The Menlo Park, California-based financial services firm Robinhood Markets, offers commission-free trading of stocks, exchange-traded funds, and digital currencies using a mobile app that was first released in March 2015. In addition to being registered with the U.S. Securities and Exchange Commission, Robinhood is a broker-dealer that is subject to FINRA regulation and a Securities Investor Protection Corporation member. The firm generates its money primarily from three sources: margin lending, supplying order information to rising traders, a practice for which the SEC launched an inquiry into the company in September 2020, and interest received on cash balances of clients. It’s common for rookie stock market investors to use Robinhood, but eventually you might wish to deactivate the app and unsubscribe from the service. If you are someone looking for tips about the same, we bring to you a helpful guide that will teach you ‘how to unlink bank account from robinhood, link bank account with Robinhood, remove my number from Robinhood, use someone else’s bank account on Robinhood.
Table of Contents
- How to Unlink Your Bank Account from Robinhood
- Is it Safe to Link Bank Account with Robinhood?
- Can You Use Someone else’s Bank Account on Robinhood?
- Does Robinhood Link to Your Bank Account?
- What Happens If I Unlink My Bank Account from Robinhood?
- How Do I Unlink My Bank Account from Robinhood?
- How Do I Remove My Number from Robinhood
How to Unlink Your Bank Account from Robinhood
Robinhood has 15.9 million monthly active users and 22.8 million funded accounts as of March 2022. A cryptocurrency wallet from Robinhood was made available to more than 2 million customers in April 2022. Robinhood has dominated the market for young investors as a broker-dealer for individual traders. It is a brokerage designed exclusively for mobile devices, giving retail traders quick access to a trading platform. Nevertheless, there is still debate around accessible trading platforms.
Read further to know how to unlink bank account from robinhood. Here are the steps to unlink bank account from robinhood:
Option I: On iOS
1. Open the Robinhood app.
2. Go to Account menu.
3. Tap on Menu option.
4. Choose Transfers option.
5. Go to Linked accounts section.
6. In Linked accounts, select the account you wish to delink.
7. Choose Unlink option.
8. Once more click on Unlink to confirm.
Also Read: How to Cancel Robinhood Deposit
Option II: On Android
1. Open the Robinhood app.
2. Click on Account settings.
3. Then, select Settings (i.e. tool symbol)
4. Then choose Transfers.
5. Go to Linked account.
6. Select the account you wish to delink.
7. Click on the Unlink option.
Also Read: How to Change PayPal Account from Business to Personal
Option III: On Official Website
1. Go to Robinhood webpage.
2. Select the Account menu.
3. Go to Linked accounts.
4. Next to the account you wish to delink, click on Unlink.
Is it Safe to Link Bank Account with Robinhood?
Now that you know how to unlink your bank account from robinhood let us know if it is safe to link bank account with Robinhood. Yes, it is safe to link bank account with Robinhood. It’s totally safe to use Robinhood. Due to its membership in the SIPC, Robinhood gives security for your money up to $500,000 for securities and $250,000 for cash claims. The Securities and Exchange Commission (SEC) oversees the regulation of securities brokerages, which includes Robinhood.
Can You Use Someone else’s Bank Account on Robinhood?
Now that you know it is safe to link your bank account with Robinhood let us know if you can use someone else’s bank account on Robinhood. It is not advised to use someone else’s bank account on Robinhood. It’s incredibly risky to take administration of someone else’s account. And only individual brokerage accounts are accepted by Robinhood at this time.
Does Robinhood Link to Your Bank Account?
Yes, Robinhood links to your bank account. To make immediate transfers to your Robinhood brokerage or spending account, you can also link an external debit card account. You can deposit money into your account using a personal or joint bank account. For the time being, Robinhood does not accept money from business or trust accounts.
What Happens If I Unlink My Bank Account from Robinhood?
You won’t be able to trade or invest with your account if you unlink your bank account. If you close your account, the only activities you will be able to do with the Robinhood app are review your transaction confirmations, tax paperwork, and historical account statements. You will still be able to access all of your records even if you deactivate your account. You are not required to keep any money in your account. If you decide to return to trading on the app later, you can easily reactivate the account if you deactivate but if you decide to close your account then you won’t be able to reactivate.
Also Read: Can You Have Multiple Robinhood Accounts?
How Do I Unlink My Bank Account from Robinhood?
With the help of the app, you may easily deactivate your Robinhood account. Three to five business days are needed for the procedure. You must sell your holdings or transfer them to another brokerage before terminating your account. Deactivating your account is free of charge; however transferring your assets requires a $75 one-time payment.
Here is the process you can follow to unlink bank account from Robinhood:
1. To unlink your account on iOS or Android, open the Robinhood app or go to Robinhood website.
2. Then go to your Accounts
3. In Accounts, select Menu
4. Choose your bank account in Transfers
5. Click on Unlink
How Do I Remove My Number from Robinhood
The option to remove your number from Robinhood is not available. The only way to do so is by deleting or deactivating your account.
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We hope that this guide was helpful and you were able to unlink bank account from robinhood, link bank account with Robinhood, remove my number from Robinhood, use someone else’s bank account on Robinhood. Let us know which method worked for you best. If you have any queries or, suggestions then feel free to drop them in the comments section below.