“A Comprehensive Guide to Linking Your Bank Accounts”

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What Are Linked Bank Accounts?

If you have multiple bank accounts, such as savings and checking, linking them can provide greater flexibility and control over your finances. This allows for easy money transfers between accounts. For instance, you can move funds from savings to checking to pay bills or transfer money into savings to earn higher interest. Additionally, linking to external bank accounts or payment apps can facilitate payments, money transfers, budgeting, and other benefits.

How to Link Bank Accounts From the Same Bank

When you open a new account at your current bank or credit union, it is often automatically linked to your existing accounts, enabling quick money transfers. Linking your savings and checking accounts can also provide overdraft protection, automatically transferring funds from savings to cover transactions that would otherwise overdraw your account. If your accounts are not linked, ask a bank representative to link them for you. Once linked, all accounts should be visible when you log in or review your bank statement.

How to Link Bank Accounts From Different Banks

To link accounts from different banks, log in to one of your accounts and look for an option like “Link External Accounts.” Enter the routing and account numbers for the account you wish to link. Your bank may require verification through small deposits into the external account, which you will need to confirm. Once verified, you can transfer money between banks within one to five days. This process is similar for linking accounts to payment apps like PayPal or Venmo, or budgeting apps like PocketGuard and Quicken.

Is Linking Your Bank Accounts Safe?

Linking bank accounts is generally safe, especially if your bank uses extra security measures such as multifactor authentication, biometric login, and transport layer security (TLS). However, always exercise caution and use reputable apps with bank-level security. For example, PocketGuard uses 256-bit SSL and advanced encryption standards and has “read-only” access to your transaction history. Avoid using public Wi-Fi networks for accessing your accounts and use multifactor authentication for added security.

How to Unlink Your Bank Accounts

To unlink your bank accounts, check the app or website where you initially linked them. Look for account settings to manage your connections and find the option to unlink accounts. For online bank accounts or banking apps, look for “Linked Accounts” or “External Accounts.” For payment apps, go to “Wallet” or “Settings” to remove a bank account. For money management apps, the process may vary but often involves similar steps. For example, in Quicken, you would create a backup, go to “Tools,” select “Account List,” choose the account, click “Edit,” and then “Delete Account.”

The Bottom Line

Linking bank accounts allows for easy money transfers and simplifies payments, budgeting, and money management. While generally safe, always protect your passwords, use multifactor authentication, and avoid public Wi-Fi networks. If concerned about identity theft, consider signing up for identity theft monitoring services.

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