Robinhood simplifies investment and money management for investors which is one of the reasons it attracts so many customers. Robinhood is one of the best choices for the most sophisticated traders as it offers the simplest, flexible, and hassle-free trading options for both pros and beginners.
Investment is just like fun with Robinhood, where you can enjoy a completely free stock trading app. But to proceed with it you need to understand the A to Z procedure and to begin with the first step, you need to understand how to verify a bank account on Robinhood because it is the first step in trading and you have to go through this step.
So let's understand how you can verify a bank account on Robinhood? We have prepared a step-by-step guide so that you can understand it well.
The verification process is very easy, it all depends upon the particular model which you use to create the engagement on the platform using the app or web. If your financial institution is new or not known by anyone you might face some difficulties due to the preferred banks on this platform.
But don't worry, if you can follow the points which we are going to suggest to you, verifying your account will be very easy, So let's get started.
If your account is in one of the major banks
When you have your account in a Major bank like Bank of America, using the app is the best way to verify and link your account.
Steps to follow while using the app
When you want to link your account through Android app or iOS, just follow these steps:
Step1 - Click on the 'Account' icon which is in the lower right-hand corner.
Step 2 - Tap on 'Transfer'.
Step 3 - Click on 'Linked Accounts.
Step 4 - Tap on the icon 'Add New Account.
Step 5 - Select your Financial Institution, you can use the search bar if you can't find your financial institution's name in the list.
Step 6 - Enter your online banking details.
Step 7 - Choose and select the account which you want to link to the platform.
Follow these steps and verify your bank account if your bank comes from major financial institutions.
Steps to follow while using Web
When you want to verify your account using the web, you have to go through a different methodology, grab it out.
Step 1 - Click on the 'Account button', you will find it at the top right of the screen.
Step 2 - Click on the 'Banking' button.
Step 3 - Tap on the 'Add New Account' icon.
Step 4 - Select your Financial Institution, you can use the search bar if you can't find your financial institution's name in the list.
Step 5 - Enter your online banking details.
Step 6 - Select the account for which you want to link to the platform.
If your account is in one of the Smaller banks
If you have your account in a smaller bank, the one thing that might annoy you is not finding your name in the list of financial institutions. But don't worry, follow some easy steps, you just need to verify your small bank account manually. Let's know-how.
Steps to follow while using the app
When you want to link your account through Android app or iOS, just follow these steps:
Step 1 - Click on the 'Account' icon in the lower right-hand corner.
Step 2 - Tap on 'Transfer'.
Step 3 - Navigate to 'Linked Accounts.
Step 4 - Tap on the 'Add New Account' icon.
Step 5 - Enter the name of the bank or your small financial Institution.
If you are unable to find your bank name in the list, just click on the 'I do not see my bank' icon.
Step 6 - Select and choose between 'Checking and Save'.
Step 7 - Enter your account number.
Isn't it easy? Yes, there is nothing complicated in this.
Let's know how to use Web for account linkage:
Steps to follow while using Web
After successful submission of the resume, Robinhood will usually make two small deposits into your bank account; It takes around 48 hours to reach its destination.
After getting an alert, you have to verify your account using the mobile app. And follow the steps:
Step 1 - Click on the 'Account' icon in the lower right-hand corner.
Step 2 - Tap on 'Transfer'.
Step 3 - Navigate to 'Linked Accounts.
Step 4 - Tap on the 'Add New Account' icon.
Step 5 - Verify your Account.
Step 6 - Enter Multiple deposits.
Step 7 - Click 'Enter' and proceed.
Account verification is a very easy process, lack of information sometimes makes it critical. As soon as you enter your bank details into their system, the Robinhood team usually makes two small deposits into your bank account. It takes around 48 hours (for the short transaction) to reach its destination. As and when the transfer reaches your bank account, click on verify and process it further.
Can I Trust Robinhood with My Bank Account?
In the absence of regulatory bodies, there is a basis for concern, but think about it, when it comes to money, there is always a basis for concern.
But when it comes to a security concern with Robinhood you don't have to worry. Your bank account and details are completely secure at Robinhood. Funds up to 5 Million dollars ($ 500,000) are completely secure at Robinhood, and it will be allocated for security only, as well as two hundred and fifty thousand dollars ($ 250,000) are secured for cash claims,
And if you want safety on paper, let me tell you, Robinhood is regulated by a well-known federal agency, the Securities and Exchange Commission (SEC).
Nobody likes errors, and when someone faces monetary errors, it hurts more. You feel helpless when you have a limited understanding of what is going on with your money.
You might face some errors in the Robinhood link bank account, but from now onwards whenever you find the one just follow the below solutions.
- If you want to avoid errors that are related to your funds and transfers, you must link your checking account instead of linking your savings account.
- You may be sent an error message while trying to link your account, that message may ask you to disable any additional protections provided by your financial institutions. If you face such errors the best thing you can do is to contact your bank and tell them if you need to disable any verification settings sent by them to you.
- You might face some funding errors that are in connection with the bank account that finances your Robinhood account. That kind of error occurs when the account that funds your account is a trust or business account. So always remember to have a personal or joint bank account that funds your account.
- Sometimes you may face micro deposit errors. While verifying your account manually, always keep in mind that the micro funds will be transferred to you and you can get and verify your account within two days. I suggest you keep a healthy relationship with your financial service providers, keep them up to date about verification status so that if you find a problem at any step they can easily examine it and solve your queries.
Good Luck..!!
