Balance Summary: You can now see your Cover balance in the balance summary by tapping your balance in the top left corner of the app
Goals, RoundUps & Vault: Your Cover balance can no longer be added to your Goals, RoundUps, or your Vault.
Transaction Notifications: Your alerts will now correctly display your Spendable balance instead of incorrectly including your Cover balance in the total
Monthly Statements: Cover usage and repayments will now appear on your monthly statements
Transaction History: Cover deposits will no longer appear in your transaction feed, as your Cover balance is always displayed on the Cover page in the app
How does my balance work?
Total balance = Spendable + Vault + RoundUps + Goals
Total cash = Spendable + Cover
Total savings = Vault + RoundUps + Goals
Knowing how these different balances work together gives you better control over your finances and maximizes the benefits of your KOHO account.
How does Cover work with my balance?
To find your balance in-app:
Tap "Balance" in the top left corner of your KOHO mobile app
You'll see the updated balance breakdown that now includes Cover
Under the Spend section, Cover is included in your Total Cash (which combines your Spendable balance + Cover)
Total Cash represents all money available for spending, including card purchases and bill payments.
Why does my transaction alert show $0.00 or a negative Spendable?
After you make a purchase, you'll receive a transaction alert showing your updated Spendable balance. If the alert shows $0.00 or a negative amount, it means the purchase exceeded your available Spendable, and your Cover balance was automatically used to complete the transaction.
How will this impact my monthly statements?
Starting with your next statement and continuing with all future statements, you'll be able to see detailed information about how Cover is used in your account:
When Cover is used to make a purchase or payment, it will appear as Cover Funds Used in your monthly statement
When you repay your Cover balance by adding money into your account, it will appear as Cover Funds Repaid in your monthly statement
You may see multiple Cover-related entries in a single statement as you use and repay Cover.
Including Cover activity in your monthly statements will give you better visibility into your financial activity.
Why will I see "Cover Account Adjustment" and "Previously Used Cover Funds" on my upcoming statement?
If you subscribed to Cover before June 2025, we’ve updated how it works to give you more clarity and control over your account.
Before, your Cover funds were mixed in with your total balance. Going forward, they’ll be shown separately so you can clearly see what’s yours and what’s borrowed through Cover.
To make the change, you'll see two one-time entries on your next statement:
Cover Account Adjustment: This shows the full Cover limit being separated from your total balance.
Previously Used Cover Funds: This returns the portion of Cover funds you had already used, so everything balances out.
If the second amount is smaller, that’s normal. It just means you had already used part of your Cover limit at the time. You still have full access to your Cover funds when you need them 👍
Where is my available Cover balance?
Once you register for Cover, your full Cover balance will be added to your account immediately after signup, ready for you to use.
Your Cover balance will always be displayed directly on the Cover in-app page and will no longer appear as a deposit in your transaction feed history.
With these updates, managing your Cover is now more straightforward, giving you more clarity and control over your finances 🚀