Why is Stripe Debiting Funds from my Bank Account?

After setting up your Stripe withdrawal account, you may at some point receive an email from Stripe that looks like this:

Any funds you receive from BasketballConnect registrations will sit in your Stripe Wallet for 7 days before being deposited into your bank account leaving your Stripe Wallet balance at $0.00

If you process a refund in BasketballConnect, perhaps for a de-registration, or mark any Government vouchers as received, the funds you are either refunding to the participant or funds owing up to an association or BQ for government vouchers, will be deducted from your Stripe Wallet.

If your Stripe Wallet has been emptied and the current balance is $0.00 Stripe will need to debit the funds from your bank account to disperse the funds correctly.

Example:

Club A redeemed a Government voucher in the Government Portal for $130.00 for participant John Smith and received the $130.00 from the Government into their bank account. Club A then marked the voucher for John Smith as received in BasketballConnect. A portion of $30.00 of this registration is for the association’s competition fees and needs to be received by the association.

Club A’s Stripe Wallet balance is $0.00 therefore Stripe cannot forward the $30.00 owing to the association. Stripe will debit $30.00 from Club A’s bank account to deposit to the association for the owing competition fees.