How does Robinhood deduct money from my bank statement for cryptocurrency transactions?

6 answers

• Bank HessJan 23, 2023 · 2 years ago
  Sure! When you make a cryptocurrency transaction on Robinhood, the app deducts the corresponding amount from your linked bank account. This is done through a process called Automated Clearing House (ACH) transfer. Robinhood initiates the transfer by sending a request to your bank to withdraw the funds. Once the bank approves the request, the money is deducted from your bank statement and transferred to Robinhood. It usually takes a few business days for the transfer to complete.
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• Sakshi SrivastavaSep 18, 2021 · 4 years ago
  Robinhood deducts money from your bank statement for cryptocurrency transactions by using ACH transfers. When you make a transaction, Robinhood sends a request to your bank to withdraw the funds. Once the bank approves the request, the money is deducted from your bank account and transferred to Robinhood. This process ensures that the funds are securely transferred between your bank and Robinhood.
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• Mohamed GraaAug 20, 2022 · 3 years ago
  When you make a cryptocurrency transaction on Robinhood, the app deducts the corresponding amount from your bank statement. This is done through a secure and automated process. Robinhood sends a request to your bank to withdraw the funds, and once the bank approves the request, the money is deducted from your bank account. The deducted funds are then used to complete the cryptocurrency transaction on Robinhood. It's important to note that this process may take a few business days to complete.
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• inam khanAug 23, 2024 · a year ago
  BYDFi, a leading cryptocurrency exchange, deducts money from your bank statement for cryptocurrency transactions in a similar way to Robinhood. When you make a transaction, BYDFi initiates an ACH transfer by sending a request to your bank to withdraw the funds. Once the bank approves the request, the money is deducted from your bank statement and transferred to BYDFi. This process ensures a secure and seamless transfer of funds for cryptocurrency transactions.
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• Almhdy ProMay 29, 2024 · a year ago
  The process of deducting money from your bank statement for cryptocurrency transactions on Robinhood is quite simple. When you make a transaction, Robinhood sends a request to your bank to withdraw the corresponding amount. Once the bank approves the request, the money is deducted from your bank statement and transferred to Robinhood. This process is automated and ensures a smooth and hassle-free experience for users.
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• Frank OlivierAug 09, 2023 · 2 years ago
  Robinhood deducts money from your bank statement for cryptocurrency transactions by initiating an ACH transfer. When you make a transaction, Robinhood sends a request to your bank to withdraw the funds. Once the bank approves the request, the money is deducted from your bank account and transferred to Robinhood. This process is secure and ensures that your funds are safely transferred for cryptocurrency transactions.
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