In an email to customers the independent robo-adviser announced new cash accounts that come with routing numbers and debit cards. Furthermore , the clients can also set up direct deposit for paychecks, pay bills automatically, and access a nationwide network of 19.000 ATMs. According to Business Insider, these are the final steps in transforming Wealthfront’s investment platform into a one-stop shop that offers clients checking, investing, and savings accounts under one roof.
The most significant new feature is the direct deposit function, which is the hallmark of any fully automated cash management system. After a client’s paycheck is deposited, the Wealthfront platform automatically pays the client’s bills, tops off emergency funds, and invests the rest to meet the client’s investing goals.
The robo-adviser is gradually making features available to its existing clients and aims to open up the tools to the public at the end of June 2020.
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