Stash customers sometimes wonder why it takes so long to move money to their Stash accounts from another bank account.
We’d like to explain. There are basically two ways to move money from your external bank account into your Stash debit account. One way is through the Stash app, the other way is through your external bank’s app/website.
Read on to find out more.
From your external bank account:
In your bank’s app/website, you’ll find a page to make a transfer. You’ll need to manually enter your Stash debit account and routing numbers (you can find that info in your debit settings: “account and routing numbers”). The bank then sends the money to Stash electronically and it should arrive in one to two business days (depending on the bank and time of day). FYI, about a third of users prefer this method.
From the Stash app:
If you make a transfer through the Stash app, Stash sends an electronic request to your external bank. It takes two to four business days to get confirmation from your other bank and move the money. It’s crazy that it takes this long in the 21st century, and lots of companies are working to change that, but it isn’t quite here yet.
How Stash is making money transfers faster
To speed things up, we recently started advancing money to the majority of debit customers before we receive the confirmation from the other bank that the money is there. If you make the transfer before 1 p.m. EST, we’ll usually get you the money the next business day. We’re working hard to make these transfers even better. (More on that soon!)
What can you do to get faster money?
It’s likely that our data science models don’t have enough information about you yet. To change that, make a couple investments on Stash and give it a little time to build up your history. Once we have the necessary information, we can make a more informed decision and you may then be able to get your transfers faster.
There are also lots of other ways to get money into your Stash account. These include: cash deposit at a participating retailer, transfer from Venmo or Square cash—and the simplest way to get money into your account is direct deposit.
With direct deposit, the money comes straight from your employer and you may be able to get your pay up to two days early (four days early for government benefits). And money always posts as soon as it’s received.1
We also now let you set up recurring transfers into your debit account from your external bank. If you don’t see this feature available yet, you will very soon!
How much money can you move?
We can accept up to $50,000 when you make a transfer from your external account. It’s the same story for direct deposit. You can also make transfers from the Stash app.
We’re building banking at Stash to meet your needs, and we’re listening to you every step along the way. In addition to our focus on improving money movement, you’ll see four new features added by the end of the year. These are mobile check deposit, bill pay and e-check writing, integration with ApplePay, GooglePay and Samsung Pay, and a helpful, new budgeting tool.
Stash wants to be your financial partner for the long haul. And we want to help you simplify your financial life and consolidate your investing, saving, and spending into Stash.
We hope this explanation has helped answer some of your questions. As always, share your feedback to [email protected].