Novig enforces strict daily redemption limits to ensure compliance with local regulations. These limits are designed to maintain a structured and fair system for all users while adhering to state-specific financial laws. This article outlines the key policies, state-specific rules, and practical guidelines for accessing funds that exceed daily limits.
Overview of Daily Redemption Limits
General Policy: Redemption limits are applied on a daily basis and cannot be increased for any reason, including special circumstances or large end-of-season balances.
Universal Rule: You can request redemptions up to the daily cumulative limit and repeat the process on consecutive days if needed.
Daily Redemption Limits by State:
New York and Florida: - Maximum: $5,000 per day. - Regulation: Limits are enforced per New York and Florida State law and cannot be overridden.
All other states where Novig operates: - Maximum: $10,000 per day.
Practical Scenarios for Redemptions
How to Redeem Novig Cash Exceeding the Daily Limit
If your balance exceeds the daily redemption cap:
New York and Florida users: - Plan multiple redemptions across consecutive days to access the full balance while staying under the $5,000 per day limit.
All other state users: - Take advantage of the $10,000 limit by splitting redemptions into two $5,000 transactions within a single day, if necessary.
FAQs on Redemption Frequency
Can I make redemptions every day? - Answer: Yes. Redemptions up to the daily limit can be made every day without restriction on frequency unless regulated differently by your state.
Can I request a single large redemption exceeding the daily limit? - Answer: No, the daily redemption limit is strictly enforced. Break larger redemptions into daily increments across multiple days if needed.