How to Link Your Bank Account to Fund Your Investments with My Robo Adviser™ - MyRoboAdviser™
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How to Link Your Bank Account to Fund Your Investments with My Robo Adviser™

05 Jun How to Link Your Bank Account to Fund Your Investments with My Robo Adviser™

One of the features of investing with My Robo Adviser™ is ability to electronically transfer funds from your bank checking account into your My Robo Adviser™ account.  Electronic ACH transfers are easy, safe, and cost-effective.

When linking a bank account, you should always link your checking account.  It is not recommended that you link a savings account because these accounts typically limit the number of withdrawals you can make.  Note that some banks may use the same account/routing number for checking and savings accounts.  In these circumstances, our technology partner (Betterment) will default to withdrawing from and depositing to your checking account.  For security purposes, you may only have one active checking account at a time linked to your investment account at My Robo Adviser.

How to Link A Bank Account

If you have not already done so, first you need to open an account at My Robo Adviser™.  For clients that have already opened an account, login to your account  by navigating to the  Client Login tab  from the menu bar on our website at www.MyRoboAdviser.com.

Once you are logged in, click on your name in the grey drop-down tab in the upper right corner of the screen.  Navigate to the Bank Accounts tab.  Note- if you have not yet authenticated your account, you will be asked to confirm this through a text message to your cell phone or answering one of the security questions you established when you opened your account.  On the Link bank account page, a list of major U.S. banks appears in the center of the screen.  If you do not see your bank listed, type its name in the Search field.  Once you select your bank, enter your login credentials to access your bank account and follow the prompts.

How to Confirm Your Bank Account

To add a checking account, Betterment will need to make sure you own that account by having you confirm two small verification deposits/withdrawals which will be sent via ACH. After entering your bank account information, you will then complete the following steps to confirm your bank account:

  • Log into your checking account at your bank.
  • Find the two small amounts under $1.00 that have been deposited and immediately withdrawn from your account – please note, you may have to wait up to two business days to see these deposits.
  • Log into your account at My Robo Adviser.com.
  • On the Transfer tab, in the Confirm Two Small Deposits window and provide the values of the two random deposits in your account.
  • That’s it, you’re ready to start investing!

 

How Betterment Links Your Checking Account Via Plaid

After you input your username and password for your bank account, Betterment will retrieve your bank account and routing numbers, as well as your current bank balance (“Account Information”) via Plaid.

Betterment will not store your username and password for your bank account. Plaid will provide Betterment an access token that exclusively allows Betterment to retrieve your Account Information. All information transmitted between Plaid and Betterment is encrypted over a 256-bit Secure Socket Layer (SSL) and secured with bank level protection. All information Betterment receives from Plaid will be governed by Betterment’s Privacy Policy.

By using Plaid through Betterment, you agree to the above terms and further agree to hold Betterment harmless from losses of any kind that may result from Plaid’s use, misuse, or loss of your personal information and Account Information.

To learn how Plaid uses and protects your information, please see Plaid’s terms and conditions.

Restrictions and Other Information

Because electronic transfer is the primary way to move money to and from your My Robo Adviser™ account, you will not be able to delete the link to your checking account unless you add a new one.

Each client account at Betterment must link to a unique checking account.  Thus, if a husband and wife each have an individual account with My Robo Adviser™, they cannot link to the same checking account.

Mobile App

You can only change your bank account when logged in on the website. For security purposes, it is not possible to change your bank account via mobile app.

Changing Your Bank Account

To change your currently linked bank, select your name in the upper right corner, choose Settings, then select the Bank accounts tab. You’ll see options to either add, relink, or link a different bank account. Changing a bank account will replace the currently linked account and can interfere with and delay any incomplete transfers to and from the previously linked account, so we strongly recommend waiting for any pending transfers to complete before changing your bank account.

Have questions?

If you have any questions about linking your bank account, funding your My Robo Adviser™ account or perhaps have another question about our services, you can contact us directly at 920.785.6012 or email us at support@myroboadviser.com.  My Robo Adviser™ has partnered with Betterment for Advisors as our technology solution to provide our services to our clients.  Betterment maintains a support line you can also call for help with navigation, linking your accounts or other site functionality.  You can call the support line at 800.400.1571.

Last updated, June 4, 2018

Disclosures: Content is for informational purposes only and is not intended as personalized financial planning or legal advice. Content is subject to change without notice.  MyRoboAdviser.com provides investment recommendations based on a goals-based platform.   Investments are not guaranteed, not bank insured, and may lose money. Investment Advisory Services provided to clients of My Robo Adviser™ by ETF Model Solutions, LLC, an SEC registered investment Adviser (registration does not imply any particular skill or training).  Sub advisory services provided to clients of My Robo Adviser™ by Betterment, LLC, an SEC registered investment advisor.   Brokerage services provided to clients of My Robo Adviser™ by Betterment Securities, an SEC registered broker-dealer and member FINRA/SIPC.  Certain content on the Betterment, LLC website, including projected returns, may not apply to MyRoboAdviser.com’s investment recommendations.  Clients must agree to provide and maintain accurate and current information with respect to their goals and financial circumstances.  MyRoboAdviser.com does not provide financial planning or tax advice.  Past performance is no guarantee of future results.

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