How to Link Your Bank Accounts

What Are Linked Bank Accounts?

A linked bank account is an account that connects to another one at the same financial institution, an external bank or an authorized app. For example, your checking account may be linked to your savings and credit card accounts. You could also link your bank account to an app like PayPal or Venmo to make payments easily.

To be clear, connecting accounts does not combine them into one. They remain separate accounts, but the connection makes it easy to transfer money or manage balances from your computer or device without going to a bank or ATM. Linking external bank accounts can be beneficial when you open an online bank account, because it allows you to fund your account without having to search for an in-network ATM to deposit funds.

How to Link Bank Accounts From the Same Bank

Linking accounts at the same bank is quite simple:

• Check to see if your accounts are already linked. Banks often link accounts automatically if you open a bank account at an institution where you already have one.
• Contact your bank for assistance. If your accounts aren't already connected, ask a bank representative to link them for you.
• Make the connection yourself. If you'd rather link accounts yourself, open your online banking settings and look for an option to "Link an account" or "Add an account."

Once linked, all of your accounts should be listed when you log in to your account or review your bank statement.

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How to Link Bank Accounts From Different Banks

You may wish to link accounts at different banks for convenience, such as an online bank account and one at a traditional bank. Follow these steps to do it:

1. Log in to your primary online banking dashboard. Look for an option to add an account or link accounts. It may be under "Transfers" or "Bank transfers."
2. Enter your account information. You'll need to provide your account type, routing number and account number so the institution can identify your account. Make sure both accounts are in your name.
3. Verify your account. The verification process can differ depending on the financial institution. Some banks connect to your external account instantly when you log in with that bank's credentials. Alternatively, the bank may send micro-deposits you must confirm to verify your account, which can take up to three business days. Check your external account and enter the exact deposit amounts in your primary bank online account to complete the verification.
4. Accept terms and transfer limits. You may need to accept the bank's terms and conditions before the link can be established. You might also review the bank's transfer disclosures for how long it takes to transfer money between banks and any daily or monthly limits.

How to Link Your Bank Account to a Third-Party App

Many third-party apps provide valuable benefits, like helping you budget, tracking your debt payoff or sending payments instantly to friends and businesses. Here's how to safely connect your bank account to a third-party app.

1. Vet the app. Before handing over sensitive banking details, check user ratings and reviews in official app stores. Also search the Consumer Financial Protection Bureau (CFPB) Complaint Database or the Better Business Bureau (BBB) to view unresolved customer disputes or regulatory actions. It's also a good idea to read the privacy policy first to make sure the company protects your personal data with encryption and doesn't sell it.
2. Look for an option to link accounts. Apps often give the option to link accounts as part of their setup process. You may also find the link option in the app's settings.
3. Connect to your bank. Many apps present you with a list of popular financial institutions to choose from and sign in with your online credentials. You'll likely need to verify your identity with a one-time passcode. If your bank isn't listed, you can enter your routing and account numbers manually and confirm test micro-deposits which could take up to four business days to complete.

Learn more: How to Avoid Peer-to-Peer Payment Fraud

Is Linking Your Bank Accounts Safe?

While no bank security is foolproof, linking your accounts to other bank accounts is generally safe, especially if your bank incorporates extra security measures, such as:

• Multifactor authentication: Many banks require two or more verifications to log in to your account successfully. For example, you may need to log in using both your password and a code sent to your phone.
• Biometric login: For added login security, your banking app may use your face or fingerprints rather than a username and password to verify your identity.
• Transport layer security (TLS): Banks and credit unions typically encrypt login credentials, account numbers and other sensitive information to prevent hackers or other prying eyes from accessing your personal data. While your internet service provider may be able to see which bank's website you're visiting, it can't see your encrypted account details.
• Artificial intelligence and fraud monitoring: Bank systems automatically track transactions in real time and identify or block those that show signs of potential fraud.
• Regular security audits: Financial institutions are required to conduct periodic audits of their own security systems. These audits must follow data protection standards set by federal regulators such as the National Credit Union Administration (NCUA) and Federal Deposit Insurance Corp. (FDIC).

Given the many companies that have experienced data breaches in recent years, you are right to be concerned about linking your bank accounts to external apps. Exercise caution and don't connect apps unless they're reputable and use bank-level security measures like the ones listed above.

Tip: Wherever possible, use multifactor authentication to log in to third-party apps for extra security. Also, avoid using money management apps or your online bank accounts on public Wi-Fi networks, which are generally less secure.

How to Unlink Your Bank Accounts

To unlink your bank account from other accounts or apps, go to the app or website where you originally linked them. Check the account settings for options to manage or remove connections. The unlinking process varies by account, but these general guidelines should help you disconnect your accounts.

• Online bank account or banking apps: Look for "Linked accounts" or "External accounts" in your online dashboard. You should see the option to add accounts or disconnect any linked accounts.
• Payment apps: Log in to your app and look for the "Wallet" or "Settings" options. For example, you can remove a bank from your PayPal app by clicking or tapping on "Wallet," choosing your bank account and selecting "Remove."
• Money management apps: The process to unlink budget apps is often similar to the steps used to disconnect your bank account from payment apps. You usually just need to log in and look under accounts or tools. You should find a list of accounts or an option to remove or disconnect one.

The Bottom Line

Linked bank accounts give you an easy way to move money between your accounts. By linking your savings and checking accounts, you may be able to use your savings as a backup for overdraft protection. You can also connect your bank account to apps that help you manage your money or make payments.

Generally, linking your bank accounts is safe, but it's always wise to exercise caution. If you're concerned about identity theft, consider signing up for identity theft monitoring with Experian. While monitoring won't prevent a data breach, it can alert you if your personal information is compromised or if someone attempts to open a new account in your name.