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FAQ

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.

  1. Leave enough money in your Bills Account your Spending Account and your other sub-accounts to make it until your next paycheck.
  2. Move any remaining money into your Credit Card Payoff Account to cover your past charges.
  3. 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.
  4. Again, move any remaining money into your Credit Card Payoff Account to cover your past charges.
  5. Continue with steps 3 and 4 until you have enough money in your Credit Card Payoff Account to cover your credit card balances.
If you follow these steps, and cut back your spending a little, you should be able to get ahead of your money pretty quickly. If you have a lot of credit card debt, we recommend Dave Ramsey or a similar budgeting system. You most likely will need to stop using credit cards for a time. Once you've paid off your credit card debt, or once you have at least one credit card that is not carrying a balance, Otto can help you take your finances to the next level.




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. Fun fact: Otto is a German name that means "Wealth" and "Prosperity." Otto is also the name of our beloved dog, who you can see sitting on the porch of the Defend Your Money logo.




What do I do with returns and refunds?


If you return a purchase you have made, leave this charge in the unassigned column (left side) of the Credit Card Page. When the refund comes through, assign both the charge and the refund to the same account. If you have already assigned the original charge, you can assign the refunded amount to any account you wish and it will decrease the "total assigned charges" accordingly. *Refunds might automatically be assigned to your Credit Card Payoff Account by accident. If you find a refund there, simply reverse it out.




How do I move money between sub accounts?


To move money between sub-accounts: 1. On the Dashboard, click Edit. 2. Select the account you wish to move money from and the account you wish to move money to. 3. Enter the amount. 4. Click Move.




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?


When money comes into or goes out of your Primary Savings, it comes into and goes out of the main sub-account. You can label and use the main sub-account of your Primary Savings for whatever purpose you wish. Learn more.




What if I am going to be reimbursed for a purchase I made?


If you are going to be reimbursed for a purchase you made, leave this charge in the unassigned column (left side) of the Credit Card Page until you get paid back. When you get reimbursed, move the money into your Bills Account, then assign the charge. If you are often getting reimbursed for purchases, you could create a "Reimbursement" sub-account and move and assign the money to this account instead.




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. If you pay someone back and you do not have enough in your Venmo account to cover the charge, it will come right out of your Bills Account. You'll be able to see the Venmo charge on your online banking. You can then simply move the money from the account it should have come out of back into your Bills Account.




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. Decide what you want to spend the money on and deposit the money in the associated bank account. Then move the money into the desired account. As an example if you want to spend the money on clothing and you have a Clothing sub-account as part of your Primary Checking, deposit into your Primary Checking Account. Then move the money into your Clothing account.




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. You can also change the colors of the icons to distinguish between them. For example you could use all the cooler shades, blues and green for your Primary Checking sub-accounts, and the warmer shades for the Primary Savings sub-accounts. Or visa versa.




What if I have credit card debt?


Otto is designed for people who pay off their credit cards each month. If you have credit card debt, we recommend Dave Ramsey or a similar budgeting system. You most likely will need to stop using credit cards for a time. Once you've paid off your credit card debt, or you have at least one creidt card that is not carrying a balance, Otto can help you take your finances to the next level.