Robinhood launched in March 2015 and revolutionized stock trading for the “little guys” by offering trades with zero fees, allowing the purchase of tiny fractional shares, and bundling everything into a sleek mobile app. Today, Robinhood has 31 million users.
All active users of Robinhood began their journey by performing the same simple action: transferring cash over to their Robinhood accounts. The following article discusses how you can use load cash into Robinhood, even if you don’t have a traditional bank account.
What is Robinhood Cash Management?
The Robinhood Cash Management product is, in fact, a bank account. The company has partnered with Sutton Bank and JPMorgan Chase Bank to develop its own banking product.
You can use Robinhood Cash Management like it were any other digital fintech bank. This includes making deposits, spending via a debit card, online bill pay, and accessing ATMs.
Your Robinhood Cash Management account is fully insured by the FDIC up to $250K.
How Do I Make a Cash Account on Robinhood?
Opening a Robinhood Cash Management account is very simple. You will first need to register as a customer and obtain a brokerage account. Then open your Robinhood app, go to the Cash tab, and select Sign-up. Answer a few questions and you will be ready to deposit.
How to Add Money to Robinhood Without a Bank Account?
If you do not have a bank account to link to your Cash Management account, then the only method you have to deposit funds into your Cash Management account is Direct Deposit. Your Robinhood Cash Management account will have a routing and account number, so you can configure some or all of your paycheck to be deposited straight into your Robinhood account.
Do I Need a Bank Account to Use Robinhood?
No, you do not need a traditional bank account in order to load money into your Robinhood account. However eliminating the Transfer From Bank method will leave you with only one other method for getting money into your Robinhood account, and that is to direct deposit some or all of your paycheck to your Robinhood Cash Management account.
Can You Trade Without a Bank Account?
Yes, you do not need a traditional bank account to trade with Robinhood. Simply add a Cash Management account to your brokerage account, and then use Direct Deposit to add money into your account. Once the cash has been added, you can use these funds to make trades.
Does Robinhood Have Direct Deposit?
Yes, Robinhood Cash Management supports direct deposit. Just update your payroll to deposit some or all of your paycheck to the routing and account numbers provided by Robinhood.
Can I Transfer Money From Credit Card to Robinhood?
No, Robinhood does not support direct funding via credit card.
Can You Link Cash App to Robinhood?
No, Robinhood does not officially support cash transfer via CashApp. A few people have been able to add their Robinhood debit card to their CashApp, however, most folks get a “not supported” error message when they try this.
Can I Wire Transfer Money to Robinhood?
No, while Robinhood supports ACH transfers from your bank, it does not accept write transfers. The company clearly says that wire transfers are not supported through your Robinhood routing and ACH account numbers.
Does Robinhood Accept Cash?
No, there is no way to mail cash to Robinhood and no way to deposit cash via your Robinhood debit card.
Does Robinhood Accept Checks? Does Robinhood Have Mobile Check Deposit?
No, there is no way to mail checks to Robinhood, and the company app does not provide mobile check deposits.