This blog is about activating the Robinhood Card. If you are an active member of Robinhood you can click on the Cash button and tap the Sign up button to upgrade to the Cash Management using the app. The first thing you need to do is signup with Cash Management. After completing the step, you will be asked to confirm your personal details. You need to verify the ID and the address you provided while opening the brokerage account.
In case you are not a user of Robinhood then you will be required to utilize Cash Management. You can get the web version or install the mobile app from the Google Play Store or App Store.
This procedure has no bearing on the credit score.
How to fund money on the Brokerage Account utilizing Cash Management?
You can easily add funds to the Robinhood account using Cash Management.
It allows consumers to proceed to add cash to the brokerage account in a variety of ways:-
- To link the bank account, follow these steps: This money will appear on the Cash option as pending until it is clear in 5 working days. When these funds clear and become available for use, you will be notified.
- Set up the direct deposit: You can retain the paycheck placed directly into the brokerage account, as well as government deposits such as tax refunds.
- Use the following information to find the ACH account number and the routing number: The account number having a prefix is the account number of ACH. The banking institution is identified by the routing number. By clicking on the Transfer option in the app, you will get to see the ACH account number and the routing number.
To handle transactions, collaboration is done with partner banks such as JPMorgan Chase Bank or Sutton Bank may issue ACH account and routing numbers, and Sutton Bank issues the debit card of Robinhood. This means that moving to and from the account of Cash Management may seem in the transaction history in different institutions as moving to and from JPMorgan Chase Bank or Sutton Bank.
Linking the Robinhood debit card to different accounts
You will need the number of the debit card in order to link the Robinhood debit card to different accounts. By clicking the Cash card option, you will get to see the number, date of expiration, and the CVC number.
How to use the Cash Management until the debit card arrives?
After activating the card online you can still do the following till the card reaches your doorstep.
- Start gaining interest in money that has not been invented yet.
- Create a direct deposit account: To discover your ACH account number and routing number, choose “Transfer.”
- To set up Google Pay, Apple Pay, or Samsung Pay, follow these steps: To check the card number, date of expiry, and CVC code, go to the Cash option on the app and click on the card.
- Make purchases on the internet: To check your card number, expiration date, and CVC code, go to the Cash tab on your app and tap on the card.
- Use the debit card or the ACH account number and routing number to pay the invoices.
How to activate the Robinhood card in the app?
To activate the debit card, follow these steps:-
- Navigate to the Cash button.
- In the Debit Card area. Click the option, Have you received your card?
- Select the Yes option.
- Activate Spend Alerts which is optional.
- Activate Location Protection which is also optional.
If the card is not yet received then you need to proceed to check if the card is on the way or apply for a new one.
- Navigate to the Cash button.
- Tap Debit Card in the Debit Card area. Have you gotten your card yet?
- Select the No option.
How to Activate Options in Robinhood?
Follow the instructions mentioned below and activate the options in the app:-
- First and foremost click the “Account” tab.
- Next, click on the “Settings” tab.
- After that proceed to the section “Options Trading”.
- Choose to Activate the options by clicking on the “Enable” tab.
- You will need to answer a few queries about experience on investment, awareness, and other appropriate facts.
Next place the options trades:-
- Click the magnifying glass for searching.
- Search the stocks which you want to involve in the options trading.
- Press the name of the stock.
- Click the “Trade” option.
- Select the “Trade Options” tab.
With this, you can place the trade options.