When you successfully apply for an account you agree that Nochex may hold a retained balance. This is an amount of money that we may require you to retain in your account to cover the risk of any chargebacks or other charges.
The value of the retained balance will be agreed with you when you apply for the account and may be varied by discussion with you if the profile of your business changes. Typically the retained balance is in the region of 5 days trading.
If you are required to maintain a retained balance it is built up from transactions you receive – you do not need to deposit any money into your account.
Moreover, if you ever close your Nochex account any retained balance will be refunded to you, less any allowance for chargebacks on charges within a maximum of 180 days. We have to retain the balance for 180 days because chargebacks can still occur several months after the closure of an account.