FAQs

Why Reel?

We are rethinking the way people shop, by giving them the financial empowerment they need to use their own money to pay for what they want. No debt. No guilt.

What makes Reel unique?

Reel is all about helping you get to your end goal smartly and with ease. We believe that anything you want—no matter the price—is hidden in your finances. By combining automated savings and price alerts under one experience, we’re allowing our Reelers to make their money work for them.

How does Reel work?
  1. Tell us what you want
    Search from millions of products for what you want, anything from clothing and accessories, to furniture and home decor, can all be found.
  2. Set a saving strategy
    Pick how much you want to save every day, then link your bank account to start automatic transactions towards it.
  3. Save up, then own it
    As you save, we’ll keep you inspired and track the price. Once you save the full amount, you’ll need to confirm your shipping address so we can place the order for you.
Are the items new or used?

That’s a great question! We partner with hundreds of retailers that fulfill the orders, from big ones like Nordstrom, Saks Fifth Ave, and Bloomingdales, to medium and smaller stores. So after you save with Reel and we place the order, the retailers sends the item to you. Reel does not hold inventory. The retailer is responsible to ensure the item is new, authentic and in good condition. If that’s not the case, the retailer’s return policy applies.

Can I transfer from one item to another?

You bet! The beauty of Reel is that you are not locked to one store, nor to one item. If you change your mind we can transfer your saved funds towards a different one.

Isn’t Reel just like layaway?

Not quite. Most stores that offer layaway plans don’t give you the flexibility to change your mind, plus you are locked to that one retailer. With Reel, you are not limited to one store. We look for better deals from hundreds of retailers as you keep setting money aside. Think of us as a Saveaway ; ).

Can friends chip in for my item?

Coming soon, so hold that thought.

What about one-time contributions?

Yep, that’s in the works too.

Are there any fees to use Reel?

A 5% handling charge (with a minimum of $5) is included in the price of the item you are saving for, this covers all money transferring, price monitoring, and order processing fees.

How secure is Reel?

We make the security of your funds and information our top priority. Your money lives in a FDIC insured account (covered for up to $250,000). We also use certified SSL communications to encrypt and safely store your info.

How does the money get transferred?

Through ACH transactions, which is a standard process many financial institutions, apps, and platforms use. Keep in mind once a debit is requested, it takes approximately 3-5 business days for the money to clear from your bank account and credit towards what you are Reeling.

Why is my daily/weekly contribution still pending on my Reel?

Even if your bank already processed the transaction, it usually takes 3-5 business days for that money to reflect in your Reel account. Also keep in mind sometimes banks process transactions in batches, so you might see two or more contributions clearing in your bank account on the same day.

How can I avoid overdrafts?

Glad you asked! When linking a bank account you want to automatically debit from, it’s very important that you make sure it has enough funds or a constant stream of cash coming in. Reel only knows from which account to make daily or weekly debits from, not how much is available on it.

What if I want my saved money back?

You can cash out at anytime. Reel works with Zelle (here’s a list of participating institutions). You’ll need to get in touch with us to request for your money to be returned to the same bank account it was originally debited from. Keep in mind a 10% cash out fee, with a minimum of $10, will be applied to the total saved money you will like to withdrawal from your Reel account.

Once my item is funded, how do I get it?

Reel will notify you once you have saved for your item in full. We’ll need the shipping address so we can place the order for you, so we suggest you include your zip code during your account setup, that way we’ll be able to add tax to the total amount you are saving for. Shipping varies depending on the retailer, most offer standard free shipping (3-5 business days). But, we’ll notify you if that’s not the case.

Is there an app for your website?

Reel is a Web App, it can be accessed from your computer, tablet or phone.

More Questions? Feel free to drop us a line. You can Contact Us anytime.

Join Reel today and start treating yourself to what you love.



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