Getting started with Robinhood is a straightforward process, but it can feel daunting if you're new to investing or online trading. The first step in your journey is connecting your bank account, which allows you to fund your investment activities seamlessly.
To link your bank account through the mobile app—whether on iOS or Android—start by tapping on the Account icon (that little person symbol). From there, navigate to the Menu and select Transfers. You’ll see an option for Linked Accounts; go ahead and click Add Account.
Now comes the fun part! Choose your bank from a list of major institutions or use the search bar if yours isn’t immediately visible. Once you've found it, enter your online banking username and password. This will allow Robinhood to access your financial information securely.
After that, you'll need to specify which type of account you want linked: checking or savings? It’s generally recommended to link a checking account as this avoids potential transfer reversals that can occur with savings accounts due to transaction limits.
If you can't find your bank listed at all, don’t worry! Just type its name into the search bar and select either Checking or Savings when prompted for account type. Entering accurate details here is crucial; double-check those routing numbers!
For those who prefer using their computer instead of an app, linking via web classic follows similar steps. Simply log in, head over to Account settings where you'll find Add New Account under Linked Accounts—and follow through just like on mobile.
Once you've submitted everything correctly, expect two small microdeposits from Robinhood within 48 hours as part of their verification process. These tiny amounts are essential—they confirm ownership of the linked bank account before any larger transactions can take place.
In case something goes awry during this setup phase—like not seeing both deposits after three days—it might be time for a quick chat with customer service at your bank. They can help clarify whether they’re blocking ACH transfers based on security settings associated with online banking profiles.
And remember: patience is key! Don’t initiate multiple verifications too quickly; otherwise it could complicate things further down the line.