Home / Financial News / Faster Ways to Move Money Into Your Stash Banking Account
May 30, 2020
By Stash Team
How Stash is making money transfers faster.
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 banking 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.
Quickest method
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 banking 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.
Longer 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 advance money to the majority of banking 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.
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).
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.
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.
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Written by
Stash Team
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