By some accounts, the use of checks dates as far back as ancient Rome. Somehow, they’re still around today. Maybe one still falls out of Grandma’s birthday card each year. Maybe it’s how you get your tax refund. Checks are, frankly, a pretty quaint way to receive funds in the era of Venmo, Apple Pay, and electronic transfers. But they do show up from time to time, and when they do, you need to be able to deposit them. 

We’re happy to announce you can now deposit a check into your Wealthfront Cash Account directly from your phone. This means you can skip the annoying trip to your nearest bank or ATM. Even in the best of times, checks often end up collecting dust until you finally have the time to deal with them. These days, visits to the bank involve reduced hours, plexiglass barriers, and industrial-sized bottles of hand sanitizer. With Wealthfront, you can deposit checks from the comfort of your own home.

How does it work?

Depositing a check with the Wealthfront app is easy and completely free. Just open the app and select the transfer icon at the bottom of the main dashboard. Click “Deposit a check.” Then you can photograph your check and confirm your deposit. The whole process takes just a few taps on your phone, and we’ll notify you once your check is accepted. To learn more about how to access this feature, check out our FAQ on the subject.

Upgrade your banking

Now the Cash Account can be the primary account for your banking needs. Earlier this summer, we enabled checking features for the Cash Account so you can direct deposit your paycheck (and get paid up to two days early), pay bills and friends, make purchases with a debit card, and access your cash via a network of free ATMS. And we’re not done yet – you can look forward to more new features coming soon (like the ability to send a check from the Wealthfront app) that make the Cash Account an even better hub for your cash.

At Wealthfront, we’re building a financial system that favors people, not institutions, and that starts with reinventing banking. We’re focused on delivering products that help you bank the way you want to bank, which means no waiting on hold to speak with a representative, no account fees, and no trips to expensive and outdated bank branches. Instead, we build best-in-class products that benefit you and make managing your financial life feel effortless. Now that you can deposit checks directly from your phone into your Cash Account, it’s even easier to make Wealthfront a hub for all your money.

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We’ve partnered with Green Dot Bank, Member FDIC, to bring you checking features.

Checking features for the Cash Account are subject to identity verification by Green Dot Bank. Debit Card is optional and must be requested. Wealthfront Cash Account Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Wealthfront products and services are not provided by Green Dot Bank. Green Dot is a registered trademark of Green Dot Corporation. ©2020 Green Dot Corporation. All rights reserved. 

Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply.  As such, the availability or timing of early direct deposit may vary from pay period to pay period. Interest does not begin accruing until funds arrive at the program banks, which may take up to one business day. 

Other fees apply to the checking features. Fee-free ATM access applies to in-network ATMs only. For out-of-network ATMs and bank tellers a $2.50 fee will apply, plus any additional fee that the owner or bank may charge. Please see the Deposit Account Agreement for details. 

Other eligibility requirements for mobile check deposit may apply.

Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), a member of FINRA/SIPC. Neither Wealthfront Brokerage nor any of its affiliates are a bank, and Cash Account is not a checking or savings account. We convey funds to institutions accepting and maintaining deposits. Investment management and advisory services are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC registered investment adviser, and financial planning tools are provided by Wealthfront Software LLC (“Wealthfront”).

The information contained in this communication is provided for general informational purposes only, and should not be construed as investment or tax advice. Nothing in this communication should be construed as tax advice, a solicitation or offer, or recommendation, to buy or sell any security. Any links provided to other server sites are offered as a matter of convenience and are not intended to imply that Wealthfront Advisers or its affiliates endorses, sponsors, promotes and/or is affiliated with the owners of or participants in those sites, or endorses any information contained on those sites, unless expressly stated otherwise.

Wealthfront, Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation.

© 2020 Wealthfront Corporation. All rights reserved.


About the author(s)

The Wealthfront Team believes everyone deserves access to sophisticated financial advice. The team includes Certified Financial Planners (CFPs), Chartered Financial Analysts (CFAs), a Certified Public Accountant (CPA), and individuals with Series 7 and Series 66 registrations from FINRA. Collectively, the Wealthfront Team has decades of experience helping people build secure and rewarding financial lives. View all posts by The Wealthfront Team