Learn what the progress chart and related information means, so you can be prepared.
Q: What does the "savings" amount on the progress chart indicate?
The "savings" label displays the current balance in your Energy Savings Account. This figure does not account for any pending transactions.
Q: What does the "remaining" amount on the progress chart signify?
The "remaining" amount shows the funds needed to completely cover your upcoming monthly payment. For instance, with a $500 monthly payment and $300 in available funds, the remaining amount would be $200.
Q: How does the progress blurb 'You're only X miles away from a $0 payment' function?
This feature estimates the additional miles you need to drive before your payment is due to reach a $0 balance. For example, if your savings rate is $0.20 per mile after electricity costs, and you have $200 remaining, you'd need to drive 1,000 more miles to have a $0 payment. Remember, a $0 payment is not mandatory; any shortfall can be topped up in your account before the lender's payment is due.
Q: What does the 'average savings' calculation in the progress blurb explain?
This calculation shows the effect of your energy savings plan from the start of your engagement with Hive. For instance, driving 100 miles a day at a savings rate of $0.20 per mile equates to saving $20 daily, or more than $600 monthly, leaving you with an average of $0 due each month.
Hive Technologies, Inc. partners with Stripe Payments Company for money transmission services and account services with funds held at Evolve Bank & Trust, Member FDIC.