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• Is the rate variable?

  The Aven Card is a variable rate credit card. Cash outs may have a fixed rate option. See your offer for details. The variable rate varies based on an Index (Prime Rate published in the Wall Street Journal or the Federal Funds Target Rate Upper Limit set by the Federal Reserve). This is outside Aven's control. As the Index shifts up or down, so will the APR on the Aven Card and any other variable-rate credit cards, lines, and loans. The Index may change several times a year or go for many months without change.

• How does Aven determine the credit line size and interest rate?

  Aven's bank-standard underwriting system is fully automated, and calculates offers based on an applicant's income, equity, credit, and debt obligations.

• Does Aven offer a fixed rate?

  Some Aven cardholders may be able to create fixed payment, fixed rate Simple Loan plans. Applicants can check their details in their account agreement.

• Is Aven a credit card or a home equity line of credit?

  It is both! Aven is a home equity line of credit that customers access through a credit card. Aven cardholders can use their Aven Card wherever VISA cards are accepted.

  Aven cardholders can transfer cash directly from their Aven account to another bank account – it is called a CashOut. There may be a one time fee (please see your account agreement) of the total amount being transferred that will be added to the balance.

  To transfer balance from a high interest credit card to the Aven card, cardholders can request a balance transfer (BT) to their credit card. There may be a one time fee (please see your account agreement) of the total amount being transferred that will be added to the balance.

Aven Advisor

• Can I add multiple properties on the Advisor app?

  Aven Advisor currently does not support multiple properties or vehicles. To update the address on your profile, please contact us at [email protected] 

• Why am I receiving less than 52 weeks of free coffee as advertised?

  The length of the Free Coffee offer can range from 2 to 52 weeks, and the details are outlined on our website [here] to help set proper expectations.

• How can I redeem my winnings from Spin the Wheel?

  Spin the Wheel winnings will be paid out through the Stripe account you connected to your Aven Advisor account. This may take up to 5 business days to process. Please note: receiving your winnings does require at least one referral. 

• I can’t claim my Free Coffee gift card because it says to unfreeze my credit report.

  To keep you eligible for the Free Coffee offer, we need to refresh your credit report from time to time. If your credit report is frozen, the system can’t verify your eligibility. Please unfreeze it so we can update your information and keep you qualified for the offer.

• I stopped receiving my Free Coffee gift card, and now it says "You’re in for the Free Coffee raffle".

  It looks like you’ve already received all the Free Coffee gift cards you were eligible for with this promotion. After that, you're automatically entered into the Free Coffee Raffle.

• How can I update my information in Advisor?

  To update your Aven Advisor account information, please visit the Advisor app, select the “Account” tab, select “Account Information”, and finally “Edit Information”. You may also contact [email protected]. Depending on the information that needs to be updated, the solution might be to delete the existing Aven Advisor account and create a new one. Please note, a change in address will require the address to be re-verified for any eligible promotions.

• Why can’t I link my bank account to Stripe?

  Certain banks may not be supported by Aven Advisor. In the Advisor app, click on the account profile icon at the top of the screen. From there, click on Payout History. There, you can access a list of banks to which payments aren’t supported. 

  Debit cards are not supported.

  
   

• Where do you get the information on the credit utilization you email me?

  Credit utilization data is retrieved from various third-party data sources. Terms of service are outlined here: https://www.aven.com/public/docs/TermsOfService

• How can I link my bank account to enter the sweepstakes?

  To link your bank account, open the Aven Advisor app, click on the Rewards button at the bottom of the screen, and then click Connect Accounts.  Then follow the account connection instructions.

• How can I cancel/close my Aven Advisor account?

  You can delete your Aven Advisor account in the Advisor app. Click the account profile icon at the top of the screen. From there, go to Account Information and click on the 3 dots. Then click Delete Account.

Application

• How long are applicant IDs and other records kept on file?

  To comply with government recordkeeping requirements, we retain application and account records for at least 7 years. That includes applicant IDs.

Payments

• When will my mailed check payment be posted to my account?

  We prefer electronic payments through the Aven mobile app, or through your financial institution’s bill pay system. As a courtesy, we will accept check payments you mail us. It may take up to 5 business days for mail to be delivered by the post office. Once we receive the check, we will post it to your account within 5 business days. Check payments will be posted for the date it was received by Aven.

• Can I payback the full draw immediately if I don't need it right away?

  Yes. Cardholders can pay back any balance amount at any time with no prepayment penalty.

• How are payments calculated for fixed installment plans?

  Aven offers fixed payment plans that amortize over several years, details being in the account agreement. The payment is calculated so that the entire amount of the plan and the interest is paid off by the end of the selected term. For payment estimates, please visit https://www.aven.com/paymentcalculator 

• How do you compute my minimum due every month?

  For revolving balance plans, the minimum monthly payment is 1% of the principal plus the monthly interest rate on the outstanding balance. For fixed monthly payment plans, the monthly payment amount is the same every month. If an account has multiple plans, each plan's minimum payment is added to calculate the total minimum payment due for the entire account. For payment estimates, please visit https://aven.com/paymentCalculator.

• Is there a prepayment penalty?

  There is no prepayment penalty on an Aven Card account. Cardholders can pay more than the minimum or pay off in full via wire transfer; other payment methods cause a 60-day lien release wait. More details are at https://my.aven.com/card/accountDetails.

  There is no prepayment penalty on an Aven Card account. Cardholders can pay more than the minimum due each month, make extra lump-sum payments, or make a full payoff payment. Cardholders can also find more details about their Account Agreement, here https://my.aven.com/card/accountDetails

  Important Note: If a Cardholder intends to payoff an account, the funds must be sent through wire transfer. If any other method of funding is used, there will be a 60 day wait period before the lien is released. Aven is unable to waive or shorten this wait period.

• How is interest calculated on the Aven account?

  Interest calculation on the Aven card depends on the type of balance (purchase, balance transfer, cash out, fixed payment plan balance, etc) on an account. Most accounts have several balance types, so the total interest is the sum of the interest calculated on each balance type.

  • For purchases, interest accrues daily at the daily interest rate (APR divided by 365). This interest is waived for new purchases if the entire purchase balance is paid in full by the due date shown on the next statement. If the purchase balance is not paid in full, in the next cycle, there will be interest for 2 cycles on the purchase, starting from the date of the purchase.
  • For Balance Transfers and Cash-outs that are revolving plans, interest accrues daily at the daily interest rate (APR divided by 365), starting when the Cash-Out or Balance Transfer is disbursed.
  • Any balances in a fixed monthly payment plan either have interest accrued daily at the daily interest rate of the plan (Plan APR divided by 365) or have a fixed monthly fee in place of interest. These charges are disclosed at the time of plan creation.

  In addition to interest, the monthly payment also includes repayment of a portion of the principal balance. For Purchases, Balance Transfers, and Cash Outs on revolving plans, 1% of the outstanding balance is the principal portion of the minimum due. For fixed monthly payment plans, the part of the fixed payment that is not interest or monthly fee is allocated to the principal.

  If an account has zero balance in any cycle, there will be no payment due for that cycle.

• When is the monthly payment due?

  Statements are generated each month close to the monthly anniversary of when cardholders signed up for an Aven account. Payment due dates are highlighted in the statement as well as in the Aven Card app. Statements are available on the Aven app and online: https://my.aven.com/statements

• How can I make a payment on my monthly statement?

  Aven cardholders can pay their Aven bill using the Aven Card  app. Please note that Aven does not accept checks or cash by mail. https://my.aven.com/ 

   

Before You Apply

• I lost my invitation to apply that I received in my mail, can I get it again?

  If you no longer have your mail invitation, it cannot be retrieved. Invitations are sent regularly, so you may receive another in the future. You can still apply directly at aven.com without a code.

• Will applying affect or impact my credit score? Do we hard pull both applicants?

  HOME:

  When you apply for an Aven Home Equity card, we perform a “soft pull” on your credit in order to determine an offer. This does NOT impact the applicant's credit score. You can check your offer without your credit score being affected. Only after you accept an offer and schedule a time with our notaries will we make a hard inquiry on your credit profile. This may impact the credit score.

  UCC:

  When you apply for an Aven Rewards card, we perform a “soft pull” when you submit your personal information. This does NOT impact the applicant's credit score. Only after you submit your stated income will we make a hard inquiry on your credit profile. This may impact the credit score.

  
   

• What are the eligibility criteria for applying for the Aven Home Card?

  Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations. Meeting the minimum criteria does not guarantee an approval. 

  All signers (applicants and co-owners)  must be 18 years of age or older, have a valid US government- issued ID (from a U.S. jurisdiction), a U.S. phone number, an SSN or ITIN, and need to be within the U.S. at the time of signing.

  At least one applicant must be the home-owner.

• What are the eligibility criteria for applying for Aven?

  Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations. Meeting the minimum criteria does not guarantee an approval. All signers (applicants and/or co-owners) must be at least 18 years of age or older. All signers must possess valid government issued identification documents specified by Aven. For lines above $100,000, borrowers need to provide proof of insurance and proof of adding Aven/Coastal Community Bank as a beneficiary on the policy.

• How do you verify income?

  To ensure a seamless application experience, Aven will first attempt to verify your income automatically. If that isn’t possible, you can securely connect your bank account through Plaid, which is the fastest and easiest method, or upload income documents for manual review. Our online application will clearly specify which documents you can submit. Please note that manual review may take 1–2 business days.

• Is Aven a credit card or a home equity line of credit?

  It is both! Aven is a home equity line of credit that customers access through a credit card. Aven cardholders can use their Aven Card wherever VISA cards are accepted.

  Aven cardholders can transfer cash directly from their Aven account to another bank account – it is called a CashOut. There may be a one time fee (please see your account agreement) of the total amount being transferred that will be added to the balance.

  To transfer balance from a high interest credit card to the Aven card, cardholders can request a balance transfer (BT) to their credit card. There may be a one time fee (please see your account agreement) of the total amount being transferred that will be added to the balance.

• What if I am self-employed?

  Aven accepts self-employed applicants. For further information regarding income verification, click here.

• What is HMDA?

  Section 1003.4(a)(10) of the Home Mortgage Disclosure Act requires all mortgage lenders to collect various consumer data, including information about an applicant’s ethnicity, race, sex, and age. We state this requirement at the top of the page in which the information is collected. This protected information in no way impacts an applicant’s offer, as required by the Equal Credit Opportunity Act and Fair Housing Act. In fact, applicants have the opportunity to refuse disclosure of this information, as you did, nullifying any opportunity for discrimination.

• Can I pay off an existing HELOC with the Aven Card?

  Aven offers a HELOC refinance product for qualified applicants.

Offer, Rates & Fees

• How can someone get a lower rate compared to the offered?

  Aven's bank-standard underwriting system is fully automated and generates offers based on applicants’ income, equity, credit, and debt obligations. If you opened a HELOC with another lender on or after January 1, 2023, or received a fully underwritten HELOC offer within the last 30 days, we’ll beat your APR or give you $250. Restrictions apply. See HELOC Rate Guarantee Terms and Conditions for details. 

• Is there interest on a cash out fee?

  Yes, the cash out transaction fee is added to the loan balance. Interest is calculated on the loan balance.

• What if I have SCRA Benefits?

  Aven is grateful to service members for their sacrifices for our nation. Borrowers who are active duty service members of the Army, Marine Corps, Navy, Air Force, Coast Guard, Reserve, and National Guard (consecutive 30 days or more currently active) need to inform Aven of their service details and provide supporting documentation such as deployment orders. Upon receipt, Aven will verify the information and adjust the Aven account to reflect the SCRA protections available to the borrower. For information regarding SCRA protections for active duty service members please click here.

• Which Index do you use?

   

  For variable rate loans, Aven uses two different Indicies. Your Cardholder agreement will specify the Index used for your account.

   

  Wall Street Journal Prime (WSJ Prime): The Wall Street Journal surveys some of the country's biggest banks and publishes a consensus rate based on the survey. This is one of the most common indicies used for many lending products. Look up the latest rates on the website of the Wall Street Journal. https://www.wsj.com/market-data/bonds/moneyrates

   

  Federal Funds Target Rate - Upper Limit (FFTR-UL): This rate is set by the Open Market Committee of the US Federal Reserve (FOMC). It is the short-term interest rate at which U.S. Banks and Credit Unions lend to each other overnight within the Federal Reserve system. Look up the latest rates on the website of the St. Louis Fed. https://fred.stlouisfed.org/graph/?g=QGiM

   

  The rate on your account is the sum of the index and the margin. Both can be found in your Account Agreement.

   

   

• Do you give a HUD-1?

   

  There is no HUD-1 form associated with the Aven Home Card. The Account Agreement contains all the required information, notices, and disclosures.

• How do applicants get higher credit limits?

  For applicants, Aven's automated underwriting system cannot modify the credit limit or rate. Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations.

• What is my monthly interest rate?

  A cardholder's monthly interest rate is their current APR, divided by 365, multiplied by the number of days in that monthly billing cycle.For fixed monthly payment plans, amount, term, and other details are presented and disclosed at the time of plan creation. Cardholders can find their current rates in the Aven App (under "Account Details").  The effective APR for each billing cycle is also printed in the statement..

• Is the rate variable?

  The Aven Card is a variable rate credit card. Cash outs may have a fixed rate option. See your offer for details. The variable rate varies based on an Index (Prime Rate published in the Wall Street Journal or the Federal Funds Target Rate Upper Limit set by the Federal Reserve). This is outside Aven's control. As the Index shifts up or down, so will the APR on the Aven Card and any other variable-rate credit cards, lines, and loans. The Index may change several times a year or go for many months without change.

• How does Aven determine the credit line size and interest rate?

  Aven's bank-standard underwriting system is fully automated, and calculates offers based on an applicant's income, equity, credit, and debt obligations.

• Is Aven a simple interest loan or does it have an amortization schedule?

  Aven offers several balance plans and some of them use the simple interest method of interest calculation. 

  For revolving balances, Aven uses the Average Daily Balance method of interest calculation. For each billing cycle, we add the interest bearing balance on each day of the cycle and divide it by the number of days in the cycle to get the Average Daily Balance for the billing cycle. We then calculate interest on this balance for the duration of the billing cycle, using the rate in effect on the last day of the billing cycle. Cardholders can find the rate used for the cycle on their statement in the "Plan Summary" section towards the end.

  For fixed monthly payment plans, amount, term, and other details are presented and disclosed at the time of plan creation. (Some Aven cardholders may be able to create fixed payment fixed rate Installment plans for 5, 10, 15, or 30 years. Please check your account agreement to see if you have these plans.)

  For payment estimates, please visit https://aven.com/paymentCalculator

• Does Aven offer a fixed rate?

  Some Aven cardholders may be able to create fixed payment, fixed rate Simple Loan plans. Applicants can check their details in their account agreement.

• What is the maximum line size?

  Currently the maximum line size Aven offers is $400k. Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations.

• Are there caps on rates?

  The Aven Card rate will vary based on the Index - either Prime Rate published in the Wall Street Journal (WSJ) or the Federal Funds Target Rate - Upper Limit (FFTR-UL) set by the Federal Reserve. Please look at your account agreement for which the Index is used in your account. The maximum APR is 18%. The latest WSJ Prime Rate and FFTR-UL Rate can be found on the public internet at the Wall Street Journal webpage, or the Federal Reserve webpage. 

Application

• Can my offer change after I get prequalified?

  A prequalified offer is an estimated initial offer that may be updated after verification to ensure accuracy.

  Yes, it’s possible. A prequalified offer is an estimated offer based on the initial information provided. If, during our review and verification process, the information changes, the system may produce an updated offer based on the updated information. This is a standard step in the industry to ensure the final offer is accurate.

• Is there an initial draw requirement?

  Some offers include an initial draw requirement. Please refer to your account agreement for full details.

• Which states is Aven available in?

  To check if Aven is offered in your area, please apply at aven.com. Availability depends on state, county, and the specific property.

• Can an applicant go back and add proof of additional income?

  Aven’s income verification process works to confirm the income you reported during your application. Once you submit your stated income, it cannot be changed. Our system may request additional documentation to verify your income or will offer you the highest credit line available based on the income we can successfully verify.

• I received multiple offers. Can I go back and change what I selected?

  If you’d like to return and choose a different pre-qualified offer you were provided, please contact us at [email protected], and a member of our team will be happy to assist you.

• Can co-applicants be added after the application has started?

  Unfortunately, a new application is required in order to apply jointly with a co-borrower.

• Can I add an authorized user?

  You can add a non-borrowing co-owner as an authorized user during the application process or your online notary session. When providing their name and contact information, make sure to select “Add as an authorized user” before submitting the form.

  Authorized users will receive their own Aven card, and the account will be reported on their personal credit report.

  
   

• Can I enroll multiple accounts in Plaid for income verification?

  Yes. If an applicant receives income into multiple bank accounts, they can securely connect those accounts through Plaid. Once that’s done, Aven can attempt to verify the applicant's total income.

• A co-owner is deceased and I am trying to open an account. What should I do?

  Aven requires a copy of the co-owner’s death certificate, emailed to [email protected] or uploaded by a link provided by their notary. Further documentation may be required to complete the process.

• Why is my address not eligible for an Aven card?

  Aven's application process does not support recent builds, manufactured or mobile homes, rural homesites, or recently purchased properties. It may take 4-6 weeks for a property to appear on Aven's systems from the time of recording. If the address is not auto-completing, click "Enter address manually".

• Can my house be for sale?

  No, the application property cannot have an active sale listing during the origination process. Applications will be reviewed for active listings immediately after signing your Aven documents.

• What is an Involuntary Lien?

  Involuntary liens are liens that are placed on a property by an outside authority against the will of the property owner such as City, County, or Federal Government Tax Liens, Mechanic's Liens, Judgement Liens, HOA Liens, Lis Pendens, Notice of Default, Notice of Sale/Foreclosure.

  Aven uses a 3rd-party title vendor to provide home ownership and property information that detects possible liens on the associated property used in the Aven application. If liens are detected on the property and you have proof that the lien(s) have been paid off, satisfied or released, please send Aven a copy of the Recorded Satisfaction of Lien / Release documents obtained from your local county recorder's office to [email protected].

• Does my spouse have to sign?

  Yes, your spouse must sign unless you provide Aven a quitclaim deed or interspousal transfer deed. For information about those two types of deeds, please contact the county recorder’s office.

  All signers must have a valid US government issued ID, a US phone number, an SSN or ITIN, and need to be within the US at the time of signing.

• What is an Interspousal Transfer Deed

  An interspousal transfer deed is used for transferring property between spouses, often used to change ownership status, or used during the divorce process. For more information, please contact the county recorder's office.

• What is a quitclaim deed?

  A quitclaim deed is a document that is used to transfer or release a property owner’s interest to another owner. For more information, please contact the county recorder's office.

• How to Contact Us

  Applicants and Cardholders can email [email protected]. Cardholders can contact us through live chat on the Aven app by clicking help, or by calling the number on their card. Most questions can be answered by visiting Aven.com/support.

• A co-owner is deceased and I am trying to open an account. What should we do?

  Aven requires a copy of the death certificate emailed to [email protected]. Aven's application team will review the documentation within 10 business days. At times, further documentation may be required to complete the process.

• Is there a lien on the home?

  Similar to other Home Equity Line of Credit products, a lien is placed on the home for the approved line size amount upon opening the account. This is standard for mortgage and HELOC products.

• Can Cardholders apply for Investment Homes or Rental homes?

  Yes, Aven has two Home Credit card programs - one for primary residences and one for second homes / investment properties. In the application process, the property type will be collected and the application will be routed to the correct program.

  To apply for a Aven card on any property, the applicant must be able to show the address of that property on either a Driver's License, or a Tax Return, or a Paystub.

  Please note that Aven can currently only support one active account per person. If a cardholder has a Aven Card on one property, we are unfortunately unable to consider that cardholder for a card on any other property.

• What is a Deed of Trust?

  A Deed of Trust is an official agreement between a lender and a borrower, stating that the borrower will repay the line of credit that is secured by the borrower's residence. This Deed of Trust is then recorded with the borrower's county as a record of the agreement.

• Do you accept homes held in a trust or LLC?

  Aven supports homes held in one Revocable Family Trust. Aven does not support homes held by more than one Trust, held in land trust, or in an LLC.

• Is an appraisal of my home required?

  Aven’s automated system estimates the value of applicants’ homes using industry leading technologies. Aven provides this service at no cost to the customer.

• Does Aven take a third position lien?

  No, Aven requires first or second lien position. Aven offers a refinance product for applicants with existing second liens, if they qualify.

Account

• What happens if I already have a HELOC?

  Aven allows refinancing of existing HELOCs by using part of its credit limit to pay off the 2nd lien, converting the balance into fixed monthly payments with a fixed interest rate. Remaining credit can be used for purchases, cash outs, or balance transfers.

  Aven can refinance your existing HELOC using a portion of your Aven credit limit to pay off the existing 2nd lien HELOC (or loan) - this balance is placed and paid back on a fixed monthly payment plan with a fixed interest rate. Once the existing lien is paid off, borrowers can use the remaining Aven credit limit for purchases, cash outs, or balance transfers. 

  To learn more about the Aven Card Refinance process, watch the video below: https://vimeo.com/1126324739/e6949aa493?share=copy#t=0

• Any restrictions on buying a house?

  Aven does not place restrictions on how Cash Out funds are used. Account holders may use these funds at their discretion.

• Are there any credit pulls for account holders?

  Aven does not perform any hard pulls without authorization. Aven may perform soft pulls for account management, promotional offers for existing account holders.

• My credit is frozen. What can I do?

  If your credit is frozen, usually the application flow will give you an option to unlock. You can also go to Experian’s credit freeze page at https://www.experian.com/help/credit-freeze/. If your credit with Clarity is also frozen, please go to https://consumers.clarityservices.com/securityFreeze.

• Can you delete my personal information?

  In compliance with federal regulations, Aven must retain applicant information for a set period—up to 5 years or longer, depending on the type of information. 

• What is an Aven Simple Loan Plan?

  An Aven Simple Loan has a fixed rate and fixed monthly payment plan for the duration of the loan. Paying more than the monthly amount shortens the time it takes to pay off the balance while not changing the monthly payment amount. Cardholders can prepay the Aven Simple Loan balance with no prepayment penalties. Cardholders can check their Aven Simple Loan plan options in the Aven app.

• How do I close my Aven account and what happens upon closure?

  To close your Aven account, please use the payoff function in the Aven app or request a payoff quote by emailing [email protected]. Your statement balance does not equal your payoff amount and sending a payment for the balance might delay the payoff process and the account’s closing.
   

  The account will be reported as closed to the credit bureau(s) at the end of the current billing cycle. If the payoff results in a credit balance, the credit balance will be refunded via ACH or by check.

   

  For payoffs by certified funds (wires or cashier’s checks), the lien release will be sent to the county recorder within 5 business days after the funds are final. Any payment by non-certified funds (personal checks, direct deposit or e-check from your bank's bill payment system, ACH, etc.) may result in an up to 60 day delay prior to the lien release being sent to the county. Aven will not be responsible for missed closings, rate lock expirations, or any other situations when you pay by non-certified funds.

  
   

• How do cardholders increase their credit limits?

  Aven regularly checks whether cardholders are eligible for credit limit increases. Those who qualify will receive invitations. At this time, we are not accepting credit limit increases by request. 

• How is the payoff quote amount computed?

  The payoff quote is an estimated amount that is computed as your outstanding balance plus fees and interest charges that your account is estimated to accrue through the end of that statement cycle.

• "I received a card in the mail after canceling my account within the rescission period. Should I be concerned?

  If you received a card, it is likely because it was already mailed before we received your cancellation request. Please destroy the card - it is deactivated, and your account is closed.

• Why did I recieve a Form 1099-MISC from Aven

  Aven is required to furnish IRS Form 1099 - MISC if certain credits to your Aven account equal or exceed $600 for the calendar year.

  If you received payments in 2024 related to "Pay My Mortgage" sweepstakes, Welcome Bonuses, or courtesy credits, and those payments in total added up to more than $599, Aven is required to provide you with a Form 1099-MISC and report this information to the IRS under "Other Income" (Box 3).  

   

• What happens if an account remains unused?

  Aven may reduce the credit line at account anniversary. A lien is placed on the home for the approved line size amount upon opening the account. Certain products may require an initial draw. Applicants can refer to their account agreement.

• How Fast Can I Receive Funds?

  Cardholders can access funds after activating their card, usually within 7 business days of signing. Some cardholders may receive a code in the mail for earlier cash-outs. There is a 3-day rescission period after signing when no funds can be taken out.

• Where can I use my card?

  Aven cardholders can use their Aven Card for purchase transactions wherever VISA cards are accepted. Please note, Aven cards cannot be used at ATM Machines, Casinos, Timeshares, Money transfer businesses, Cryptocurrency exchanges, and Foreign countries on the US sanctions list.

• How do I activate my card?

  The best way to activate your card is using the Aven Card app. Once you have the app, open the app and enter the phone number you used to sign up. Note that you will need to have your card handy to activate it. https://my.aven.com/ 

  Check out the video below on how to activate your card using the app. 
• Can I get cash or checks?

  Aven does not provide checks or a checkbook. Aven cardholders can transfer cash directly from their Aven account to another bank account – it is called a CashOut. CashOuts are initiated within 2 business days of the request. There may be a one time fee (please see your account agreement) of the total amount being transferred that will be added to the balance. Start a Cash Out at  https://my.aven.com/cashOut

   

   

   

   

• Do you issue IRS Form 1098?

   

  Yes, we do. 1098 statements are available on the Aven App or online at "Account" >  "Documents"
  

   

  If you had $10 or more of interest paid during 2024, there is a "Form 1098 (2024)" in your "Account" >  "Documents" section of the Aven app. Interest paid on revolving balances and simple loan balances, and fixed monthly fees paid on fixed monthly payment plans are considered for 1098 reporting. An email notifying you of the form and containing a link to the document was sent out on Jan 31, 2025. You can also view and download previous year Form 1098s at the same location in your "Documents".

  Box 1 of the Form 1098 contains the total interest you paid during 2024. To be included in this Box, the interest must have been actually paid between Jan 01, 2024 and Dec 31, 2024. If you got a statement in Dec 2024 which you paid in Jan 2025, that amount will not be included in the Form 1098 for 2024.

  Box 2 of the Form 1098 contains the total principal that you had on Jan 01, 2024 and any additional draws or purchases you took during the year, up through Dec 31, 2024. This amount is not the current principal on your account. You will see an amount here even if your account was paid off and closed during 2024. This amount is for IRS Reporting purposes, you total amount owed may be different.

  Please consult tax rules or a tax advisor to determine whether your interest payments are tax deductible.

   

   

   

   

• Why is the pending transaction amount different from the purchase?

  Merchants such as gas stations or restaurants usually request an authorization for an estimated amount before completing the transaction with the final amount. The same applies with pre-authorizations for hotel or car rentals.

Online Notary

• Why do I need to sign a Power of Attorney (POA)?

  It is customary in real estate financing related transactions to require a borrower to sign a limited Power of Attorney (POA), which expires after 180 days of signing. This POA is only used for correcting minor typographical or grammatical errors, misspellings, or clerical errors. It specifically prohibits changes to rates, amounts.

• How do notary sessions work?

  The Aven Card is a Home Equity Line of Credit and requires document signing with a notary. Notary sessions are conducted fully online. All signers will have their own signing session. The signer needs to have their original, unexpired government issued photo ID, a mobile phone with a working video camera, microphone, and high speed internet.

• Who needs to sign the agreements?

  All applicants need to sign the Account Agreement, Deed of Trust, Power of Attorney, and notice of right to cancel. All property owners and spouses need to sign the deed of trust and notice of right to cancel as a non-borrowing signer, applicable in all states as per Aven policy. Aven does not accept POAs for signatures, except for active duty personnel who are deployed overseas with a military POA.

• My ID has expired. What can I do to complete the notarization process?

  To complete the notary session, applicants need to have their original, unexpired identification document, such as Driver's License, Passport Book, Passport Card, etc. If an ID is expired or damaged, the applicant must obtain a valid ID before the notary session.

• How long does someone have to complete the notarization after applying?

  Applicants have 30 calendar days from beginning the application to accept an offer, if given. In addition, applicants have 30 calendar days from accepting their offer to completing the notarization session.

• How can someone complete a notary session if an additional signer is not available at the same time or is in a different place?

  This is not an issue. Aven's notary system can easily schedule two separate notary appointments.