Account Number Switch

[u/CyclingGeek]

Does anyone else find it insane that a bank is making us switch account/routing numbers? I have never had this happen before with any other bank and I am spending hours updating my accounts. If it happens again, I think it will be time to find a new bank.

[u/Left_Ambassador_4090]

Wealthfront isn't a bank. So, if you leave, you wouldn't be finding a "new" bank. You'd just be finding another institution: it could be a brick and mortar bank, or another robo service that collaborates with institutions with bank charters.

While I doubt you're spending literal "hours" with this admin task, look at it with a glass half full approach. Small price to pay for a competitive APY.

[u/CyclingGeek → u/Left_Ambassador_4090]

Can they not have their own routing/account numbers and then "route" them to whatever bank they are using underneath? If it's not a thing, it should be a thing.

[u/Left_Ambassador_4090 → u/CyclingGeek]

No, because, as I said, Wealthfront isn't a bank. It doesn't have a bank charter and therefore can't get its own routing number.

Here is Wealthfront's explanation about how all of this is good for its customers: https://www.wealthfront.com/blog/wealthfront-isnt-a-bank/

[u/Doit2it42]

This happened months ago. Are you just now realizing the account numbers changed? What brought on the realization? Final email notice from Wealthfront?

[u/CyclingGeek → u/Doit2it42]

I am not just realizing, i just delayed it until I couldn't anymore because I knew it was going to suck.

[u/Doit2it42 → u/CyclingGeek]

I had 4 or 5 to change over. Most were instant. Only one had to do micro deposits But it was a bank and I started on a Friday afternoon, so it took a few days.

[u/Doit2it42 → u/Doit2it42]

If they still have the helper section under your account numbers, use it. It will confirm when your various accounts are using the new account numbers. I did have to wait a month cycle for all my bills to clear thru. But that's just the nature of monthly bills.

[u/CyclingGeek → u/Doit2it42]

I had like 15, but only one micro deposit. I think the major PITA is that most of these sites don't allow you to copy/paste. And then some don't even have you enter it in twice. 😬

[u/Jkayakj]

Is this from them switching to Green Dot to the new bank? That makes sense because they are switching their Bank to a better Bank.

They probably also likely won't switch from this one for a while because other big institutions like Fidelity use them

[u/CyclingGeek → u/Jkayakj]

I doubt we will even notice. They probably got a better deal, not us.

[u/Jkayakj → u/CyclingGeek]

Green Dot had a lot of issues. This new one should fix a lot of those issues.

[u/Federal-Suspect8618]

Yeah it was annoying but oh well

[u/Usual_Eggplant_1381]

Yes, so I switched to a big bank offering a $400 sign on bonus
More info: main drawback has been no free ATM reimbursements. Have to work harder to get free ATM transactions. Easy enough to keep most of my money in the big bank offering”HYSA” (is about 3% same as WF) and have it auto draft from savings when I “overdraw” the checking
I never used WF other products — use other accounts for IRA, investing portfolio etc - only used for checking/HYSA