New bank account linking feature with Stripe and Plaid integrations
We have launched a new feature that makes it even easier for BoostUp Savers to reach their goals. Savers can directly link their bank accounts using their online login credentials to establish their savings plan. We have partnered with Stripe who processes and collects the ACH payments, and Plaid whose platform allows for the online bank login verification. This integration allows for less steps and a more seamless way for BoostUp Savers to make deposits toward their home or car down payment goal.
To answer a few questions you may have:
Is there any cost to this change?
No. The BoostUp savings platform continues to be 100% free for our savers. There are still no fees.
Why add Stripe and Plaid?
We wanted to give our savers an easier way to link their bank account to make a deposit. Stripe and Plaid work with 13 of the major banks and financial institutions, and handles billions of dollars a year in payments. Through the Stripe and Plaid integration, our savers can login just like they do with their online bank and have a turnkey way to make a deposit using their bank account.
If you already have a deposit and savings plan set up, you don’t have to change anything and your plan will continue with the information you entered. For new deposits, Savers have the choice to use their online banking credentials to make their deposit. The processing time for a saver’s ACH deposit to reach their BoostUp account will be 5 business days. We will continue to offer our debit card option for making a deposit, which allows for an instant transaction.