How to Add or Change a Bank Account
You’ll need to link your bank account—either manually or electronically—in order to make deposits and request withdrawals.
TABLE OF CONTENTS
Adding a Bank Account
The bank account you link to your Betterment account for the purpose of transferring funds must be in your name. Please note that we do not recommend linking a savings account to Betterment. This is because savings accounts typically limit the number of monthly withdrawals you can make. Please also note that some banks use the same account/routing number for checking and savings accounts and in this situation, our system defaults to withdrawing from and depositing to your checking account.
Linking a bank account electronically creates a secure, read-only connection with your financial institution through our data partner, Quovo. Betterment does not store your login information and will never share, sell, rent, or trade your information without your approval.
To add a bank account electronically, log in on a web browser and select “Settings” from the menu and then select “Funding Accounts.” You will then see the option to add a bank account. If you’ve already synced your bank account electronically in the past, you can choose that account to instantly link it for funding purposes. If not, you will be able to search for your bank by name. If the option to link your account electronically is available, you can instantly link your bank account by providing your username and password for that institution.
Your bank might require you to complete additional two-step verification, which is an additional layer of security, before we can gain access to the account. If so, you will be prompted with verification questions or a code, generated when you provide your login credentials. This code is provided by your other financial institution via email, text, or telephone call.
If you are not presented with the option to link electronically, or you choose not to, you can manually link your bank account with your account and routing number.
To add your bank account manually, log in on a web browser and select “Settings” from the menu and then select “Funding Accounts.” You will then see the option to add a bank account. Select the “add by account and routing number” option rather than by searching for your bank’s name.
Note that linking manually involves us sending two micro-deposits (each under $1.00) to your bank, which you must then verify inside of your Betterment account. Due to standard ACH timelines, this process generally takes 1-2 business days.
Changing a Bank Account
Because an electronic ACH transfer is the primary way to move money to and from Betterment, you will not be able to delete the link to your checking account unless you add a new one to replace it with.
On a web browser: Select “Settings” from the menu and then select “Funding Accounts.” Click on the three dots to the right of the account you want to change and you’ll see the option to change your funding account.
On the mobile app: After logging in, tap the three bars on the top left. Select “Settings” and then select “Funding Accounts.” Click on the three dots to the right of the account you want to change and you’ll see the option to change your funding account.
Multiple Bank Accounts
Customers can only have one active checking account linked to Betterment at a time. 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. Therefore we strongly recommend waiting for any pending transfers to complete before changing your bank account.
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