How to Verify a Bank Account on Robinhood? Step By Step Guide

Due to the juiciness of the type of investment that Robinhood provides, everyone seems to be hopping on the train so as to create wealth in all of its glory. Investment has never been this much fun, where you get to enjoy a totally free stock trading app that does not need you to pump money into it before you can conduct business, a 100% commission-free stock, who would have thought. So if you are here, you probably got into the investment business through Robinhood, and now you’ve realized that you don’t have perfect knowledge of the whole thing; you don’t know how to verify your bank account on Robinhood. Well, guess what? You are on the right platform.

Verification of your bank account number is dependent on the mode with which you create engagement on the platform, through the App or the Web; and if your financial institution is not so popular, it can really be tricky since preferences are given to bigger banks on the platform.

Due to the duality of its accessibility and the universality of its usage, verification can be really unpleasant, but if you can follow this thread, your account verification will be so easy, in fact almost unbelievable. How about we begin?

How do I verify my bank account on Robinhood?

Major Banks

When your financial institution is one of the major banks like Wells Fargo or Bank of America, the best way to verify and link your account is by using the App.

APP:

• When trying to link your account through the Android application or the iOS equivalent, follow this direction;
• Click on the icon indicating ‘Account’ at the right-hand bottom corner.
• Click on ‘Transfers’.
• Proceed to the ‘Linked Accounts’
• Click on the icon ‘Add New Account’.
• Now you have to make your choice by choosing your financial institution, if you can’t find it, use the search bar to search.
• Carefully insert your online banking details.
• Pick the account that you would love to link to the platform.

With these few easy steps, you will be able to verify your bank account using the App, as long as your bank is one of the major financial institutions.

WEB:

• When it comes to account verification using the Web for a Major bank, it slightly different from the App method, follow through and let’s see how we can make it work;
• The ‘Account’ button, in this case, is located on the right-handed side of the top screen.
• Tap on the button that indicates ‘Banking’.
• Click on the icon ‘Add New Account’.
• Now you have to make your choice by choosing your financial institution, if you can’t find it, use the search bar to search.
• Carefully insert your online banking details.
• Pick the account that you would love to link to the platform.

Smaller Banks

For smaller banks, one distinguishing factor is the absence of their names on the list of financial institutions, but you have nothing to be worried about since you will be reading the way out in just a few seconds. The downside of using a smaller bank is that you will have to verify the account manually before linkage can be done.

Using APP:

When trying to link an account that is not listed through the Android application or the iOS equivalent, follow this direction;

• Click on the icon indicating ‘Account’ at the right-hand bottom corner.
• Click on ‘Transfers’.
• Proceed to the ‘Linked Accounts’.
• Click on the icon ‘Add New Account’.
• Make your way down the page and find the ‘More Bank’ Icon.
• Insert in the Name of your financial institution.
• It’s possible you might not see your bank, if you don’t see it, Tap on ‘I don’t see my Bank’ Icon.
• Make a choice between ‘Checking and Saving’.
• Now you can insert your Routing and your Account number.

As you can see, there is nothing so complex here; let us go to using the Web for account verification with small Banks.

Using WEB:

After your bio-data has been submitted, the Robinhood team usually creates about two little deposits into your bank account; it generally takes a minimum of 48hours for the mini transfers to reach their destination.

You will have a very important part to play here, once the alert is found on your account, you can go verify them on the mobile App.

Here are the steps;

• Click on the icon indicating ‘Account’ at the right-hand bottom corner.
• Click on ‘Transfers’.
• Proceed to the ‘Linked Accounts’.
• Click on the icon ‘Add New Account’.
• Proceed to verify the account.
• Insert The Multiple Deposit Amount.
• Now you can click on ‘Enter’ and Proceed.

How long does it take for Robinhood to verify a bank account?

Verifying an account is really not a big issue to be solved. From the moment you insert your bank details on their system, the Robinhood team usually creates about two little deposits into your bank account; it generally takes a minimum of 48hours for the mini transfers to reach their destination. When the transfer reaches your bank account (2 working days), then you can click on verify, and just like that, it is done.

Can you trust Robinhood with my bank account?

There definitely would be a basis for concern if there are no regulating bodies, but come to think of it, when it comes to money, there is always a basis for concern. But anyway, generally speaking; your bank account and details are totally safe on Robinson. The funds on this platform are safely protected up to Five Hundred Thousand Dollar ($500,000), and this is just for security, there is also a Two Hundred and Fifty Thousand dollar (250,000) set aside for cash claim since it is a pre-requisite of being part of the SPIC.

Another factor that can be used to validate that your bank account is safe with Robinhood is the Knowledge that it is regulated by a well renowned and dignified Federal Institution, the Securities and Exchange Commission (SEC).

Robinhood Link Bank Account Error

Errors are definitely not cool, they hamper with our plans and make us feel helpless especially when we have a limited understanding of what that thing entails; well you are in luck today because you get to find out the different complications that you could get yourself into while trying to verify and link your account number, and not just the complications, but also the solutions;

• To avoid some fund errors and issues when it comes to transfers, it is advisable for you to link a checking account rather than linking a savings account.
• An error message can be sent to you when trying to link your account, a message telling you to disable any extra security that is being placed by your financial institution. For such errors, your best bet is to contact your bank and notify them of the status quo, there may be a need for them (you) to disable any verification setting that has been sent.
• Another funding error that always arises has to do with the bank accounts that fund your Robinhood account. If the account that funds your account is a Trust or business account, an error will be created, so it is best that the account that funds your account is an individual or a joint bank account.
• One of the major errors that have so many people confused is the micro deposit errors. Remember that for manual verification to be completed, micro funds are transferred to you, and in two days you can receive and verify your account, complications here can be a huge headache. A good way to overcome this though is to have a very healthy relationship with your financial service providers. Keep them up to date with all that is being done with respect to verification, so if there are any glitches, they can easily go through their records and help create order in the chaos.