Have you recently opened a Robinhood Trading Account and you haven’t completed the Bank Account verification on your Robinhood Trading Account? In this tutorial, I will show you how you can verify your Bank Account with Robinhood and you can start investing money in it.
To create riches, everyone seems to be riding on the Robinhood bandwagon, due to the juicy investing options that it offers. An entirely free stock trading program that doesn’t require you to put money into it to trade, a 100% commission-free stock, who would’ve thought?
Now that you’ve found your way here, you’ve undoubtedly recognized that you don’t know how to verify your bank account on Robinhood, and you need to learn how to do it.
It can be difficult to verify your bank account number if your financial institution isn’t very well-known on the site, which gives precedence to larger institutions.
After reading this post, you’ll be able to get your account verified in a matter of minutes, which is nearly astonishing considering how much time and effort is required.
How To Verify A Bank Account On Robinhood Application
If you are already having a savings or checking account in any of the national banks in the United States of America, all you are required to do is follow the below steps on the Application and add your Bank Account Information.
Verify Bank Account Of Major Banks on RobinHood
It is easy to link if you are a customer of a major or big Bank in the US such as CitiBank, Wells Fargo, Bank Of America, Chase, etc.
- Select “Account” Icon At Botton Right Corner of The Application.
- From Menu, Select Transfers Button to navigate to that page.
- Tap on Linked Accounts.
- Add a new account by pressing the Add Account button.
- The list of prominent banks can be used to find your bank, or you can use the search bar to find a specific bank.
- You will be navigated to the Select Bank website.
- Enter the login and password you use for internet banking.
- After that you will be redirected to the Robinhood account.
Robinhood will try to deduct a small amount such as $1 to ensure that they are able to complete the transaction online without any issues. And once the $1 transfer is completed to your Robinhood Application it means that your Bank Account is verified.
Now you can transfer as much amount as you want from your Bank, also depending upon the balance on your account.
And once you place the transfer request Robinhood will instantly provide you the balance amount in your application for Trading and you need to make sure that while the transfer is complete from your bank account in a few days you have it in your checking or savings account as well.
Using Web Browser
You can also complete the Bank Account verification on Robinhood using your Web Browsers such as Chrome or Safari. You need to follow the below steps and add the bank account information to your Robinhood Bank account.
- Go to the upper right-hand corner of the screen and select Account from the menu.
- Then select Banking from the drop-down menu
- Under Linked Accounts, select Add New Account from the drop-down menu.
- Your bank can be found in the list of major banks, or you can use the search bar to look for it.
- Username and password for online banking must be entered.
- To link a different account, select it from the drop-down menu.
The steps are the same as above mentioned for mobile applications. Even in this case, Robinhood will try to complete a bank transfer of $1 from the bank account you are trying to link.
And once the $1 transfer is completed from your bank account to your Robinhood trading account the bank account verification will be completed. And you will be able to transfer and withdraw money from and to your Robinhood Trading account.
For Larger Bank, the Account verification is completed instantly once you log into your Bank and accept all the terms and conditions.
How To Add Bank Account Manually On Robinhood
You can add a bank account manually to your Robinhood account if your Bank name is not present on the Robinhood platform. Follow the below steps to complete the bank account verification on Robinhood.
Verify Bank Account Of Small Banks on RobinHood
There may be a case that your bank account is not listed on the Robinhood application or website. As I have also faced the same issue when I was trying to open a Robinhood account. I was using a small bank named AeroFed to open a Trading account in Robinhood.
Using Application iOS or Android
You need to verify your Bank account manually in this case. To link to nonlisted banks on Robinhood you need to follow the below steps on the iOS or Android application.
- In the lower right corner of the screen, select the Account symbol.
- Transfers can be accessed by pressing the Transfers button.
- Select Linked Accounts on the Screen.
- Select New Account Below Linked Account.
- Search your Bank by Typing on Bank Name on Search Bar.
- Tap I don’t see my Bank on the screen.
- Choose between checking and savings.
- All you are required to enter is your Bank account information and Routing Number.
Since the routing number is provided by the Bank in which you have the account. This routing number lets Robinhood complete the two small transactions to your Robinhood account.
And once this transaction is successful. You need to visit the application and enter the amount that Robinhood has transferred and then your account will be verified.
Note that it can take around 48hrs to complete the transfer to your Bank account for manual verification.
Using Web Browser
Manually verifying your Bank account is similar to the steps followed above in the application section. Follow the below-mentioned steps to verify your Bank account manually on the web browser on Robinhood Website.
- Account may be found in the upper right corner of the screen by clicking it.
- Select Banking on the Menu.
- Add a new account by selecting it from the Linked Accounts.
- Look for your banking institution.
- Select I don’t see my bank on the browser.
- Enter your bank routing number and account number.
Once you have entered the information Robinhood will make to small credit or deposit to your bank account. You need to enter that small deposit on the Robinhood website to complete the Bank account transfer.
How Long Does It Takes To Verify Bank Account On Robinhood
For larger banks, the account is verified instantly as soon as you enter your log-in credentials and provide authentication to the Robinhood platform. But for small banks or the banks that are not present in the list.
As soon as you enter your bank account information, the Robinhood team makes two small deposits into your account. These micro transfers typically take at least 48 hours to arrive at their destination. Simply click on the “verify” button after the transfer reaches your bank account (2 business days).
And enter the deposit amount and your Bank account will be verified for small banks or not listed banks as well.
Quick Fix: Robinhood Link Bank Account Error
There are a lot of things that may go wrong when you’re attempting to verify and link your bank account number. In order to minimize potential problems with money transfers, you should link a checking account instead of a savings account.
When you try to link your accounts, you may see an error notice that tells you to turn off any additional security measures that your financial institution has put in place for example two-factor authentication. In such cases, the best course of action is to get in touch with your bank and let them know what’s going on. They may need to disable any verification settings that you’ve sent.
The bank accounts used to fund your Robinhood account are another common funding blunder. Using an individual or joint bank account, you can put money into your online account right away. At this moment, you will not able to verify the bank account of the trust or company.
It is imperative that you link your Robinhood account to the correct type in order to avoid any future issues. A single Robinhood account can only be linked to a certain number of banks for reasons of safety. In addition, a bank account can only be linked to a certain number of Robinhood accounts.
Micro deposit errors are one of the most common blunders that confound many people. Micro money must be transferred to your account before manual verification can be performed. This can take two days, and if something goes wrong, it might be a major issue.
It’s a good idea to have close contact with your banking service providers in order to avoid this problem. Keep them informed about the verification process so that if anything goes wrong, they can simply check their records and contribute to restoring order to the pandemonium.
I hope you learned how to verify your Robinhood Bank account if you are having an account with a Large Bank, Small Bank, or a bank that is not listed on the Robinhood platform.
If you are still facing any issues while verifying your bank account on Robinhood either on the android or iOS application or on the website let me know in the comment section I will be happy to help you.