Wedge Debit Card
The Wedge card allows you to spend just like using any other debit/credit card. What’s different is what happens at checkout – as soon as a transaction is posted, you will be notified and given the option to pay for the transaction using any of the assets held in your Wedge account (stocks, ETF’s, and/or cash). If no selection is made by the time the transaction is posted, the purchase will be funded using cash from your connected checking account.
If you suspect your Wedge Card to be lost or stolen, and have access to the Wedge App, you can navigate to the card page and deactivate your card. This will lock the card and prohibit anyone (including subscriptions that you may have personally authorized) from using the Wedge card. When your card is deactivated, it will turn grey in the Wedge App. If you happen to find your card and wish to reactivate it, simply toggle the card activated button, and your card will be immediately ready for use again.
What this means for you: When you sign up for a Wedge Card, we will ask for your name, address, date of birth, and other information that will allow us to verify your identity. Wedge partners with Persona a leading identity verification platform to safely and securely confirm your identity.
The savings percentages that are displayed in the Wedge app are calculated by subtracting the purchase price (cost basis) of an asset from the selling price of that asset and dividing that result (your potential profit) by the initial purchase price (cost basis). The dollars saved is calculated by multiplying this percentage by the transaction amount made with your Wedge Card when a purchase is made.
For example, let’s assume a user buys $10 of XYZ stock, at a market price/cost basis of $100/share (so the user now owns 0.1 shares of company XYZ stock). Later in the year, the user decides to buy a $2.00 cup of coffee with the Wedge card and use a portion of their XYZ stock for the transaction. Now, the market price of XYZ stock is $150/share. As such, the user’s XYZ stock is now worth $15 (if the user sold all of their XYZ stock, they would earn $5 in profit). To calculate the dollars saved, Wedge subtracts the purchase price of the shares ($10) from the current sell price of the shares ($15) and divides the result ($5) by the initial purchase price ($10). This allows the users to see that they could achieve a 50% savings on their cup of coffee. To calculate the Savings Dollars, Wedge multiplies this result (50%) by the total purchase price ($2) to yield a savings (or gain) of $1!
What’s more, the user still owns $13 worth of XYZ stock (Wedge will only liquidate the amount of stock required to cover the transaction cost), that they can use for future purchases.
If the user has stock positions at multiple cost basis (for example, if they have set up a weekly recurring investment in a stock, and have multiple purchase prices that are required to fund a transaction), Wedge will liquidate the most efficient stock position first, and then sequentially in order of costs basis that can provide the user with the greatest savings at the time a transaction is made.
Wedge has partnered with some of the best and most secure businesses in the industry. In addition to being able to keep your money in your existing FDIC-insured bank account, your securities are held by our broker-dealer partner, Alpaca Markets LLC, Member FINRA/SPIC. Money deposited into your Wedge deposit account is held by Evolve Bank & Trust, Member FDIC. Your money and your assets remain held by partners that have some of the best security and insurance policies on the market.
Wedge incentivizes good financial planning and savings through the Awards program that can be found on the Stats page in the app. As a user achieves certain metrics, the award for that metric will turn from grey to purple. As a user collects more awards, they will unlock new benefits though the Wedge app. Current awards include:
“3 Assets” – Diversifying your portfolio will generally help manage the risk of a single asset or stock performing negatively. Earn this award by having at least 3 different assets in your Wedge wallet.
“$50 Saved”– Earn this award by making it to $50 in total Wedge Savings
“Top 10%” – Earn this award by making it into the top 10% of Wedge users savings ranking. The Top 10% is determined by multiplying a user’s savings by their savings percentage for each transaction and comparing this result to that of all the other users in the Wedge community.
Because the markets are closed. Wedge can only place orders for US equites during normal trading hours.
Your savings through the Wedge app will likely need to be treated as investment income when you file your yearly taxes. Wedge’s partners will provide each user with detailed statements on a quarterly basis, and a yearly 1099 for their securities holdings/trades through the year. These forms can be used by the user in conjunction with their tax advisor to calculate their tax liabilities.
Leaderboard Ranking - Your Average Savings Percentage is multiplied by your Total Dollars Saved to calculate your position on the leaderboard. The higher the resulting number relative to the rest of the Wedge community, the higher your ranking.
Awards – As you achieve certain milestones designed to help you diversify your portfolio and extract higher gains from the Wedge card, you will see awards you have earned appear on your Stats page in the Wedge App.
Portfolio Allocations – Wedge takes an average position of the top performing portfolios within the Wedge community to provide a visual indication representing the asset mixes that have allowed users to achieve the greatest performance over multiple time intervals. Also displayed is the user’s portfolio mix over the same time period. Users can use this information to help them see how they might achieve greater portfolio diversity, and achieve the results realized by the top performers in the Wedge community. IT IS VERY IMPORTANT TO KNOW THAT PAST PERFORMANCE OF THESE PORTFOLIOS IN NO WAY INDICATES POTENTIAL RETURNS. INVESTING INVOLVES RISK, ESPECIALLY WHEN A USER ELECTS TO INCLUDE CRYPTOCURRENCIES, WHICH ARE INCREDIBLY VOLATILE, INTO THEIR PORTFOLIO.
Wedge User Ranking Graph – This graph shows your ranking (this time as a percentage) as compared to the entire Wedge community. The more you save, the higher your ranking.