# Set a transaction policy

## What are transaction policies?

Transaction policies are rules that you set that dictate exactly how, when, and where your funds move. For example, you can set the following:

* **Address whitelists:** specify addresses that may receive transactions from each Waymont Vault.&#x20;
* **Daily limits/transaction limits:** set maximum limits for daily transactions or types of transfers, etc.&#x20;
* **IP address restrictions:** permit transactions only if initiated from certain IP addresses.
* **Time of day restrictions:** limit the times of day during which transactions can be made.
* And much more, limited only by your imagination.&#x20;

Transaction policies have a preset time-lock to change, and any new transaction policy or security update must be approved via your biometrics.&#x20;

## How to set policies

To set a transaction policy, enter into a vault’s setting page and set limits like whitelists, daily limits, IP-address restrictions, etc.&#x20;

By default, each vault is enabled with address whitelists and daily limits. You can easily add custom policies by contacting concierge.

### **Address whitelists**

Select which addresses your Waymont Vault can interact with. The Waymont Policy Guardian will reject anything outside of the addresses specified.&#x20;

### **Daily limits**

Set a US-dollar denominated amount for how much your Vault may transact in a 24 hour period. This token amount is calculated by fetching the pricing pricing data from the Zerion API. Currently, daily limits do not account for DeFi positions.&#x20;

Once the daily limit is reached, the Waymont Policy Guardian rejects all additional transactions.&#x20;

Making any update to your transaction policies requires biometric approval in addition to a 48-hour waiting period to take effect. &#x20;

### Custom policies

Waymont Concierge is also readily available to help you add other policies like (ie. IP address restrictions) to meet your needs.

***

### How do token approvals count towards transaction policy limits?

Token approvals count towards your transaction limits in the following way:

**Let’s say you have set a daily limit of 50 USD.**&#x20;

* If you have approved 10 USDC for spender A and 15 USDC for spender B
* Then, you have spent 25 USD of your limit, i.e. you have 25 USD spending limit remaining.&#x20;
* The remaining daily limit will always be 25 USD until the spender has spent the initial allowance.&#x20;

### Are daily limits enforced on DeFi positions?

**Currently, daily limits only works for native and ERC-20 tokens**, ie. an Uniswap-V3 LP position is an ERC-721 token, transferring / withdrawing the LP does not count towards your daily limits. \
\
However, you may still enforce transaction policies like: whitelists, IP address restrictions, and more on DeFi positions.&#x20;
