Ready to switch things up with your Webull account? Perhaps you've opened a new bank account, closed an old one, or simply want to consolidate your finances. Whatever the reason, changing your linked bank account on Webull is a straightforward process, though it does involve a few key steps to ensure security and compliance. This comprehensive guide will walk you through everything you need to know, from unlinking your old account to successfully adding your new one.
Let's dive in!
The Essential Guide to Changing Your Bank Account on Webull
Changing your bank account on Webull primarily involves unlinking your current bank account and then adding a new one. Webull generally only allows one bank account to be linked for withdrawals at a time for security purposes. This process is typically handled entirely through the Webull mobile app, making it convenient for on-the-go management.
Before you begin, ensure you have the following handy:
Your Webull login credentials.
Your new bank account details: Account number and routing number.
Proof of ownership for your new bank account: This could be a voided check, a bank statement (dated within the last 6 months, showing your full name, BSB/routing number, and account number, along with the bank's logo), or a screenshot from your online banking portal. Make sure your full name is clearly visible on this document.
Step 1: Time to Get Started! (Engage with your Webull App)
Are you ready to take control of your Webull finances? Great! The first thing you'll need to do is open the Webull app on your mobile device. Whether you're an iOS or Android user, the steps will be very similar.
Open the Webull app now and log in. You'll find yourself on the main dashboard, which is your gateway to managing your investments.
Step 2: Navigating to the Transfers Section
Once you're logged into your Webull app, you'll need to locate the "Transfers" section. This is where all your deposit and withdrawal options reside.
2.1: Locate the Webull Logo
At the bottom of your screen, you'll typically see a Webull logo (often represented by the bull icon or the Webull name). Tap on this logo to access your account menu.
2.2: Accessing "Transfers"
After tapping the Webull logo, a menu will appear. Look for the option labeled "Transfers" at the top of the screen. This is your next destination.
Step 3: Initiating the Withdrawal Process (Gateway to Bank Accounts)
Even though you're looking to change your bank account, the path to managing linked accounts often starts by initiating a withdrawal. This allows Webull to display your currently linked bank account.
3.1: Tapping "Withdraw"
Within the "Transfers" section, you'll see options for "Deposit" and "Withdraw." Tap on "Withdraw".
3.2: Selecting Your Withdrawal Currency
Webull may prompt you to select your withdrawal currency. Choose the currency relevant to your account (e.g., USD, AUD, etc.). This step is crucial for the system to identify the correct bank accounts associated with that currency.
Step 4: Unlinking Your Current Bank Account
This is a critical step. Before you can add a new bank account, you must first unlink the one currently associated with your Webull account. Remember, Webull typically only allows one linked bank account for withdrawals at a time.
4.1: Identifying Your Linked Account
On the withdrawal screen, you should see your currently linked bank account displayed. It might show part of the account number or the bank's name. Look for an arrow (">") or a similar icon next to it. Tap on this icon to proceed.
4.2: Accessing Bank Account Details
After tapping on your linked bank account, you might be presented with more details about that account. Look for an option that says "Details" or similar. Tap on "Details".
4.3: Deleting the Bank Account
Within the bank account details, you should find an option to delete or unlink the account. This might be a "Delete Bank Account" button or a small recycle bin icon in the top right corner. Carefully tap on this option to unlink your bank account.
Important Note: Webull states that requests to link and unlink bank accounts can take up to 24 hours to approve. Be patient during this processing time.
Step 5: Adding Your New Bank Account
Once your old bank account has been successfully unlinked (or if you didn't have one linked to begin with), you can now proceed to add your new bank account.
5.1: Locating "Add Bank Account"
After unlinking, or if you return to the "Withdraw" screen, you should now see an option to "Add Bank Account" or a similar prompt. Tap on this option.
5.2: Entering Your Bank Details
You will be prompted to enter the details of your new bank account. This typically includes:
Bank Name: Select your bank from the list or manually enter it.
Account Type: Specify if it's a Checking or Savings account.
Routing Number: This is a 9-digit code that identifies your bank.
Account Number: Your specific bank account number.
Account Holder Name: Ensure this exactly matches the name on your Webull account.
Double-check all the details carefully to avoid any delays or issues. An incorrect digit can lead to significant headaches!
5.3: Uploading Proof of Ownership
Webull, for security and compliance reasons, requires proof that you are the legitimate owner of the bank account you are trying to link. You will be asked to upload a document that verifies this. As mentioned earlier, acceptable documents include:
A voided check
A bank statement (dated within the last 6 months, showing your full name, BSB/routing number, and account number, along with the bank's logo)
A clear screenshot from your online banking portal showing the necessary information
Ensure the document is clear, legible, and shows your full name matching your Webull account name.
5.4: Submitting for Approval
After entering all the details and uploading your document, submit your request. Webull will then review your submission.
Expect a review period, which can take up to 24 hours for approval. You will likely receive a notification within the app and/or via email once your new bank account has been successfully linked.
Step 6: Verifying Your New Account and Making a Test Withdrawal
Once Webull approves your new bank account, it's a good idea to verify the link.
6.1: Confirming the Link
Go back to the "Transfers" -> "Withdraw" section in the Webull app. Your newly linked bank account should now be displayed as the primary withdrawal option.
6.2: Performing a Small Test Withdrawal (Optional but Recommended)
To ensure everything is working correctly, you might consider initiating a small test withdrawal (e.g., $5 or $10) to your newly linked bank account. This will confirm that funds can successfully be transferred. ACH transfers typically take a few business days to settle.
Key Considerations and Troubleshooting Tips
Account Name Match: The name on your linked bank account must exactly match the name on your Webull brokerage account. Any discrepancies can lead to delays or rejections.
Joint Accounts: If you have a joint Webull account, the linked bank account can be in the name of either account holder or a joint bank account with both names.
Withdrawal Restrictions (AML Rules): If you've recently deposited funds from one bank account and now want to withdraw to a different bank account, Webull may have a waiting period (e.g., 60 days) to comply with Anti-Money Laundering (AML) rules. If your old bank account is closed, you'll likely need to contact Webull support with proof of closure and your new account details to expedite the process.
ACH Reversals: Be absolutely sure you have sufficient funds in your bank account when initiating deposits or withdrawals to avoid ACH reversals, which can incur fees and negatively impact your account standing.
Contact Customer Service: If you encounter any issues, errors, or prolonged delays, don't hesitate to reach out to Webull's customer service. They can provide specific guidance for your situation. You can usually find their contact information within the app's "Help Center" or on their official website.
10 Related FAQ Questions
How to unlink my current bank account on Webull?
You can unlink your bank account through the Webull App by tapping the Webull logo > "Transfers" > "Withdraw" > select your withdrawal currency > tap ">" on the bank account > "Details" > "Delete Bank Account".
How to add a new bank account for withdrawals on Webull?
After unlinking any existing account, navigate to "Transfers" > "Withdraw" > "Add Bank Account". Enter your new bank details (routing and account number) and upload proof of ownership.
How to resolve issues if my bank account name doesn't match my Webull account?
If your bank account name does not exactly match your Webull account name, you will need to contact Webull customer service. They will typically require documentation, such as a marriage certificate, divorce decree, or a "One-and-the-Same" letter, to verify the name discrepancy.
How to check the status of my bank account linking request on Webull?
Webull typically notifies you via in-app notification or email once your bank account linking request has been approved or if there are any issues. You can also re-check the "Withdraw" section in the app to see if your new account is listed.
How to contact Webull customer service for bank account issues?
You can usually find Webull's customer service contact information (phone, email, or in-app chat) within the "Help Center" or "Account" section of the Webull app, or on their official website.
How to avoid delays when changing my bank account on Webull?
To avoid delays, ensure all information is entered accurately, your uploaded proof of ownership is clear and legible, and the name on your bank account exactly matches your Webull account name.
How to withdraw funds to a new bank account if I recently deposited from a different one on Webull?
Due to Anti-Money Laundering (AML) regulations, Webull may require a waiting period (often around 60 days) before you can withdraw to a different bank account than the one you used for a recent deposit. If your previous bank account is closed, contact Webull support with documentation to potentially expedite the process.
How to ensure my bank account is compatible with Webull transfers?
Most standard checking and savings accounts from major banks are compatible. However, it's always best to ensure your bank supports ACH transfers. Certain savings accounts may have transaction limitations that could affect transfers.
How to handle an ACH deposit reversal on Webull?
An ACH deposit reversal can occur due to insufficient funds, incorrect bank details, or other issues. This can incur a fee (e.g., $5) and potentially impact your Webull account standing. Ensure you have sufficient funds and correct details before initiating deposits. If a reversal occurs, contact your bank first, then Webull if needed.
How to link multiple bank accounts to my Webull account?
Webull generally allows only one bank account to be linked for withdrawals at a time. If you wish to use a different account, you will need to unlink the current one before adding a new one.
