As we discussed in depth in our Robinhood review, this app is one of the best out there for mobile trading and is used by millions of people across the world. For this reason, it’s very annoying when it fails to link your bank account.
You can’t purchase and sell on the open market with the millions of other individuals who can’t because you can’t link your accounts. Among other things, this includes investing in stocks, shares, and cryptocurrency.
Many users have reported issues when attempting to link their bank account with Robinhood. We will analyze the most typical explanations.
Robinhood Can’t Link Bank Account – What You Can Do
Some are due to bugs and malfunctions in the platform itself, while others are the result of the user’s attempted access method or the accounts they are attempting to link.
Because Robinhood does not automatically support every bank or account type, users may be confused at first if the app just returns an error code.
Or, in rarer situations, they may report that the manual verification process failed because their bank could not be determined.
If you’re having trouble linking your account to Robinhood, this tutorial will show you how to diagnose the issue and fix it.
Type of Account Permitted:
Unfortunately, not all bank accounts can be linked to your Robinhood account. Neither business nor trust accounts are accepted on Robinhood. You’ll see a message urging you to try again later if you try to link to one of these bank accounts.
A deactivated account can’t be linked either. As such, a re-activation procedure is required.
The number of linked Accounts:
You can only connect several bank accounts to your Robinhood trading account. Robinhood claims this is for safety reasons.
The same holds for a number of Robinhood account that all share the same funding source. You will get a connecting problem if you attempt to link too many financial institutions to a single account or if you attempt to connect multiple accounts to a single financial institution.
If you receive the error “Error: Please disable the added/extra security set on the account,” Robinhood is unable to connect to your bank because you have two-factor authentication enabled.
E05 is another typical typo. In most cases, this problem occurs when users try to link their bank accounts. Even while this error message is more commonly associated with smaller banks, it can nonetheless be provided by large banks on occasion.
You’ll need to manually link and verify your bank account to fix this problem. To do this, go to the numbered list of instructions in the “smaller banks” section.
There is a possibility that Robinhood won’t be able to link to your own bank if it is a smaller or regional institution.
In that scenario, you’ll have to verify your account information by hand. Following are the instructions provided by Robinhood for accomplishing this;
- Tap account on the bottom right.
- Tap transfers.
- Tap linked accounts.
- Tap add a new account.
- Scroll to the bottom and tap more banks.
- Enter the name of your bank.
- If you don’t see your bank, tap “I don’t see my bank.”
- Select checking or savings.
- Enter your routing and account number
As soon as Robinhood receives your banking information, it will initiate two microdeposits, which may take up to 48 hours to show up in your transactions list.
Once these are visible, you can double-check their accuracy on your Robinhood app by doing the following:
- Tap account in the bottom right.
- Tap transfers.
- Tap linked accounts.
- Tap verify.
- Input the deposit amounts.
- Complete verification.
When the timer on these deposits runs out, they will be automatically removed to ensure that the funds originated from your bank account. Your bank may be consolidating deposits if you only see one transaction instead of two. If that’s the case, you’ll need to get in touch with your bank to request the original amounts, which you’ll use to validate your account.
If the transactions haven’t appeared after a few days, double-check that you entered the right information. If so, your bank may prevent Robinhood from making deposits to your account.
You’ll need to contact your bank to approve these transfers if this is the case.
For the most part, if you’re having problems integrating your bank account into Robinhood, there’s a way to rectify it and get over the restriction.
However, if you try to link an excessive number of bank accounts to the Robinhood app or if you try to connect a disproportionate number of bank accounts to the app, you will be prevented from proceeding.
If you’re having trouble with the app’s bank linking due to inaccuracies or because your bank is a small, regional institution that few people have heard of, the best solution is to manually verify your bank information. This process may take a few business days. If you follow my advice, you’ll have your account set up and be making investments in no time.