What if I can't pay off my credit card balances today?
Otto is designed for people who pay off their credit cards each month. If you don't have enough money in your bank account(s) to completely pay off your credit card today, but can in your next few paychecks, that's ok, you can use Otto today. Here is what we recommend.
Leave enough money in your Bills Account your Spending Account and your other sub-accounts to make it until your next paycheck.
Move any remaining money into your Credit Card Payoff Account to cover your past charges.
When your next paycheck comes in, organize the minimal amount of money you need to cover your bills and spending until your NEXT paycheck arrives.
Again, move any remaining money into your Credit Card Payoff Account to cover your past charges.
Continue with steps 3 and 4 until you have enough money in your Credit Card Payoff Account to cover your credit card balances.
Why do I see the name or logo of Defend Your Money?
Otto was originally started in 2017 as a money management system under the name "Defend Your Money, LLC." In 2020, after becoming an app, the company's name changed to "Otto, LLC." While we are working hard to get our name changed everywhere, there are still a few financial institutions that have not switched our name yet. Because of this, we have also left the copyright of the app under our old name. So don't be worried if you see Defend Your Money when you link to Otto, it is still us.
What do I do with returns and refunds?
How do I move money between sub accounts?
How does money come in and go out of the Primary Checking Account?
Otto watches for money coming into your Primary Checking and automatically moves it into your Income Account. When money goes out of your Primary Checking it comes out of the main sub-account which is the Bills Account. Learn more.
How does money come into and go out of the Primary Savings account?
What if I am going to be reimbursed for a purchase I made?
What if I am paying someone back with Venmo, for example?
If you are often use Venmo to payback friends when you go out to dinner etc, you may choose to just keep a little money in your Venmo account for just this purpose.
What if I make a purchase, and my friends pay me back with Venmo, for example?
If you make a credit card charge to pay for something and your friends pay you back for their part with Venmo, the money will sit in the Venmo account until you transfer it to your Primary Checking account. When you transfer it to your Primary Checking, it will automatically go into your Income Account. When it does, you can choose the account you wish to move it to, and then assign the original charge to this account.
What if I get money as a gift?
When you get money as a gift, Otto makes sure you spend it on something special.
How can distinguish between the Primary Checking and Primary Savings sub-accounts?
To distinguish between the Primary Checking and Primary Savings sub-accounts, we recommend using the ending of "Savings" with all of the Primary Savings sub-accounts. For example, you might call a sub-account your Vacations Savings account, or your Improvement Savings account.
What if I have credit card debt?
Otto is designed for people who pay off their credit cards each month.