RHY Features
What will happen to my Cash Management debit card when my new spending account is opened?
Cash card will replace their previous debit card
Explain the DCF feature
Instant transfers from an external debit card linked to a customer's Robinhood account
Will I get a refund if my card is not active?
No, it will be returned to the merchant
“I don’t want to deactivate my entire account, I just do not want the spending account anymore - Am I able to do this?”
Yes, the customer is able to deactivate their spending account while keeping their brokerage account open.
Why does the Cash Card have a new design?
To stand apart from the CM debit card
What is the Round-Up weekly bonus limit?
$10 per week
Can you overdraw a spending account?
Yes,
(Note that once the account is negative all other withdrawal attempts will be declined)
What are my spending and ATM limits?
$3k per day/$10K per month for spending and $510 per day/$5K per month for ATM
“I just moved to Hawaii and my spending account was randomly closed, why did this happen?”
Inform the customer that their new address is located in an unsupported state at this time
Where do Robinhood customers sign up for the spending account?
The Spending Tab
What do you do when a customer inquires about sweeps, program banks and accruing interest?
Warm transfer/route to appropriate department (Core Brokerage)
What is an inter-entity transfer and what is the transfer timeline/limits?
These are transfers initiated between RH brokerage & spending accounts, which are instant and do not have a set limit or fees involved
What happens if I have $25 in my account and I try to get gas?
Transaction will be declined, gas station pre-authorization limit is $75
"Hey I closed my Spending Account because I thought it was kind of dumb at first, but now all my friends have it and I want to reopen it, is this possible?”
Inform the customer that once a spending account is closed, we do not have the ability to reopen at this time
What is the difference between the virtual card vs the physical card regarding activation when a spending accounts opens?
The virtual card is automatically activated upon signup. The physical card will need to be activated by the Cx when it arrives
"How do I confirm if I’m eligible for early direct deposit?"
Direct the customer to reach out to their employer to determine if they are eligible for early pay
What are the 3 ways the Cx can set up direct deposits into the spending account?
In App with payroll username and password, Employer website using account and routing number, submit pre-filled direct deposit form to employer
What is Moneysend and what is the limit?
A Mastercard feature that allows customers the ability to transfer funds to/from payment apps such as CashApp and Venmo.
Rolling weekly limit of $2,999.
The customer is wanting to close both their spending and brokerage accounts. Are we able to do this as a Money agent?
Yes, we have the ability to close a customer's spending and brokerage accounts upon request.
(As a reminder, we cannot request deactivation on the phone with a customer - please move the conversation to email for the best experience for the customer)
The spending account is not currently supported for customers residing in what states?
Alaska, Hawaii, Louisiana, New York, Texas, Virginia
In order to request a returned NOA deposit or withdrawal, what information and documentation must be collected?
Screenshot showing the transfer in question, the reason for returning transfer, a filled out Unauthorized Return Form
What are the 3 transaction types that we can issue stop payments for and how many business days notice do we need?
We can issue a missed stopped payment for debit transactions, checks, and NOAs.
3 business days advanced notice.
“What happens to my Robinhood accounts after my full ACAT out successfully completes?”
Customer's brokerage account is closed, but their spending account will remain open
Please list the three new primary features customers get access to when they open or migrate over to the spending account.
Round-ups, paycheck recurring investments, early direct deposits (cash back rewards coming soon!)