Let’s talk about the money behind the money
Deposits, withdrawals and everything in between
All funds in Bloom are insured up to $250k and are protected by bank grade encryption 🔒
But, how does the money get there in the first place? 🤔
There are two ways: debit cards or a bank account 🏦
Even though a debit card draws money from a bank account, the transaction and depositing system are very different! ✏️
Debit cards are designed for spending
Debit card deposits tend to be more reliable but may incur fees 💳
So, just because you see deductions from the bank, doesn’t mean you’re depositing with the bank account 🏦
Funds cannot be withdrawn to a debit card, only to a bank account 🧠
Checking bank accounts can deposit and withdraw 🤑
All bank deposits are under $50 can be instant and are always free! 🥳
If your parent is funding the account, then you can request a deposit on your home screen “Request Deposit” or by going to Profile > Transfers > Request a Deposit 🏦
If you are funding your own account, you can deposit at any time! 🥳
You can also create recurring deposits to regularly contribute to your investing journey ⏳
Deposit Frequency > One Time or Every Week/Month 👍
Transfers can take up to 2-3 business days to land in the account 😁
You can track the transfer progress by going to Profile > Transfers and you’ll also see the transfer under “pending buying power” 💸
You can also cancel any deposit by going to Transfers and then clicking “Cancel” for the desired deposit 💰
As always, never transfer your complete bank balance or money you’ll need in the near future 🤓
Contributing regularly can reduce reckless spending and instead refocus your money on building wealth 🥳
Happy Blooming and good luck!
